Cardinal Infrastructure Group Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Cardinal Infrastructure Group Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
Revenue
248
315
456
Cost of revenue
199
250
360
Gross profit
48.8
65.3
96.1
General and administrative
6.5
10.7
23.5
Operating income
29.5
35.9
40.4
Interest expense
3.99
4.83
6.83
Other non-operating income
-5.23
-6.28
-7.34
Pre-tax income
24.3
29.6
33.1
Income tax
0
1.35
1.97
Net income to minority interests
3.72
6.94
8.41
Net income
20.6
21.4
22.7
EBITDA
42.7
54.6
65.7
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
20.9
97.1
Receivables
38.3
61.3
Other current assets
0.09
0.43
Total current assets
77.4
216
Property, plant and equipment
49.8
84.9
Lease right-of-use assets
5.11
8.93
Goodwill
7.05
7.05
23.5
Intangible assets
0
15.5
Other non-current assets
0
Total assets
140
395
Accounts payable
38.3
60.6
Accrued liabilities
0.79
2.96
Deferred revenue
14.1
10.8
Total current liabilities
70.5
91.6
Long-term debt
36.8
113
Lease liabilities
2.43
5.85
Other non-current liabilities
0
Total liabilities
117
255
Paid-in capital
0
57.6
Retained earnings
0
0.86
Other comprehensive income
0
Shareholders' equity
58.5
Minority interests
11.6
81.1
Total equity
7.47
23.4
140
Total liabilities and equity
140
395
Cash flow statement
FY2023
FY2025
FY2025
Net income
24.3
28.3
31.1
Depreciation and amortization
13.2
18.7
25.2
Stock-based compensation
0
0
5.87
Deferred income tax
0
0
0.28
Change in receivables
-6.38
-4.21
-12.8
Change in payables
2.43
-3
21.1
Cash from operations
30.9
42.6
37.9
Capital expenditures
-12.3
-20.8
-43.8
Acquisitions
-10.9
0
-59.4
Cash from investing
-22.4
-21
-102
Share buybacks
0
0
-158
Cash from financing
-2.69
-7.96
140
Net change in cash
5.83
13.7
76.2
Free cash flow
18.6
21.9
-5.91
Interest paid
3.99
4.57
6.54
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $28.02 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
21.1%
Gross profit / revenue.
Operating margin
8.9%
Operating income / revenue.
EBITDA margin
14.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
7.2%
Pre-tax income / revenue.
Net margin
5.0%
Net income / revenue.
FCF margin
-1.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
8.3%
Cash from operations / revenue.
Effective tax rate
5.9%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
38.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
8.5%
Net income / average total assets.
Stock-based pay / revenue
1.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
9.6%
Capital expenditures / revenue.
D&A / revenue
5.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
44.7%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
47.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
12.4%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
20.2%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
6.2%
Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
-11.1%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-127.0%
Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
181.2%
Total assets vs the same period a year earlier. Only from a positive base.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.35x
Current assets / current liabilities.
Quick ratio
1.73x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.06x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
115.6%
Capital expenditures / cash from operations, when that is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$1.33B
Share price x shares outstanding.
Enterprise value
$1.23B
Market cap + total debt - cash - short-term investments.
P/E
58.6x
Market cap / net income. Only when net income is positive.
P/S
2.92x
Market cap / revenue.
P/B
22.8x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
68.4x
Market cap / tangible book value, when positive.
P/OCF
35.1x
Market cap / cash from operations, when positive.
EV/Sales
2.70x
Enterprise value / revenue.
EV/EBIT
30.5x
Enterprise value / operating income, when both are positive.
EV/EBITDA
18.8x
Enterprise value / EBITDA, when both are positive.
FCF yield
-0.4%
Free cash flow / market cap.
Earnings yield
1.7%
Net income / market cap (the inverse of P/E).
Shareholder yield
11.8%
(Dividends paid + share buybacks) / market cap.
What was Cardinal Infrastructure Group Inc.'s revenue in fiscal 2025?
Cardinal Infrastructure Group Inc. reported revenue of $456.0M for fiscal 2025, 44.7% higher than the year before.
Was Cardinal Infrastructure Group Inc. profitable in fiscal 2025?
Yes. Net income was $22.7M, a net margin of 5%.
How much free cash flow did Cardinal Infrastructure Group Inc. generate in fiscal 2025?
Cash from operations of $37.9M minus capital expenditures of $43.8M left free cash flow of -$5.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.