Cadre Holdings (CDRE) Company Report

Cadre Holdings has completed the acquisition of TYR Tactical, a global manufacturer of tactical gear and equipment.
The purchase price included $120.0 million in cash and $24.0 million in Cadre common stock, along with $1.0 million in restricted stock unit awards to certain employees.
The seller is eligible for up to $25.0 million in additional contingent earn-out consideration based on specified net revenue targets for 2026, 2027, and 2028.
The acquisition is expected to be immediately accretive to earnings and adjusted EBITDA margins.

5 days ago

Press Release

Cadre Highlights Strong Performance, Diversified Growth Strategy, and Nuclear Market Expansion

CDRE

Revenue Acceleration/Inflection

M&A

New Projects/Investments

Cadre (CDRE) has demonstrated strong performance since its 2020 IPO, achieving 55%+ revenue growth and 97%+ adjusted EBITDA growth, with a vision for 3%-5% annual organic growth supplemented by $100 million in annual acquired revenue. The company aims to deliver mid-20s Adjusted EBITDA margins.
The company operates in resilient end markets, including public safety (holsters, body armor, bomb suits) where it holds market-leading shares (e.g., ~90% in U.S. law enforcement holsters, 87%-90% global bomb suit share). These markets benefit from consistent budgets and recurring product refresh cycles.
CDRE has strategically diversified into the nuclear market, targeting three key verticals: environmental remediation (a $500 billion+ opportunity in the U.S.), national defense (weapons modernization), and commercial nuclear energy (driven by AI and data centers). This segment is expected to grow 4%-6% over the long-term.
Growth is supported by a disciplined operating model and an active M&A strategy, with five acquisitions completed since the IPO, primarily focused on public safety and nuclear segments.

Jan 14, 2026, 3:15 PM

Transcript

Cadre Holdings Discusses Market Strength, Strategic Acquisitions, and Growth Initiatives

CDRE

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Cadre Holdings (CDRE) reports robust public safety budgets and projects 4-6% long-term growth in the nuclear market, which is expected to be lumpier year-over-year.
The company maintains strong market leadership, with an estimated 90% share in the U.S. holster market and 87-90% global share in explosive ordnance disposal (EOD) bomb suits.
Cadre is expanding its international and federal market reach through the acquisition of Tyr Tactical, which is expected to generate approximately $90 million in 2024 revenue and provides advanced hard armor manufacturing capabilities.
Cadre secured a $50 million IDIQ contract with the U.S. Department of Defense for blast sensors, including an initial purchase order of around $10 million.

Jan 14, 2026, 3:15 PM

Transcript

Cadre Holdings Provides Business Overview and Future Outlook at CJS Securities Conference

CDRE

Guidance Update

New Projects/Investments

M&A

Cadre Holdings has demonstrated strong performance since its IPO four years ago, achieving over 55% revenue growth, over 97% Adjusted EBITDA growth, and more than 740 basis points of Adjusted EBITDA margin expansion.
The company's strategic vision targets 3%-5% annual organic revenue growth, supplemented by $100 million in annual acquired revenue, with a goal to deliver mid-20s Adjusted EBITDA margins from current high teens, supported by 45%-50% gross margins.
Cadre anticipates robust market conditions, noting strong public safety budgets and a projected 4%-6% growth in the nuclear market over the next three to five years.
Management expects a return to stronger revenue growth in 2026, overcoming project delays experienced in 2025, citing confidence in opportunities such as a $50 million IDIQ for blast sensors with the U.S. Department of Defense, which includes an initial $10 million purchase order.
With a post-acquisition leverage ratio of less than two and a half, Cadre Holdings is well-positioned for continued organic investment and future acquisitions.

Jan 14, 2026, 3:15 PM

Transcript

Cadre Holdings Reports Strong Q3 2025 Results and Announces Tier Tactical Acquisition

CDRE

Earnings

M&A

Guidance Update

Cadre Holdings reported Q3 2025 net sales of $155.9 million, representing a 42% increase year-over-year, and a gross margin improvement of 610 basis points year-over-year and 180 basis points sequentially.
The company announced an agreement to acquire Tier Tactical, marking its sixth and largest acquisition since going public, which is expected to expand its portfolio and enhance market leadership, particularly with international military customers. The acquisition is anticipated to close in the first half of 2026.
Cadre's MedEng business was awarded a $50 million IDIQ contract (BMO) by the U.S. Department of Defense, with an initial purchase order of approximately $10 million for shipments planned throughout 2026. This contributed to a $20 million sequential increase in organic backlog.
Cadre reaffirmed its 2025 guidance, projecting net sales between $624 million and $630 million and adjusted EBITDA between $112 million and $116 million, implying adjusted EBITDA margins of 18.2%.

Nov 5, 2025, 3:00 PM

Transcript

Cadre Announces Strong Q3 2025 Results and TYR Tactical Acquisition

CDRE

Earnings

Guidance Update

M&A

Cadre (CDRE) reported Q3 2025 net sales of $155.9 million and net income of $10.9 million, or $0.27 per diluted share, reflecting significant year-over-year growth.
The company achieved strong margin expansion in Q3 2025, with gross margin at 42.7% and Adjusted EBITDA margin at 19.1%, improving by 610 and 670 basis points year-over-year, respectively.
Cadre reaffirmed its full-year 2025 guidance, projecting net sales between $624 million and $630 million and Adjusted EBITDA between $112 million and $116 million.
The company announced an agreement to acquire TYR Tactical for $175 million, a manufacturer with $93 million in FY2024 revenue, expected to be immediately accretive to earnings and Adjusted EBITDA margins.
Med-Eng, a Cadre subsidiary, secured a $50 million Indefinite Delivery Indefinite Quantity (IDIQ) contract from the Department of Defense, including an initial $10 million purchase order for 2026 shipment.

Nov 5, 2025, 3:00 PM

Presentation

Cadre Holdings Reports Strong Q3 2025 Results, Announces TYR Tactical Acquisition, and Reaffirms Full-Year Outlook

CDRE

Earnings

M&A

Guidance Update

Cadre Holdings reported net sales of $155.9 million and net income of $10.9 million ($0.27 per diluted share) for the third quarter ended September 30, 2025, with Adjusted EBITDA of $29.8 million and an Adjusted EBITDA margin of 19.1%.
The company announced an agreement on October 28, 2025, to acquire TYR Tactical for a total consideration of $175 million, which generated approximately $92.6 million in revenue in the year ended December 31, 2024, and is expected to be immediately accretive to earnings and Adjusted EBITDA margins.
Cadre subsidiary Med-Eng was awarded a $50 million Indefinite Delivery / Indefinite Quantity (IDIQ) contract by the Department of Defense on September 26, 2025, with the first purchase order for $10 million to be shipped in 2026.
Cadre Holdings reaffirmed its full-year 2025 outlook, expecting net sales in the range of $624 million to $630 million and Adjusted EBITDA in the range of $112 million to $116 million.
A quarterly cash dividend of $0.095 per share was declared in October 2025.

Nov 4, 2025, 9:15 PM

8-K

Cadre Holdings Reports Strong Q3 2025 Results, Announces Acquisition, and Updates Guidance

CDRE

Earnings

M&A

Guidance Update

Cadre Holdings reported strong third quarter 2025 financial results, with net sales of $155.9 million, a 42% increase year-over-year, and Adjusted EBITDA of $29.8 million, achieving a 19.1% margin.
The company announced an agreement to acquire TYR Tactical for $175 million, a leading provider of tactical gear that generated approximately $92.6 million in revenue in 2024, with the acquisition expected to close in the first half of 2026 and be immediately accretive to earnings and Adjusted EBITDA margins.
Cadre's subsidiary, Med-Eng, secured a $50 million Indefinite Delivery/Indefinite Quantity (ID/IQ) contract with the U.S. Department of Defense, including an initial $10 million purchase order for shipment in 2026.
Cadre provided a full year 2025 outlook, projecting net sales between $624 million and $630 million and Adjusted EBITDA between $112 million and $116 million.

Nov 4, 2025, 9:15 PM

Press Release

Cadre Holdings announces acquisition of TYR Tactical

CDRE

M&A

New Projects/Investments

Cadre Holdings, Inc. is acquiring TYR Tactical for a total consideration of $175 million, which includes $150 million in cash and $25 million in CDRE stock.
TYR Tactical, a leading manufacturer of mission-critical personal protective equipment and tactical gear, reported $93 million in revenue for FY2024.
The acquisition is expected to be immediately accretive to Cadre's earnings and adjusted EBITDA margins.
This strategic move provides Cadre with a significant entry into new markets, particularly the European military and defense sector, and offers unique capabilities in manufacturing plates/shields with next-gen advanced materials.

Oct 29, 2025, 2:00 PM

Presentation

Cadre Holdings to Acquire TYR Tactical

CDRE

M&A

New Projects/Investments

Cadre Holdings announced the agreement to acquire TYR Tactical, a manufacturer of mission-critical personal protective equipment for military and law enforcement agents globally, with the transaction expected to close in the first half of 2026.
TYR Tactical reported approximately $92.6 million of revenue in the year ended December 31st, 2024, and its margin profile is expected to be immediately accretive to Cadre.
The acquisition is strategic, strengthening Cadre's safety platform and expanding its portfolio into high-margin, high free cash flow businesses, with minimal customer overlap with Cadre's existing Safariland Armor business.
TYR Tactical services customers in nearly 40 countries, with international revenue representing approximately 50% of its 2024 total sales, providing Cadre with an enhanced international footprint.
Co-founders Jason and Jane Beck will remain with the business and become significant Cadre shareholders, and pro forma leverage for Cadre is anticipated to be just under 3, using Q3 results.