The company's debt-to-equity ratio has expanded to 1.13 as of 2026Q1, reflecting a shift toward aggressive, debt-funded inorganic growth that has significantly increased the goodwill concentration on the balance sheet.
| Total Current Assets | 318.76M | 365.87M | 327.57M | 245.84M | 197.02M | 159.98M | 117.47M | 142.87M |
| Cash & Short-Term Investments | 41.27M | 122.9M | 124.93M | 87.69M | 45.29M | 33.86M | 2.87M | 2.52M |
| Cash Only | 41.27M | 122.9M | 124.93M | 87.69M | 45.29M | 33.86M | 2.87M | 2.52M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 111.29M | 110.61M | 93.52M | 58.36M | 64.56M | 48.34M | 43.65M | 55.57M |
| Days Sales Outstanding | 61.65 | 66.15 | 60.14 | 44.15 | 51.47 | 41.3 | 39.37 | 48.21 |
| Inventory | 130.99M | 100.26M | 82.35M | 80.98M | 70.27M | 63.98M | 60.92M | 62.13M |
| Days Inventory Outstanding | 108.69 | 102.06 | 89.97 | 104.88 | 90.9 | 91.01 | 88.35 | 82.55 |
| Other Current Assets | 35.21M | 32.1M | 7.74M | 6.89M | 6.81M | 3.45M | 3.36M | 15.32M |
| Total Non-Current Assets | 560.97M | 404.17M | 325.14M | 185.34M | 194.93M | 151.81M | 165.81M | 164.47M |
| Property, Plant & Equipment | 147M | 98.6M | 60.7M | 51.2M | 53.77M | 33.05M | 35.44M | 36.05M |
| Fixed Asset Turnover | 5.67x | 6.19x | 9.35x | 9.42x | 8.51x | 12.93x | 11.42x | 11.67x |
| Goodwill | 231.22M | 181.41M | 148.16M | 81.67M | 81.58M | 66.26M | 66.31M | 66.18M |
| Intangible Assets | 173.32M | 114.98M | 107.54M | 43.47M | 50.7M | 42.41M | 51.01M | 59.95M |
| Long-Term Investments | 110K | 0 | 1.3M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.7M | 4.36M | 2.89M | 4.99M | 6.63M | 3.03M | 150K | 385K |
| Total Assets | 879.74M | 770.03M | 652.71M | 431.18M | 391.95M | 311.8M | 283.28M | 307.33M |
| Asset Turnover | 0.79x | 0.79x | 0.87x | 1.12x | 1.17x | 1.37x | 1.43x | 1.37x |
| Asset Growth % | 108.48% | 17.97% | 51.38% | 10.01% | 25.71% | 10.07% | -7.83% | - |
| Total Current Liabilities | 141.17M | 104.5M | 94.13M | 95.21M | 78.92M | 74.62M | 62.48M | 62.91M |
| Accounts Payable | 39.9M | 22.32M | 29.64M | 28.42M | 23.41M | 19.33M | 21.98M | 25.7M |
| Days Payables Outstanding | 29.08 | 22.72 | 32.39 | 36.81 | 30.28 | 27.49 | 31.87 | 34.14 |
| Short-Term Debt | 16.26M | 16.27M | 11.38M | 12.32M | 12.21M | 13.17M | 3.5M | 4.33M |
| Deferred Revenue (Current) | 10.17M | 0 | 4.92M | 5.12M | 5.94M | 12.61M | 7.26M | 4.87M |
| Other Current Liabilities | 85M | 61.07M | 1.76M | 24.62M | 20.42M | 19.36M | 18.75M | 15.57M |
| Current Ratio | 2.26x | 3.50x | 3.48x | 2.58x | 2.50x | 2.14x | 1.88x | 2.27x |
| Quick Ratio | 1.33x | 2.54x | 2.61x | 1.73x | 1.61x | 1.29x | 0.90x | 1.28x |
| Cash Conversion Cycle | 141.26 | 145.48 | 117.73 | 112.22 | 112.09 | 104.81 | 95.84 | 96.61 |
| Total Non-Current Liabilities | 402.45M | 347.73M | 247.07M | 138.81M | 147.14M | 148.53M | 211.94M | 274.45M |
| Long-Term Debt | 364.54M | 306.03M | 211.83M | 127.81M | 137.48M | 146.52M | 209.31M | 270.31M |
| Capital Lease Obligations | 46.72M | 0 | 10.73M | 3.19M | 4.96M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 114.57M | 30.06M | 18.76M | 4.84M | 3.51M | 1.3M | 2.08M | 3.33M |
| Other Non-Current Liabilities | 7.82M | 11.65M | 5.75M | 2.97M | 1.19M | 722K | 550K | 802K |
| Total Liabilities | 543.62M | 452.23M | 341.2M | 234.02M | 226.06M | 223.16M | 274.43M | 337.36M |
| Total Debt | 380.8M | 322.29M | 238.76M | 146.83M | 158.43M | 159.69M | 212.81M | 274.64M |
| Net Debt | 339.53M | 199.39M | 113.83M | 59.14M | 113.14M | 125.83M | 209.93M | 272.12M |
| Debt / Equity | 1.13x | 1.01x | 0.77x | 0.74x | 0.96x | 1.80x | 24.04x | - |
| Debt / EBITDA | 4.19x | 3.43x | 2.87x | 2.03x | 4.89x | 2.44x | 3.30x | 6.41x |
| Net Debt / EBITDA | 3.73x | 2.12x | 1.37x | 0.82x | 3.50x | 1.92x | 3.25x | 6.35x |
| Interest Coverage | 5.14x | 6.34x | 7.93x | 12.68x | 2.51x | 2.17x | 2.14x | 0.93x |
| Total Equity | 336.12M | 317.8M | 311.51M | 197.16M | 165.89M | 88.64M | 8.85M | -30.02M |
| Equity Growth % | 32.26% | 2.02% | 58% | 18.85% | 87.15% | 901.47% | 129.48% | - |
| Book Value per Share | 7.75 | 7.32 | 7.72 | 5.20 | 4.59 | 3.10 | 0.26 | -0.90 |
| Total Shareholders' Equity | 336.12M | 317.8M | 311.51M | 197.16M | 165.89M | 88.64M | 8.85M | -30.02M |
| Common Stock | 4K | 4K | 4K | 4K | 4K | 3K | 3K | 3K |
| Retained Earnings | 0 | 34.77M | 6.08M | -16.11M | -42.74M | -37.05M | -36.96M | -75.42M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.25M | 460K | -1.39M | 634K | 2.09M | -1.92M | -2.86M | -3.28M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acquisition-driven leverage expansion
As reported in recent financial statements, CDRE's total debt has climbed from $146.8M in 2023Q4 to $380.8M by 2026Q1, pushing the debt-to-equity ratio to 1.13 and signaling a shift toward more aggressive, debt-funded inorganic growth strategies that warrant careful monitoring by conservative investors.
The rapid escalation in debt levels suggests that management is prioritizing market consolidation over balance sheet conservatism. While the current leverage remains manageable, the trend indicates that future interest coverage may become more sensitive to the volatility of the company's operating cash flows.
Based on the provided balance sheet data, goodwill has expanded significantly from $81.7M in 2023Q4 to $231.2M in 2026Q1, representing a substantial portion of total assets and highlighting the company's reliance on successful integration of acquired entities to justify its current valuation.
The heavy concentration of intangible assets suggests that the company's asset base is increasingly sensitive to impairment risks if acquired businesses fail to meet performance expectations. Investors should monitor whether these acquisitions provide the anticipated synergies or if they merely inflate the balance sheet without commensurate operational returns.
According to the quarterly filings, CDRE maintains a current ratio of 2.26 as of 2026Q1, which, while down from the 3.50 peak observed in 2025Q4, continues to provide an adequate cushion against short-term operational shocks and potential working capital volatility inherent in the defense manufacturing sector.
The decline in the current ratio appears to be a byproduct of increased debt obligations and inventory deployment. Despite this compression, the company appears to possess sufficient liquidity to meet its immediate obligations, provided that the conversion of inventory into cash remains consistent with historical norms.
As indicated by the reported figures, CDRE's retained earnings have shifted from a deficit of $16.1M in 2023Q4 to a neutral position of $0 in 2026Q1, reflecting a period of significant capital deployment and the absorption of acquisition-related costs that have constrained organic equity growth.
The lack of positive retained earnings suggests that the company is still in a phase where capital is being aggressively reinvested or consumed by the costs of its roll-up strategy. This trend implies that shareholders are currently reliant on the successful execution of M&A to drive long-term value creation rather than internal capital accumulation.
Quick answers to the most common questions about buying CDRE stock.
As of 2025, Cadre Holdings, Inc. (CDRE) had total assets of $770.0M including $365.9M in current assets.
Cadre Holdings, Inc. (CDRE) carries total debt of $322.3M, offset by $122.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cadre Holdings, Inc. (CDRE) has total shareholders' equity (book value) of $317.8M ($7.32 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cadre Holdings, Inc. (CDRE) reported a current ratio of 3.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.