Cardinal Infra Financials
This page shows Cardinal Infra (CDNL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 reveals growth funded by heavier reinvestment, with capital spending outrunning operating cash despite still-profitable operations.
Across FY2023-FY2025, earnings quality stayed respectable because operating cash flow consistently exceeded net income, so reported profit was not merely an accounting artifact. Yet FY2025 flipped to negative free cash flow when capex rose to$43.8M from$20.8M , showing that the cash squeeze came from heavier reinvestment rather than weaker collections or collapsing margins.
The revenue step-up to
The balance sheet looks less stretched than FY2024, with cash reserves of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Cardinal Infra's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cardinal Infra has an operating margin of 8.9%, meaning the company retains $9 of operating profit per $100 of revenue. This strong profitability earns a score of 75/100, reflecting efficient cost management and pricing power. This is down from 11.4% the prior year.
Cardinal Infra's revenue surged 44.7% year-over-year to $456.0M, reflecting rapid business expansion. This strong growth earns a score of 91/100.
Cardinal Infra has a moderate D/E ratio of 1.83. This balance of debt and equity financing earns a leverage score of 32/100.
With a current ratio of 2.35, Cardinal Infra holds $2.35 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 66/100.
While Cardinal Infra generated $37.9M in operating cash flow, capex of $43.8M consumed most of it, leaving -$5.9M in free cash flow. This results in a low score of 40/100, reflecting heavy capital investment rather than weak cash generation.
Cardinal Infra earns a strong 16.3% return on equity (ROE), meaning it generates $16 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 81/100. This is down from 91.5% the prior year.
Cardinal Infra scores 4.69, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.2B) relative to total liabilities ($255.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Cardinal Infra passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Cardinal Infra generates $1.67 in operating cash flow ($37.9M OCF vs $22.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Cardinal Infra earns $5.9 in operating income for every $1 of interest expense ($40.4M vs $6.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Cardinal Infra generated $456.0M in revenue in fiscal year 2025. This represents an increase of 44.7% from the prior year.
Cardinal Infra's EBITDA was $76.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.4% from the prior year.
Cardinal Infra reported $22.7M in net income in fiscal year 2025. This represents an increase of 6.2% from the prior year.
Cash & Balance Sheet
Cardinal Infra generated -$5.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 127.0% from the prior year.
Cardinal Infra held $97.1M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Cardinal Infra's gross margin was 21.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Cardinal Infra's operating margin was 8.9% in fiscal year 2025, reflecting core business profitability. This is down 2.5 percentage points from the prior year.
Cardinal Infra's net profit margin was 5.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.8 percentage points from the prior year.
Cardinal Infra's ROE was 16.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 75.2 percentage points from the prior year.
Capital Allocation
Cardinal Infra spent $157.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Cardinal Infra invested $43.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 111.1% from the prior year.
CDNL Income Statement
| Metric | Q1'26 | Q4'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|
| Revenue | $167.5M | N/A | $81.8M | N/A |
| Cost of Revenue | $133.3M | N/A | $65.3M | N/A |
| Gross Profit | $34.2M | N/A | $16.5M | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A |
| SG&A Expenses | $10.1M | N/A | $2.1M | N/A |
| Operating Income | $14.8M | N/A | $7.9M | N/A |
| Interest Expense | $2.2M | N/A | $1.0M | N/A |
| Income Tax | $1.1M | N/A | $0 | N/A |
| Net Income | $3.4M | N/A | $5.5M | N/A |
| EPS (Diluted) | $0.23 | N/A | N/A | N/A |
CDNL Balance Sheet
| Metric | Q1'26 | Q4'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|
| Total Assets | $657.3M+66.6% | $394.6M | N/A | $140.3M |
| Current Assets | $228.1M+5.8% | $215.7M | N/A | $77.4M |
| Cash & Equivalents | $44.0M-54.7% | $97.1M | N/A | $20.9M |
| Inventory | N/A | N/A | N/A | N/A |
| Accounts Receivable | $96.6M+57.7% | $61.3M | N/A | $38.3M |
| Goodwill | $128.6M+447.1% | $23.5M | N/A | $7.1M |
| Total Liabilities | $395.3M+55.0% | $255.0M | N/A | $117.0M |
| Current Liabilities | $131.9M+43.9% | $91.6M | N/A | $70.5M |
| Long-Term Debt | $198.6M | N/A | N/A | N/A |
| Total Equity | $262.0M+87.8% | $139.5M+365.2% | $30.0M+28.4% | $23.4M |
| Retained Earnings | $4.3M+395.8% | $864K | N/A | $0 |
CDNL Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|
| Operating Cash Flow | $9.3M | N/A | $12.1M | N/A |
| Capital Expenditures | $9.3M | N/A | $10.4M | N/A |
| Free Cash Flow | -$961 | N/A | $1.7M | N/A |
| Investing Cash Flow | -$134.8M | N/A | -$24.2M | N/A |
| Financing Cash Flow | $72.3M | N/A | $14.0M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A |
CDNL Financial Ratios
| Metric | Q1'26 | Q4'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|
| Gross Margin | 20.4% | N/A | 20.2% | N/A |
| Operating Margin | 8.8% | N/A | 9.7% | N/A |
| Net Margin | 2.0% | N/A | 6.7% | N/A |
| Return on Equity | 1.3% | N/A | 18.3% | N/A |
| Return on Assets | 0.5% | N/A | N/A | N/A |
| Current Ratio | 1.73-0.6 | 2.35 | N/A | 1.10 |
| Debt-to-Equity | 1.51-0.3 | 1.83 | N/A | 5.01 |
| FCF Margin | 0.0% | N/A | 2.1% | N/A |
Frequently Asked Questions
What is Cardinal Infra's annual revenue?
Cardinal Infra (CDNL) reported $456.0M in total revenue for fiscal year 2025. This represents a 44.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cardinal Infra's revenue growing?
Cardinal Infra (CDNL) revenue grew by 44.7% year-over-year, from $315.2M to $456.0M in fiscal year 2025.
Is Cardinal Infra profitable?
Yes, Cardinal Infra (CDNL) reported a net income of $22.7M in fiscal year 2025, with a net profit margin of 5.0%.
What is Cardinal Infra's EBITDA?
Cardinal Infra (CDNL) had EBITDA of $76.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cardinal Infra's gross margin?
Cardinal Infra (CDNL) had a gross margin of 21.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cardinal Infra's operating margin?
Cardinal Infra (CDNL) had an operating margin of 8.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cardinal Infra's net profit margin?
Cardinal Infra (CDNL) had a net profit margin of 5.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cardinal Infra's return on equity (ROE)?
Cardinal Infra (CDNL) has a return on equity of 16.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cardinal Infra's free cash flow?
Cardinal Infra (CDNL) generated -$5.9M in free cash flow during fiscal year 2025. This represents a -127.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cardinal Infra's operating cash flow?
Cardinal Infra (CDNL) generated $37.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cardinal Infra's total assets?
Cardinal Infra (CDNL) had $394.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cardinal Infra's capital expenditures?
Cardinal Infra (CDNL) invested $43.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Cardinal Infra's current ratio?
Cardinal Infra (CDNL) had a current ratio of 2.35 as of fiscal year 2025, which is generally considered healthy.
What is Cardinal Infra's debt-to-equity ratio?
Cardinal Infra (CDNL) had a debt-to-equity ratio of 1.83 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cardinal Infra's return on assets (ROA)?
Cardinal Infra (CDNL) had a return on assets of 5.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cardinal Infra's Altman Z-Score?
Cardinal Infra (CDNL) has an Altman Z-Score of 4.69, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cardinal Infra's Piotroski F-Score?
Cardinal Infra (CDNL) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cardinal Infra's earnings high quality?
Cardinal Infra (CDNL) has an earnings quality ratio of 1.67x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cardinal Infra cover its interest payments?
Cardinal Infra (CDNL) has an interest coverage ratio of 5.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cardinal Infra?
Cardinal Infra (CDNL) scores 64 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.