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Cardinal Infrastructure Group Inc., a civil contracting company, provides site development and infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets in the southeastern United States. It offers wet utility installations, such as water, sewer, and stormwater systems, as well as grading, site clearing, erosion control, drilling and blasting, paving, and other related site services. The company was formerly known as Civil Infrastructure Group Inc. and changed its name to Cardinal Infrastructure Group Inc. in September 2025. The company was founded in 2013 and is headquartered in Raleigh, North Carolina.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $456M | $72M | $23M | $-6M | 38.8% | - | 6.2% |
| 2024 | - | $53M | $21M | - | - | - | - |
| 2023 | - | $41M | - | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Revenue | - | - | 456.05 |
| Operating Revenue | - | - | 456.05 |
| Cost Of Revenue | - | - | 359.90 |
| Gross Profit | - | - | 96.15 |
| Operating Expense | - | 29.35 | 55.90 |
| Selling General And Administration | - | 10.69 | 23.53 |
| Total Expenses | - | 279.24 | 415.80 |
| Operating Income | - | 35.95 | 40.25 |
| Total Operating Income As Reported | - | 35.93 | 40.40 |
| EBITDA | 41.47 | 53.23 | 72.26 |
| Normalized EBITDA | 41.11 | 53.24 | 72.10 |
| EBIT | - | 34.48 | 39.89 |
| Interest Expense | - | 4.83 | 6.83 |
| Net Interest Income | - | -4.83 | -6.83 |
| Other Non Operating Income Expenses | - | -1.46 | -0.52 |
| Other Income Expense | - | -1.47 | -0.36 |
| Interest Expense Non Operating | - | 4.83 | 6.83 |
| Net Non Operating Interest Income Expense | - | -4.83 | -6.83 |
| Pretax Income | - | 29.65 | 33.06 |
| Tax Provision | - | 1.35 | 1.97 |
| Tax Rate For Calcs | - | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0.01 |
| Net Income Continuous Operations | - | 28.30 | 31.09 |
| Net Income From Continuing And Discontinued Operation | - | 21.36 | 22.69 |
| Net Income From Continuing Operation Net Minority Interest | - | 21.36 | 22.69 |
| Net Income | - | 21.36 | 22.69 |
| Net Income Common Stockholders | - | 21.36 | 22.69 |
| Net Income Including Noncontrolling Interests | - | 28.30 | 31.09 |
| Normalized Income | - | 21.37 | 22.54 |
| Diluted NI Availto Com Stockholders | - | 21.36 | 22.69 |
| Basic Average Shares | 13.22 | 13.22 | 14.95 |
| Diluted Average Shares | 13.22 | 13.22 | 14.95 |
| Reconciled Depreciation | 13.18 | 18.75 | 32.37 |
| Reconciled Cost Of Revenue | 199.08 | 249.80 | 359.90 |
| Total Unusual Items | - | - | 0.16 |
| Total Unusual Items Excluding Goodwill | - | - | 0.16 |
| Minority Interests | - | -6.94 | -8.41 |
| Special Income Charges | - | - | 0.16 |
| Depreciation Amortization Depletion Income Statement | - | 18.66 | 32.37 |
| Depreciation And Amortization In Income Statement | - | 18.66 | 32.37 |
| General And Administrative Expense | - | 10.69 | 23.53 |
| Other Gand A | - | 10.69 | 23.53 |
| Gain On Sale Of Ppe | - | - | 0.16 |
| Amortization | 0 | 0 | 7.13 |
| Amortization Of Intangibles Income Statement | 0 | 0 | 7.13 |
| Depreciation Income Statement | - | 18.66 | 25.25 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cardinal Infrastructure Group Inc.this co. | CDNL | $967M | 42.62↑ premium | 16.54 | 38.8% | 13.93 |
| Limbach Holdings, Inc. | LMB | $1.0B | 25.73 | 5.14 | 20.0% | 15.02 |
| LegalZoom.com, Inc. | LZ | $996M | 64.53 | 5.79 | 9.0% | 9.94 |
| Resolute Holdings Management, Inc. | RHLD | $966M | -163.07 | 148.07 | -90.8% | 6.35 |
| Eastman Kodak Company |
| KODK |
| $950M |
| -7.42 |
| 1.55 |
| -20.8% |
| -41.08 |
| Aebi Schmidt Holding AG | AEBI | $942M | 96.77 | 1.16 | 1.2% | 16.49 |
| National Presto Industries, Inc. | NPK | $939M | 28.38 | 2.38 | 8.4% | 20.15 |
| Power Solutions International, Inc. | PSIX | $926M | 8.13 | 5.19 | 63.8% | 8.99 |
| CRA International, Inc. | CRAI | $921M | 16.85 | 4.31 | 25.6% | 9.25 |
| Peer Median | - | 21.29 | 4.73 | 8.7% | 9.60 | |