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Makes safety and survival equipment for law enforcement and first responders, including body armor under the Safariland brand.
Makes safety and survival equipment for law enforcement and first responders, including body armor under the Safariland brand.
Sells equipment largely through distributors to police and military buyers, with body armour replaced on set schedules, which gives repeat orders. Acquisitions of smaller equipment makers have been a regular source of expansion since its 2021 listing.
Moat: narrow (brand, regulatory licence, customer qualification). Trusted safety-critical brand with certification/qualification requirements for law-enforcement equipment.
Headquarters: Jacksonville, Florida, US · Founded: 1964 · Employees: 2,533
Size Cadre (CDRE) is a United States Industrials company (Aerospace & Defense) with a market value of $1.40B, the 2042nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $32.60 on 6 Nov 2026.
Performance Over six months the shares gained 9.2%, against -18.1% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 19.7% over the last twelve months (peer median +19.2%); the operating margin is 11.1% (peer median 2.1%).
Valuation It trades at 22.5× forward earnings against a peer median of 27.1× (5th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.3 points below its cost of capital (10.0% WACC).
Backlog Backlog (remaining performance obligations) was $181M at 30 Sep 2026, up 159% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Short interest Short interest is 4.4% of the free float (15 Oct 2026).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $686M | $610M | $568M | $483M | $458M |
| Revenue growth | — | +8% | +18% | +5% | — |
| Gross profit | $278M | $252M | $225M | $190M | $166M |
| EBITDA | $98.4M | $94.0M | $89.2M | $74.4M | $36.6M |
| Net income | $36.1M | $44.1M | $36.1M | $38.6M | $5.82M |
| Free cash flow | $78.1M | $56.8M | $26.1M | $66.5M | $41.9M |
| Capital expenditure | $10.3M | $6.86M | $5.67M | $6.73M | $4.49M |
| Total debt | $400M | $328M | $239M | $147M | $158M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cadre CDRE | $1.40B | +9% | +20% | 11% | 22.5× | 16.9% |
| 3M MMM | $95.7B | +30% | +2% | 21% | 19.2× | 11.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CDRE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +31.3% | -6.1% | highest of 21 |
| 6-month return | +9.2% | -18.1% | 2nd highest of 20 |
| Distance from 52-week high | -33.1% | -37.5% | 6th highest of 21 |
| Revenue growth (TTM) | +19.7% | +19.2% | 11th highest of 21 |
| Operating margin | 11.1% | 2.1% | 5th highest of 21 |
| Forward P/E | 22.5× | 27.1× | 5th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 16.9% | 26.1% | 4th least demanding of 8 |
| Growth delivered (Del g) | +8.6% | +10.6% | 4th lowest of 8 |
| Hurdle (Req g minus delivered) | +8.3 pp | +10.7 pp | 4th least demanding of 8 |
| ROIC minus cost of capital | -1.3 pp | -6.6 pp | 7th highest of 21 |
| EV / EBITDA | 17.7× | 14.2× | 3rd most expensive of 7 |
| Net debt / EBITDA | 3.5× | 0.3× | 3rd most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cadre CDRE | United States | $1.40B | +9% | +20% | 11% | 22.5× | 16.9% | +8.6% |
| Beijing LeiKe Defense Technology 002413.SZ | China | $1.39B | -46% | -5% | -6% | n/a | n/a | n/a |
| Hefei Jianghang Aircraft Equipment 688586.SS | China | $1.38B | -11% | -4% | 2% | 27.1× | 49.7% | +2.6% |
| Beijing Highlander Digital Technology 300065.SZ | China | $1.44B | -48% | -32% | -1% | 78.8× | n/a | n/a |
| Aerospace Industrial Development 2634.TW | Taiwan | $1.46B | +3% | +3% | 6% | 19.5× | 4.1% | +11.0% |
| Beijing Beimo High-tech Frictional Material 002985.SZ | China | $1.46B | -17% | +36% | 28% | 38.2× | n/a | n/a |
| Xi'an Triangle Defense 300775.SZ | China | $1.50B | -39% | -29% | 2% | 17.6× | 31.7% | +21.0% |
| AEVEX AVEX | United States | $1.29B | -59% | +143% | 11% | 19.6× | n/a | n/a |
| Magellan Aerospace MAL.TO | Canada | $1.29B | +17% | +15% | 9% | 23.8× | n/a | n/a |
| North Electro-Optic 600184.SS | China | $1.26B | -34% | +23% | 0% | n/a | n/a | n/a |
| H&k MLHK.PA | France | $1.25B | -10% | +36% | 18% | n/a | -4.2% | +7.4% |
| Aequs AEQUS.NS | India | $1.56B | +8% | +33% | -7% | n/a | n/a | n/a |
| Avio AVIO.MI | Italy | $1.60B | -2% | +14% | 1% | 89.7× | 26.1% | +10.6% |
| Sichuan 6912 Communication Technology 301592.SZ | China | $1.18B | -14% | -3% | 9% | n/a | n/a | n/a |
| Applied Aerospace & Defense AADX | United States | $1.67B | n/a | +35% | -10% | 23.4× | n/a | n/a |
| Montana Aerospace AERO.SW | Switzerland | $1.69B | -2% | -36% | 7% | 20.5× | 6.1% | +6.3% |
| CIMC Safeway Technologies 301559.SZ | China | $1.14B | -24% | +13% | 4% | 54.6× | n/a | n/a |
| MTAR Technologies MTARTECH.NS | India | $1.77B | -18% | +108% | 20% | 64.7× | 48.5% | +29.2% |
| Shaanxi Zhongtian Rocket Technology 003009.SZ | China | $1.10B | -26% | +42% | -6% | n/a | n/a | n/a |
| Redwire RDW | United States | $1.80B | -35% | +63% | -41% | n/a | n/a | n/a |
| Electro Optic Systems EOS.AX | Australia | $1.08B | -18% | +225% | -7% | 43.9× | n/a | n/a |
Cadre reported $181M of remaining performance obligations at 30 Sep 2026, up 159% from a year earlier and down 2% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.