Cardinal Infra Financials

CDNL

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

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).

Rhea AI CDNL FY2025 2026-04-22

Cardinal's top-line expansion is being matched by heavier reinvestment and overhead, so profit stayed positive while cash tightened.

From FY2024 to FY2025, gross margin improved from 20.7% to 21.1% even as sales kept expanding. Yet free cash flow flipped from $21.9M to -$5.9M, which means the extra revenue was absorbed by a mix of softer cash conversion and larger reinvestment rather than turning into immediately usable cash.

FY2025's margin shape shows pressure below gross profit, not in direct costs: gross margin held at 21.1% while operating margin fell to 8.9%. That suggests scaling currently requires materially more administrative support and depreciation, so newer revenue is arriving with weaker operating leverage than the stable gross margin alone would imply.

The balance sheet is materially more liquid and less equity-stretched than a year earlier, with cash at $97.1M and the current ratio at 2.4x. But that stronger cushion coincided with $139.8M of financing inflow, so the added flexibility was built with outside capital as well as internal cash generation rather than purely from the business's own engine.

Financial Health Signals

Financial Profile 63/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.

Profitability

Cardinal Infra has an operating margin of 8.9%, meaning the company retains $9 of operating profit per $100 of revenue. This results in a moderate score of 45/100, indicating healthy but not exceptional operating efficiency. This is down from 11.4% the prior year.

Growth

Cardinal Infra's revenue surged 44.7% year-over-year to $456.0M, reflecting rapid business expansion. This strong growth earns a score of 93/100.

Leverage

Cardinal Infra carries a low D/E ratio of 1.83, meaning only $1.83 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 65/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Cardinal Infra's current ratio of 2.35 indicates adequate short-term liquidity, earning a score of 44/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

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 32/100, reflecting heavy capital investment rather than weak cash generation.

Returns

100

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 100/100. This is down from 91.5% the prior year.

Altman Z-Score Safe

3.62

Cardinal Infra scores 3.62, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

5/9

Cardinal Infra passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.67x

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.

Interest Coverage Safe

5.9x

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

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Earnings & Revenue

Revenue

$456.0M

YoY+44.7%

Cardinal Infra generated $456.0M in revenue in fiscal year 2025. This represents an increase of 44.7% from the prior year.

EBITDA

$76.0M

YoY+31.4%

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.

Net Income

$22.7M

YoY+6.2%

Cardinal Infra reported $22.7M in net income in fiscal year 2025. This represents an increase of 6.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$5.9M

YoY-127.0%

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.

Cash & Debt

$97.1M

YoY+364.4%

Cardinal Infra held $97.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

21.1%

YoY+0.4pp

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.

Operating Margin

8.9%

YoY-2.5pp

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.

Net Margin

5.0%

YoY-1.8pp

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.

Return on Equity

16.3%

YoY-75.2pp

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

R&D Spending

N/A

Share Buybacks

$157.5M

Cardinal Infra spent $157.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$43.8M

YoY+111.1%

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	FY25	FY24	FY23
Revenue	$456.0M+44.7%	$315.2M+27.1%	$247.9M
Cost of Revenue	$359.9M+44.0%	$249.9M+25.5%	$199.1M
Gross Profit	$96.1M+47.2%	$65.3M+33.7%	$48.8M
R&D Expenses	N/A	N/A	N/A
SG&A Expenses	$23.5M+120.1%	$10.7M+64.5%	$6.5M
Operating Income	$40.4M+12.4%	$35.9M+21.7%	$29.5M
Interest Expense	$6.8M+41.4%	$4.8M+21.0%	$4.0M
Income Tax	$2.0M+45.4%	$1.4M	$0
Net Income	$22.7M+6.2%	$21.4M+3.8%	$20.6M
EPS (Diluted)	N/A	N/A	N/A

Metric	Q4'25	Q4'24
Revenue	N/A	N/A
Cost of Revenue	N/A	N/A
Gross Profit	N/A	N/A
R&D Expenses	N/A	N/A
SG&A Expenses	N/A	N/A
Operating Income	N/A	N/A
Interest Expense	N/A	N/A
Income Tax	N/A	N/A
Net Income	N/A	N/A
EPS (Diluted)	N/A	N/A

CDNL Balance Sheet

Metric	FY25	FY24	FY23
Total Assets	$394.6M+181.2%	$140.3M	N/A
Current Assets	$215.7M+178.7%	$77.4M	N/A
Cash & Equivalents	$97.1M+364.4%	$20.9M	N/A
Inventory	N/A	N/A	N/A
Accounts Receivable	$61.3M+60.0%	$38.3M+12.4%	$34.1M
Goodwill	$23.5M+233.4%	$7.1M0.0%	$7.1M
Total Liabilities	$255.0M+118.1%	$117.0M	N/A
Current Liabilities	$91.6M+29.9%	$70.5M	N/A
Long-Term Debt	N/A	N/A	N/A
Total Equity	$139.5M+497.5%	$23.4M+212.7%	$7.5M
Retained Earnings	$864K	$0	N/A

Metric	Q4'25	Q4'24
Total Assets	$394.6M+181.2%	$140.3M
Current Assets	$215.7M+178.7%	$77.4M
Cash & Equivalents	$97.1M+364.4%	$20.9M
Inventory	N/A	N/A
Accounts Receivable	$61.3M+60.0%	$38.3M
Goodwill	$23.5M+233.4%	$7.1M
Total Liabilities	$255.0M+118.1%	$117.0M
Current Liabilities	$91.6M+29.9%	$70.5M
Long-Term Debt	N/A	N/A
Total Equity	$139.5M+497.5%	$23.4M
Retained Earnings	$864K	$0

CDNL Cash Flow Statement

Metric	FY25	FY24	FY23
Operating Cash Flow	$37.9M-11.1%	$42.6M+38.0%	$30.9M
Capital Expenditures	$43.8M+111.1%	$20.8M+69.2%	$12.3M
Free Cash Flow	-$5.9M-127.0%	$21.9M+17.5%	$18.6M
Investing Cash Flow	-$101.5M-384.0%	-$21.0M+6.2%	-$22.4M
Financing Cash Flow	$139.8M+1856.7%	-$8.0M-195.8%	-$2.7M
Dividends Paid	N/A	N/A	N/A
Share Buybacks	$157.5M	$0	$0

Metric	Q4'25	Q4'24
Operating Cash Flow	N/A	N/A
Capital Expenditures	N/A	N/A
Free Cash Flow	N/A	N/A
Investing Cash Flow	N/A	N/A
Financing Cash Flow	N/A	N/A
Dividends Paid	N/A	N/A
Share Buybacks	N/A	N/A

CDNL Financial Ratios

Metric	FY25	FY24	FY23
Gross Margin	21.1%+0.4pp	20.7%+1.0pp	19.7%
Operating Margin	8.9%-2.5pp	11.4%-0.5pp	11.9%
Net Margin	5.0%-1.8pp	6.8%-1.5pp	8.3%
Return on Equity	16.3%-75.2pp	91.5%-184.0pp	275.4%
Return on Assets	5.8%-9.5pp	15.2%	N/A
Current Ratio	2.35+1.3	1.10	N/A
Debt-to-Equity	1.83-3.2	5.01	N/A
FCF Margin	-1.3%-8.2pp	6.9%-0.6pp	7.5%

Metric	Q4'25	Q4'24
Gross Margin	N/A	N/A
Operating Margin	N/A	N/A
Net Margin	N/A	N/A
Return on Equity	N/A	N/A
Return on Assets	N/A	N/A
Current Ratio	2.35+1.3	1.10
Debt-to-Equity	1.83-3.2	5.01
FCF Margin	N/A	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.

Does Cardinal Infra buy back shares?

Yes, Cardinal Infra (CDNL) spent $157.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

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 3.62, 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 9, indicating neutral financial health. 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 63 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.