Cadre Holdings

CDRE on NYSE. Cadre Holdings sells safety equipment to police, first responders, military, and nuclear workers. Market value $1.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Read what could go wrong

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
7.2%high

For every $100 of what the whole company costs, it produced $7.15 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
20.4×full

You pay 20.4 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
12.9%five-year median

Each dollar kept in the business earns 13 cents a year. Above 10 is good.

Quality score: 92 of 100. Price score: 69 of 100. Our list needs 70 on quality and 60 on price.

$25.50 a share, 4% above its 1-year low

Over the past year the price has ranged from $24.42 to $48.76.

Dividend: 1.4% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
0.0
0.1
0.0
0.1
0.1
2021202220232024202512 monthsto Jun '26
Revenue
$427m$458m$483m$568m$610m
Operating margin
12.1%3.7%11.7%11.8%11.0%
Debt to equity
1.950.920.720.720.98
Shares outstanding
0.04bn0.04bn0.04bn0.04bn0.04bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)6 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.98× equity
  • Revenue growth, five yearsSlow, 9.3% a year
  • Buying back its own sharesNo, 15% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $207 million last quarter, up 32% on a year ago.
  • Profit: $11 million, down 7% on a year ago.
  • It keeps 10 cents of each $1 of sales as operating profit, down from 11 cents a year earlier.
  • Spare cash over the past 12 months: $78 million, up from $33 million.
  • 6% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $320 million more than cash, up from $181 million a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$109m
December 2024$176m
March 2025$130m
June 2025$157m
September 2025$156m
December 2025$167m
March 2026$155m
June 2026$207m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$4m
December 2024$13m
March 2025$9m
June 2025$12m
September 2025$11m
December 2025$12m
March 2026$2m
June 2026$11m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
10 March 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

2 long-term investors we follow own it, up from 1 last quarter. 156 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Warren B. Kanders
    Insider or founder
    at least 25.8%−0.6 pts
    (filed with 1 related holder)
    Since 28 September 2026
  • FMR LLC
    Passive investor
    at least 5.8%−2.0 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • REINHART PARTNERS, LLC.
    Passive investor
    5.3%
    Since 31 December 2025
  • Sold down below 5%
    Since 31 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $80m, $342,956 of it under preset trading plans.

  • KANDERS WARREN B
    CEO AND CHAIRMAN, Director
    Sold
    Date
    25 August 2026
    Shares
    100,000
    Price
    $31.87
    Value
    $3m
  • KANDERS WARREN B
    CEO AND CHAIRMAN, Director
    Sold
    Date
    24 August 2026
    Shares
    100,000
    Price
    $33.36
    Value
    $3m
  • Williams Brad
    PRESIDENT
    Sold
    Date
    17 August 2026
    Shares
    88,742
    Price
    $33.24
    Value
    $3m
  • KANDERS WARREN B
    CEO AND CHAIRMAN, Director
    Sold
    Date
    22 June 2026
    Shares
    50,000
    Price
    $27.43
    Value
    $1m
  • KANDERS WARREN B
    CEO AND CHAIRMAN, Director
    Sold
    Date
    18 June 2026
    Shares
    25,000
    Price
    $27.86
    Value
    $696,500
  • KANDERS WARREN B
    CEO AND CHAIRMAN, Director
    Sold
    Date
    17 June 2026
    Shares
    25,000
    Price
    $28.68
    Value
    $717,000
  • KANDERS WARREN B
    CEO AND CHAIRMAN, Director
    Sold
    Date
    16 June 2026
    Shares
    100,000
    Price
    $28.19
    Value
    $3m
  • KANDERS WARREN B
    CEO AND CHAIRMAN, Director
    Sold
    Date
    15 June 2026
    Shares
    100,000
    Price
    $30.03
    Value
    $3m
  • KANDERS WARREN B
    CEO AND CHAIRMAN, Director
    Sold
    Date
    23 March 2026
    Shares
    100,000
    Price
    $31.93
    Value
    $3m
  • KANDERS WARREN B
    CEO AND CHAIRMAN, Director
    Sold
    Date
    20 March 2026
    Shares
    100,000
    Price
    $31.40
    Value
    $3m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 4 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • Our use of emerging technologies (including artificial intelligence) and reliance on third-party service providers could expose us to operational, regulatory, intellectual property, and reputational risks.

    Could happen
    We may use, or our employees, suppliers and business partners may use, emerging technologies, including automated decision-making tools and artificial intelligence (“AI”) systems (including generative AI), in areas such as product development, customer service, procurement, security, and back-office functions. The use of such tools may introduce risks, including errors or hallucinated outputs, bias, cybersecurity vulnerabilities, unauthorized disclosure of confidential information or personal data, loss of intellectual property or trade secrets, infringement allegations, and failures to comply with evolving laws and regulations governing AI, privacy, consumer protection, and workplace practices. In addition, reliance on third-party AI providers and other vendors may increase concentration and resiliency risks, including outages, changes in terms of service, model behavior changes, or restrictions on use. Any of these risks could result in operational disruption, regulatory investigations, litigation, reputational harm, and increased costs.
    Read more
  • The effects of climate change, together with increased focus by governmental and non-governmental organizations, customers and investors on sustainability issues, including evolving climate and sustainability related disclosure expectations, may adversely affect our business and financial results and damage our reputation.

    Could happen
    ​ Investor advocacy groups, institutional investors, lenders, customers and other stakeholders have increasingly focused on environmental, social and governance (“ESG”) practices and disclosure. We may face increased requests for ESG information, contractual requirements, and expectations regarding targets, policies or performance. We may also face reputational harm, litigation or regulatory scrutiny (including so-called “greenwashing” claims) if our disclosures, statements or actions are perceived as inaccurate, incomplete or misleading. The SEC adopted climate-related disclosure rules on March 6, 2024, but the rules have been stayed and remain subject to litigation and potential changes, including the SEC’s March 2025 vote to cease defending the rules in court. Even if the SEC rules are modified, rescinded or never become effective, climate and ESG related requirements and expectations in the United States and other jurisdictions may continue to evolve and could increase our compliance costs and legal exposure.
    Read more
  • We may be subject to disruptions, failures or cyber-attacks in our information technology systems and network infrastructures that could disrupt our operations, damage our reputation and adversely affect our business, operations, and financial results.

    Could happen
    ​ In addition, public companies are subject to evolving cybersecurity disclosure and governance requirements, including SEC rules adopted in July 2023 that require disclosure of material cybersecurity incidents on Form 8-K and enhanced annual disclosures regarding cybersecurity risk management, strategy and governance. Compliance may require additional processes, controls, and resources, and may increase the risk of regulatory scrutiny, private litigation, and reputational harm. Moreover, disclosure of information about incidents or our cybersecurity controls could be costly, could expose us to additional risks (including by providing threat actors with information), and could adversely affect our relationships with customers, suppliers, and other stakeholders.
    Read more
  • In addition, we are subject to governmental laws, regulations and other legal obligations related to privacy, data protection,…

    Could happen
    In addition, we are subject to governmental laws, regulations and other legal obligations related to privacy, data protection, cybersecurity, and the collection, use, storage, sharing and transfer of personal data and other regulated or sensitive information. The legal and regulatory landscape in this area is rapidly evolving and increasingly complex, including an expanding patchwork of U.S. state privacy and cybersecurity laws, evolving global requirements (including in the European Union and other jurisdictions where we do business), and enhanced disclosure expectations for public companies regarding cybersecurity risk management, strategy and governance. These obligations may require us to implement and maintain additional administrative, technical and physical safeguards; conduct assessments and audits; provide expanded notices and consumer rights mechanisms; implement vendor and supply-chain controls; and devote significant management time and resources.
    Read more
  • The effects of climate change, together with increased focus by governmental and non-governmental organizations, customers and investors on sustainability issues, including evolving climate and sustainability related disclosure expectations, may adversely affect our business and financial results and damage our reputation.

    Could happen
    ​ Climate change is occurring around the world and may impact our business in numerous ways. Such change could lead to, among other things, increased costs (including energy, raw materials and packaging), supply chain disruptions, damage to or interruption of operations at our facilities or those of suppliers due to extreme weather events, increased insurance costs or limited availability of coverage, changes in customer demand, and impacts on our employees and communities. In addition, we may incur increased costs to measure, monitor and manage climate-related risks and to satisfy actual or proposed legal requirements, contractual obligations and market expectations relating to climate and sustainability matters.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from

It's near its lowest price in a year. The deep dive tells you if that's a bargain or a warning.

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.