Cadre Holdings, Inc. (CDRE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-45.6%

$17.22

vs $31.64 price

Levered DCF

$25.97

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.72

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	37.81×	35.89×	31.93×	125.88×	57.77×	13.3×	-265.45×
P/B	5.25×	4.14×	6.26×	4.38×	8.2×	57.84×	-17.05×
P/S	2.73×	2.27×	2.56×	1.59×	1.7×	1.27×	1.22×
EV / EBITDA	20.2×	17.9×	17.67×	26.91×	17.29×	10.78×	18.14×
Gross margin	41.2%	41.1%	41.6%	38.4%	39.9%	37.8%	34.7%
Operating margin	12.3%	11.8%	11.7%	3.7%	12.1%	12.3%	6.5%
Net margin	7.2%	6.4%	8.0%	1.3%	3.0%	9.5%	-0.5%
Current ratio	3.5×	3.48×	2.58×	2.5×	2.14×	1.88×	2.27×
Debt / equity	1.03×	0.77×	0.74×	0.96×	1.8×	24.04×	-9.15×
Interest coverage	6.34×	8.54×	12.47×	2.69×	3.15×	2.04×	0.92×
Dividend yield	0.9%	1.1%	1.0%	1.6%	1.8%	0.0%	0.0%
Payout ratio	35.0%	38.6%	31.1%	197.7%	100.7%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.9%	11.6%	19.6%	3.5%	14.3%	434.4%	6.4%
Return on invested capital	7.7%	7.7%	11.7%	3.2%	13.6%	22.2%	10.3%
Return on assets	5.7%	5.5%	9.0%	1.5%	4.1%	13.6%	-0.6%
Free cash flow yield	3.4%	2.0%	5.4%	5.8%	5.1%	8.0%	0.8%
Earnings yield	2.6%	2.8%	3.1%	0.8%	1.7%	7.5%	-0.4%
Enterprise value	$1.9B	$1.4B	$1.3B	$840.4M	$852.8M	$721.9M	$784.1M
Net debt / EBITDA	2.21×	1.45×	0.81×	3.62×	2.55×	3.13×	6.3×
Cash conversion cycle (days)	145	118	112	112	105	96	97