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Cardinal Infrastructure Group Inc. Class A Common Stock (CDNL)

NASDAQ / Industrials / Industrial - Infrastructure Operations

Share price

15.92 USD Market dataClose of Oct 15, 2026

Market capitalisation

243.5M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 23, 2026
Ratios computed
Oct 15, 2026
Filed years
3, FY2023 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

38.8% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

10.73x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-2.4% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2023 Revenue: 247.9M USDFY2023 Net income: 20.6M USDFY2024 Revenue: 315.2M USDFY2024 Net income: 21.4M USDFY2025 Revenue: 456.0M USDFY2025 Net income: 22.7M USD
Revenue Net income3 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 10.73x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Industrials sector (412 companies), 10.73x sits at the 18th percentile; the middle half of that group runs from 15.04x to 38.40x.

Is it good

Return on equity was 38.8% in FY2025, in the band labelled "Exceptional, check the leverage" (25.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Industrials sector (643 companies), 38.8% sits at the 94th percentile; the middle half of that group runs from -15.6% to 15.8%.

Is it safe

Interest coverage was 5.92x in FY2025, in the band labelled "Investment grade" (3.00x to 6.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Cardinal Infrastructure Group Inc. Class A Common Stock's operating margin stayed above the median of the Industrials sector, year by year. (FY2023 to FY2025, 3 fiscal years of Cardinal Infrastructure Group Inc. Class A Common Stock with a comparable figure)
What could explain it
What in Cardinal Infrastructure Group Inc. Class A Common Stock's filed statements could explain the movements. (5 readings drawn from the statement lines Cardinal Infrastructure Group Inc. Class A Common Stock filed)
What to check next
What to check next on Cardinal Infrastructure Group Inc. Class A Common Stock, and where in its filings. (5 questions for Cardinal Infrastructure Group Inc. Class A Common Stock)
In one paragraph
One paragraph on Cardinal Infrastructure Group Inc. Class A Common Stock's returns, cash, balance sheet and price. (8 of sixteen figures read for Cardinal Infrastructure Group Inc. Class A Common Stock)

These are CDNL’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CDNLPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 23, 2026, accession 0001193125-26-120014.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Cardinal Infrastructure Group Inc. Class A Common Stock: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Return on equity38.8% ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Return on capital employed, pre-tax13.3% ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Return on assets5.8% ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Operating margin8.9% ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Net margin5.0% ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
CDNL 5.0%
PPIH 8.1%RAIL 7.6%RCMT 5.1%TBI -3.0%EVI 1.7%
-3.0%8.1%
Net margin: CDNL against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Cardinal Infrastructure Group Inc. Class A Common Stock: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Current ratio2.35 ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Quick ratio2.35 ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Interest coverage5.92x ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Altman Z-score2.45 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Net debt
Why n/a

The FY2025 balance sheet carries no net debt we could read.

n/a ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Total assets 394.6MTotal liabilities 255.0MShareholders' equity 58.5MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Cardinal Infrastructure Group Inc. Class A Common Stock owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 23, 2026, 0001193125-26-120014).

Cardinal Infrastructure Group Inc. Class A Common Stock: balance sheet position
Total assets394.6M FiledFY2025 10-K, filed Mar 23, 2026
Total liabilities255.0M FiledFY2025 10-K, filed Mar 23, 2026
Shareholders' equity58.5M FiledFY2025 10-K, filed Mar 23, 2026
Cashn/a FiledFY2025 10-K, filed Mar 23, 2026
Total debtn/a FiledFY2025 10-K, filed Mar 23, 2026
Net debtn/a
Current ratio2.35
Debt to equityn/a
  • Debt to equity: FY2025: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Cardinal Infrastructure Group Inc. Class A Common Stock: what the market charges, each with its source
FigureValue, source and document
Price to earnings10.73x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 2 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book4.16x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Price to sales0.53x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014

We publish no fair value or price target of our own. Value CDNL on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Cardinal Infrastructure Group Inc. Class A Common Stock today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Cardinal Infrastructure Group Inc. Class A Common Stock: valuation
Share price15.92 USD
Market capitalisation243.5M USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 2 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Cardinal Infrastructure Group Inc. Class A Common Stock

  1. Perma-Pipe International Holdings, Inc. (PPIH)Market cap 239.9M USD
  2. FreightCar America, Inc. (RAIL)Market cap 201.0M USD
  3. RCM Technologies, Inc. (RCMT)Market cap 271.7M USD
  4. TrueBlue, Inc. (TBI)Market cap 260.0M USD
  5. EVI Industries, Inc. (EVI)Market cap 248.2M USD

Same sector (Industrials) and size band (Micro, 50M to 300M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Cardinal Infrastructure Group Inc. Class A Common Stock: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-2.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Free cash flow-5.9M USD ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Free cash flow margin-1.3% ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
FY2023 Free cash flow: 18.6M USDFY2023 Net income: 20.6M USDFY2024 Free cash flow: 21.9M USDFY2024 Net income: 21.4M USDFY2025 Free cash flow: -5.9M USDFY2025 Net income: 22.7M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Cardinal Infrastructure Group Inc. Class A Common Stock: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
10.73xFY2025Oct 15, 2026
4.16xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
-2.4%FY2025Oct 15, 2026
n/aFY2025Mar 23, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
n/aFY2025Mar 23, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
2.35FY2025Mar 23, 2026
0.53xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
2.45FY2025Oct 15, 2026
-0.16FY2025Mar 23, 2026
4/9FY2025Mar 23, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 3 filed fiscal years on record, FY2023 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

3 filed fiscal years, FY2023 to FY2025, read from the annual reports Cardinal Infrastructure Group Inc. Class A Common Stock filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Cardinal Infrastructure Group Inc. Class A Common Stock: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025456.0M40.4M22.7Mn/a-5.9M8.9%38.8%10-K, Mar 23, 20260001193125-26-120014
FY2024315.2M35.9M21.4Mn/a21.9M11.4%181.7%10-K, Mar 23, 20260001193125-26-120014
FY2023247.9M29.5M20.6Mn/a18.6M11.9%n/a10-K, Mar 23, 20260001193125-26-120014
  • Revenue, compound annual growth FY2023 to FY2025: 35.6%
  • Earnings, compound annual growth FY2023 to FY2025: 5.0%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2023 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Cardinal Infrastructure Group Inc. Class A Common Stock: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-0.16 ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Piotroski F-score4/9 ComputedFY2025 10-K, filed Mar 23, 2026, 0001193125-26-120014
Named tests met2 of 30 Computed
Beta
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 17 not met, 11 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Low P/S, rising earnings (James O'Shaughnessy); Cheapest quarter on P/E (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High yield, low payout; Dividends and buybacks; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); Owner earnings yield; High return on tangibles; Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Low beta, profitable; ROIC at or above WACC; P/E times P/B (Benjamin Graham); High returns, low debt; Cash-covered dividend; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(18)
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Beta: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • % Above 52-Week Low: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 18 figures could not be read on this company, among them Debt to Equity, Positive Earnings Streak, EV/EBIT. Each blank in the table above names the rest, with its reason. 11 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 3 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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