Cadre Holdings, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
Liquid Liquidation Value
Operating Liquidation Value
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-487.54M | $-11.39 |
| Liquid Liquidation Value | $-376.25M | $-8.79 |
| Operating Liquidation Value | $-245.26M | $-5.73 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $41.27M |
| Accounts Receivable | $111.29M |
| Inventory | $130.99M |
| Current Liabilities | $141.17M |
| Long-term Debt (?) | $349.57M |
| Op. Lease Liability (?) | $14.97M |
| Finance Lease (?) | N/A |
| Shares Outstanding | 42.8M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $41.27M | $111.29M | $130.99M | $39.90M | $141.17M | $349.57M | $14.97M | N/A |
| 2025-12-31 | $122.90M | $110.61M | $100.26M | $22.32M | $104.50M | $290.99M | $15.04M | $2.49M |
| 2025-09-30 | $150.88M | $99.43M | $112.20M | $27.00M | $106.04M | $294.97M | $16.03M | $2.51M |
| 2025-06-30 | $137.47M | $108.13M | $109.60M | $32.00M | $106.07M | $298.88M | $15.64M | $2.60M |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-11 | View |
| 2025-12-31 | 10-K | 2026-03-10 | View |
| 2025-09-30 | 10-Q | 2025-11-04 | View |
| 2025-06-30 | 10-Q | 2025-08-05 | View |
| 2025-03-31 | 10-Q | 2025-05-06 | View |
| 2024-12-31 | 10-K | 2025-03-11 | View |
| 2024-09-30 | 10-Q | 2024-11-06 | View |
| 2024-06-30 | 10-Q | 2024-08-09 | View |
AI Insights
Cadre Holdings (CDRE) presents a deeply negative liquidation posture as of March 31, 2026, consistent with its acquisition-heavy capital structure. MFFAIS pre-computed liquidation values confirm this: cash liquidation value of approximately -$290M, liquid liquidation value of approximately -$180M, and operating liquidation value of approximately -$79M. The gap between the three metrics reflects the standard haircut progression — cash and near-liquid assets recover poorly against a face-value liability stack dominated by term debt.
The primary driver of the deterioration relative to the prior filing (10-K for year ended December 31, 2025) is the January 2026 acquisition of TYR Tactical, LLC for $185.2 million, funded primarily through the 2024 Credit Agreement (including a $62.5M draw on the revolving facility). Outstanding debt, net of discounts and issuance costs, rose from $307.3M at December 31, 2025 to $365.8M at March 31, 2026 — an increase of approximately $58.5M in one quarter. Gross contractual debt obligations per the contractual obligations table stand at $367.6M, with $322.9M maturing in the 3-5 year bucket (December 2029 maturity under the 2024 Credit Agreement). The TYR acquisition also generated $2.6M of inventory step-up amortization in Q1 2026 (versus zero in Q1 2025), compressing reported gross margin, though this is a transient income-statement effect and does not directly affect liquidation asset recovery.
On the asset side, under a liquidation lens, the balance sheet is dominated by goodwill and intangible assets — both assigned zero recovery. The filing does not separately disclose balance sheet totals by line item in the XBRL tag context provided, but the MD&A confirms cash and equivalents of $41.3M at March 31, 2026, down from $125.3M at the start of Q1 2026 after the TYR acquisition cash outflow of $153.6M was partially offset by $62.5M in revolving credit draws and $22.5M in operating cash flow. Inventory increased during the quarter (operating cash flow discussion notes a $10.5M inventory build), which at a 60% recovery rate contributes positively but is offset by the enlarged debt stack at face value.
Operating lease liabilities increased, with $2.7M of new ROU assets obtained in exchange for operating lease obligations in Q1 2026 versus $1.9M in Q1 2025 — a modest but directionally negative shift for the liability stack.
A subsequent event (April 2026 Alien Gear acquisition for $10.3M cash via bankruptcy auction) further depletes cash post-period. The leverage covenant step-down from 4.00x to 3.50x net leverage takes effect after Q1 2026; the filing discloses a temporary covenant relief provision available for material acquisitions (up to 0.50x add-back for four quarters), which the TYR acquisition likely triggered.
The TAG_CONTEXT list provided contains no XBRL tags, so no individual tags can be flagged in tag_insights. All balance sheet observations are drawn from narrative and MD&A disclosures in the filing body.
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