Cardinal Infrastructure Group Inc. (CDNL)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Market value

$671.9M

Cash

$339.1M

Debt

$197.0M

Debt to equity

0.80

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 11 August 2026.

• Second-quarter revenue up 114%. Revenue was $226.9 million, up from $106.1 million in the second quarter of 2025.
• Organic growth and acquisitions combined. Organic expansion of 64% and acquisitions completed in late 2025, ALGC and Piedmont Pipe drove the increase. The reconciliation puts acquisitions at 50 points of growth.
• Six-month revenue up 110%. Year-to-date revenue was $394.4 million, up from $187.9 million, with 64% organic growth over the six months.
• Net income rose 18%. Net income was $11.1 million for the quarter. Net income attributable to Cardinal was $4.7 million, against $7.2 million a year earlier.
• Diluted EPS shown in two columns. The statement of operations shows diluted EPS of $0.26 and $0.53. The extracted table does not label which period each column covers.
• Gross margin fell to 10.8%. Reported gross margin was 10.8% against 13.9%, with gross profit of $24.5 million compared to $14.7 million.
• Adjusted gross margin down to 15.9%. Adjusted gross margin was 15.9% against 21.3%. Management tied the fall to subcontracted labor and equipment rental in developing markets, and to a less residential-weighted mix.
• Southeast weather weighed on results. Intense weather disruptions in parts of the Southeast further weighed on results in the quarter. The release does not quantify the effect.
• Adjusted EBITDA margin fell to 12.4%. Adjusted EBITDA was $28.1 million, a 12.4% margin against 18.6%. Management linked the decline to G&A investment in the corporate function and operations, plus gross margin.
• Demand remained high across footprint. Management said demand across the footprint is high, a reflection of the turnkey offering in its market.
• Backlog reached $866 million. Backlog at June 30, 2026 was $866 million, up 35% from a year earlier.
• Bid activity and awards lifted backlog. Management attributed the backlog expansion to bid activity and project award momentum in each market.
• End-market mix broadened. Residential stayed a large contributor, with commercial, industrial, mission critical and retail projects expanding alongside it.
• Allied priced at about $120 million. Total consideration is about $120 million, with about $62 million in cash and about $58 million in Class A stock, subject to adjustments.

Company events

The newest 8-K filings of 11 held.

Every filing

The newest filings with the SEC of 43 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

167 funds held it at 30 Jun 2026: 130 added and 24 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Jacobs Solutions Inc. (J): revenue $14.2B, market value $17.7B
• Sterling Infrastructure, Inc. (STRL): revenue $3.4B, market value $11.9B
• Fluor Corp. (FLR): revenue $15.5B, market value $6.4B
• Kbr, Inc. (KBR): revenue $7.7B, market value $5.1B
• Granite Construction Inc. (GVA): revenue $5.0B, market value $4.9B
• Construction Partners, Inc. (ROAD): revenue $3.5B, market value $4.7B

What the company does

Cardinal Infrastructure Group Inc provides infrastructure and site preparation services to residential, commercial, industrial, municipal and state customers. Its work centres on wet utility installation (water, sewer and stormwater systems), grading, site clearing, erosion control, drilling and blasting, and paving. Jeremy Spivey founded the operating business in 2013 in Raleigh, North Carolina, and he is still Chief Executive Officer. At 31 December 2025 it had approximately 1,480 employees, all in North Carolina, and was working on over 270 projects. The listed company is a holding company, and its operations run through Cardinal and its subsidiaries.

What it does

The company says it performs most of the work on each contract with its own crews and equipment. It uses subcontractors for ancillary services it does not already perform, such as traffic control, electrical systems, signage and trucking. Its contracts have an average length of 12 months. It says this in-house approach lets it finish projects three to four months faster than competitors on average. It acts as the prime contractor on almost all of its contracts and is responsible for the whole job, including subcontracted work.

Who it sells to

Site preparation for large national home builders is its main business. This includes housing subdivisions, covering individual lots and supporting infrastructure. By revenue for the year, the end markets were:

- - Commercial, Industrial and Retail builders: 23% - Materials and paving: 6% -

The largest customer, Pulte Homes, was approximately 9.9% of revenue. The top five customers were approximately 30.7% and the top 10 were approximately 45.5%. Work with most home builders is awarded by direct negotiation. Commercial work includes mixed-use retail developments and plants in industrial parks. Public work includes site preparation and paving for highways and roads for departments of transportation.

How its contracts work

Contracts are predominantly fixed unit price or lump sum, and 99% of revenue came from fixed price contracts. The other 1% came from time and material contracts. The company estimates its median contract size at approximately $2.0 million and its single project delivery capacity at over $100 million. It bills monthly with payment due within 30 days, subject to retainage collected after the project is finished. Most contracts let the customer terminate for convenience.

Public projects usually require surety bonds. A bidder generally posts a bid bond of 5% to 10% of the amount bid. The winner posts a performance and payment bond for 100% of the contract amount, and a maintenance bond of generally 1% follows on completion. Backlog stood at $682.0 million at 31 December 2025. The company defines backlog as its estimate of future revenue from construction contracts. It says substantially all backlog can be cancelled by the customer.

Where it operates

The company works mainly in the greater Charlotte, Raleigh and Greensboro areas of North Carolina, and its Charlotte operations include some projects in South Carolina. Charlotte is roughly 21% of total revenue. It starts in a new market with residential site work and then adds other customer types. On 18 February 2026 it acquired A.L. Grading Contractors, LLC, which serves residential, industrial and commercial projects in the greater Atlanta, Georgia area. It names Wilmington, Columbia, Charleston, Greenville, Savannah, Knoxville and Nashville among other market opportunities.

It has made six acquisitions through 31 December 2025:

- Harrelson Utility Repair & Contracting Inc. (2021) - G. Goodwin Enterprises, LLC (2022) - Monroe Roadways, Inc. (2023) - Purcell Construction, Inc. (2025) - Page & Associates, Inc. (2025) - Red Clay Industries, Inc. (2025)

Sellers typically keep an equity stake in the company.

Materials and asphalt plants

The main materials are PVC piping, asphalt and concrete, all bought from local suppliers. The company obtains firm quotations from suppliers and subcontractors before it submits a bid. It is building its own asphalt plants. The first, in Chatham County, NC, is being commissioned, and the company says it expects it to serve contracts toward the end of the second quarter of 2026. A second plant is permitted and in planning. The company also supplies asphalt to third parties, some of whom are competitors. It says it is exploring a plant that would make precast concrete wet utility components.

Competition and people

The company counts approximately 75 contractor members of the National Utility Contractors Association of the Carolinas in North Carolina as competitors. They range from very small firms to national and regional construction companies. Its employees include 42 project managers and 57 superintendents who manage over 208 fully equipped crews. None of its employees belong to a union. It reports a Workers Compensation Experience Modification Factor of 0.85, against an industry average of 1.00. Junior estimators go through a year-long program and project management staff a two-year process. The company also says many field workers are developed through apprenticeship programs.

How the company is owned

Cardinal Infrastructure Group Inc is the sole managing member of Cardinal. At 31 December 2025 it held 39.0% of Cardinal's LLC Units, and the Continuing Equity Holders held the remaining 61.0%. This arrangement is known as an Up-C structure. The two groups hold different share classes of the company: Class A Common Stock and Class B Common Stock.

*From Cardinal Infrastructure Group's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/2079999/000119312526120014/cdnl-20251231.htm)*

From the company's 10-K.