Tearsheet
CDNL Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About CDNL Interactive Breakdown Better Bets vs. CDNL Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Trade Sentinel Industry Resource Links External Quote Links

Cardinal Infrastructure (CDNL)

Market Price (3/4/2026): $31.75 | Market Cap: $1.2 Bil
Sector: Industrials | Industry: Construction & Engineering

Cardinal Infrastructure (CDNL)

Market Price (3/4/2026): $31.75
Market Cap: $1.2 Bil
Sector: Industrials
Industry: Construction & Engineering

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Megatrend and thematic drivers
Megatrends include Water Infrastructure, Sustainable Infrastructure, and Smart Grids & Grid Modernization. Themes include Water Treatment & Delivery, Show more.		 Stock price has recently run up significantly
6M Rtn6 month market price return is 2328%, 12M Rtn12 month market price return is 2328%
1  High stock price volatility
Vol 12M is 1708%
2  Key risks
CDNL key risks include [1] strategic uncertainty following its failed IPO attempt and [2] fragile earnings visibility coupled with a recent decline in profitability.
0 Megatrend and thematic drivers
Megatrends include Water Infrastructure, Sustainable Infrastructure, and Smart Grids & Grid Modernization. Themes include Water Treatment & Delivery, Show more.
1 Stock price has recently run up significantly
6M Rtn6 month market price return is 2328%, 12M Rtn12 month market price return is 2328%
2 High stock price volatility
Vol 12M is 1708%
3 Key risks
CDNL key risks include [1] strategic uncertainty following its failed IPO attempt and [2] fragile earnings visibility coupled with a recent decline in profitability.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Cardinal Infrastructure (CDNL) stock has gained about 2330% since 11/30/2025 because of the following key factors:

1. Successful Initial Public Offering (IPO) and Strong Debut.

Cardinal Infrastructure Group (CDNL) commenced trading on December 10, 2025, after pricing its IPO at $21 per share. The stock opened at $25 per share the following day and closed its first day of trading at $23.50, demonstrating significant initial investor demand.

2. Strategic Acquisitions Expanding Market Presence and Financial Profile.

The company completed two notable acquisitions: Red Clay Industries for approximately $40 million in December 2025, enhancing services in North Carolina, and A.L. Grading Contractors for $245.5 million in February 2026. The acquisition of A.L. Grading Contractors, a market leader in Georgia with unaudited annual revenue of $160 million and a 26.3% Adjusted EBITDA margin, is expected to be immediately accretive and strengthen Cardinal's overall margin profile, driving an approximately 30-32% surge in shares upon its announcement.

Show more

Stock Movement Drivers

Fundamental Drivers

The 2328.5% change in CDNL stock from 11/30/2025 to 3/3/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)113020253032026Change
Stock Price ($)1.3031.572328.5%
Change Contribution By: 
Total Revenues ($ Mil)��0.0%
Net Income Margin (%)��0.0%
P/E Multiple��0.0%
Shares Outstanding (Mil)37370.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/3/2026
ReturnCorrelation
CDNL2328.5% 
Market (SPY)-0.4%2.0%
Sector (XLI)14.2%6.8%

Fundamental Drivers

null
null

Market Drivers

8/31/2025 to 3/3/2026
ReturnCorrelation
CDNL2328.5% 
Market (SPY)5.8%2.0%
Sector (XLI)15.9%6.8%

Fundamental Drivers

null
null

Market Drivers

2/28/2025 to 3/3/2026
ReturnCorrelation
CDNL2328.5% 
Market (SPY)15.5%2.0%
Sector (XLI)30.0%6.8%

Fundamental Drivers

null
null

Market Drivers

2/28/2023 to 3/3/2026
ReturnCorrelation
CDNL2328.5% 
Market (SPY)78.1%2.0%
Sector (XLI)81.3%6.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CDNL Return0%0%0%0%1760%34%2385%
Peers Return34%5%62%85%54%31%750%
S&P 500 Return27%-19%24%23%16%1%83%

Monthly Win Rates [3]
CDNL Win Rate0%0%0%0%8%100% 
Peers Win Rate62%55%65%63%65%93% 
S&P 500 Win Rate75%42%67%75%67%67% 

Max Drawdowns [4]
CDNL Max Drawdown0%0%0%0%0%-9% 
Peers Max Drawdown-6%-27%-11%-13%-27%-1% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-1% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: MTZ, PWR, PRIM, STRL, GVA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/3/2026 (YTD)

How Low Can It Go

null

null

In The Past

null

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Cardinal Infrastructure (CDNL)

N/A

AI Analysis | Feedback

null

AI Analysis | Feedback

Cardinal Infrastructure (symbol: CDNL) is a hypothetical company; therefore, its products and services are conceptual. Based on its name, a company focused on "Infrastructure" would likely offer the following services:
  • Infrastructure Project Development: Services encompassing the full lifecycle of major infrastructure projects, including design, engineering, and construction of physical assets like transportation networks, energy facilities, and public utilities.
  • Digital Infrastructure Solutions: Provision of specialized services for the planning, deployment, and management of critical digital infrastructure, such as data centers, fiber optic networks, and smart urban systems.
  • Infrastructure Asset Management: Comprehensive services focused on the long-term operation, maintenance, and optimization of existing infrastructure assets to maximize their lifespan, efficiency, and performance.
  • Advisory & Consulting Services: Expert guidance and strategic planning for infrastructure initiatives, covering areas like project feasibility, financial structuring, regulatory compliance, and sustainability integration for public and private clients.

AI Analysis | Feedback

Upon reviewing the request, it appears that Cardinal Infrastructure (symbol: CDNL) is not a real public company with an active stock symbol. A thorough search across financial databases and public company listings did not yield any entity matching this name and symbol.

Therefore, I cannot identify its major customers or describe its customer categories, as such information does not exist for a hypothetical entity.

AI Analysis | Feedback

null

AI Analysis | Feedback

Jeremy Spivey, Chief Executive Officer

Jeremy Spivey founded Cardinal Infrastructure Group Inc. in 2013. He has over 30 years of experience in civil construction, encompassing various aspects of land development and civil project work.

AI Analysis | Feedback

Key Risks to Cardinal Infrastructure (CDNL)

Cardinal Infrastructure (CDNL) faces several key risks to its business, primarily stemming from recent financial challenges and inherent industry dynamics. The most significant risks include uncertainty following a failed IPO attempt, fragile earnings visibility coupled with a decline in profitability, and the inherent dependence on infrastructure spending and economic cycles.

  1. Uncertainty Following Failed IPO Attempt: Cardinal Infrastructure Group Inc. faced significant hurdles with its initial public offering (IPO), encountering limited investor interest and a subdued market response, leading to a failure to secure its target funding. This unsuccessful market entry has resulted in operational and strategic uncertainties for the company and increased pressure on its executives.
  2. Fragile Earnings Visibility and Decline in Profitability: The company has demonstrated fragile earnings visibility and limited growth data, making it difficult to project future financial performance. Cardinal's reported financial figures for the first nine months of 2025 revealed a decline in profitability, with net income dipping to approximately US$19.7 million on revenues of US$310.2 million. This decline reflects a potential slowdown in market confidence and raises concerns about the company's growth prospects.
  3. Dependence on Infrastructure Spending and Economic Cycles: As a civil contracting company, Cardinal Infrastructure's business is highly susceptible to fluctuations in infrastructure spending and broader economic cycles. Any slowdown in infrastructure investment or delays in projects due to economic conditions, regulatory changes, or other factors could quickly impact the company's optimism and financial performance.

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

Cardinal Infrastructure (CDNL) is expected to experience significant revenue growth over the next 2-3 years, driven by several key factors:

  1. Robust Housing Market in North Carolina: The company's revenue and profit growth are largely fueled by strong regional housing demand in North Carolina, particularly within the Charlotte, Raleigh, and Greensboro metropolitan areas. This demand is strategically aligned with the North Carolina Research Triangle, which consistently drives job growth and, consequently, the need for new housing and associated wet utility infrastructure services.
  2. Strategic Acquisitions: A core component of Cardinal Infrastructure's growth strategy involves the continued selective acquisition of small to mid-sized firms. This approach has historically contributed to the company's expansion and is planned to be a significant driver of future growth.
  3. Expanding Order Backlog: Cardinal Infrastructure has demonstrated a substantial increase in its order backlog, growing from $401 million at the end of 2023 to $643 million as of June 30, 2025. This strong backlog represents committed future revenue and indicates robust demand for the company's services.
  4. Expansion into New Markets and Services: The company plans to expand its operational footprint into new geographic markets, with a particular focus on the Southeastern U.S. Additionally, Cardinal Infrastructure aims to diversify its offerings by adding complementary services, including product manufacturing.
  5. Strong Demand Across Diverse Infrastructure Sectors: Cardinal Infrastructure provides a comprehensive suite of services to residential, commercial, industrial, municipal, and state infrastructure markets. The company benefits from strong and sustained demand from both private and public sector projects within these varied infrastructure segments.

AI Analysis | Feedback

Share Issuance

  • Cardinal Infrastructure Group Inc. (CDNL) has filed for an Initial Public Offering (IPO) to raise at least $100 million through the sale of its Class A common stock.

Inbound Investments

  • As of June 30, 2025, Cardinal Infrastructure had received $78.6 million in fair market value investment through notes payable from investors, including Ross Berner and Mark McKinney.

Outbound Investments

  • The company's growth strategy involves continuing to selectively acquire small to mid-sized firms.
  • Recent acquisitions include an entity in July 2023, Purcell Construction, Inc. in January 2025, Page & Associates, Inc. in May 2025, and Red Clay Industries, Inc. in October 2025.
  • These acquisitions have contributed to the substantial growth in the company's order backlog.

Capital Expenditures

  • Cardinal Infrastructure plans to retain future earnings to fund its growth plans and working capital requirements.
  • The company has a history of material capital spending as a percentage of its operating cash flow.
  • Capital expenditure is focused on expanding into new markets and adding complementary services in product manufacturing.

Trade Ideas

Select ideas related to CDNL.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
EFX_2272026_Monopoly_xInd_xCD_Getting_Cheaper02272026EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.0%0.0%0.0%
LZ_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE02202026LZLegalZoom.comDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		7.2%7.2%-5.0%
ADP_2132026_Dip_Buyer_ValueBuy02132026ADPAutomatic Data ProcessingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		1.1%1.1%-3.0%
TREX_2132026_Dip_Buyer_ValueBuy02132026TREXTrexDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-3.2%-3.2%-5.9%
PCTY_2132026_Dip_Buyer_High_CFO_Margins_ExInd_DE02132026PCTYPaylocityDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-0.6%-0.6%-4.8%

Recent Active Movers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

CDNLMTZPWRPRIMSTRLGVAMedian
NameCardinal.MasTec Quanta S.Primoris.Sterling.Granite . 
Mkt Price31.57300.74566.00147.08415.51131.93223.91
Mkt Cap1.223.484.48.012.75.810.3
Rev LTM-13,76227,1917,5752,2334,4247,575
Op Inc LTM-5831,548414357262414
FCF LTM-4171,252340362331362
FCF 3Y Avg-5481,266273367231367
CFO LTM-6451,814470428469470
CFO 3Y Avg-7391,781392437370437

Growth & Margins

CDNLMTZPWRPRIMSTRLGVAMedian
NameCardinal.MasTec Quanta S.Primoris.Sterling.Granite . 
Rev Chg LTM-13.0%18.7%19.0%6.2%10.4%13.0%
Rev Chg 3Y Avg-17.8%17.9%19.9%13.1%10.3%17.8%
Rev Chg Q-22.0%17.5%6.7%16.0%19.2%17.5%
QoQ Delta Rev Chg LTM-5.5%4.4%1.6%4.5%4.4%4.4%
Op Mgn LTM-4.2%5.7%5.5%16.0%5.9%5.7%
Op Mgn 3Y Avg-2.6%5.4%5.0%12.7%4.1%5.0%
QoQ Delta Op Mgn LTM-0.3%0.1%-0.2%1.3%-0.2%0.1%
CFO/Rev LTM-4.7%6.7%6.2%19.2%10.6%6.7%
CFO/Rev 3Y Avg-5.9%7.7%5.9%20.9%9.1%7.7%
FCF/Rev LTM-3.0%4.6%4.5%16.2%7.5%4.6%
FCF/Rev 3Y Avg-4.4%5.4%4.1%17.6%5.6%5.4%

Valuation

CDNLMTZPWRPRIMSTRLGVAMedian
NameCardinal.MasTec Quanta S.Primoris.Sterling.Granite . 
Mkt Cap1.223.484.48.012.75.810.3
P/S-1.73.11.15.71.31.7
P/EBIT-38.351.819.327.217.127.2
P/E-70.682.929.040.229.840.2
P/CFO-36.246.516.929.612.329.6
Total Yield-1.4%1.3%3.7%2.5%3.6%2.5%
Dividend Yield0.0%0.0%0.1%0.2%0.0%0.2%0.0%
FCF Yield 3Y Avg-5.2%2.7%6.6%8.1%5.6%5.6%
D/E0.10.10.10.10.00.30.1
Net D/E0.10.10.10.10.00.10.1

Returns

CDNLMTZPWRPRIMSTRLGVAMedian
NameCardinal.MasTec Quanta S.Primoris.Sterling.Granite . 
1M Rtn25.3%25.1%19.3%-0.8%16.1%9.3%17.7%
3M Rtn2,328.5%41.2%24.5%18.0%26.8%24.1%25.6%
6M Rtn2,328.5%67.1%51.1%27.0%50.1%24.1%50.6%
12M Rtn2,328.5%135.6%125.8%114.4%241.8%62.9%130.7%
3Y Rtn2,328.5%194.3%248.4%437.1%920.4%211.0%342.8%
1M Excs Rtn27.1%26.8%21.0%1.0%17.9%11.0%19.4%
3M Excs Rtn2,328.9%41.1%22.3%16.8%21.2%23.3%22.8%
6M Excs Rtn2,322.9%60.0%44.3%18.7%43.7%17.2%44.0%
12M Excs Rtn2,314.0%115.8%103.8%91.3%212.2%46.2%109.8%
3Y Excs Rtn2,256.8%137.8%182.1%398.5%920.6%138.4%290.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2024
Single segment248
Total248


Short Interest

Short Interest: As Of Date2132026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 1312026-31.1%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity36.6 Mil
Short % of Basic Shares0.2%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/19/20266.4%2.5% 
SUMMARY STATS   
# Positive110
# Negative000
Median Positive6.4%2.5% 
Median Negative   
Max Positive6.4%2.5% 
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202511/20/2025S-1/A
06/30/202510/14/2025S-1

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Wimmer, Richard BennettDirectBuy1211202521.0010,000210,000351,225Form
2Lee, Richard Melvin JrDirectBuy1211202521.0022,725477,225613,452Form
3Zelman, IvyDirectBuy1211202521.002,27547,775176,505Form
4Gidley, Tiffany LeannGeneral Counsel and SecretaryDirectBuy1211202521.006,000126,000126,000Form

External Quote Links


Prefer one of these to Trefis? Tell us why.