Cadre Holdings, Inc.
CDRE Industrials Aerospace & Defense
Cadre Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $610.3 million, up 7.53% from fiscal 2024. In the quarter to June 2026, revenue grew 31.8%, EPS fell 10.0%, free cash flow grew 1,496.4% and total debt rose 18.8%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five.
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Cadre Holdings, Inc. (CDRE) Altman Z-score
Cadre Holdings, Inc.'s Altman Z-score for fiscal 2025 is 3.77, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.77 | (0.15) |
| FY2024 | 3.92 | (1.17) |
| FY2023 | 5.08 | 1.64 |
| FY2022 | 3.45 | (0.59) |
| FY2021 | 4.03 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.34 | — | 0.41 | |
| Retained earnings / total assets | 0.05 | — | 0.06 | |
| EBIT / total assets | 0.09 | — | 0.29 | |
| Market value of equity / total liabilities | 3.69 | — | 2.21 | |
| Sales / total assets | 0.79 | — | 0.79 | |
| Altman Z-score | Safe zone | 3.77 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.70 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PKE Park Aerospace Corp. compare | 27.0× |
| RCAT Red Cat Holdings, Inc. compare | 16.2× |
| RGR Sturm, Ruger & Company, Inc. compare | 9.2× |
| NPK National Presto Industries, Inc. compare | 7.4× |
| SWBI Smith & Wesson Brands, Inc. compare | 5.7× |
| CDRE Cadre Holdings, Inc. | 3.8× |
| VOYG Voyager Technologies, Inc. compare | 0.8× |
| SATL Satellogic Inc. compare | −2.2× |
| EVEX Eve Holding, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets