CDNL

Company Overview — What Does Cardinal Infrastructure Group Inc. Do?

We provide a comprehensive suite of infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets. Our operations leverage a large highly skilled workforce and a fleet of specialized equipment to deliver 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. We are becoming the platform of choice for a diverse array of infrastructure construction projects in our target geographies that require high-level technical expertise and sophistication. We seek to safely execute site work solutions within both the individual project’s schedule and budget, while strengthening our relationships with our growing list of customers. We believe we are one of the fastest-growing, full-service turnkey infrastructure services companies in the Southeastern United States. We deliver our suite of comprehensive infrastructure services that support the planning, preparation, installation, and development of residential, commercial, industrial, municipal, and state infrastructure projects primarily through in-house teams and equipment, significantly reducing the need for outsourcing or subcontractors which enables industry-leading project execution. Led by an experienced, long-tenured management team and supported by talented project managers, we are driven by a culture of safety and employee development. Our high-level expertise, technical sophistication, and expedited delivery of services result in strong margins. We believe we are well positioned to continue growing our revenue and profitability in a very fragmented and highly attractive industry. The Southeastern United States is one of the fastest-growing regions with respect to population and job growth. The three distinct and attractive markets in which we primarily operate today (the greater Charlotte, Raleigh, and Greensboro areas of North Carolina) have experienced a combined annual population growth of 6.6% from 2020 to 2024, compared to 2.6% for the rest of the United States. Our footprint is strategically aligned with the North Carolina Research Triangle, which houses numerous educational institutions and knowledge-sector companies that are among the core drivers of job growth in the state. In 2024, North Carolina issued approximately nine new housing permits per 1,000 residents, compared to about four new permits per 1,000 residents for the United States overall. We maintain deep, long-standing relationships with a diverse customer base, including some of the largest regional and national home builders, as well as general contractors supporting commercial and industrial construction. We believe these relationships enable us to consistently win new contracts and expand both within our current markets and into new geographies. We are already fully integrated within our Raleigh market and are completing integration buildouts in our other markets. We believe this significantly reduces wait times between each phase of construction, minimizes timeline risk, and increases the likelihood of successful execution. As the first step in the construction process, customers highly value our speed of delivery, quality of work, and reputation for excellence, which results in recurring business and better margins. Our dedication to proven processes, technology, and safety has enabled our strong growth and reputation. For the nine months ended September 30, 2025, we generated revenue of approximately $310.2 million, supported by a robust backlog of approximately $646.0 million at September 30, 2025, compared to revenue of approximately $230.3 million for the nine months ended September 30, 2024. For the year ended December 31, 2024, we generated revenue of approximately $315.2 million, supported by a robust backlog of approximately $512 million at December 31, 2024, compared to revenue of approximately $248.0 million for the year ended December 31, 2023 and a backlog of approximately $401 million at December 31, 2023. Cardinal NC was founded in 2013 by Jeremy Spivey, our Chief Executive Officer, in Raleigh, North Carolina. We originated as a niche provider of wet utilities installation and have, over time, both organically and through acquisitions, added capabilities, including grading, site clearing, erosion control, drilling and blasting, paving, and related site services, to become a full-service, end-to-end provider of turnkey infrastructure services. Acquisitions have been an integral part of our growth since our founding, and we believe they account for approximately 27% of our growth since 2013. We have completed six acquisitions to date. We deepened our presence within the Raleigh market through the acquisition of Harrelson Utility Repair & Contracting Inc. in 2021 and G. Goodwin Enterprises, LLC in 2022. We subsequently expanded into the Charlotte area through the acquisition of Monroe Roadways, Inc. in July 2023 and Purcell Construction, Inc. in January 2025. In 2024, we expanded into the Greensboro market organically, and in May 2025, we acquired Page & Associates, Inc., a local provider based in Greensboro. In October 2025, we acquired Red Clay Industries, Inc., a provider of asphalt paving, concrete contracting, concrete reclamation and soil stabilization in North Carolina. Our principal executive offices are located in Raleigh, NC. Cardinal Infrastructure Group Inc. (CDNL) is classified as a small-cap stock in the Industrials sector, specifically within the Construction industry. The company is led by CEO Jeremy Spivey and employs approximately 1,335 people, headquartered in RALEIGH, North Carolina. With a market capitalization of $626M, CDNL is one of the notable companies in the Industrials sector.

Cardinal Infrastructure Group Inc. (CDNL) Stock Rating — Hold (April 2026)

As of April 2026, Cardinal Infrastructure Group Inc. receives a Hold rating with a composite score of 39.4/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CDNL ranks #1,320 out of 4,446 stocks in our coverage universe. Within the Industrials sector, Cardinal Infrastructure Group Inc. ranks #209 of 752 stocks, placing it in the upper half of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

CDNL Stock Price and 52-Week Range

Cardinal Infrastructure Group Inc. (CDNL) currently trades at $44.68. Recent trading volume was 0 shares, suggesting relatively thin trading activity.

Is CDNL Overvalued or Undervalued? — Valuation Analysis

Cardinal Infrastructure Group Inc. (CDNL) carries a value factor score of 64/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The price-to-book ratio stands at 4.55x, versus the sector average of 2.23x. The price-to-sales ratio is 0.35x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, CDNL trades at 3.93x EV/EBITDA, versus 5.70x for the sector.

Overall, CDNL's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.

Cardinal Infrastructure Group Inc. Profitability — ROE, Margins, and Quality Score

Cardinal Infrastructure Group Inc. (CDNL) earns a quality factor score of 31/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 89.1%, compared to the Industrials sector average of 8.9%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 31.5% versus the sector average of 3.3%.

The operating margin is 8.9% (sector: 6.2%). Net profit margin stands at 6.8%, versus 3.9% for the average Industrials stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

CDNL Debt, Balance Sheet, and Financial Health

Cardinal Infrastructure Group Inc. has a debt-to-equity ratio of 183.0%, compared to the Industrials sector average of 70.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 2.35x, indicating strong short-term liquidity.

CDNL has a beta of 0.95, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Cardinal Infrastructure Group Inc. is 42/100, reflecting average volatility within the normal range for its sector.

Cardinal Infrastructure Group Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Cardinal Infrastructure Group Inc. reported revenue of $456M. Net income for the quarter was $31M. Operating income came in at $40M.

In FY 2025, Cardinal Infrastructure Group Inc. reported revenue of $456M. Net income for the quarter was $31M. Operating income came in at $40M.

CDNL Dividend Yield and Income Analysis

Cardinal Infrastructure Group Inc. (CDNL) does not currently pay a dividend. This is common among smaller companies in the Construction industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.

CDNL Momentum and Technical Analysis Profile

Cardinal Infrastructure Group Inc. (CDNL) has a momentum factor score of 36/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.

CDNL vs Competitors — Industrials Sector Ranking and Peer Comparison

Within the Industrials sector, Cardinal Infrastructure Group Inc. (CDNL) ranks #209 out of 752 stocks based on the Blank Capital composite score. This places CDNL in the upper half of all Industrials stocks in our coverage universe. Key competitors and sector peers include South Bow Corp (SOBO) with a score of 56.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.4/100, Great Lakes Dredge & Dock CORP (GLDD) with a score of 56.7/100, Tri Pointe Homes, Inc. (TPH) with a score of 57.3/100, and Clear Channel Outdoor Holdings, Inc. (CCO) with a score of 52.2/100.

Comparing CDNL against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CDNL vs S&P 500 (SPY) comparison to assess how Cardinal Infrastructure Group Inc. stacks up against the broader market across all factor dimensions.

CDNL Next Earnings Date

No upcoming earnings date has been announced for Cardinal Infrastructure Group Inc. (CDNL) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy CDNL? — Investment Thesis Summary

Cardinal Infrastructure Group Inc. presents a balanced picture with arguments on both sides. The quality score of 31/100 flags below-average profitability. The value score of 64/100 suggests attractive pricing relative to fundamentals. Momentum is weak at 36/100, a headwind for near-term performance.

In summary, Cardinal Infrastructure Group Inc. (CDNL) earns a Hold rating with a composite score of 39.4/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CDNL stock.

Related Resources for CDNL Investors

Explore more research and tools: CDNL vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare CDNL head-to-head with peers: CDNL vs SOBO, CDNL vs TEN, CDNL vs GLDD.