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    Cardinal Infrastructure (CDNL)

    Market Price (9/30/2026): $27.39 | Market Cap: $426.9 MilSector: Industrials | Industry: Construction & Engineering

    Cardinal Infrastructure (CDNL)

    Market Price (9/30/2026): $27.39
    Market Cap: $426.9 Mil
    Sector: Industrials
    Industry: Construction & Engineering

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

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.5%, Dividend Yield is 4.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.6%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 90%

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42%

    Megatrend and thematic drivers
    Megatrends include Water Infrastructure, Sustainable Infrastructure, and Smart Grids & Grid Modernization. Themes include Water Treatment & Delivery, Show more.

    Meaningful short interest
    Short 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 17%

    Stock price has recently run up significantly
    12M Rtn12 month market price return is 2005%

    Not cash flow generative
    FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.8%

    High stock price volatility
    Vol 12M is 1710%

    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 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.5%, Dividend Yield is 4.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.6%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%
    2 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 90%
    3 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42%
    4 Megatrend and thematic drivers
    Megatrends include Water Infrastructure, Sustainable Infrastructure, and Smart Grids & Grid Modernization. Themes include Water Treatment & Delivery, Show more.
    5 Meaningful short interest
    Short 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 17%
    6 Stock price has recently run up significantly
    12M Rtn12 month market price return is 2005%
    7 Not cash flow generative
    FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.8%
    8 High stock price volatility
    Vol 12M is 1710%
    9 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.

    CDNL in ETFs

    Weight = CDNL's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.02%
    IWO0.03%
    VTWO0.02%
    IWV0.00%

    Valuation & Metrics

    FYE: 12/31CDNL [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$662.6 Mil—
    FY 2026 Sales$889.3 Mil—
    FY 2027 Sales$1.1 Bil—
    FY 2026 Sales Growth34.2%—
    FY 2027 Sales Growth20.2%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$18.1 Mil—
    FY 2026 Net Income (Non-GAAP)$30.0 Mil—
    FY 2027 Net Income (Non-GAAP)$38.9 Mil—
    FY 2027 Net Income Growth29.6%18.4%
    FY 2026 EPS (Non-GAAP)$2.03—
    FY 2027 EPS (Non-GAAP)$2.63—
    FY 2027 EPS Growth29.6%—
    VALUATION
    FY 2026 P/S0.51.6
    FY 2027 P/S0.4—
    FY 2026 P/E14.27.6
    FY 2027 P/E11.0—

    [1] CDNL forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    CDNLS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.7
    Rev Chg Q113.9%9.3%
    Rev Chg LTM89.7%8.3%
    Rev Chg 3Y Avg89.7%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)0.1
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)0.0
    Op Mgn LTM7.7%18.6%
    CFO/Rev LTM6.6%21.8%
    Net Inc Mgn2.7%13.1%
    VALUATIONLOW
    P/S0.63.1
    P/CFO9.814.5
    P/FCF-36.819.1
    P/E23.521.9
    STABILITYGOOD
    Debt/Equity0.530.21
    Cash/Assets0.330.07

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    MetricValueDateSource
    Backlog$643 million6302025Link
    Number of Projectsapproximately 10012312024Link
    Number of Acquisitions Completed to Date610142025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/23/2026

    Cardinal Infrastructure (CDNL) stock has lost about 45% since 5/31/2026 because of the following key factors:

    1. Fiscal Q2 2026 Earnings Miss and Significant Margin Compression. Cardinal Infrastructure Group Inc. reported its fiscal Q2 2026 results (for the period ended June 30, 2026) on August 11, 2026, with diluted earnings per share (EPS) of $0.26, substantially missing analysts' consensus estimates of $0.43 to $0.48 per share. This represented a 51% year-over-year decline in adjusted EPS. The company also experienced severe profitability challenges, with the adjusted gross profit margin collapsing to 15.9% from 21.3% in fiscal Q2 2025, and the adjusted EBITDA margin falling to 12.4% from 18.6% in the prior year. These disappointing results led to an immediate stock price drop of 28% to 36% on August 11, 2026.

    2. Downward Revision of Full-Year Profitability Guidance. Concurrent with the release of its weak fiscal Q2 2026 earnings, management lowered its full-year fiscal 2026 Adjusted EBITDA margin target to a range of 16%-18% from its previous expectation of more than 20%. This revision indicated sustained profitability challenges despite an upward adjustment to full-year revenue guidance, signaling a less favorable outlook for the company's operational efficiency.

    Show more
    Updated on 9/23/2026

    Cardinal Infrastructure (CDNL) stock has lost about 45% since 5/31/2026 because of the following key factors:

    1. Fiscal Q2 2026 Earnings Miss and Significant Margin Compression. Cardinal Infrastructure Group Inc. reported its fiscal Q2 2026 results (for the period ended June 30, 2026) on August 11, 2026, with diluted earnings per share (EPS) of $0.26, substantially missing analysts' consensus estimates of $0.43 to $0.48 per share. This represented a 51% year-over-year decline in adjusted EPS. The company also experienced severe profitability challenges, with the adjusted gross profit margin collapsing to 15.9% from 21.3% in fiscal Q2 2025, and the adjusted EBITDA margin falling to 12.4% from 18.6% in the prior year. These disappointing results led to an immediate stock price drop of 28% to 36% on August 11, 2026.

    2. Downward Revision of Full-Year Profitability Guidance. Concurrent with the release of its weak fiscal Q2 2026 earnings, management lowered its full-year fiscal 2026 Adjusted EBITDA margin target to a range of 16%-18% from its previous expectation of more than 20%. This revision indicated sustained profitability challenges despite an upward adjustment to full-year revenue guidance, signaling a less favorable outlook for the company's operational efficiency.

    3. Share Dilution from Secondary Public Offering. On June 24, 2026, Cardinal Infrastructure completed a secondary public offering, issuing 4.6 million shares of Class A common stock at $73.00 per share, which generated over $318 million in net proceeds. While this capital raise could support growth, the issuance of new shares diluted existing shareholder value, especially preceding a significant drop in the stock price.

    4. Initiation of Securities Fraud Investigation. On September 22, 2026, a national securities law firm announced an investigation into Cardinal Infrastructure Group Inc., probing potential violations of federal securities laws. The investigation focuses on whether the company misled investors regarding its operations and business prospects, specifically concerning the performance of the A.L. Grading Contractors acquisition and the undisclosed cost pressures that contributed to the fiscal Q2 2026 margin compression. This investigation introduced significant legal and reputational risk, exacerbating negative investor sentiment.

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    Stock Movement Drivers

    Fundamental Drivers

    The -47.3% change in CDNL stock from 5/31/2026 to 9/29/2026 was primarily driven by a -15.2% change in the company's Shares Outstanding (Mil).
    (LTM values as of)53120269292026Change
    Stock Price ($)51.8927.37-47.3%
    Change Contribution By: 
    Total Revenues ($ Mil)�6630.0%
    Net Income Margin (%)�2.7%0.0%
    P/E Multiple�23.50.0%
    Shares Outstanding (Mil)1316-15.2%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/29/2026
    ReturnCorrelation
    CDNL-47.3% 
    Market (SPY)1.3%25.6%
    Sector (XLI)-2.1%29.3%

    Fundamental Drivers

    The -15.1% change in CDNL stock from 2/28/2026 to 9/29/2026 was primarily driven by a -15.2% change in the company's Shares Outstanding (Mil).
    (LTM values as of)22820269292026Change
    Stock Price ($)32.2227.37-15.1%
    Change Contribution By: 
    Total Revenues ($ Mil)�6630.0%
    Net Income Margin (%)�2.7%0.0%
    P/E Multiple�23.50.0%
    Shares Outstanding (Mil)1316-15.2%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/29/2026
    ReturnCorrelation
    CDNL-15.1% 
    Market (SPY)12.0%33.2%
    Sector (XLI)-4.0%34.0%

    Fundamental Drivers

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    Market Drivers

    8/31/2025 to 9/29/2026
    ReturnCorrelation
    CDNL2005.4% 
    Market (SPY)19.8%25.6%
    Sector (XLI)12.7%27.7%

    Fundamental Drivers

    null
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    Market Drivers

    8/31/2023 to 9/29/2026
    ReturnCorrelation
    CDNL2005.4% 
    Market (SPY)76.1%25.6%
    Sector (XLI)63.2%27.7%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    CDNL Return0%0%0%0%1760%15%2032%
    Peers Return34%5%62%85%54%13%637%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    CDNL Win Rate0%0%0%0%8%56% 
    Peers Win Rate62%55%65%63%65%49% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    CDNL Max Drawdown0%0%0%0%-22%-71% 
    Peers Max Drawdown-25%-33%-30%-17%-36%-46% 
    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 9/29/2026 (YTD)

    About Cardinal Infrastructure (CDNL)

    N/A

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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.

    AI Analysis | Feedback

    Here are the key risks to Cardinal Infrastructure's business:

    1. 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.
    2. 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.
    3. 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:

    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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 93% 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 35 industry peers · 2005.4% return
    3Y
    100%
    of 32 industry peers · 2005.4% return
    5Y
    93%
    of 30 industry peers · 2005.4% 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 med3Y med5Y med Top 3 by 5Y
    Construction & Engineering ← 31 3.3%113.9%189.8% FIX 2283% · STRL 2127% · CDNL 2005%
    Marine Transportation 5 87.4%59.3%175.1% HOS 40479% · MATX 199% · KEX 175%
    Construction Machinery & Heavy Transportation Equipment 13 3.8%46.8%114.3% CAT 369% · WAB 248% · ALSN 245%
    Aerospace & Defense 54 -10.8%59.6%67.8% ATI 1036% · FTAI 834% · HWM 651%
    Trading Companies & Distributors 19 3.8%34.4%52.9% DXPE 517% · AIT 289% · WCC 227%
    Rail Transportation 7 18.8%59.2%52.1% FSTR 141% · CSX 69% · UNP 57%
    Industrial Machinery & Supplies & Components 72 13.8%48.8%49.3% CRS 1167% · PSIX 1123% · GHM 600%
    Diversified Support Services 33 12.7%28.0%35.8% LIME 3206% · TH 417% · WLFC 323%
    Cargo Ground Transportation 16 37.5%1.4%30.1% XPO 266% · R 215% · CVLG 151%
    Building Products 33 -14.1%1.4%21.6% LMB 624% · GFF 365% · PPIH 302%
    Electrical Components & Equipment 41 3.4%51.6%14.0% POWL 2392% · BE 1456% · VRT 936%
    Industrial Conglomerates 17 10.7%4.9%-1.0% RCMT 578% · CSW 135% · DD 76%
    Passenger Ground Transportation 3 -33.9%43.0%-3.5% UBER 55% · CAR -4% · LYFT -72%
    Environmental & Facilities Services 30 -13.5%10.1%-6.7% CECO 903% · ADUR 437% · NVRI 315%
    Agricultural & Farm Machinery 17 8.8%-0.6%-7.0% BLBD 170% · DE 116% · GENC 55%
    Research & Consulting Services 13 -18.0%-27.1%-14.2% HURN 201% · CRAI 78% · GRNQ 39%
    Data Processing & Outsourced Services 6 -35.1%-15.8%-28.9% EXLS 40% · BR 6% · G -27%
    Passenger Airlines 11 16.0%16.8%-31.9% LTM 2814% · UAL 137% · DAL 106%
    Office Services & Supplies 9 15.5%18.6%-32.9% PBI 175% · TILE 134% · HNI 50%
    Human Resource & Employment Services 22 -2.0%-16.7%-36.6% BBSI 70% · ADP 46% · KFY 10%
    Air Freight & Logistics 12 -30.0%-23.7%-38.5% CHRW 94% · FDX 81% · EXPD 67%
    Security & Alarm Services 10 -25.4%20.5%-40.5% CIX 169% · MG 110% · NL 79%
    Airport Services 3 -70.4%-78.1%-68.8% JOBY -40% · ASLE -69% · UP -100%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    Peer Comparisons

    Peers to compare with:

    Financials

    CDNLMTZPWRPRIMSTRLGVAMedian
    NameCardinal.MasTec Quanta S.Primoris.Sterling.Granite . 
    Mkt Price27.39211.39653.2074.27507.75116.23163.81
    Mkt Cap0.416.598.14.015.65.110.3
    Rev LTM66316,10932,9057,2843,4384,9676,126
    Op Inc LTM518282,014221623295459
    FCF LTM-122452,39188482472358
    FCF 3Y Avg-6341,765253436326436
    CFO LTM445823,178194598605590
    CFO 3Y Avg-8582,403376521456521

    Growth & Margins

    CDNLMTZPWRPRIMSTRLGVAMedian
    NameCardinal.MasTec Quanta S.Primoris.Sterling.Granite . 
    Rev Chg LTM89.7%23.5%26.3%5.1%60.8%21.8%24.9%
    Rev Chg 3Y Avg-13.8%21.5%11.4%25.0%15.3%15.3%
    Rev Chg Q113.9%23.4%41.1%-10.7%90.1%29.3%35.2%
    QoQ Delta Rev Chg LTM22.3%5.4%9.2%-2.7%19.2%7.1%8.2%
    Op Inc Chg LTM47.3%61.7%38.3%-43.0%95.6%35.8%42.8%
    Op Inc Chg 3Y Avg-95.3%29.8%4.5%54.0%87.9%54.0%
    Op Mgn LTM7.7%5.1%6.1%3.0%18.1%5.9%6.0%
    Op Mgn 3Y Avg-3.6%5.6%4.5%14.7%4.7%4.7%
    QoQ Delta Op Mgn LTM-1.0%0.2%0.5%-1.9%0.9%0.1%0.1%
    CFO/Rev LTM6.6%3.6%9.7%2.7%17.4%12.2%8.1%
    CFO/Rev 3Y Avg-6.5%8.9%5.6%21.1%10.5%8.9%
    FCF/Rev LTM-1.8%1.5%7.3%1.2%14.0%9.5%4.4%
    FCF/Rev 3Y Avg-4.9%6.5%3.8%17.8%7.4%6.5%

    Valuation

    CDNLMTZPWRPRIMSTRLGVAMedian
    NameCardinal.MasTec Quanta S.Primoris.Sterling.Granite . 
    Mkt Cap0.416.598.14.015.65.110.3
    P/S0.61.03.00.64.51.01.0
    P/Op Inc8.419.948.718.225.017.219.1
    P/EBIT8.719.447.918.725.21,620.122.3
    P/E23.533.473.928.736.1-30.831.1
    P/CFO9.828.430.920.626.18.423.3
    Total Yield8.5%3.0%1.4%3.9%2.8%-2.8%2.9%
    Dividend Yield4.2%0.0%0.1%0.4%0.0%0.4%0.2%
    FCF Yield 3Y Avg-5.9%2.9%6.6%6.3%7.2%6.3%
    D/E0.50.20.10.30.00.30.3
    Net D/E-0.30.20.10.3-0.00.10.1

    Returns

    CDNLMTZPWRPRIMSTRLGVAMedian
    NameCardinal.MasTec Quanta S.Primoris.Sterling.Granite . 
    1M Rtn-28.0%-12.3%8.4%1.6%7.9%-5.1%-1.8%
    3M Rtn-70.9%-49.2%-9.3%-25.1%-39.5%-26.5%-33.0%
    6M Rtn-30.9%-34.3%19.0%-48.0%24.7%-3.0%-16.9%
    12M Rtn2,006.9%0.9%59.8%-44.7%48.9%7.0%27.9%
    3Y Rtn2,006.9%193.7%250.3%129.5%591.0%211.1%230.7%
    1M Excs Rtn-27.5%-11.8%8.9%2.1%8.4%-4.6%-1.3%
    3M Excs Rtn-73.2%-51.5%-11.6%-27.4%-41.8%-28.8%-35.3%
    6M Excs Rtn-47.6%-51.9%1.4%-65.6%11.7%-21.0%-34.3%
    12M Excs Rtn1,991.5%-14.0%45.8%-59.7%32.9%-8.4%12.2%
    3Y Excs Rtn1,929.3%98.0%170.2%51.8%530.6%141.0%155.6%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q4
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/2024
    Filing Date8/12/20265/13/20263/23/202612/10/202510/14/20255/13/202612/10/2025
    Key Financials Quarterly       
    Total Revenue2271681461221068285
    Ebitda25241721201413
    Operating Income15159121288
    Net Income5313-3754
    EPS0.300.23-0.64-0.260.540.410.33
    Key Financials TTM       
    Total Revenue TTM663542456395349--
    Ebitda TTM8882726859--
    Operating Income TTM5147404035--
    Net Income TTM1821231421--
    Growth Rates Quarterly       
    Total Revenue Growth113.9%104.8%71.7%60.2%---
    EBITDA Growth28.3%68.6%30.4%82.3%---
    Operating Income Growth31.4%89.5%6.8%75.2%---
    Net Income Growth-34.8%-37.6%206.7%-189.0%---
    Margins Quarterly       
    EBITDA Margin11.1%14.4%12.0%17.1%18.5%17.4%15.7%
    Operating Income Margin6.8%8.8%6.0%9.7%11.1%9.5%9.7%
    Net Income Margin2.1%2.0%9.2%-2.8%6.8%6.7%5.2%
    Cash & Debt       
    Total Cash33944978019-21
    Total Debt2282271379694063
    Net Debt / (Cash)-111183401675-42
    Cash Flows Quarterly       
    FCF from Operations13912104128
    Cash Flows TTM       
    FCF from Operations TTM4435383544--
    Returns to Shareholders Quarterly       
    Dividends00153335
    Share Repurchases-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly       
    ROIC49.5%21.7%36.0%73.9%58.1%-73.6%
    Return on Invested Capital (ROIC) TTM       
    ROIC TTM39.5%17.5%38.7%66.4%44.0%--

    Segment Financials

    Revenue by Segment
    $ Mil202520242023
    Single Segment456315248
    Total456315248


    Price Behavior

    Price Behavior
    Market Price$27.37 
    Market Cap ($ Bil)0.4 
    First Trading Date05/29/2014 
    Distance from 52W High-71.0% 
       50 Days200 Days
    DMA Price$25.44$25.43
    DMA Trenddowndown
    Distance from DMA7.6%7.6%
     3M1YR
    Volatility109.7%97.0%
    Downside Capture817.11296.24
    Upside Capture53.48272.17
    Correlation (SPY)23.4%5.9%
    CDNL Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta1.802.612.172.407.621.76
    Up Beta2.604.912.892.373.980.46
    Down Beta-10.57-5.29-1.29-0.91-0.47-0.14
    Up Capture-80%42%317%636%8032%759%
    Bmk +ve Days10213268138427
    Stock +ve Days81631639090
    Down Capture1010%622%330%249%151%84%
    Bmk -ve Days11213259113324
    Stock -ve Days132633649191

    [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
    CDNL16.5%97.0%0.65-
    Sector ETF (XLI)11.9%17.2%0.4827.7%
    Equity (SPY)16.5%13.0%0.9025.6%
    Gold (GLD)10.5%29.6%0.3414.2%
    Commodities (DBC)40.5%20.8%1.52-7.0%
    Real Estate (VNQ)3.2%13.6%-0.029.5%
    Bitcoin (BTCUSD)-24.6%44.7%-0.509.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CDNL
    CDNL3.1%97.0%0.65-
    Sector ETF (XLI)13.1%17.6%0.5727.7%
    Equity (SPY)13.5%17.2%0.6025.6%
    Gold (GLD)18.2%18.9%0.7814.2%
    Commodities (DBC)10.6%19.6%0.42-7.0%
    Real Estate (VNQ)0.9%18.9%-0.069.5%
    Bitcoin (BTCUSD)15.3%52.4%0.469.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CDNL
    CDNL1.5%97.0%0.65-
    Sector ETF (XLI)13.4%20.0%0.5827.7%
    Equity (SPY)15.4%17.9%0.7325.6%
    Gold (GLD)11.8%16.4%0.5914.2%
    Commodities (DBC)8.3%18.1%0.37-7.0%
    Real Estate (VNQ)4.6%20.7%0.189.5%
    Bitcoin (BTCUSD)63.5%66.2%1.039.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity2.6 Mil
    Short Interest: % Change Since 83120262.2%
    Average Daily Volume0.4 Mil
    Days-to-Cover Short Interest5.9 days
    Basic Shares Quantity15.6 Mil
    Short % of Basic Shares16.5%

    Earnings Returns History

    Updated 9/14/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/11/2026-36.2%-34.6%-42.4%
    5/12/2026-5.4%-15.5%1.1%
    3/19/20261.4%12.2%57.8%
    SUMMARY STATS   
    # Positive112
    # Negative221
    Median Positive1.4%12.2%29.5%
    Median Negative-20.8%-25.1%-42.4%
    Max Positive1.4%12.2%57.8%
    Max Negative-36.2%-34.6%-42.4%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/11/2026-36.2%-34.6%-42.4%
    5/12/2026-5.4%-15.5%1.1%
    3/19/20261.4%12.2%57.8%
    SUMMARY STATS   
    # Positive112
    # Negative221
    Median Positive1.4%12.2%29.5%
    Median Negative-20.8%-25.1%-42.4%
    Max Positive1.4%12.2%57.8%
    Max Negative-36.2%-34.6%-42.4%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/12/202610-Q
    03/31/202605/13/202610-Q
    12/31/202503/23/202610-K
    09/30/202512/10/2025424B4
    06/30/202510/14/2025S-1
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/12/202610-Q
    03/31/202605/13/202610-Q
    12/31/202503/23/202610-K
    09/30/202512/10/2025424B4
    06/30/202510/14/2025S-1

    Recent Forward Guidance

    Updated 9/28/2026

    Latest: Q2 2026 Earnings Reported 8/11/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 RevenueReported880.00 Mil890.00 Mil900.00 Mil30.9% RaisedGuidance: 680.00 Mil for 2026
    2026 Adjusted EBITDA MarginReported16.0%17.0%18.0% -3.0%LoweredGuidance: 20.0% for 2026


    Prior: Q1 2026 Earnings Reported 5/12/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 RevenueReported675.00 Mil680.00 Mil685.00 Mil1.3% RaisedGuidance: 671.50 Mil for 2026
    2026 Adjusted EBITDA marginReported 20.0%  0AffirmedGuidance: 20.0% for 2026

    Insider Activity

    Updated 8/18/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Wimmer, Richard BennettDirectBuy818202639.137,500293,4751,148,426Form
    2Lee, Richard Melvin JRDirectBuy817202636.8234,0001,252,0402,513,433Form
    3Rowe, Michael Bruce JRChief Financial OfficerDirectBuy817202636.537,000255,710255,710Form
    4Wood, Anthony Leon JRDirectBuy817202639.3651,4002,023,0792,023,079Form
    5Spivey, Jeremy SimmonsChief Executive OfficerDirectBuy817202638.4183,3503,201,4283,201,428Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Wimmer, Richard BennettDirectBuy818202639.137,500293,4751,148,426Form
    2Lee, Richard Melvin JRDirectBuy817202636.8234,0001,252,0402,513,433Form
    3Rowe, Michael Bruce JRChief Financial OfficerDirectBuy817202636.537,000255,710255,710Form
    4Wood, Anthony Leon JRDirectBuy817202639.3651,4002,023,0792,023,079Form
    5Spivey, Jeremy SimmonsChief Executive OfficerDirectBuy817202638.4183,3503,201,4283,201,428Form
    6Zelman, IvyDirectBuy817202639.6112,647500,9481,302,813Form
    7Wood, BenjaminChief Operating OfficerDirectBuy817202639.4825,7001,014,5941,804,162Form
    8Wood, BenjaminCHIEF OPERATING OFFICERDirectBuy529202651.3020,0001,025,9001,025,900Form
    9Zelman, IvyDirectBuy327202636.336,921251,440556,794Form
    10Wimmer, Richard BennettDirectBuy1211202521.0010,000210,000351,225Form
    11Lee, Richard Melvin JRDirectBuy1211202521.0022,725477,225613,452Form
    12Zelman, IvyDirectBuy1211202521.002,27547,775176,505Form
    13Gidley, Tiffany LeannGeneral Counsel and SecretaryDirectBuy1211202521.006,000126,000126,000Form

    Investor Activity (13F)

    Updated Sep 30, 2026
    13F 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.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    ACK Asset Management LLC$34.7 Mil4.3%20Hold13F
    Engle Capital Management, L.P.$12.6 Mil4.3%22ADD +142.7%13F
    Ophir Asset Management Pty Ltd$31.8 Mil3.7%34TRIM -18.7%13F
    Conversant Capital LLC$18.7 Mil2.5%16New13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Conversant Capital LLC$18.7 Mil2.5%16New13F
    Engle Capital Management, L.P.$12.6 Mil4.3%22ADD +142.7%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Ophir Asset Management Pty Ltd$31.8 Mil3.7%34TRIM -18.7%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    ACK Asset Management LLC$34.7 Mil4.3%20Hold13F
    Ophir Asset Management Pty Ltd$31.8 Mil3.7%34TRIM -18.7%13F
    Conversant Capital LLC$18.7 Mil2.5%16New13F
    Engle Capital Management, L.P.$12.6 Mil4.3%22ADD +142.7%13F

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 9/29/2026