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Forensic Analysis · Homebuilders & Residential Construction · as of Nov 8, 2026

Cardinal Infrastructure Group Inc. (CDNL)

A forensic read on Cardinal Infrastructure Group Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Safe
Financial health
3.3
Distress distance
1
Forensic signals
16.3%
ROE

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Cardinal Infrastructure Group Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.3, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

FCF ($6M)
FY2025
Shareholder returns. Returned $158M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($6M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $38M — 416% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.

Key fundamentals

Latest Revenue$456.0M
Net Margin5.0%
Free Cash Flow-$5.9M
Return on Equity16.3%
Debt / Equity0.87x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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