Cadre Holdings

CDRE

Aerospace & Defense · Industrials

Price

$34.12

+0.27 (+0.80%)

Market Cap

$1.46B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Mixed

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Share count rising — dilution

+51.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 28.6M (2021) → 43.4M (2025)

Winston Score History

The full picture

Cadre Holdings makes safety and protective gear for people in dangerous jobs. Its main products include body armor, bomb disposal suits, and tactical equipment sold to law enforcement agencies, military units, and first responders. The company owns well-known brands in the protective equipment space, including Safariland, which is one of the most recognized names in law enforcement gear in the United States.

Cadre makes money by selling its equipment directly to government agencies, police departments, and defense contractors. It operates primarily in North America but also sells internationally, and its strong brand relationships with law enforcement give it a degree of customer loyalty that is hard for smaller competitors to match. The key growth driver is rising demand for upgraded body armor and protective equipment as government agencies refresh aging gear, though the business is exposed to risk from cuts in public safety budgets or delays in government procurement spending.

Politician Trades

2 trades / 12mo

2 Congressional buys and 0 sells on CDRE in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+31.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-10.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$11M/ year

1.9% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

34.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$54M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Cadre Holdings grew revenue 32% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

42.1%

Healthy — 42.1% gross margin

Profit after running costs

Operating Margin

10.8%

Modest — 10.8% operating margin

Return on the money invested

ROCE

10.3%

Below par — 10.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+19.7%

Fast-growing sales (+19.7% YoY)

Profit growth

EPS YoY

-7.4%

Earnings shrinking (-7.4% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

308%

Turns 308% of profit into real cash

Spare cash per sale

FCF Margin

14.3%

Converts sales into free cash efficiently (14.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.08

Elevated debt (1.08)

Covers its interest

Interest Cover

4.76x

Adequate interest coverage (4.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

39.2x

Pricey — P/E 39.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+8.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (39.2 → 31.0)

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Dividends

Dividend

Dividend Yield

1.12%

Small dividend — 1.12% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+6.0%

Dividend growing modestly (6.0% YoY)

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