Cadre Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Cadre Holdings, 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

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	405	427	458	483	568	610
Cost of revenue	252	257	282	282	334	351
Gross profit	153	171	176	201	233	260
Research and development	5.63	6.46	7.09	6.95	8.38	11.4
Selling, general and administrative	107	115	153	141	158	183
Operating expenses	103	119	159	144	167	192
Operating income	49.8	51.7	16.7	56.5	66.8	67.4
Interest expense	24.4	16.4	6.21	4.53	7.82
Other non-operating income	-21.9	-32.5	-7.34	-3.6	-12.5	-5.03
Pre-tax income	27.9	19.2	9.37	52.9	54.2	62.3
Income tax	-10.6	6.53	3.55	14.3	18.1	18.2
Net income	38.5	12.7	5.82	38.6	36.1	44.1
EBITDA	64.5	65.4	32.4	72.3	83.2	86
EPS, basic	1.40	0.44	0.16	1.03	0.90	1.08
EPS, diluted	1.40	0.44	0.16	1.02	0.90	1.02
Shares, basic (weighted)	27.5	28.6	36.1	37.5	39.9	40.9
Shares, diluted (weighted)	27.5	28.6	36.1	37.9	40.3	43.4
Dividend per share			0.08	0.08	0.09	0.10

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.87	33.9	45.3	87.7	125	123
Receivables	43.6	48.3	64.6	58.4	93.5	111
Inventory	60.9	64	70.3	81	82.4	100
Other current assets	3.36	3.17	6.81	6.89	7.74	15.1
Total current assets	117	160	197	246	328	366
Property, plant and equipment	35.4	33.1	45.3	44.6	45.2	78.8
Lease right-of-use assets			8.49	6.55	15.5	19.8
Goodwill	66.3	66.3	81.6	81.7	148	181
Intangible assets	51	42.4	50.7	43.5	108	115
Other non-current assets	0.15	3.03	6.63	4.99	4.19	4.36
Total assets	283	312	392	431	653	770
Accounts payable	22	19.3	23.4	28.4	29.6	22.3
Accrued liabilities	36	40.7	38.7	44.5	46.4	61.1
Deferred revenue	6.49	10.9	4.62	4.62	7.47	12
Short-term debt	3.5	13.2	12.2	12.3	11.4	16.3
Total current liabilities	62.5	74.6	78.9	95.2	94.1	104
Long-term debt	209	147	137	128	212	291
Lease liabilities			4.97	3.19	10.7	15
Other non-current liabilities	0.55	0.72	1.19	2.97	5.75	11.6
Total liabilities	274	223	226	234	341	452
Total debt	213	160	150	140	223	307
Paid-in capital	48.7	128	207	213	307	283
Retained earnings	-37	-37.1	-42.7	-16.1	6.08	34.8
Other comprehensive income	-2.86	-1.92	2.09	0.63	-1.39	0.46
Shareholders' equity	8.85	88.6	166	197	312	318
Total equity	8.85	88.6	166	197	312	318
Total liabilities and equity	283	312	392	431	653	770
Shares outstanding	27.5	34.4	37.3	37.6	40.6	42.2

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-38.5	12.7	5.82	38.6	36.1	44.1
Depreciation and amortization	14.7	13.7	15.7	15.7	16.4	18.6
Stock-based compensation		0.36	31.9	9.37	8.37	12.2
Deferred income tax	-12.2	4.77	-1.09	-0.21	-2.06	2.39
Change in receivables	11.8	-4.64	-11.5	6.6	-24.9	8.36
Change in inventory	1.64	-3.19	1.16	-10.2	10	-3.62
Cash from operations	45.4	40.1	46.4	73.2	31.8	63.7
Capital expenditures	-4.71	-2.83	-4.49	-6.73	-5.67	-6.86
Acquisitions			-55.5		-142	-89.6
Cash from investing	19.8	-2.83	-59.6	-6.52	-147	-96.4
Debt issued	220	199			129	97.5
Debt repaid	-276	-266	-10.1	-10	-43.3	-13.8
Stock issued			56.3		91.8	3.38
Dividends paid		-12.8	-11.5	-12	-13.9	-15.4
Cash from financing	-64.9	-6.6	24.5	-24.7	153	31.6
Net change in cash	0.35	31	11.4	42.4	37.2	0.39
Free cash flow	40.7	37.3	41.9	66.5	26.1	56.8
Interest paid	23.3	13.3	6.11	10.1	14.4	17.8
Income taxes paid	0.88	1.16	1.4	8.73	24.2	24.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $26.39 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	41.8%	Gross profit / revenue.
Operating margin	10.1%	Operating income / revenue.
EBITDA margin	13.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.6%	Pre-tax income / revenue.
Net margin	5.3%	Net income / revenue.
FCF margin	11.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.9%	Cash from operations / revenue.
Effective tax rate	31.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.9%	Net income / average total assets.
Return on invested capital (ROIC)	7.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	30.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	0.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	59.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	38.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	22.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	96.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	2.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	85.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-6.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	100.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	117.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	2.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	104.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	22.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	7.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	9.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.14x	Current assets / current liabilities.
Quick ratio	1.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.08x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.8%	Total debt / total assets.
Liabilities / assets	62.2%	Total liabilities / total assets.
Net debt	$320.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.52x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$185.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	44.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$61.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.75x	Revenue / average total assets.
Fixed asset turnover	5.47x	Revenue / average property, plant and equipment.
Inventory turnover	3.09x	Cost of revenue / average inventory.
Days inventory	118 days	365 x average inventory / cost of revenue.
Receivables turnover	5.34x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
Days payables	36 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	151 days	Days inventory + days sales outstanding - days payables.
FCF conversion	216.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.83	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$15.80	Revenue / diluted weighted shares.
FCF per share	$1.80	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.04	Cash from operations / diluted weighted shares.
Book value per share	$8.10	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.43	Tangible book value / shares outstanding.
Cash per share	$1.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	45.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	20.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.13B	Share price x shares outstanding.
Enterprise value	$1.45B	Market cap + total debt - cash - short-term investments.
P/E	31.3x	Market cap / net income. Only when net income is positive.
P/S	1.65x	Market cap / revenue.
P/B	3.26x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	14.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.8x	Market cap / cash from operations, when positive.
EV/Sales	2.12x	Enterprise value / revenue.
EV/EBIT	21.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.9%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	1.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.37x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Cadre Holdings, Inc.'s revenue in fiscal 2025?

Cadre Holdings, Inc. reported revenue of $610.3M for fiscal 2025, 7.5% higher than the year before.

Was Cadre Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $44.1M, a net margin of 7.2%.

How much free cash flow did Cadre Holdings, Inc. generate in fiscal 2025?

Cash from operations of $63.7M minus capital expenditures of $6.9M left free cash flow of $56.8M.

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.

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