Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
6.2
Distress distance
Clean
Earnings quality
6
Forensic signals
38.1
P / E (ttm)
13.9%
ROE
$1.4B
Market cap
1.14%
Dividend yield
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 (red flags, auditor quality, say on pay, board independence). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 6.2, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+20.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +20.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. 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. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 4% of net operating assets, diverging from the balance-sheet accrual read.
+6.3%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +20% over the last 3 years to FY2025 (+6.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.3% 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 FY2022 has been diluted ~17%.
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. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 6.3% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
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.
Key fundamentals
Latest Revenue$610.3M
Revenue Growth YoY+7.5%
Revenue CAGR (3yr)+10.1%
Net Margin7.2%
Free Cash Flow$56.8M
Return on Equity13.9%
Debt / Equity0.97x
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?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Cadre Holdings, Inc. (CDRE) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
8.5%
FY2025
Return on invested capital.Return on invested capital is 8.5% in the latest fiscal year and rising from 4% — around its ~10% cost of capital, so growth is roughly value-neutral.
-29%
FY2021→FY2022
Dividend — cut.The payout was CUT ~29% in FY2022 (from FY2021) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.