olivLaw · US equity research
Cadre Holdings, Inc. CDRE
Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
Cadre Holdings makes protective equipment for law enforcement, first responders, the military and the nuclear industry, with leading positions in armor, explosive ordnance disposal gear and nuclear containers. Net sales reached 610.3 million USD in fiscal 2025, and in the second quarter of 2026 the company reported 207.1 million USD, reflecting recent growth from acquisitions and higher demand.
At the close of 30 Oct 2026, Cadre Holdings, Inc. (CDRE) stock was 30.36 USD (−2.38% on the day), with market capitalisation 1.3 bn USD, P/E 37.4 on diluted EPS of 0.81 USD over the last 12 months, dividend yield 1.28%, beta 0.97, 52-week range 24.55–46.07 USD. Latest reported quarter (Q2 2026): revenue of 207.1 m USD (+31.8% YoY), net income of 11.4 m USD (−6.6% YoY), diluted EPS 0.26 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.0
- strong (55–70)
- Bollinger (20, 2)
- 22.94 – 31.93
- in the upper half of the band · %B 0.82 · band width 32.8%
- SMA 50 / 200
- 27.96 / 32.22
- mixed trend
- MACD (12, 26, 9)
- 0.96 / 0.42
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.0% | −0.9% | +21.9 pp | — |
| 3 months | −1.5% | +1.2% | −2.7 pp | — |
| 6 months | +1.7% | +4.8% | −3.1 pp | — |
| Year to date | −25.7% | +10.7% | −36.4 pp | — |
| 1 year | −28.8% | +11.1% | −40.0 pp | −6.4% |
| 3 years | +8.2% | +80.7% | −72.5 pp | +9.7% |
| 5 years | unavailable | +64.6% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 109.4 m | 176.0 m | 130.1 m | 157.1 m | 155.9 m | 167.2 m | 155.4 m | 207.1 m |
| Cost of revenue | 69.4 m | 98.8 m | 74.0 m | 92.9 m | 89.2 m | 94.6 m | 95.3 m | 120.0 m |
| Gross profit | 40.0 m | 77.2 m | 56.1 m | 64.2 m | 66.6 m | 72.6 m | 60.2 m | 87.1 m |
| SG&A | 34.0 m | 45.0 m | 41.8 m | 45.1 m | 45.6 m | 50.6 m | 48.8 m | 63.2 m |
| Operating income | 5.4 m | 29.4 m | 13.6 m | 14.7 m | 18.7 m | 20.4 m | 7.5 m | 22.5 m |
| Depreciation & amortisation | 3.8 m ≈ | 4.1 m | 3.9 m | 4.7 m ≈ | 5.4 m ≈ | 4.7 m | 5.7 m | 6.2 m ≈ |
| Interest expense | 2.0 m | 2.2 m | 2.2 m | 3.6 m | — | — | — | — |
| Pre-tax income | 5.0 m | 22.7 m | 12.6 m | 17.2 m | 14.8 m | 17.7 m | 2.8 m | 16.9 m |
| Income tax | 1.3 m | 9.7 m | 3.4 m | 5.0 m | 3.9 m | 5.9 m | 856.0 k | 5.5 m |
| Net income | 3.7 m | 13.0 m | 9.2 m | 12.2 m | 10.9 m | 11.7 m | 2.0 m | 11.4 m |
| Diluted EPS | 0.09 | 0.32 ≈ | 0.23 | 0.30 | 0.27 | 0.23 ≈ | 0.05 | 0.26 |
| Operating cash flow | -5.2 m ≈ | 23.7 m | 17.4 m | 2.6 m ≈ | 22.5 m ≈ | 21.3 m | 22.5 m | 22.1 m ≈ |
| Capex | 1.0 m ≈ | 1.3 m | 1.3 m | 1.4 m ≈ | 849.0 k ≈ | 3.3 m | 2.7 m | 3.5 m ≈ |
| Dividends paid | 3.6 m ≈ | 3.6 m | 3.9 m | 3.9 m ≈ | 3.9 m ≈ | 3.9 m | 4.3 m | 4.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 71 percentile of its own 17-quarter history (min 27.7, median 35.1, max 285.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 404.6 m | 427.3 m | 457.8 m | 482.5 m | 567.6 m | 610.3 m |
| Revenue YoY | unavailable | +5.6% | +7.1% | +5.4% | +17.6% | +7.5% |
| Net income | 38.5 m | 12.7 m | 5.8 m | 38.6 m | 36.1 m | 44.1 m |
| Net income YoY | unavailable | −67.1% | −54.0% | +563.9% | −6.5% | +22.2% |
| Diluted EPS | 1.40 | 0.44 | 0.16 | 1.02 | 0.90 | 1.02 |
| Diluted EPS YoY | unavailable | −68.6% | −63.6% | +537.5% | −11.8% | +13.3% |
| net % | 9.5% | 3.0% | 1.3% | 8.0% | 6.4% | 7.2% |
| Free cash flow | 40.7 m | 37.3 m | 41.9 m | 66.5 m | 26.1 m | 56.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 122.9 m USD
- Financial debt
- 307.3 m USD
- Net debt
- 184.4 m USD
- Equity
- 317.8 m USD
- Total assets
- 770.0 m USD
- Debt / equity
- 0.97x
- Current ratio
- 3.50x
- ROE
- 14.0%
- ROA
- 6.2%
- FCF margin
- 9.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 404.6 m | 427.3 m | 457.8 m | 482.5 m | 567.6 m | 610.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Cost of revenue | 251.7 m | 256.6 m | 282.2 m | 281.8 m | 334.1 m | 350.7 m | SEC (XBRL)· 10 Mar 2026verified |
| Gross profit | 152.9 m | 170.7 m | 175.7 m | 200.7 m | 233.5 m | 259.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Research & development | 5.6 m | 6.5 m | 7.1 m | 7.0 m | 8.4 m | 11.4 m | SEC (XBRL)· 10 Mar 2026verified |
| SG&A | 106.6 m | 115.0 m | 153.1 m | 140.5 m | 158.3 m | 183.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Operating income | 49.8 m | 51.7 m | 16.7 m | 56.5 m | 66.8 m | 67.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Depreciation & amortisation | 14.7 m | 13.7 m | 15.7 m | 15.7 m | 16.4 m | 18.6 m | SEC (XBRL)· 10 Mar 2026verified |
| EBITDA | 64.5 m ≈ | 65.4 m ≈ | 32.4 m ≈ | 72.3 m ≈ | 83.2 m ≈ | 86.0 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Interest expense | 24.4 m | 16.4 m | 6.2 m | 4.5 m | 7.8 m | — | SEC (XBRL)· 11 Mar 2025verified |
| Pre-tax income | 27.9 m | 19.2 m | 9.4 m | 52.9 m | 54.2 m | 62.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Income tax | -10.6 m | 6.5 m | 3.6 m | 14.3 m | 18.1 m | 18.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Net income | 38.5 m | 12.7 m | 5.8 m | 38.6 m | 36.1 m | 44.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Diluted EPS | 1.40 | 0.44 | 0.16 | 1.02 | 0.90 | 1.02 | SEC (XBRL)· 10 Mar 2026verified |
| Weighted average diluted shares | 27.5 m | 28.6 m | 36.1 m | 37.9 m | 40.3 m | 43.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Dividend per share | — | — | 0.08 | 0.08 | 0.09 | 0.10 | SEC (XBRL)· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.9 m | 33.9 m | 45.3 m | 87.7 m | 124.9 m | 122.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Receivables | 43.6 m | 48.3 m | 64.6 m | 58.4 m | 93.5 m | 110.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Inventories | 60.9 m | 64.0 m | 70.3 m | 81.0 m | 82.4 m | 100.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Current assets | 117.5 m | 160.0 m | 197.0 m | 245.8 m | 327.6 m | 365.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Property, plant & equipment, net | 35.4 m | 33.1 m | 45.3 m | 44.6 m | 45.2 m | 78.8 m | SEC (XBRL)· 11 May 2026verified |
| Goodwill | 66.3 m | 66.3 m | 81.6 m | 81.7 m | 148.2 m | 181.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 51.0 m | 42.4 m | 50.7 m | 43.5 m | 107.5 m | 115.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Total assets | 283.3 m | 311.8 m | 392.0 m | 431.2 m | 652.7 m | 770.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Accounts payable | 22.0 m | 19.3 m | 23.4 m | 28.4 m | 29.6 m | 22.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Short-term debt | 3.5 m | 13.2 m | 12.2 m | 12.3 m | 11.4 m | 16.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Long-term debt | 209.3 m | 146.5 m | 137.5 m | 127.8 m | 211.8 m | 291.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Current liabilities | 62.5 m | 74.6 m | 78.9 m | 95.2 m | 94.1 m | 104.5 m | SEC (XBRL)· 10 Mar 2026verified |
| Total liabilities | 274.4 m | 223.2 m | 226.1 m | 234.0 m | 341.2 m | 452.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Equity | 8.9 m † | 88.6 m † | 165.9 m † | 197.2 m † | 311.5 m † | 317.8 m † | SEC (XBRL)· 10 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 45.4 m | 40.1 m | 46.4 m | 73.2 m | 31.8 m | 63.7 m | SEC (XBRL)· 10 Mar 2026verified |
| Capex | 4.7 m | 2.8 m | 4.5 m | 6.7 m | 5.7 m | 6.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Free cash flow | 40.7 m ≈ | 37.3 m ≈ | 41.9 m ≈ | 66.5 m ≈ | 26.1 m ≈ | 56.8 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Investing cash flow | 19.8 m | -2.8 m | -59.6 m | -6.5 m | -147.4 m | -96.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Financing cash flow | -64.9 m | -6.6 m | 24.5 m | -24.7 m | 152.7 m | 31.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Dividends paid | — | 12.8 m | 11.5 m | 12.0 m | 13.9 m | 15.4 m | SEC (XBRL)· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 1.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Returns51
- Balance sheet59
- Valuation53
- Quality68
- Growth92
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.25 – 49.83 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)26.79 – 49.83 (Mid 35.26)WACC 8.1% · starting FCFF 85.0 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 4.6%
- Peers: EV/EBITDA17.49 – 49.12 (Mid 23.74)6 companies used · median multiple 14.7x · quartiles 11.7x – 26.6xENOV, EW, MSA, SMTI, STE, ZBH
- Peers: P/E18.48 – 35.84 (Mid 21.73)8 companies used · median multiple 26.8x · quartiles 22.8x – 44.2xALGN, APT, EW, ISRG, MSA, SNN, STE, ZBH
- Dividend discount (DDM)1.25 – 1.68 (Mid 1.43)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.1% | 55 (vs peers) | 10% |
| Net margin · Quality | 5.3% | 59 (vs peers) | 6% |
| FCF conversion · Quality | 216.6% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 10.1% | 84 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 85.4% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 3.5x | 29 (vs peers) | 10% |
| Interest coverage · Balance sheet | 6.9x | 83 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 37.4x | 44 (vs peers) | 10% |
| EV/EBITDA · Valuation | 17.8x | 43 (vs peers) | 10% |
| FCF yield · Valuation | 6.0% | 75 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.3% | 18 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 20.9% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet59/100 · 3/3 factors with a value
- Growth92/100 · 2/2 factors with a value
- Quality68/100 · 3/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation53/100 · 3/3 factors with a value
Memo
Cadre Holdings, Inc. (CDRE). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 610.3 m USD in 2025; YoY growth 7.5%; net margin 5.3%; ROE 10.6%; net debt/EBITDA 3.5x.
The estimated value range is 17.99–42.48 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 22.73 USD, the price of 30.36 USD leaves a potential of -25.1% (value / price − 1) and a margin of safety of -33.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 216.6%
- Revenue CAGR 3Y: 10.1%
- EPS CAGR 3Y: 85.4%
- Interest coverage: 6.9x
- Current ratio: 2.1x
- FCF yield: 6.0%
- Payout ratio (FCF): 20.9%
What contradicts it
- Net debt / EBITDA: 3.5x
- Shareholder yield (distributions): 1.3%
Versus the vertical median
Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 149.8 bn | 52.3 | 18.0% | 25.5% | +20.5% | −19% / +65% |
| EWEdwards Lifesciences Corporation | 53.0 bn | 53.0 | 9.5% | 15.4% | +11.5% | +12% / +44% |
| SNNSmith & Nephew plc | 26.1 bn | 41.5 | 11.8% | 10.1% | +6.1% | −19% / +34% |
| STESTERIS plc | 22.1 bn | 27.5 | 11.4% | 13.3% | +8.7% | −4% / +8% |
| ZBHZimmer Biomet Holdings, Inc. | 18.0 bn | 23.0 | 6.4% | 9.5% | +7.2% | −6% / −9% |
| ALGNAlign Technology, Inc. | 10.6 bn | 26.1 | 10.2% | 10.0% | +0.9% | +9% / −19% |
| MSAMsa Safety Inc | 6.9 bn | 22.2 | 23.7% | 16.1% | +3.7% | +14% / +13% |
| ESTAEstablishment Labs Holdings Inc. | 1.9 bn | — | -175.3% | -15.8% | +27.1% | +30% / +113% |
| CDRECadre Holdings, Inc. | 1.3 bn | 37.4 | 10.6% | 5.3% | +7.5% | −29% / +8% |
| ENOVEnovis Corp | 1.1 bn | — | -54.3% | -48.0% | +6.7% | −36% / −57% |
| AVRAnteris Technologies Global Corp. | 615.0 m | — | -75.1% | -4,619.3% | −29.2% | +41% / unavailable |
| COCHEnvoy Medical, Inc. | 511.8 m | — | — | -11,304.8% | +7.1% | +724% / +443% |
| ZJYLJin Medical International Ltd. | 367.9 m | 235.0 | 4.1% | 5.8% | −12.0% | −48% / −73% |
| SMTISanara Medtech Inc. | 301.6 m | — | -147.7% | -29.2% | +19.0% | +12% / +19% |
| INGNInogen, Inc. | 182.1 m | — | -13.1% | -6.9% | +3.9% | −17% / +53% |
| LAKELakeland Industries, Inc. | 87.3 m | — | -19.6% | -14.0% | +15.2% | −47% / −40% |
| NTRBNutriband Inc. | 76.6 m | — | -100.7% | -430.4% | −4.8% | −6% / +180% |
| APTAlpha Pro Tech, Ltd. | 55.1 m | 13.2 | 6.6% | 6.8% | +2.3% | +19% / +35% |
| CLGNCollPlant Biotechnologies Ltd | 52.9 m | — | -117.6% | -484.6% | +360.4% | −81% / −92% |
| MYOMyomo, Inc. | 49.1 m | — | -123.8% | -33.5% | +25.7% | +34% / +10% |
| MLSSMilestone Scientific Inc. | 26.6 m | — | -121.7% | -44.0% | +4.0% | −29% / −66% |
| LFWDLifeward Ltd. | 16.9 m | — | -225.6% | -141.3% | −14.1% | −20% / −91% |
| CUPRCuprina Holdings (Cayman) Limited | 13.0 m | — | -1,115.0% | -9,366.7% | +9.2% | −77% / unavailable |
| BBLGBone Biologics Corporation | 1.3 m | — | -47.5% | — | 0.0% | −82% / −98% |
1- and 3-year price returns: for CDRE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 19.67 Total return -34% · Per year -34% | 34.68 Total return 16% · Per year 16% | 52.12 Total return 73% · Per year 73% |
| 3 years | 21.28 Total return -26% · Per year -10% | 42.01 Total return 43% · Per year 13% | 69.00 Total return 133% · Per year 33% |
| 5 years | 23.02 Total return -18% · Per year -4% | 50.89 Total return 77% · Per year 12% | 91.34 Total return 213% · Per year 26% |
- Exit P/E± 10.50
- Net margin± 7.35
- Annual revenue growth± 5.73
- Annual dilution± 0.62
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Cadre Holdings makes protective equipment for law enforcement, first responders, the military and the nuclear industry, with leading positions in armor, explosive ordnance disposal gear and nuclear containers. Net sales reached 610.3 million USD in fiscal 2025, and in the second quarter of 2026 the company reported 207.1 million USD, reflecting recent growth from acquisitions and higher demand.
SWOT
Strengths
- Leading positions in several product categories, long relationships with customers and a high share of recurring sales through refresh cycles 1.
- A portfolio certified to strict standards, an extensive installed base and a well-known brand among end users 1.
- Orders backlog has reached a record level in 2026, giving visibility into future sales 23.
Weaknesses
Opportunities
- International expansion, especially in Europe through the TYR acquisition, could open new customers 1.
- The nuclear market, linked to decommissioning and government programs, could increase demand for the company's products 1.
- A bolt-on acquisition strategy could widen the portfolio if targets integrate well 3.
Risks
- Product liabilityhigh
Products are used in high-risk situations, and defects could lead to major claims and warranty costs 1.
- Higher indebtednesshigh
Total debt has risen after acquisitions, and repayment obligations could limit investment and financial flexibility 12.
- Dependence on government fundingmedium
Changes in federal or state budgets could delay or reduce important orders 1.
- Compliance and export controlsmedium
Export, anti-corruption and sanctions rules could lead to penalties if irregularities arise in international operations 1.
- Acquisition integrationmedium
Integrating acquired businesses could prove harder than expected, affecting margins and results 12.
Investment thesis
What would need to be true (bull case)
- If demand for protective equipment stays strong and record orders convert into sales, growth in 2026 could continue and margins could benefit from higher volumes 23.
- Refresh cycles and consumables provide recurring revenue, which could stabilize results in weaker periods 1.
- The TYR acquisition and expansion in Europe could open new markets and bring operational synergies 1.
What would break the thesis
- Rising debt and higher borrowing costs could limit the company's ability to fund further acquisitions or investment 2.
- If federal or state budgets shrink, orders could slow, which would particularly affect the Distribution segment 12.
- Higher compensation, contingent consideration and currency effects could reduce net income even when sales grow 23.
What to watch
- Delivery against 2026 net sales guidance of 749 to 769 million USDQ3 2026
- Development of the orders backlog and its conversion into salesQ3 2026
- Net debt level and repayment capacity after the TYR acquisitionnext 10-Q
- Integration of TYR and Product segment margins during international expansion2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Cadre Holdings (D/B/A The Safariland Group) designs and manufactures critical safety equipment for law enforcement, first responders, the military and the nuclear sector, including body armor, explosive ordnance disposal equipment, duty gear and containers for radioactive materials 1. Its owned distribution business acts as a one-stop shop for agencies, offering third-party products such as uniforms, optics, boots, firearms and ammunition 1. In fiscal 2025 sales came from two segments, Product and Distribution, and in 2026 the company extended its business through the TYR Tactical acquisition and the Alien Gear holster brand 23.
Segments
Distribution
The Distribution segment generated sales of 104.9 million USD in fiscal 2025, roughly flat on 2024, as agency demand for hard goods weakened 1.
Market context
The company estimates the serviceable market for soft body armor at about 870 million USD, and the total addressable market for its nuclear safety products at between 3 and 6 billion USD 1. Over 60% of product sales are linked to refresh cycles of five to ten years, which creates a predictable recurring revenue stream 1.
Trends
- Growing law enforcement headcount and budgetstailwind
According to the source cited by the company, law enforcement openings could keep growing, and rising budgets per officer support demand for protective equipment 1.
- Active shooter incidentstailwind
A rise in active shooter incidents could push agencies to upgrade to higher-protection armor, a factor the company regards as favorable 1.
- Reduced federal fundingheadwind
A cut in federal spending or a shift in priorities could affect federal contracts and state budgets that partly rely on federal funds 1.
- Tariffs and global trademixed
Changes in tariffs and global trade policy could affect the cost of imported components and international sales, although the company operates in several countries 1.
Competitive position
The company operates in competitive markets where foreign providers may hold advantages in their home countries, and technological advances can change product standards 1. The sources do not name competitors, so the list below reflects only the competitive categories mentioned in the documents.
- Foreign providers of protective equipment
Foreign companies may have a local market advantage and better knowledge of customers' culture, as the company's risk factors describe 1.
- Makers of armor and tactical gear
Competition in armor and tactical equipment is cited as pressure on the company's market position 1.
- Makers of nuclear equipment and containers
In the nuclear segment, competition concerns containers and remote handling solutions 1.
- Distributors of first responder equipment
The Distribution segment faces competition for third-party products and agency contracts 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- China’s fifth plenum: cadre promotion rules overhauled, focusing on problem-solvingSouth China Morning Post — China · 02 Nov 2026 · EN
- Șofer de microbuz care ducea 19 elevi și două cadre didactice în excursie, prins băut la volan, în NeamțMediafax · 28 Oct 2026 · RO
- Atac nocturn asupra Kievului: 15 răniți și un mort. Nouă cadre medicale au ajuns la spitalMediafax · 27 Oct 2026 · RO
- De la medici la cadre universitare, de la sportivi la naționaliști: numeroasele suflete ale Listei Studenților Sârbi - Agenzia NovaSurge — Google News · 26 Oct 2026 · RO
- Kyutai CADRE: Video Autoencoders That Cut World Model Lag Below 230 msMarkTechPost (Asia AI) · 23 Oct 2026 · EN
- Cine e actorul care a murit după ce a filmat câteva cadre în noul film al lui Mircea Bravo: „Mai era o scenă în care trebuia să apară”Libertatea.ro · 13 Oct 2026 · RO
- Baisser sa contribution à l’UE : “C’est légitime dans le cadre d’une négociation”, dit Stéphane SéjournéPolitico EU · 13 Oct 2026 · EN
- Cadre didactice sărbătorite la Școala „Gheorghe Țițeica” din Constanța, pentru trei decenii dedicate educației - CugetLiber.roSurge — Google News · 09 Oct 2026 · RO
- Peste 7.000 de cadre didactice vor să devină directori. Când au loc exameneleLibertatea.ro · 07 Oct 2026 · RO
- Precizări MApN ref. participarea unor cadre militare la audierea ministrului apărării naționaleJuridice.ro · 30 Sept 2026 · RO
- Alexandru Petrescu, ASF, despre raportul OCDE: Stabilitatea financiară presupune supraveghere atentă și cadre solide de reglementare pentru intermediarii financiari nebancari și criptoactiveFinancial Intelligence (RO) · 23 Sept 2026 · RO
- Cadre medicale din Oradea s-au întâlnit cu Papa Leon al XIV-lea / „I-am dus în suflet pe cei pe care-i îngrijim” / ”Ne întoarcem acasă întăriți în credință”G4Media · 11 Sept 2026 · RO
- Acuzații de corupție la Facultatea de Medicină din Constanța. Două cadre universitare și două studente au fost reținuteMediafax · 05 Sept 2026 · RO
- Acuzații de corupție la Facultatea de Medicină din Constanța. Două cadre universitare și două studente au fost reținuțiMediafax · 05 Sept 2026 · RO
- Dosar de corupție la Facultatea de Medicină din Constanța: două cadre didactice și două studente, reținute pentru șpaga la exameneAdevărul · 05 Sept 2026 · RO
- MIPE a virat prima de carieră didactică pentru peste 183.000 de profesori şi cadre didactice auxiliareZiarul Financiar · 02 Sept 2026 · RO
- STAT+: Cadre of radiopharmaceuticals experts pushes the bounds in cancer therapySTAT News · 31 Aug 2026 · EN
- Cine sunt fostele cadre neo-naziste din spatele starului în ascensiune al extremei drepte din Germania (Politico)Digi24 · 28 Aug 2026 · RO
- Diagnostice false și internări fictive în spitale. Percheziții la spitale și cadre medicaleProfit.ro · 26 Aug 2026 · RO
- Percheziţii la spitale şi cadre medicale din Iași, într-un dosar privind diagnostice false şi internări fictiveG4Media · 26 Aug 2026 · RO
SEC filings
- Current report (amendment)07 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report29 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report03 Jun 2026Departure or appointment of officers · Shareholder vote
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Proxy statement24 Apr 2026
- Annual report10 Mar 2026
- Current report10 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cadre Holdings, Inc. · 10 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cadre Holdings, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cadre Holdings, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.