CDRE
Cadre Holdings, Inc.41.74
-0.06-0.14%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reassures order delays temporary
Q&A reinforced the script, with management insisting 100% confidence that 2025's large order delays are timing hiccups, not losses, amid YoY backlog surge. They detailed TIER's conservative $100M full-year revenue embed (high-80s/low-90s in guidance), EBITDA ~20%, zero synergies baked in yet despite early armor/Med-Eng projects. Nuclear downblending slowdown from executive order is temporary, offset by booming commercial ventilation/criticality alarm funnels. Analysts grilled blast seat ramp (samples Q4 2026, bulk 2027+) and CapEx jump for nuclear capacity. Delays are timing, not losses. Tone confident; watch nuclear mix, order conversions.
Key Stats
Market Cap
1.70BP/E (TTM)
37.60Basic EPS (TTM)
1.11Dividend Yield
0.01%Recent Filings
10-K
FY2025 results
Cadre Holdings drove FY2025 net sales to $610M, up 7.5% y/y, with Product segment surging 9.3% to $544M on $49M from April's Zircaloy buy and duty gear strength, yet Q4 momentum cooled as EOD dropped 15.5% annually while nuclear softened. Gross margins expanded to 42.5% via volume leverage and pricing, lifting net income 22% to $44M despite higher SG&A from deals. Orders backlog doubled to $190M, signaling pipeline strength. Debt hit $309M at year-end with ample revolver room; quarterly dividends rose to $0.10/share. But product liability claims loom large.
8-K
Q4 results, TYR buy, 2026 guide
Cadre Holdings posted 2025 net sales of $610.3M, up from $567.6M, with gross margin expanding to 42.5% and net income rising to $44.1M. Record adjusted EBITDA hit $111.7M. Acquisitions like TYR Tactical, closed January 30, 2026 for $175M, fuel growth; 2026 guides $736-758M sales, $136-141M adjusted EBITDA. Debt climbed to $307.3M.
10-Q
Q3 FY2025 results
Cadre Holdings crushed Q3 with net sales jumping 42.5% y/y to $155.9M and 13.2% YTD to $443.1M, fueled by the April Zircaloy acquisition (contributing $31.5M YTD revenue) alongside stronger North American armor and duty gear demand—despite a prior-year cyber hiccup. Gross profit soared 66.5% y/y to $66.6M (42.7% margin), operating income tripled to $18.7M, and diluted EPS hit $0.27 (reconciles to 40.98M shares). Cash swelled to $150.9M on $42.5M operating cash flow, backing $311.2M term debt (due 2029, $173M revolver availability) after drawing $97.5M DDTL for Zircaloy, which added $29.1M goodwill and $15.4M intangibles (13-17 years). Signed Tyr Tactical deal in October for $175M cash/stock mix. Supply chain disruptions linger as a risk.
8-K
Q3 sales soared 42%, TYR deal announced
Cadre Holdings crushed Q3 with net sales up 42% to $155.9M and Adjusted EBITDA surging to $29.8M at 19.1% margin, fueled by acquisitions and armor demand. Med-Eng snagged a $50M DoD IDIQ contract, first $10M PO for 2026 shipments. Agreed to buy TYR Tactical for $175M, closing H1 2026—its largest deal yet. Backlog grew $20M; full-year guide holds at $624-630M sales, $112-116M Adjusted EBITDA.
8-K
Cadre acquires TYR Tactical for $145M
Cadre Holdings signed a deal on October 28, 2025, for subsidiary Safariland to buy TYR Tactical and affiliates for $145M—$130M cash (post-adjustments) plus $15M in stock—bolstering tactical gear for military and law enforcement. Up to $25M earn-outs hinge on 2026-2028 revenue targets. Closing eyed for early January 2026, pending HSR and no material adverse effects. Deal includes $30M Arizona real estate buy.
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