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MARKETS / NASDAQ / Industrials / Heavy construction / CDNL
NASDAQ · HEAVY CONSTRUCTION OTHER THAN BLDG CONST - CONTRACTORS

Cardinal Infrastructure Group Inc. CDNL

3 fiscal years on record · USD · FY2025 reported · SEC filings only
$456.0M
▲ 44.7% YoY
$22.7M
▲ 6.2% YoY
$-5.9M
▼ 127.0% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

It provides infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets, delivering wet utility installations (water, sewer, and stormwater systems), as well as grading, site clearing, erosion control, drilling and blasting, paving, and other related site services. As of December 31, 2025, it primarily operated in North Carolina, specifically the greater Charlotte, Raleigh, and Greensboro areas. As of December 31, 2025, it had approximately 1,480 employees, including 42 project managers and 57 superintendents who managed over 208 fully equipped crews in its construction business. As of December 31, 2025, its backlog was approximately $463 million in Raleigh, $140 million in Charlotte, and $79 million in Greensboro. Cardinal NC was founded in 2013 by Jeremy Spivey in Raleigh, North Carolina, originally as a provider of wet utilities installation.

Written from the business description in Cardinal Infrastructure Group Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 23 March 2026. Every sentence was checked against that document before publication.

Growth

USD 456.0M
Revenue, FY2025 · full 3-year series below
Revenue $M Net income $M
FY2025 · Revenue 456.0 · Net income 22.7
200M400M
202320242025
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

7 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 8.9% · Net 6.8%
5%10%
202320242025
ROE
FY2025 · ROE 27.9%
100%200%
202320242025
Three returns, three denominators.
Gross margin21.1%
Operating margin8.9%
Net margin6.8%
EBITDAUSD 65.7M

Each USD of equity produced 28 cents of profit this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -5.9
10.0M20.0M-2.5M-5.0M
202320242025
Dividends paid·
Net buybacks·
Share of profit·
Consecutive raises·

Total assetsUSD 394.6M
Gross debtUSD 121.2M
Current ratio2.35×

Not available: we don't have the cash figure for this period.

The 3-year record

3 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
CDNL, 3-year financial record
Metric 202520242023
Revenue $B0.50.30.2
Operating income $B0.00.00.0
EBITDA $B0.10.10.0
Income tax $B0.00.00.0
Net income $B0.00.00.0
Free cash flow $B−0.00.00.0
EPS, diluted $◌◌◌
Dividend / sh $◌◌◌
Payout % — not applicable: no dividend———
ROE %27.9138.6275.4

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 7 reconciliationsAUDITED

Reconciled in 3 of the 3 fiscal years we could check. 34 checks were skipped: the balance sheet is not tagged before 2024. 16 checks were skipped: revenue is not tagged before 2023.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityHeavy Construction Other Than Bldg Const - Contractors
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2023

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