Cadre Holdings, Inc. — Earnings Quality Grade F
CDRE · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 66 days, change +6 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 7.5%, CFFO 100.5%. Cash follows revenue
Expense Quality
Inventory growth 21.8% exceeds COGS 5.0%
CapEx growth 21.0% is >2x revenue growth 7.5%
SG&A/Gross Profit = 70.5%, exceeds 70%
Gross margin 42.5%, change +1.4pp. Stable
Cash Flow Quality
CFFO/NI = 1.44. Profits backed by cash
FCF $0.1B, FCF/NI = 1.29
Accruals ratio = -2.5%. Low accruals
Cash $0.1B covers only 37% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 93% of equity. Over 50%
Debt/EBITDA = 3.5x. Healthy
Other assets 4.0% vs revenue 7.5%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 16% YoY. Normal
Manipulation Score
M-Score = -2.47 (< -2.22). Unlikely manipulator
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25