Cadre Holdings, Inc. (CDRE) vs Redwire Corporation (RDW)

Cadre Holdings, Inc. and Redwire Corporation are both Aerospace & Defense companies. Redwire Corporation is the larger, with a market value of $1.6B against $1.4B — 1.1× the size. Redwire Corporation has negative trailing earnings, so its P/E is not meaningful; Cadre Holdings, Inc. trades at 33.1×. Redwire Corporation grew revenue faster over the last twelve months: 45.8% against 18.4%. Cadre Holdings, Inc. has the higher net margin (5.61% vs −55.3%) and the higher return on invested capital (7.36% vs −10.7%). Across the 19 metrics below, Cadre Holdings, Inc. leads on 13 and Redwire Corporation on 6.

Valuation

Metric CDRE RDW Aerospace & Defense median
P/E 33.09 n/m 28.48
P/S 1.88 3.60 2.95
P/B 3.75 0.97 2.68
Price to free cash flow 17.50 n/m 31.70
EV/EBITDA 17.14 n/m 16.85
EV/Sales 2.29 2.58 2.74
Earnings yield 3.02% (20.29%) 0.89%
Free cash flow yield 5.72% (9.31%) 0.00%

Profitability

Metric CDRE RDW Aerospace & Defense median
Gross margin 42.04% 24.10% 26.41%
Operating margin 10.75% (46.23%) 3.69%
Net margin 5.61% (55.33%) 2.74%
Free cash flow margin 12.13% (33.46%) 0.00%
Return on equity 11.63% (18.84%) 4.44%
Return on assets 4.79% (14.29%) 1.90%
Return on invested capital 7.36% (10.68%) 0.26%

Growth

Metric CDRE RDW Aerospace & Defense median
Revenue growth (TTM) 18.35% 45.83% 18.03%
EPS growth (last fiscal year) 13.33% 2.98% 24.80%
Revenue growth, 5-year CAGR 8.57% 42.32% 9.73%
Net income growth, 5-year CAGR 2.80% 0.00% 0.00%

Health

Metric CDRE RDW Aerospace & Defense median
Debt to equity 1.01 0.03 0.20
Current ratio 2.35 4.20 2.85
Net debt to EBITDA 2.05 0.04 1.29

Dividend

Metric CDRE RDW Aerospace & Defense median
Dividend yield 1.25% — 0.91%
Payout ratio 0.42 — 0.30

Size

Metric CDRE RDW Aerospace & Defense median
Market cap 1.38b 1.55b 1.78b

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