Oct. 9 at 10:15 AM
Cadre is expanding from its core public safety business into nuclear safety via acquisitions (Alpha Safety, Carr's), targeting a
$5B-
$8B market. The strategy leverages its M&A experience & aims to build scale in high-margin, free-cash-flow-generating verticals.
$CDRE
Financially, Cadre maintains a disciplined model: <2x net leverage, high FCF, and a focus on cost synergies over commercial ones. Adjusted EBITDA margins have expanded 740 bps since 2020, driven by productivity, pricing, and operational improvements.
The nuclear push is driven by 3 long-term tailwinds: environmental cleanup (
$7B+ annual DOE budget), national security modernization (pit production), and the nuclear energy renaissance (AI-driven power demand). This diversifies revenue & aligns with resilient government spending.
