Cadre (CDRE) financial statements
Cadre reported revenue of $610M in fiscal 2025, up 8.6% a year over 5 years.
Net income was $44M and the operating margin 11.0%, against 12.3% in 2020.
Free cash flow was $57M, and the company returned $15M in dividends.
The diluted share count rose 58% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cadre's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $405M | $427M | $458M | $483M | $568M | $610M |
| Cost of revenue | $252M | $257M | $282M | $282M | $334M | $351M |
| Gross profit | $153M | $171M | $176M | $201M | $233M | $260M |
| Research and development | $6M | $6M | $7M | $7M | $8M | $11M |
| Selling, general and admin | $107M | $115M | $153M | $141M | $158M | $183M |
| Operating income | $50M | $52M | $17M | $57M | $67M | $67M |
| Interest expense | $24M | $16M | $6M | $5M | $8M | — |
| Pre-tax income | $28M | $19M | $9M | $53M | $54M | $62M |
| Income tax | -$11M | $7M | $4M | $14M | $18M | $18M |
| Net income | $38M | $13M | $6M | $39M | $36M | $44M |
| EPS (diluted) | $1.40 | $0.44 | $0.16 | $1.02 | $0.90 | $1.02 |
| Diluted shares | 27M | 29M | 36M | 38M | 40M | 43M |
| Gross margin | 37.8% | 39.9% | 38.4% | 41.6% | 41.1% | 42.5% |
| Operating margin | 12.3% | 12.1% | 3.7% | 11.7% | 11.8% | 11.0% |
| Net margin | 9.5% | 3.0% | 1.3% | 8.0% | 6.4% | 7.2% |
Balance sheet
Fiscal years, from Cadre's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $3M | $34M | $45M | $88M | $125M | $123M |
| Receivables | $44M | $48M | $65M | $58M | $94M | $111M |
| Inventory | $61M | $64M | $70M | $81M | $82M | $100M |
| Total current assets | $117M | $160M | $197M | $246M | $328M | $366M |
| Property, plant and equipment | $35M | $33M | $45M | $45M | $45M | $79M |
| Goodwill | $66M | $66M | $82M | $82M | $148M | $181M |
| Total assets | $283M | $312M | $392M | $431M | $653M | $770M |
| Total current liabilities | $62M | $75M | $79M | $95M | $94M | $104M |
| Long-term debt | $209M | $147M | $137M | $128M | $212M | $291M |
| Total liabilities | $274M | $223M | $226M | $234M | $341M | $452M |
| Shareholders' equity | $9M | $89M | $166M | $197M | $312M | $318M |
| Net debt | $210M | $126M | $104M | $52M | $98M | $184M |
Cash flow
Fiscal years, from Cadre's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $45M | $40M | $46M | $73M | $32M | $64M |
| Capital spending | $5M | $3M | $4M | $7M | $6M | $7M |
| Free cash flow | $41M | $37M | $42M | $66M | $26M | $57M |
| Stock-based compensation | — | $355,000 | $32M | $9M | $8M | $12M |
| Dividends paid | — | $13M | $12M | $12M | $14M | $15M |
| Net borrowing | -$57M | -$67M | -$10M | -$10M | $86M | $84M |
| Free cash flow margin | 10.1% | 8.7% | 9.2% | 13.8% | 4.6% | 9.3% |
| Dividends per share | — | $0.45 | $0.32 | $0.32 | $0.35 | $0.36 |
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Open CDRE in InvestinglyQuestions
What was Cadre's revenue in 2025?
$610M in fiscal 2025, from its 10-K filing.
How much free cash flow does Cadre generate?
$57M in fiscal 2025 (operating cash flow minus capital spending).
From Cadre's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.