Cadre Holdings, Inc. key statistics and ratios

In fiscal 2025, Cadre Holdings, Inc. had return on equity of 14.0%, an operating margin of 11.0%, debt equal to 96.7% of equity and a current ratio of 3.50. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Cadre Holdings, Inc.: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	37.8%	39.9%	38.4%	41.6%	41.1%	42.5%	41.8%
Operating margin	12.3%	12.1%	3.7%	11.7%	11.8%	11.0%	10.1%
Net margin	9.5%	3.0%	1.3%	8.0%	6.4%	7.2%	5.3%
Free-cash-flow margin	10.1%	8.7%	9.2%	13.8%	4.6%	9.3%	11.4%
Return on equity	—	26.0%	4.6%	21.3%	14.2%	14.0%	10.9%
Return on assets	13.6%	4.3%	1.7%	9.4%	6.7%	6.2%	4.3%
Asset turnover	1.43	1.44	1.30	1.17	1.05	0.86	0.81
Current ratio	1.88	2.14	2.50	2.58	3.48	3.50	2.14
Debt to equity	>999%	195.0%	91.6%	72.2%	71.7%	96.7%	107.9%
Interest cover (operating income ÷ interest)	2.0x	3.1x	2.7x	12.5x	8.5x	—	—
Effective tax rate	−37.9%	34.0%	37.9%	27.0%	33.4%	29.2%	31.0%
R&D as % of revenue	1.4%	1.5%	1.5%	1.4%	1.5%	1.9%	—
SG&A as % of revenue	26.4%	26.9%	33.4%	29.1%	27.9%	30.0%	30.4%
Capital spending as % of revenue	1.2%	0.7%	1.0%	1.4%	1.0%	1.1%	1.5%
Free cash flow ÷ net income	105.9%	294.3%	720.2%	172.1%	72.3%	128.8%	216.6%
Dividends ÷ net income	—	100.7%	197.7%	31.1%	38.6%	35.0%	45.2%
Dividends and buybacks ÷ free cash flow	—	34.2%	27.5%	18.1%	53.4%	27.2%	20.9%

US$ thousands unless shown otherwise. Fiscal quarters.

Cadre Holdings, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	36.6%	43.9%	43.1%	40.9%	42.7%	43.4%	38.7%	42.1%
Operating margin	5.0%	16.7%	10.4%	9.3%	12.0%	12.2%	4.8%	10.8%
Net margin	3.3%	7.4%	7.1%	7.8%	7.0%	7.0%	1.3%	5.5%
Free-cash-flow margin	−5.7%	12.7%	12.4%	0.7%	13.9%	10.7%	12.8%	9.0%
Current ratio	3.01	3.48	3.55	3.59	3.64	3.50	2.26	2.14
Debt to equity	69.3%	71.7%	69.4%	94.8%	91.4%	96.7%	108.8%	107.9%
SG&A as % of revenue	31.1%	25.6%	32.1%	28.7%	29.3%	30.3%	31.4%	30.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 6 checks passed · June 30, 2026

What it owns · $917m

Short-term assets $348mLonger-term assets $569m

What it owes, and who funded it · $917m

Short-term liabilities $162mLonger-term liabilities $408mShareholders' equity $347m

Short-term assets cover short-term liabilities $348m of assets due within a year against $162m of liabilities due within a year.
Short-term assets cover long-term liabilities $348m short-term assets against $408m of longer-dated liabilities.
More cash than debt $54m of cash against $374m of debt.
Debt below 40% of shareholders' equity Debt is 108% of equity.
Debt burden no higher than five years ago Debt to equity moved from 165% to 108% over five years.
A year's operating cash flow covers at least 20% of debt $88m of operating cash flow against $374m of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Cadre Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

61 /100

Moderate moat

How hard Cadre Holdings's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 13 / 20

Cash operating profit has been a median 10.3% of total assets over 5 years.
Pricing power 14 / 20

Gross margin has been a median 40.9%, moving by 1.3 percentage points (standard deviation) across 6 years.
Durability 7 / 20

Operating margin has been a median 10.9%; its worst year was 3.4%.
Cash conversion 15 / 20

Free cash flow was positive in 5 of 5 years, at a median 9.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Cadre Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cadre Holdings, Inc.