CADRE HOLDINGS, INC.

CDRE · Healthcare · $1.3B mkt cap · FY2025 filings · Shallow moat

Doesn't clear the bar

Shallow moat

The four filters

Pricing power68

Median gross margin 40.5% over 6y, very stable.

Returns on capital63

Median ROIC 12.9%, above the 9% hurdle in 83% of years.

Balance-sheet safety71

Net debt/EBITDA 2.1x, no material interest expense disclosed.

Capital discipline28

Owner earnings +2.9%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

48% above value

Owner earnings (normalized): $46.9M
Est. intrinsic value / share: $20.02
Recent price: $29.71
Discount to value: 48% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CDRE. See the disclaimer.