1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
CDRE
Listed on
2021-11-04
Sector
Health Care
Subsector
Health Care Equipment & Supplies
Offer Price
$13.00
first filed $16.00–$19.00Shares Offered
6M
34.38M
$435.3M
17.5%
Implied Upside vs Midpoint
Description
For over 55 years, we have been a global leader in the manufacturing and distribution of safety and survivability equipment for first responders. Our equipment provides critical protection to allow its users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. Through our dedication to superior quality, we establish a direct covenant with end users that our products will perform and keep them safe when they are most needed. We sell a wide range of products including body armor, explosive ordnance disposal equipment and duty gear through both direct and indirect channels. In addition, through our owned distribution, we serve as a one-stop shop for first responders providing equipment we manufacture as well as third-party products including uniforms, optics, boots, firearms and ammunition. The majority of our diversified product offering is governed by rigorous safety standards and regulations. Demand for our products is driven by technological advancement as well as recurring modernization and replacement cycles for the equipment to maintain its efficiency, effective performance and regulatory compliance. As discussed below, we believe we have established leading market positions across our product portfolio through high-quality standards, innovation and a direct connection to the end users, including being a leading provider of explosive ordnance disposal technician equipment globally as well as a leading provider of safety holsters and a top provider of soft body armor for first responders in the U.S. We service the ever-changing needs of our end users by investing in research and development for new product innovation and technical advancements that continually raise the standards for safety and survivability equipment in the first responder market. Our target end user base includes domestic and international first responders such as state and local law enforcement, fire and rescue, explosive ordnance disposal technicians, emergency medical technicians (“EMT”), fishing and wildlife enforcement and departments of corrections, as well as federal agencies including the U.S. Department of State (“DoS”), U.S. Department of Defense (“DoD”), U.S. Department of Interior (“DoI”), U.S. Department of Justice (“DoJ”), U.S. Department of Homeland Security (“DHS”), U.S. Department of Corrections (“DoC”) and numerous foreign government agencies in over 104 countries. We have a large and diverse customer base, with our top 10 customers representing approximately 26% of sales, with no individual customer representing more than 6.5% of our total revenue, for the year ended December 31, 2020. --- We are committed to honoring those who put their lives in danger through the SAVES CLUB®, which pays homage to first responders who experience a life-threatening incident in the line of work in which our armor or gear contribute to saving their lives. The club currently has 2,118 members and counting. With the help of our suppliers, distributors and first responder end users, we strive to fulfill the Company creed: Together, We Save Lives. --- Cadre Holdings, Inc. was incorporated in the State of Delaware on April 12, 2012. Our principal executive offices are located at 13386 International Pkwy, Jacksonville, Florida 32218 and our telephone number is (904) 741-5400. Our website address is www.cadre-holdings.com.
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 1.6x | 14.4x | ||
Price / earnings | 11.3x | — | — | |
Revenue growth | -3.8% | 45.2% | ||
Gross margin | 37.8% | 56.7% | ||
Operating margin | 12.3% | -88.8% | ||
Net margin | 9.5% | -65.1% | ||
Free cash flow margin | 10.1% | -65.9% | ||
Rule of 40 | 12.1% | 9.1% | ||
Net cash / market cap | -48.2% | 1.7% | ||
Debt / equity | 24.04 | 0.00 | ||
Current ratio | 1.88 | 4.14 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
▼ Priced at $13.00, 26% below the midpoint of the first filed range ($16.00–$19.00, 2021-07-27).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2021-07-27 | S-1/A | $16.00–$19.00 | — | 7,142,857 | $125.0M |
| 2021-08-03 | S-1/A | $16.00–$19.00 | — | 7,142,857 | $125.0M |
| 2021-10-28 | S-1/A | $12.00–$14.00 | — | 5,769,231 | $75.0M |
| 2021-11-01 | S-1/A | $12.00–$14.00 | — | 5,769,231 | $75.0M |
| 2021-11-05 | 424B4 | — | $13.00 | 6,000,000 | $78.0M |
Cadre Holdings, Inc. income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2022after listing | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | $458M | $483M | $568M | $610M |
| Gross profit | $176M | $201M | $233M | $260M |
| Operating income | $16.7M | $56.5M | $66.8M | $67.4M |
| Net income | $5.8M | $38.6M | $36.1M | $44.1M |
| Revenue growth | — | 5.4% | 17.6% | 7.5% |
| Gross margin | 38.4% | 41.6% | 41.1% | 42.5% |
| Operating margin | 3.7% | 11.7% | 11.8% | 11.0% |
| Net margin | 1.3% | 8.0% | 6.4% | 7.2% |
| Metric | FY Dec 2022after listing | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | — | — | $653M | — |
| Total liabilities | — | — | $341M | — |
| Total equity | — | $197M | $312M | — |
| Cash & equivalents | — | $87.7M | $125M | — |
Backlog (RPO) $185M, +161% vs a year ago (as of Jun 30, 2026, 10-Q)
Fiscal years parsed from inline XBRL in the company's SEC filings. Parentheses indicate negative values; growth compares the same length of period a year earlier.