# Cardinal Infrastructure Group Inc (CDNL) · Edgar & Edgarette company card

> Cardinal Infrastructure Group (CDNL) grew revenue 44.7% in FY2025 to $456 million, operating margin 8.9% against a 4.0% median for heavy construction other than bldg const - contractors, equity 35.4% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 2079999 · fiscal year ended 2025-12-31 · 3 audited years read · [page](https://www.pops4.com/boards/company/CDNL) · [JSON](https://www.pops4.com/boards/company/CDNL.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $456M |
| Revenue growth, 1 year | 44.7% |
| Revenue growth per year | 35.6% |
| Operating margin | 8.9% (prior year 11.4%) |
| Net margin | 6.8% |
| Operating cash flow | $38M |
| Capital spending | $44M |
| Free cash flow | −$6M |
| Cash | — |
| Long-term debt | — |
| Total assets | $395M |
| Total equity | $140M |
| Equity ÷ assets | 35.4% |
| Return on equity | 22.3% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: 3.33 (safe zone)
- Piotroski F: 5 of 9 (middling)
- Health Harbor boat: Sound ship · one warning sign · free cash flow was negative: capital spending outran operating cash (-$5.9M in FY2025)
- Cash Compass: Cash cow later · growing fast, and already turning revenue into cash

## Edgarette's reading

Exposure: revenue $456.0M (FY2025). Experience: revenue up 44.7% on the year, up 35.6% a year over 2 years; operating margin 8.9%, down from 11.4%. Soundness: equity 35.4% of assets, return on equity 22.3%. Credibility: 3 audited years, moderate weight. Range: 80% of past cases like this landed between $504.1M and $810.3M next year (method v3, set from 4,309 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, heavy construction other than bldg const - contractors): operating margin 8.9% against a 4.0% median; growth 44.7% against 4.8%.

Range logged 2026-09-20, receipt 4515ea35145475c6, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-03-18 ([filing](https://www.sec.gov/Archives/edgar/data/2079999/000119312526114334/0001193125-26-114334-index.htm))

## Recent filings

- 8-K · filed 2026-10-19 · 1.01 Entry into a Material Definitive Agreement; 3.02 Unregistered Sales of Equity Securities; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/2079999/000119312526424737/0001193125-26-424737-index.htm)
- 8-K · filed 2026-10-01 · 3.02 Unregistered Sales of Equity Securities; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/2079999/000119312526410735/0001193125-26-410735-index.htm)
- 8-K · filed 2026-09-11 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/2079999/000119312526389363/0001193125-26-389363-index.htm)
- 10-Q · filed 2026-08-12 · [filing](https://www.sec.gov/Archives/edgar/data/2079999/000119312526345109/0001193125-26-345109-index.htm)
- 8-K · filed 2026-08-11 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/2079999/000119312526343397/0001193125-26-343397-index.htm)
- S-1 · filed 2026-06-22 · [filing](https://www.sec.gov/Archives/edgar/data/2079999/000121390026070633/0001213900-26-070633-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0002079999.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2079999

## Cite

POPS4, Edgar & Edgarette: Cardinal Infrastructure Group Inc (CDNL) company card, from the company's own SEC filings, accessed 2026-11-05, https://www.pops4.com/boards/company/CDNL. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.