Cardinal Infrastructure Group Inc. (CDNL) Balance Sheet
CDNL balance sheet, 2025
December 31, 2025 · U.S. dollars$394.6M assets = $255.0M liabilities + $139.5M equity
Both columns are drawn to the same scale: what CDNL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CDNL financial health
Descriptive bands, not a rating. Fiscal 2025.
CDNL balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $118.8M2023 | $394.6M2025 | +232.2%/yr | |
| Total liabilities | $111.3M2023 | $255.0M2025 | +129.2%/yr | |
| Shareholders’ equity | $443,3212023 | $58.5M2025 | +13,087.1%/yr | |
| Cash & short-term investments | $7.2M2023 | $97.1M2025 | +1,245.4%/yr | |
| Total debt | $55.2M2023 | $137.3M2025 | +148.6%/yr | |
| Net cash (debt) | −$48.0M2023 | −$40.1M2025 | +$7.9M | |
| Working capital | −$12.3M2023 | $124.0M2025 | +$136.3M | |
| Book value per share | $0.032023 | $3.952025 | +11,671.0%/yr | |
| Current ratio | 0.832023 | 2.352025 | +1.52 | |
| Debt / equity | 124.532023 | 2.352025 | −122.18 | |
| Shares outstanding | 13.2M2023 | 14.8M2025 | +12.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CDNL assets
CDNL liabilities and equity
CDNL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CDNL balance sheet
| 2025 | 2023 | |
|---|---|---|
| Assets | ||
| Cash & short-term investments | $97.1M | $7.2M |
| Cash & equivalents | $97.1M | $7.2M |
| Receivables | $116.2M | $52.2M |
| Inventory | $0 | $0 |
| Other current assets | $2.3M | $1.9M |
| Total current assets | $215.7M | $61.3M |
| Property, plant & equipment (net) | $93.8M | $50.0M |
| Goodwill & intangible assets | $39.0M | $7.1M |
| Long-term investments | $0 | $0 |
| Other non-current assets | $46.1M | $369,486 |
| Total assets | $394.6M | $118.8M |
| Liabilities | ||
| Accounts payable | $60.6M | $41.3M |
| Short-term debt | $13.3M | $17.6M |
| Deferred revenue | $10.8M | — |
| Total current liabilities | $91.6M | $73.6M |
| Long-term debt | $113.2M | $0 |
| Lease obligations | $18.0M | — |
| Other long-term liabilities | $50.2M | $37.7M |
| Total liabilities | $255.0M | $111.3M |
| Shareholders' equity | ||
| Common stock & paid-in capital | $3,834 | — |
| Retained earnings (deficit) | $863,593 | $443,321 |
| Minority interest | $81.1M | — |
| Total shareholders' equity | $58.5M | $443,321 |
| Key figures | ||
| Total debt | $137.3M | $55.2M |
| Net cash (debt) | −$40.1M | −$48.0M |
| Working capital | $124.0M | −$12.3M |
| Tangible book value | $19.4M | −$6.6M |
| Book value per share | $3.95 | $0.03 |
| Shares outstanding | 14.8M | 13.2M |
| Current ratio | 2.35 | 0.83 |
| Quick ratio | 2.33 | 0.81 |
| Debt / equity | 2.35 | 124.53 |
| Equity / assets | 14.8% | 0.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | |
|---|---|---|---|---|
| Assets | ||||
| Cash & short-term investments | $339.1M | $44.0M | $97.1M | $80.2M |
| Cash & equivalents | $339.1M | $44.0M | $97.1M | $80.2M |
| Receivables | $212.6M | $181.9M | $116.2M | $101.7M |
| Inventory | $0 | $0 | $0 | $0 |
| Other current assets | $3.4M | $2.2M | $2.3M | $3.6M |
| Total current assets | $555.1M | $228.1M | $215.7M | $185.6M |
| Property, plant & equipment (net) | $170.9M | $146.0M | $93.8M | $77.2M |
| Goodwill & intangible assets | $235.1M | $237.7M | $39.0M | $12.1M |
| Long-term investments | $0 | $0 | $0 | $0 |
| Other non-current assets | $53.4M | $45.5M | $46.1M | $44.9M |
| Total assets | $1.01B | $657.3M | $394.6M | $319.8M |
| Liabilities | ||||
| Accounts payable | $112.0M | $94.7M | $60.6M | $56.2M |
| Short-term debt | $20.6M | $19.1M | $13.3M | $27.2M |
| Deferred revenue | — | $9.7M | $10.8M | $15.8M |
| Total current liabilities | $154.5M | $131.9M | $91.6M | $115.3M |
| Long-term debt | $186.1M | $185.9M | $113.2M | $59.5M |
| Lease obligations | $30.6M | $31.2M | $18.0M | $15.2M |
| Other long-term liabilities | $80.4M | $77.5M | $50.2M | $47.4M |
| Total liabilities | $421.0M | $395.3M | $255.0M | $222.2M |
| Shareholders' equity | ||||
| Common stock & paid-in capital | $4,748 | $4,287 | $3,834 | $3,689 |
| Retained earnings (deficit) | $9.0M | $4.3M | $863,593 | $41.6M |
| Accumulated other comprehensive income | $33,630 | −$151,904 | — | — |
| Minority interest | $348.4M | $191.6M | $81.1M | $58.0M |
| Total shareholders' equity | $245.1M | $70.4M | $58.5M | $39.5M |
| Key figures | ||||
| Total debt | $227.6M | $227.2M | $137.3M | $95.9M |
| Net cash (debt) | $111.5M | −$183.2M | −$40.1M | −$15.7M |
| Working capital | $400.6M | $96.2M | $124.0M | $70.3M |
| Tangible book value | $10.0M | −$167.3M | $19.4M | $27.4M |
| Book value per share | $5.68 | $4.65 | $4.17 | $2.99 |
| Shares outstanding | 43.1M | 15.1M | 14.0M | 13.2M |
| Current ratio | 3.59 | 1.73 | 2.35 | 1.61 |
| Quick ratio | 3.57 | 1.71 | 2.33 | 1.58 |
| Debt / equity | 0.93 | 3.23 | 2.35 | 2.43 |
| Equity / assets | 24.2% | 10.7% | 14.8% | 12.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 23, 2026); data from EODHD.
CDNL financial position
At the end of fiscal 2025 (December 31, 2025), Cardinal Infrastructure had total assets of $394.6 million (up 232.2% from a year earlier), total liabilities of $255.0 million and shareholders' equity of $58.5 million. It held $97.1 million in cash and short-term investments against $137.3 million of debt, net debt of $40.1 million. Its current ratio was 2.35. In the latest quarter (ended June 30, 2026) total assets were $1.0 billion and equity $245.1 million.
Related: CDNL income statement, CDNL cash flow statement, CDNL key metrics. See the CDNL stock overview for the latest quote and news.
CDNL balance sheet FAQ
What are Cardinal Infrastructure's total assets?
Cardinal Infrastructure reported total assets of $394.6 million at the end of fiscal 2025 (December 31, 2025), compared with $118.8 million a year earlier.
How much debt does Cardinal Infrastructure have?
Cardinal Infrastructure had $137.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.35.
How much cash does Cardinal Infrastructure have?
Cardinal Infrastructure held $97.1 million in cash and short-term investments at the end of fiscal 2025; with $137.3 million of debt that is net debt of $40.1 million.
What is Cardinal Infrastructure's book value?
Cardinal Infrastructure's shareholders' equity (book value) was $58.5 million at the end of fiscal 2025, or $3.95 per share.
What is Cardinal Infrastructure's current ratio?
Cardinal Infrastructure had current assets of $215.7 million and current liabilities of $91.6 million, a current ratio of 2.35 (it can cover its short-term obligations).
How much goodwill does Cardinal Infrastructure have?
Cardinal Infrastructure carried $39.0 million of goodwill and intangible assets, 9.9% of total assets, at the end of fiscal 2025.