Cadre Holdings, Inc. (NYSE: CDRE)

Cadre Holdings, Inc. is a global leader in the manufacturing and distribution of safety equipment and related products, catering primarily to law enforcement, first responders, military, and nuclear markets. The company's equipment provides critical protection, enabling end users to perform their duties safely in hazardous or life-threatening situations. Through a commitment to superior quality, Cadre Holdings establishes a direct covenant with end users, ensuring that its products will perform reliably when most needed. The company's diverse product offerings include body armor, explosive ordnance disposal equipment, duty gear, remote handling solutions, containers for radioactive materials, and ventilation and containment solutions. Additionally, Cadre Holdings serves as a one-stop shop for first responders, providing both manufactured and third-party products such as uniforms, optics, boots, firearms, and ammunition. The company's revenue is driven by technological advancements and recurring modernization and replacement cycles for equipment to maintain efficiency, effective performance, and regulatory compliance.

Cadre Holdings generates revenue through the sale of a wide range of safety equipment, including body armor, explosive ordnance disposal equipment, duty gear, and nuclear safety solutions. The company's primary products are sold under well-known brands such as Safariland, Protech Tactical, Med-Eng, and TYR Tactical. These products cater to a diverse customer base, including state, local, and international law enforcement agencies, fire and rescue teams, explosive ordnance disposal technicians, commercial nuclear power plants, emergency medical technicians, fishing and wildlife enforcement departments, and various federal agencies such as the U.S. Department of State, Department of War, Department of Interior, Department of Justice, Department of Homeland Security, Department of Corrections, and the Department of Energy. The company also serves numerous foreign government agencies and other companies involved in the nuclear industry. Cadre Holdings' customer base is large and diverse, with no individual customer representing more than 10% of its total revenue.

• Body Armor: Cadre Holdings offers a full range of advanced armor solutions under the Safariland and Protech Tactical brands. These products incorporate cutting-edge technology and innovative materials to provide optimal protection, reduce weight, and enhance ergonomics for end users. The company also sells products in partnership with industry-leading developer Hardwire LLC. In January 2026, Cadre Holdings completed the acquisition of TYR Tactical, LLC, a leading provider of mission-critical tactical gear and related technologies, including soft armor, tactical vests, plate carriers, and ballistic plates and shields, for military and law enforcement globally. This acquisition expanded Cadre Holdings' product portfolio and added attractive new international customers, particularly in Europe.

• Explosive Ordnance Disposal: Cadre Holdings is the global leader in a highly engineered portfolio of critical operator survival suits, remotely operated vehicles, specialty tools, blast sensors, accessories, and vehicle blast attenuation seats for bomb safety technicians. The company's Med-Eng brand is the go-to source for explosive ordnance solutions in the developed world. The addition of ICOR, acquired in January 2024, enables Cadre Holdings to sell a full platform of robots suitable for bomb safety technicians and meet the needs of law enforcement tactical teams. In 2025, the company announced a $50 million IDIQ contract with the Department of War to provide blast sensors to service members.

• Duty Gear: Cadre Holdings is the industry leader in holster innovation and safety engineering. The company's products incorporate industry-standard safety locking mechanisms on which a majority of first responders are trained. The end-user base for these products includes state and local law enforcement, federal agencies, foreign police and military agencies, and the commercial concealed carry market. Cadre Holdings also offers a complementary line of officer duty gear, including belts and accessories. In 2025, the company launched a new family of duty holsters, the Ballast, engineered for extreme durability and a long list of use enhancements.

• Nuclear Safety: Founded in 1986, Alpha Safety is a global provider of highly engineered technical products and services spanning the nuclear value chain. The company offers turnkey solutions to customers who rely on its decades of design, application, and technical know-how to protect critical operational personnel and the environment. In April 2025, Cadre Holdings completed its acquisition of Carr’s Engineering Limited and Carr’s Engineering (US), Inc., collectively known as Zircaloy. This acquisition broadened Cadre Holdings' nuclear safety offerings, expanding its product portfolio and international presence across nuclear power generation, waste management, research, and related clean energy applications.

• Other Protective Equipment: Supplementary to its core product offerings, Cadre Holdings designs, manufactures, assembles, and markets a suite of equipment to round out its product portfolio. Key products include chem light solutions, communications gear, forensic and investigation products, firearms cleaning solutions, and crowd control products. These products are marketed under several well-known niche brands.

Cadre Holdings holds a strong position within the safety equipment industry, competing effectively against key players such as Point Blank Enterprises, Inc., Avon Protection Systems, Inc., Central Lake Armor Express, Inc. (d/b/a Armor Express), Alien Gear Holsters, and Blackhawk, a division of Revelyst. The company's competitive advantages include its high-quality standards, innovation, and direct connection to end users. Cadre Holdings is a leading provider of safety holsters and soft body armor for first responders in the domestic market, as well as a top provider of nuclear safety solutions. Globally, the company is a leading provider of explosive ordnance disposal technician equipment. The company's strong market positions are driven by its brand and product dependability, superior engineering and manufacturing capabilities, industry-leading product innovations, and the breadth of its offering to customers. Cadre Holdings' mission-critical products with recurring demand characteristics create a highly predictable recurring revenue stream, with over 60% of the equipment supplied via its Product segment subject to customary or mandated refresh cycles. The company's attractive financial profile, with strong EBITDA margins and free cash flow generation, further solidifies its competitive position.

Cadre Holdings serves a diverse customer base, including state, local, and international law enforcement agencies, fire and rescue teams, explosive ordnance disposal technicians, commercial nuclear power plants, emergency medical technicians, fishing and wildlife enforcement departments, and various federal agencies. The company's products are also used by numerous foreign government agencies and other companies involved in the nuclear industry. Cadre Holdings' customer relationships are long-term, with many top customer relationships exceeding 15 years. The company's global presence spans over 100 countries across North America, Europe, and other regions, with a total of over 23,000 first responders and federal agencies as customers.