Latest Ratios: P/E Ratio 24.5x · EV/EBITDA 13.6x · ROE 14.0%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.8B | $1.3B | $1.2B | $728M | $727M | — | — |
| Enterprise Value | $1.3B | $2.0B | $1.4B | $1.3B | $841M | $853M | — | — |
| P/E Ratio → | 24.51 | 40.04 | 35.89 | 32.25 | 125.88 | 57.77 | — | — |
| P/S Ratio | 1.75 | 2.91 | 2.30 | 2.58 | 1.59 | 1.70 | — | — |
| P/B Ratio | 3.42 | 5.58 | 4.18 | 6.33 | 4.39 | 8.20 | — | — |
| P/FCF | 18.82 | 31.20 | 49.90 | 18.76 | 17.36 | 19.51 | — | — |
| P/OCF | 16.80 | 27.84 | 41.00 | 17.04 | 15.68 | 18.13 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.24 | 2.50 | 2.71 | 1.84 | 2.00 | — | — |
| EV / EBITDA | 13.56 | 21.05 | 17.03 | 18.08 | 25.97 | 13.03 | — | — |
| EV / EBIT | 16.99 | 26.68 | 22.83 | 22.74 | 53.96 | 23.94 | — | — |
| EV / FCF | — | 34.81 | 54.26 | 19.65 | 20.06 | 22.89 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.2% | 41.2% | 41.1% | 41.6% | 38.4% | 39.9% | 37.8% | 34.7% |
| Operating Margin | 12.3% | 12.3% | 11.8% | 11.7% | 3.7% | 12.1% | 12.3% | 6.5% |
| Net Profit Margin | 7.2% | 7.2% | 6.4% | 8.0% | 1.3% | 3.0% | 9.5% | -0.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 14.0% | 14.0% | 14.2% | 21.3% | 4.6% | 26.0% | 434.4% | — |
| ROA | 6.2% | 6.2% | 6.7% | 9.4% | 1.7% | 4.3% | 13.0% | -0.6% |
| ROIC | 11.9% | 11.9% | 14.7% | 15.8% | 5.1% | 17.9% | 16.2% | 8.5% |
| ROCE | 12.3% | 12.3% | 14.9% | 17.4% | 6.1% | 22.6% | 21.4% | 11.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.03 | 1.03 | 0.77 | 0.74 | 0.95 | 1.80 | 24.04 | — |
| Debt / EBITDA | 3.49 | 3.49 | 2.87 | 2.03 | 4.89 | 2.44 | 3.30 | 6.41 |
| Net Debt / Equity | — | 0.64 | 0.37 | 0.30 | 0.68 | 1.42 | 23.72 | — |
| Net Debt / EBITDA | 2.18 | 2.18 | 1.37 | 0.82 | 3.50 | 1.92 | 3.25 | 6.35 |
| Debt / FCF | — | 3.60 | 4.36 | 0.89 | 2.70 | 3.38 | 5.16 | 62.82 |
| Interest Coverage | 6.27 | 6.27 | 7.93 | 12.68 | 2.51 | 2.17 | 2.14 | 0.93 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.50 | 3.50 | 3.48 | 2.58 | 2.50 | 2.14 | 1.88 | 2.27 |
| Quick Ratio | 2.54 | 2.54 | 2.61 | 1.73 | 1.61 | 1.29 | 0.90 | 1.28 |
| Cash Ratio | 1.18 | 1.18 | 1.33 | 0.92 | 0.57 | 0.45 | 0.05 | 0.04 |
| Asset Turnover | — | 0.79 | 0.87 | 1.12 | 1.17 | 1.37 | 1.43 | 1.37 |
| Inventory Turnover | 3.58 | 3.58 | 4.06 | 3.48 | 4.02 | 4.01 | 4.13 | 4.42 |
| Days Sales Outstanding | — | 66.15 | 60.14 | 44.15 | 51.47 | 41.30 | 39.37 | 48.21 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.4% | 0.9% | 1.1% | 1.0% | 1.6% | 1.8% | — | — |
| Payout Ratio | 35.0% | 35.0% | 38.6% | 31.1% | 197.7% | 100.7% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 2.5% | 2.8% | 3.1% | 0.8% | 1.7% | — | — |
| FCF Yield | 5.3% | 3.2% | 2.0% | 5.3% | 5.8% | 5.1% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.4% | 0.9% | 1.1% | 1.0% | 1.6% | 1.8% | — | — |
| Shares Outstanding | — | $43M | $40M | $38M | $36M | $29M | $33M | $33M |
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying CDRE stock.
Cadre Holdings, Inc.'s current P/E ratio is 24.5x. The historical average is 58.4x.
Cadre Holdings, Inc.'s current EV/EBITDA is 13.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.0x.
Cadre Holdings, Inc.'s return on equity (ROE) is 14.0%. The historical average is 85.8%.
Based on historical data, Cadre Holdings, Inc. is trading at a P/E of 24.5x. Compare with industry peers and growth rates for a complete picture.
Cadre Holdings, Inc.'s current dividend yield is 1.42% with a payout ratio of 35.0%.
Cadre Holdings, Inc. has 41.2% gross margin and 12.3% operating margin. Operating margin between 10-20% is typical for established companies.
Cadre Holdings, Inc.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Acquisition-driven leverage and integration risk
Metrics are mathematically derived from official filings.
Premium Multiple on Volatile Earnings
CDRE trades at 33.2x trailing earnings and 17.6x EV/EBITDA, a premium to defense peers, yet quarterly earnings swings suggest the market is pricing in sustained growth. According to recent filings, the forward P/E of 29.6x implies continued margin recovery.
The valuation multiples appear rich relative to the company's own history, where earnings have been lumpy. The EV/EBITDA of 17.6x is above the peer median, but the forward multiple is similar, indicating the market expects stability. However, given the volatile operating margins observed over the past ten quarters, the premium may be unjustified unless the company can demonstrate consistent execution. Investors should monitor whether the forward estimates are achievable given the historical quarterly swings.
Margin Resilience Amid Revenue Swings
Gross margin has held near 42% in 2026Q2, but operating margin fell to 10.8% from 16.7% a year earlier, reflecting fixed cost pressure. As reported in financial statements, net margin of 5.5% is below the 7.4% seen in 2024Q4, indicating compressed profitability.
The stability in gross margin suggests pricing power, but the operating margin volatility points to an inability to scale SG&A efficiently during revenue dips. The 2026Q2 operating margin of 10.8% is below the 13.1% in 2025Q4, and the trend suggests that fixed costs are not flexing with revenue. This may indicate that the company's cost structure is not well-aligned with its lumpy demand, and investors should watch whether management can improve operating leverage.
Return on Capital Compressed by Acquisitions
ROIC has averaged roughly 2.8% over the last four quarters, down from 5.2% in 2024Q4, as acquisition-driven asset growth outpaces earnings. Based on reported figures, the company is not compounding returns on invested capital at a rate that justifies its valuation.
The decline in ROIC from 5.2% in 2024Q4 to 2.4% in 2026Q2 suggests that recent acquisitions have not yet generated returns above the cost of capital. The increase in total assets, driven by goodwill and intangibles, has diluted returns. If the acquired businesses do not improve profitability, ROIC may remain subdued, and the market's premium valuation could be at risk.
Working Capital Drag Intensifies
Cash conversion cycle widened to 121 days in 2026Q2 from 101 days a year earlier, driven by DSO of 53 days and DIO of 99 days. According to quarterly data, the company is tying up more cash in receivables and inventory, pressuring free cash flow.
The lengthening CCC indicates that the company is less efficient in converting sales to cash, which is concerning given its acquisition-driven growth. DSO has risen from 43 days in 2024Q4 to 53 days in 2026Q2, and DIO remains elevated at 99 days. This suggests that working capital management is deteriorating, and the company may need to improve collection and inventory turnover to support its cash flow.
Leverage Creeps Higher with Debt-Fueled M&A
Debt-to-EBITDA climbed to 13.96x in 2026Q2 from 7.13x in 2024Q4, while interest coverage fell to 4.37x from 11.37x. As reported in balance sheet data, the company's leverage is rising, and debt service is becoming less comfortable.
The sharp increase in D/EBITDA and the halving of interest coverage indicate that the company is taking on more debt to fund acquisitions, which may strain its financial flexibility. The current ratio of 2.14 provides some cushion, but the trend is concerning. If EBITDA does not grow as expected, the company could face refinancing risk, especially if interest rates remain elevated.
Liquidity Cushion Thins Rapidly
Cash dropped from $150.9M in 2025Q3 to $54.0M in 2026Q2, while the current ratio fell from 3.64 to 2.14. Based on reported financials, the liquidity buffer has eroded, though the quick ratio of 1.35 still provides some protection.
The rapid depletion of cash, likely due to acquisition outflows, has reduced the company's ability to weather a downturn. The current ratio remains above 2, but the trend is negative. If the company continues to deploy cash into M&A, it may need to rely on debt or equity issuance, which could dilute shareholders or increase leverage further.
Misapplied Metric: EV/EBITDA
EV/EBITDA is commonly used for defense firms, but for CDRE it obscures the impact of acquisition-related intangibles and stock-based compensation. According to financial statements, EBITDA does not capture the cash cost of acquisitions, which have totaled over $300M in recent quarters.
The EV/EBITDA multiple of 17.6x appears reasonable, but it fails to account for the significant cash outflows for acquisitions, which are not reflected in EBITDA. Additionally, stock-based compensation, which averaged $2.9M per quarter, is excluded from EBITDA, overstating cash earnings. A more appropriate metric would be EV/EBIT or EV/operating cash flow, which better capture the true economic cost of the company's growth strategy.