CDRECadre Holdings, Inc.

Orthopedic, Prosthetic & Surgical Appliances & Supplies

Revenue: $610M; 7.5% YoY
Operating margin: 11.0%; 6.2% YoY
EBITDA: $86M; 3.4% YoY
Market cap: $1.3B
Employees: 2,533; $241K revenue each
Net debt / EBITDA: 3.5×; $300M net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
144% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
24% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
25% of assets
Over 40% of assets
Shareholder dissentYes
72% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$241K · 19th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$80M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$427M	$458M	$483M	$568M	$610M	7.5%
Operating income	$52M	$17M	$57M	$67M	$67M	0.9%
Net income	$13M	$6M	$39M	$36M	$44M	22%
Operating cash flow	$40M	$46M	$73M	$32M	$64M	100%
Capex	$3M	$4M	$7M	$6M	$7M	21%
Stock-based comp	$355K	$32M	$9M	$8M	$12M	46%
Dividends	$13M	$12M	$12M	$14M	$15M	11%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 30, 2026	KANDERS WARREN B	SCHEDULE 13D/A	25.8%	Passive
Jun 18, 2026	KANDERS WARREN B	SCHEDULE 13D/A	26.4%	Passive
Nov 19, 2025	KANDERS WARREN B	SCHEDULE 13D/A	27.7%	Passive
Nov 14, 2025	KANDERS WARREN B	SCHEDULE 13D	30.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $80M · 18
Net: −$80M

Pay vs performance

No pay-versus-performance disclosure yet.