Cardinal Infrastructure (CDNL)
Market Price (8/14/2026): $34.94 | Market Cap: $544.6 MilSector: Industrials | Industry: Construction & Engineering
Cardinal Infrastructure (CDNL)
Market Price (8/14/2026): $34.94Market Cap: $544.6 MilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3% Megatrend and thematic driversMegatrends include Water Infrastructure, Sustainable Infrastructure, and Smart Grids & Grid Modernization. Themes include Water Treatment & Delivery, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Stock price has recently run up significantly12M Rtn12 month market price return is 2667% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.4% High stock price volatilityVol 12M is 1709% Key risksCDNL key risks include [1] strategic uncertainty following its failed IPO attempt and [2] fragile earnings visibility coupled with a recent decline in profitability. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, Sustainable Infrastructure, and Smart Grids & Grid Modernization. Themes include Water Treatment & Delivery, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 2667% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.4% |
| High stock price volatilityVol 12M is 1709% |
| Key risksCDNL key risks include [1] strategic uncertainty following its failed IPO attempt and [2] fragile earnings visibility coupled with a recent decline in profitability. |
Qualitative Assessment
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Updated on 8/13/2026
Cardinal Infrastructure (CDNL) stock has lost about 35% since 4/30/2026 because of the following key factors:
1. Cardinal Infrastructure reported a significant decline in profitability during fiscal Q2 2026, which ended June 30, 2026. Diluted earnings per share (EPS) plummeted by approximately 51% to $0.26, substantially missing consensus estimates of $0.47 to $0.48. This decline was primarily driven by considerable margin compression, with the adjusted gross margin falling to 15.9% from 21.3% (a 540 basis point decrease) and the adjusted EBITDA margin contracting to 12.4% from 18.6% year-over-year (a 620 basis point decrease).
2. The company lowered its full-year fiscal 2026 adjusted EBITDA margin outlook. Following the Q2 2026 results, management updated its full-year 2026 adjusted EBITDA margin guidance to a range of 16%-18%, a reduction from the previously expected "above 20%." This revised outlook signaled a less favorable profitability forecast for the remainder of the year.
Show more
Cardinal Infrastructure (CDNL) stock has lost about 35% since 4/30/2026 because of the following key factors:
1. Cardinal Infrastructure reported a significant decline in profitability during fiscal Q2 2026, which ended June 30, 2026. Diluted earnings per share (EPS) plummeted by approximately 51% to $0.26, substantially missing consensus estimates of $0.47 to $0.48. This decline was primarily driven by considerable margin compression, with the adjusted gross margin falling to 15.9% from 21.3% (a 540 basis point decrease) and the adjusted EBITDA margin contracting to 12.4% from 18.6% year-over-year (a 620 basis point decrease).
2. The company lowered its full-year fiscal 2026 adjusted EBITDA margin outlook. Following the Q2 2026 results, management updated its full-year 2026 adjusted EBITDA margin guidance to a range of 16%-18%, a reduction from the previously expected "above 20%." This revised outlook signaled a less favorable profitability forecast for the remainder of the year.
Show more
Updated on 8/13/2026
Cardinal Infrastructure (CDNL) stock has lost about 35% since 4/30/2026 because of the following key factors:
1. Cardinal Infrastructure reported a significant decline in profitability during fiscal Q2 2026, which ended June 30, 2026. Diluted earnings per share (EPS) plummeted by approximately 51% to $0.26, substantially missing consensus estimates of $0.47 to $0.48. This decline was primarily driven by considerable margin compression, with the adjusted gross margin falling to 15.9% from 21.3% (a 540 basis point decrease) and the adjusted EBITDA margin contracting to 12.4% from 18.6% year-over-year (a 620 basis point decrease).
2. The company lowered its full-year fiscal 2026 adjusted EBITDA margin outlook. Following the Q2 2026 results, management updated its full-year 2026 adjusted EBITDA margin guidance to a range of 16%-18%, a reduction from the previously expected "above 20%." This revised outlook signaled a less favorable profitability forecast for the remainder of the year.
3. Increased operating costs and project-related challenges impacted margins. The margin compression in fiscal Q2 2026 was attributed to several operational factors, including higher subcontracted labor and equipment rental costs in developing markets, increased corporate investments, and weather-related disruptions in parts of the Southeast. Additionally, a shift toward a more diversified project mix contributed to these cost pressures.
4. Analyst price targets were reduced following the disappointing Q2 earnings and outlook. Several investment analysts adjusted their ratings and price targets for CDNL. For instance, Oppenheimer lowered its price objective from $80.00 to $70.00, and Stifel Nicolaus reduced its price target from $63.00 to $52.00 in August 2026. Zacks Research also cut its rating from a "strong-buy" to a "hold" in July.
Show less
Cardinal Infrastructure (CDNL) stock has lost about 35% since 4/30/2026 because of the following key factors:
1. Cardinal Infrastructure reported a significant decline in profitability during fiscal Q2 2026, which ended June 30, 2026. Diluted earnings per share (EPS) plummeted by approximately 51% to $0.26, substantially missing consensus estimates of $0.47 to $0.48. This decline was primarily driven by considerable margin compression, with the adjusted gross margin falling to 15.9% from 21.3% (a 540 basis point decrease) and the adjusted EBITDA margin contracting to 12.4% from 18.6% year-over-year (a 620 basis point decrease).
2. The company lowered its full-year fiscal 2026 adjusted EBITDA margin outlook. Following the Q2 2026 results, management updated its full-year 2026 adjusted EBITDA margin guidance to a range of 16%-18%, a reduction from the previously expected "above 20%." This revised outlook signaled a less favorable profitability forecast for the remainder of the year.
3. Increased operating costs and project-related challenges impacted margins. The margin compression in fiscal Q2 2026 was attributed to several operational factors, including higher subcontracted labor and equipment rental costs in developing markets, increased corporate investments, and weather-related disruptions in parts of the Southeast. Additionally, a shift toward a more diversified project mix contributed to these cost pressures.
4. Analyst price targets were reduced following the disappointing Q2 earnings and outlook. Several investment analysts adjusted their ratings and price targets for CDNL. For instance, Oppenheimer lowered its price objective from $80.00 to $70.00, and Stifel Nicolaus reduced its price target from $63.00 to $52.00 in August 2026. Zacks Research also cut its rating from a "strong-buy" to a "hold" in July.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -34.6% change in CDNL stock from 4/30/2026 to 8/13/2026 was primarily driven by a -45.0% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 53.03 | 34.66 | -34.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 456 | 663 | 45.3% |
| Net Income Margin (%) | 5.0% | 2.7% | -45.0% |
| P/E Multiple | 45.6 | 29.8 | -34.6% |
| Shares Outstanding (Mil) | 19 | 16 | 25.1% |
| Cumulative Contribution | -34.6% |
Market Drivers
4/30/2026 to 8/13/2026| Return | Correlation | |
|---|---|---|
| CDNL | -34.6% | |
| Market (SPY) | 8.2% | 33.0% |
| Sector (XLI) | 6.4% | 34.7% |
Fundamental Drivers
The 37.6% change in CDNL stock from 1/31/2026 to 8/13/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8132026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.19 | 34.66 | 37.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 663 | 0.0% |
| Net Income Margin (%) | � | 2.7% | 0.0% |
| P/E Multiple | � | 29.8 | 0.0% |
| Shares Outstanding (Mil) | 13 | 16 | -15.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2026 to 8/13/2026| Return | Correlation | |
|---|---|---|
| CDNL | 37.6% | |
| Market (SPY) | 12.7% | 31.9% |
| Sector (XLI) | 12.6% | 34.1% |
Fundamental Drivers
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Market Drivers
7/31/2025 to 8/13/2026| Return | Correlation | |
|---|---|---|
| CDNL | 2566.2% | |
| Market (SPY) | 24.1% | 26.7% |
| Sector (XLI) | 23.5% | 28.0% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/13/2026| Return | Correlation | |
|---|---|---|
| CDNL | 2566.2% | |
| Market (SPY) | 75.9% | 26.7% |
| Sector (XLI) | 75.3% | 28.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CDNL Return | 0% | 0% | 0% | 0% | 1760% | 49% | 2667% |
| Peers Return | 34% | 5% | 62% | 85% | 54% | 29% | 737% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| CDNL Win Rate | 0% | 0% | 0% | 0% | 8% | 62% | |
| Peers Win Rate | 62% | 55% | 65% | 63% | 65% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CDNL Max Drawdown | 0% | 0% | 0% | 0% | -22% | -62% | |
| Peers Max Drawdown | -25% | -33% | -30% | -17% | -36% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 8/13/2026 (YTD)
About Cardinal Infrastructure (CDNL)
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- Government Affairs and Advocacy: Assisting clients with legislative and regulatory processes related to transportation infrastructure projects.
- Strategic Consulting: Providing expert advice and strategic guidance on infrastructure policy, funding, and project development.
- Project Development Support: Offering support and expertise in the planning, financing, and implementation of complex infrastructure projects.
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Jeremy Spivey Chief Executive Officer & Chairman
Mr. Spivey founded Cardinal Civil Contracting in 2013 and has served as a partner and the Chief Executive Officer of Cardinal since that time. He possesses over 30 years of civil construction experience, specializing in all aspects of land development and complex civil projects. Mr. Spivey began his career as part of a utility crew and progressed through various core aspects of the business. He holds a Bachelor of Science in Construction Management with a Minor in Business Administration from East Carolina University.
Mike Rowe Partner, Chief Financial Officer
Mr. Rowe has been a partner and the Chief Financial Officer of Cardinal Civil Contracting since July 2019. Prior to this, he was a partner and fractional Chief Financial Officer at Rankin McKenzie LLC, a firm providing part-time and interim CFO services to growth companies, from December 2017 to July 2019. From January 2014 to December 2017, he held the positions of Executive Vice President, Chief Operating Officer, and Chief Financial Officer of ING Source, Inc. Earlier, he served as Chief Financial Officer of Jones & Frank from April 2010 to June 2013, and as Executive Vice President and Chief Financial Officer of Carolina Handling from March 2006 to April 2010. Mr. Rowe holds a bachelor's degree in accounting from North Carolina State University and is a CPA, CMA, CFA, and ABV certificate holder.
Erik West Chief Operating Officer of Cardinal NC
Mr. West serves as the Chief Operating Officer of Cardinal NC.
Tiffany Gidley General Counsel & Secretary
Ms. Gidley has been the General Counsel of Cardinal Civil Contracting since May 2024. Before joining Cardinal, she was Corporate Counsel at David Allen Company, Inc. from July 2015 to May 2024. She earned a Juris Doctor degree from Campbell University's Norman Adrian Wiggins School of Law and a bachelor's degree in applied psychology from North Carolina State University.
Jason Banks Director of Information Technology
Mr. Banks was appointed Director of Information Technology on February 26, 2026. He brings over 20 years of experience in enterprise systems, IT operations, and modernization initiatives. His previous roles include North America IT Director for Descours & Cabaud and an IT leadership position at Parker Hannifin.
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Here are the key risks to Cardinal Infrastructure's business:
- Sensitivity to Macroeconomic Conditions and Interest Rate Changes: As a civil contracting company heavily involved in infrastructure services for residential, commercial, industrial, municipal, and state markets, Cardinal Infrastructure's performance is significantly tied to the broader economic environment. Changes in interest rates can impact housing production and overall construction demand, directly affecting the volume and profitability of their projects.
- Geographic Concentration: While the company has recently expanded its footprint into Georgia and South Carolina through acquisitions, a substantial portion of its operations and revenue has historically been concentrated in North Carolina and the broader Southeastern United States. This regional focus exposes Cardinal Infrastructure to disproportionate risks from adverse economic downturns, changes in state-level infrastructure spending, or significant natural disasters within this specific geographic area.
- Integration Risks from Acquisitions and High Debt Levels: Cardinal Infrastructure is pursuing growth through acquisitions, such as the recent acquisition of A.L. Grading Contractors. Acquisitions inherently carry integration risks, including potential delays, higher costs than expected, and challenges in retaining key employees. Furthermore, analysts have highlighted a high level of debt, which could limit the company's financial flexibility and ability to maneuver if market conditions change or acquired projects underperform.
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Expected Drivers of Future Revenue Growth for Cardinal Infrastructure (CDNL)
Over the next 2-3 years, Cardinal Infrastructure (CDNL) is expected to drive revenue growth through several key initiatives and market dynamics:
- Strategic Acquisitions and Market Expansion: The recent acquisition of A.L. Grading Contractors (ALGC) is a significant driver, expanding Cardinal Infrastructure's operational footprint into Georgia and South Carolina. This move signifies the company's first expansion outside its traditional Carolinas markets in the Southeast and is expected to be immediately accretive, strengthening its financial profile and driving growth through alignment with blue-chip customers.
- Organic Growth in High-Growth Southeastern Markets: Cardinal Infrastructure is well-positioned to continue its organic growth strategy within North Carolina, benefiting from strong secular population and job growth trends in key areas like Raleigh, Charlotte, and Greensboro. This regional economic expansion drives consistent demand for infrastructure projects, which the company aims to capture with its vertically integrated service model.
- Expansion into New Mission-Critical Project Types: Beyond its current focus, Cardinal Infrastructure sees potential for future growth by securing new mission-critical projects. These could include large-scale developments such as data centers or e-commerce fulfillment sites, diversifying its project portfolio and tapping into emerging infrastructure needs.
- Strong and Growing Project Backlog: The company reported a record backlog of approximately $678.3 million to $685.7 million for 2025, representing a significant increase of about 33% compared to 2024. This robust backlog reflects strong and durable demand across Cardinal's markets, providing a solid foundation for future revenue generation.
- Enhanced Service Offerings and Vertical Integration: The acquisition of ALGC is anticipated to enhance Cardinal Infrastructure's self-performed service capabilities through vertical integration. This allows for the provision of more comprehensive infrastructure solutions, potentially leading to faster project execution and improved margins, as the company can reduce reliance on external outsourcing.
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Share Issuance
- Cardinal Infrastructure Group Inc. completed an Initial Public Offering (IPO) on December 10, 2025, by offering 11,500,000 shares of Class A Common Stock at an initial price of $21.00 per share.
- This IPO generated approximately $277.7 million in gross proceeds, providing significant capital for future growth initiatives.
- The number of outstanding shares was 13,218,750 at the end of 2024, and approximately 36.61 million as of March 2, 2026.
Inbound Investments
- As of June 30, 2025, Cardinal Infrastructure had received $78.6 million in fair market value investment through notes payable from investors.
Outbound Investments
- Cardinal Infrastructure's growth strategy includes selectively acquiring small to mid-sized firms.
- The company made several acquisitions, including Purcell Construction, Inc. in January 2025, Page & Associates, Inc. in May 2025, and Red Clay Industries, Inc. in October 2025.
- Cardinal Infrastructure acquired A.L. Grading Contractors for $245.5 million on February 18, 2026, expanding its operational footprint into Georgia and South Carolina.
Capital Expenditures
- Annual capital expenditures were $12.268 million in 2023 and $20.755 million in 2024.
- Trailing twelve months (TTM) capital expenditures were $33.737 million as of March 11, 2026.
- Maintenance capital expenditures, focused on preserving operating capacity, safety, and regulatory compliance, amounted to $2.5 million in 2023 and $4.0 million in 2024.
Peer Outperformance in Construction & Engineering
CDNL has outperformed 100% of its 30 Construction & Engineering peers over 5Y. Construction & Engineering ranks 1st of 23 industries in Industrials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Construction & Engineering constituents that CDNL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 33 industry peers · 2566.2% return
3Y
100%
of 31 industry peers · 2566.2% return
5Y
100%
of 30 industry peers · 2566.2% return
No Construction & Engineering peer with a comparable growth profile has beaten CDNL by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Construction & Engineering is CDNL's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering ← | 31 | 32.3% | 130.4% | 207.0% | CDNL 2566% · STRL 2290% · FIX 2211% |
| Marine Transportation | 4 | 48.2% | 59.5% | 153.4% | MATX 212% · SFL 169% · KEX 138% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.0% | 57.1% | 108.6% | CAT 326% · WAB 245% · ALSN 242% |
| Aerospace & Defense | 55 | 15.4% | 84.2% | 87.8% | DFNS 4568% · ATI 1066% · FTAI 995% |
| Passenger Ground Transportation | 3 | -15.0% | 47.2% | 56.7% | UBER 80% · CAR 57% · LYFT -68% |
| Cargo Ground Transportation | 16 | 45.7% | 15.8% | 56.3% | PAMT 696% · XPO 286% · R 275% |
| Industrial Machinery & Supplies & Components | 71 | 11.6% | 55.5% | 55.0% | CRS 1444% · PSIX 967% · GHM 809% |
| Trading Companies & Distributors | 18 | 7.7% | 34.9% | 44.3% | DXPE 554% · AIT 312% · URI 230% |
| Rail Transportation | 7 | 36.5% | 67.1% | 42.2% | FSTR 111% · CSX 58% · UNP 46% |
| Diversified Support Services | 33 | 11.3% | 33.0% | 39.6% | LIME 4528% · TH 377% · WLFC 352% |
| Electrical Components & Equipment | 40 | 29.5% | 54.5% | 35.6% | POWL 2368% · BE 1012% · VRT 962% |
| Building Products | 33 | -3.5% | 15.8% | 29.8% | GFF 468% · LMB 413% · PPIH 284% |
| Office Services & Supplies | 10 | 17.2% | 22.6% | 4.6% | TILE 192% · PBI 159% · EBF 55% |
| Environmental & Facilities Services | 28 | -9.3% | 14.0% | -1.1% | CECO 1038% · ADUR 696% · NVRI 283% |
| Industrial Conglomerates | 18 | 17.6% | 24.6% | -2.9% | RCMT 576% · CSW 170% · TTI 167% |
| Research & Consulting Services | 12 | -10.1% | -19.9% | -14.6% | HURN 226% · CRAI 100% · FCN 7% |
| Passenger Airlines | 11 | 17.8% | -1.2% | -17.6% | LTM 2231% · UAL 172% · SKYW 159% |
| Agricultural & Farm Machinery | 17 | -13.2% | -19.0% | -25.6% | BLBD 184% · DE 70% · GENC 52% |
| Data Processing & Outsourced Services | 6 | -33.1% | -15.4% | -28.0% | EXLS 47% · BR 8% · MMS -27% |
| Air Freight & Logistics | 12 | -10.1% | 1.5% | -34.8% | CHRW 83% · FDX 69% · EXPD 60% |
| Human Resource & Employment Services | 21 | 9.0% | -23.0% | -35.3% | BBSI 79% · ADP 43% · KFY 38% |
| Security & Alarm Services | 10 | -25.8% | -27.5% | -40.5% | CIX 110% · MG 89% · BCO 55% |
| Airport Services | 3 | -67.8% | -64.9% | -57.4% | JOBY -13% · ASLE -57% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Cardinal Infrastructure Stock 5-Day Winning Spree: Stock Climbs 17% | 04/03/2026 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 204.88 |
| Mkt Cap | 11.2 |
| Rev LTM | 6,126 |
| Op Inc LTM | 459 |
| FCF LTM | 358 |
| FCF 3Y Avg | 436 |
| CFO LTM | 590 |
| CFO 3Y Avg | 521 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 24.9% |
| Rev Chg 3Y Avg | 15.3% |
| Rev Chg Q | 35.2% |
| QoQ Delta Rev Chg LTM | 8.2% |
| Op Inc Chg LTM | 42.8% |
| Op Inc Chg 3Y Avg | 54.0% |
| Op Mgn LTM | 6.0% |
| Op Mgn 3Y Avg | 4.7% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 8.1% |
| CFO/Rev 3Y Avg | 8.9% |
| FCF/Rev LTM | 4.4% |
| FCF/Rev 3Y Avg | 6.5% |
Price Behavior
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CDNL Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.33 | 2.42 | 2.77 | 2.29 | 7.45 | 1.74 |
| Up Beta | 8.12 | 2.89 | 2.51 | 2.27 | 3.54 | 0.42 |
| Down Beta | -6.00 | -0.40 | -0.99 | 0.29 | -0.07 | -0.05 |
| Up Capture | 174% | 529% | 637% | 788% | 8392% | 801% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 8 | 23 | 30 | 62 | 82 | 82 |
| Down Capture | 660% | 238% | 323% | 177% | 118% | 66% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 14 | 20 | 33 | 64 | 78 | 78 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CDNL | |
|---|---|---|---|---|
| CDNL | 47.7% | 99.3% | 1.05 | - |
| Sector ETF (XLI) | 23.7% | 17.0% | 1.08 | 28.0% |
| Equity (SPY) | 22.2% | 12.8% | 1.29 | 26.7% |
| Gold (GLD) | 29.6% | 28.5% | 0.90 | 15.6% |
| Commodities (DBC) | 36.9% | 20.1% | 1.45 | -6.2% |
| Real Estate (VNQ) | 15.2% | 13.9% | 0.78 | 6.9% |
| Bitcoin (BTCUSD) | -47.3% | 42.9% | -1.37 | 11.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CDNL | |
|---|---|---|---|---|
| CDNL | 8.1% | 99.3% | 1.05 | - |
| Sector ETF (XLI) | 14.2% | 17.6% | 0.63 | 28.0% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 26.7% |
| Gold (GLD) | 18.8% | 18.6% | 0.82 | 15.6% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | -6.2% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 6.9% |
| Bitcoin (BTCUSD) | 9.2% | 52.8% | 0.36 | 11.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CDNL | |
|---|---|---|---|---|
| CDNL | 4.0% | 99.3% | 1.05 | - |
| Sector ETF (XLI) | 14.3% | 20.0% | 0.63 | 28.0% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 26.7% |
| Gold (GLD) | 11.9% | 16.2% | 0.60 | 15.6% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | -6.2% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 6.9% |
| Bitcoin (BTCUSD) | 60.3% | 66.1% | 1.00 | 11.7% |
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Recent Forward Guidance
Updated 8/12/2026Latest: Q2 2026 Earnings Reported 8/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 880.00 Mil | 890.00 Mil | 900.00 Mil | 30.9% | Raised | Guidance: 680.00 Mil for 2026 | |
| 2026 Adjusted EBITDA Margin | 16.0% | 17.0% | 18.0% | -3.0% | Lowered | Guidance: 20.0% for 2026 | |
Prior: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 675.00 Mil | 680.00 Mil | 685.00 Mil | 1.3% | Raised | Guidance: 671.50 Mil for 2026 | |
| 2026 Adjusted EBITDA margin | 20.0% | 0 | Affirmed | Guidance: 20.0% for 2026 | |||
Insider Activity
Updated 6/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wood, Benjamin | CHIEF OPERATING OFFICER | Direct | Buy | 5292026 | 51.30 | 20,000 | 1,025,900 | 1,025,900 | Form |
| 2 | Zelman, Ivy | Direct | Buy | 3272026 | 36.33 | 6,921 | 251,440 | 556,794 | Form | |
| 3 | Wimmer, Richard Bennett | Direct | Buy | 12112025 | 21.00 | 10,000 | 210,000 | 351,225 | Form | |
| 4 | Lee, Richard Melvin JR | Direct | Buy | 12112025 | 21.00 | 22,725 | 477,225 | 613,452 | Form | |
| 5 | Zelman, Ivy | Direct | Buy | 12112025 | 21.00 | 2,275 | 47,775 | 176,505 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wood, Benjamin | CHIEF OPERATING OFFICER | Direct | Buy | 5292026 | 51.30 | 20,000 | 1,025,900 | 1,025,900 | Form |
| 2 | Zelman, Ivy | Direct | Buy | 3272026 | 36.33 | 6,921 | 251,440 | 556,794 | Form | |
| 3 | Wimmer, Richard Bennett | Direct | Buy | 12112025 | 21.00 | 10,000 | 210,000 | 351,225 | Form | |
| 4 | Lee, Richard Melvin JR | Direct | Buy | 12112025 | 21.00 | 22,725 | 477,225 | 613,452 | Form | |
| 5 | Zelman, Ivy | Direct | Buy | 12112025 | 21.00 | 2,275 | 47,775 | 176,505 | Form | |
| 6 | Gidley, Tiffany Leann | General Counsel and Secretary | Direct | Buy | 12112025 | 21.00 | 6,000 | 126,000 | 126,000 | Form |
Investor Activity (13F)
Updated Aug 14, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Construction & Engineering Resources |
| Engineering News-Record (ENR) |
| Construction Dive |
| Civil Engineering Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 8/13/2026