Cardinal Infrastructure Group

CDNL

Engineering & Construction · Industrials

Price

$71.23

-0.16 (-0.22%)

Market Cap

$1.09B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+12.0% over 1y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 13.2M (2024) → 14.8M (2025)

Cardinal Infrastructure Group Inc., a civil contracting company, provides infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets in the United States. It offers wet utility installations, such as water, sewer, and stormwater systems, as well as grading, site clearing, erosion control, drilling and blasting, paving, and other related site services. The company was formerly known as Civil Infrastructure Group Inc. and changed its name to Car

Winston Score History

Score breakdown

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Quality

Gross Margin

20.4%

Thin — 20.4% gross margin

Operating Margin

8.8%

Modest — 8.8% operating margin

ROCE

5.5%

Weak — 5.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

N/A

Data not available

EPS YoY

N/A

Data not available

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

170%

Turns 170% of profit into real cash

FCF Margin

-1.4%

Burning cash (-1.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

2.78

Heavy debt load (2.78)

Interest Cover

13.29x

Comfortably covers interest (13.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

48.5x

Expensive — P/E 48.5

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+10.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (48.5 → 38.2)

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Dividends

Not applicable for this business.

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