Cadre Holdings (CDRE) Stock Analysis & Winston Score

Cadre Holdings makes safety and protective gear for people in dangerous jobs. Its main products include body armor, bomb disposal suits, and tactical equipment sold to law enforcement agencies, military units, and first responders. The company owns well-known brands in the protective equipment space, including Safariland, which is one of the most recognized names in law enforcement gear in the United States.

Cadre makes money by selling its equipment directly to government agencies, police departments, and defense contractors. It operates primarily in North America but also sells internationally, and its strong brand relationships with law enforcement give it a degree of customer loyalty that is hard for smaller competitors to match. The key growth driver is rising demand for upgraded body armor and protective equipment as government agencies refresh aging gear, though the business is exposed to risk from cuts in public safety budgets or delays in government procurement spending.

Winston Score History

Politician Trades

2 trades / 12mo

2 Congressional buys and 0 sells on CDRE in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-78.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

34.3%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$41M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Cadre Holdings is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

37.7%

Modest — 37.7% gross margin

Operating Margin

6.0%

Modest — 6.0% operating margin

ROCE

1.3%

Weak — 1.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+13.5%

Fast-growing sales (13.5% YoY)

EPS YoY

-5.3%

Earnings shrinking (-5.3% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

187%

Turns 187% of profit into real cash

FCF Margin

9.5%

Modest free cash flow (9.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.13

Elevated debt (1.13)

Interest Cover

5.14x

Adequate interest coverage (5.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

31.5x

no trend

Pricey — P/E 31.5

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+5.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.5 → 25.8)

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Dividends

Dividend Yield

1.32%

no trend

Small dividend — 1.32% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+6.8%

no trend

Dividend growing modestly (6.8% YoY)

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