Cardinal Infrastructure Group Inc. earns about 126% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $247.9M1 | $315.2M1 | $456M1 |
| Net income | $20.6M2 | $21.4M2 | $22.7M2 |
| Operating cash flow | $30.9M3 | $42.6M3 | $37.9M3 |
| Capital expenditure | $12.3M4 | $20.8M4 | $43.8M4 |
| Free cash flow (derived) | $18.6M3,4 | $21.9M3,4 | −$5.91M3,4 |
| Total debt | — | $47.9M5 | $121.2M5 |
| Cash & equivalents | — | — | — |
| Diluted shares | — | — | — |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
It earned an average 126% on invested capital over 3 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Total debt has risen 153% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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See pricing →Follow CDNL and keep your own price beside the value. The same engine, with the same receipts.
MeritValue on the App Store →- 10-K filed 2026-03-23 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-120014 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2026-03-23 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-120014 (NetIncomeLoss)
- 10-K filed 2026-03-23 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-120014 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-03-23 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-120014 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-03-23 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-120014 (NotesPayable)