Forensic Analysis · Medical Devices · as of Nov 10, 2026
Cadre Holdings, Inc. (CDRE)
A forensic read on Cadre Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
3.7
Distress distance
Clean
Earnings quality
5
Forensic signals
14.0%
ROE
7.5%
Revenue growth
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.
Cadre Holdings, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.7, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+7.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +15% over the last 2 years to FY2025 (+7.0%/yr). The count is growing — 37.9M shares in FY2023, 43.4M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~7.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~13%.
2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 2% of revenue and 22% of free cash flow in FY2025 — about $0.28 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 7.0% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
+11.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +11.4% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $40.4M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by payables paid down 25% against +5% in cost of sales and inventory up +22% against +5% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 11.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
95d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 89 to 95 FY2024→FY2025 (against cost of goods sold; inventory +22% vs +5% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
9.5%
FY2025
Return on invested capital.Return on invested capital is 9.5% in the latest fiscal year and slipping across FY2023–FY2025 from 15.8%. After-tax operating profit was $41M in FY2023 and $48M in FY2025, with operating income at 11.7% of revenue in FY2023, 11.8% in FY2024 and 11.0% in FY2025. The capital base behind it grew +93% across FY2023–FY2025, from $261M to $502M, while the return fell 6.3 points, so the dollars added over that window earned less than the 15.8% the older base was already earning.
Key fundamentals
Latest Revenue$610.3M
Revenue Growth YoY+7.5%
Revenue CAGR (2yr)+12.5%
Net Margin7.2%
Free Cash Flow$56.8M
Return on Equity14.0%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Cadre Holdings, Inc.'s actual 10-K/10-Q/8-K filings?