Cadre Holdings vs Karman Holdings
Cadre Holdings is the larger business, with $610m of revenue in fiscal 2025 against $472m for Karman Holdings (1.3 times as much). Karman Holdings grew faster (36.6% against 7.5%). Cadre Holdings kept more of each dollar of sales as profit: a net margin of 7.2% against 3.7%. Cadre Holdings carries less debt relative to equity (96.7% against 132.4%).
| Latest fiscal year | Cadre HoldingsCDRE, 2025 | Karman HoldingsKRMN, 2025 |
|---|---|---|
| Revenue | $610m | $472m |
| Revenue growth | 7.5% | 36.6% |
| Net income | $44.1m | $17.4m |
| Operating margin | 11.0% | 15.5% |
| Net margin | 7.2% | 3.7% |
| Return on equity | 14.0% | 6.0% |
| Free cash flow | $56.8m | −$42.5m |
| Cash | $123m | $34.0m |
| Total debt | $307m | $507m |
| Debt to equity | 96.7% | 132.4% |
| Dividend per share | — | — |
| Dividend yield | 1.2% | — |
| Share buybacks | — | — |
| Employees | 2,533 | 1,400 |
| Market value | $1.34bn | $5.22bn |
| Price vs our value range | Within our value range | — |
| Moat score | 61 (Moderate) | — |
| Insider trades, 12 months | 0 buys, 18 sales | 3 buys, 8 sales |