Cadre Holdings, Inc. (CDRE) FY2025 10-K Annual Report
Cadre Holdings, Inc. (CDRE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 10, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Cadre Holdings, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: manufacturing and distribution of safety equipment for law enforcement, military, first responders, and nuclear markets
- • New acquisitions in FY2026: TYR Tactical (mission-critical tactical gear, expands international reach especially Europe) and Zircaloy (nuclear engineered equipment supplier, enhances geographic balance)
- • Strategic shift: intensified international expansion objective and integration of new M&A to broaden product portfolio and geographic presence
- • Quantitative highlight: total employees increased to 2,533 with 27 retail store associates added; sustained over 23,000 long-term first responder and federal agency customers in 100+ countries
- • Noteworthy fact: FY2026 marked by launch of new Ballast duty holster family and $50M DoW blast sensor contract supporting operator brain health program
Management Discussion & Analysis
- • Revenue $610.3M, up 7.5% YoY (+$42.7M), driven by Zircaloy and TYR Tactical acquisitions and duty gear demand
- • Net income $44.1M, up 22.2% YoY; operating income $67.4M, up 0.9%; gross margin improved to 42.5% from 41.1%
- • Best segment: Product segment sales grew 9.3% to $543.7M with 43.5% gross margin; worst segment: Distribution sales down 0.5% to $104.9M, gross margin down to 22.0%
- • Operating cash flow $63.7M; cash and equivalents $122.9M; acquired Zircaloy for $98.9M and TYR Tactical for $174.0M; increased debt to $307.3M; no buybacks or dividends disclosed
- • Management expects liquidity adequate 12+ months; risks include acquisitions integration, supply chain inflation, regulatory compliance, and interest expenses from higher debt
Risk Factors
- • Regulatory risk: Potential violation of Foreign Corrupt Practices Act (FCPA) with resumed DOJ enforcement focus on national security since June 2025
- • Geopolitical risk: Exposure to Russia-Ukraine conflict and Middle East instability affecting operations, possibly expanding to broader regional/global instability
- • Supply chain risk: Dependence on limited suppliers of patented raw materials (e.g., SpectraShield®, Kevlar®) subject to Defense Production Act prioritization causing shortages
- • Market disruption risk: Highly competitive government contract bidding with competitors having greater financial resources and specialized expertise
- • Financial risk: Long-term debt obligations of $309.1 million as of December 31, 2025 impacting liquidity and financial condition
Cadre Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$610M
▲ +7.5% YoY
Net Income
$44M
▲ +22.2% YoY
Gross Margin
42.5%
▲ +140bp YoY
Operating Margin
11.0%
▼ -73bp YoY
Net Margin
7.2%
▲ +87bp YoY
ROE
13.9%
▲ +229bp YoY
Total Assets
$770M
▲ +18.0% YoY
EPS (Diluted)
$1.02
▲ +13.3% YoY
Operating Cash Flow
$64M
▲ +100.5% YoY
Source: XBRL data from Cadre Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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