Cardinal Infrastructure Group
Builds wet utilities, grading, paving, and site-preparation work across Sunbelt markets.
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Profile
Provides self-performed civil infrastructure and site-development services for builders, developers, industrial projects, municipalities, and transportation agencies. Work is concentrated in the Southeast, managed as one reportable segment, and shaped by fixed-price contract execution, acquisition integration, and local bidding.
Provides turnkey civil infrastructure and site-development work for residential builders, commercial developers, industrial projects, municipalities, and state transportation agencies. The service mix includes wet utility installations, grading, site clearing, erosion control, drilling and blasting, paving, asphalt and concrete work, and related site services.
Operates through a self-performing model with skilled labor, specialized fleets, and local subsidiaries. The footprint began in Raleigh and now spans North Carolina, South Carolina, and Georgia through acquisitions and organic expansion.
Reports one segment, managed on a consolidated basis by the CEO. The business depends on fixed-price project execution, crew and equipment capacity, acquisition integration, local construction demand, surety and prequalification strength, and competitive bidding for public work.
Company facts
Key statistics
Year to date +68.3% · Average volume (30d) 697.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 12, 2026 | Stifel Nicolaus | Target | $31 | $52 | |
| Aug 12, 2026 | Oppenheimer | Reiterate | Outperform | $80 | $70 |
| Jun 15, 2026 | Oppenheimer | Reiterate | Outperform | $60 | $80 |
| May 28, 2026 | Oppenheimer | Target | $60 | ||
| Feb 19, 2026 | DA Davidson | Reiterate | Buy | $30 | $35 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | $0.43 | $0.30 | −29.7% | $196.4M | $226.9M | +15.6% | −36.22% |
| May 12, 2026Q1 FY26 | $0.18 | $0.23 | +27.8% | $126.6M | $167.5M | +32.3% | −3.84% |
| Mar 19, 2026Q4 FY25 | $0.25 | $0.13 | −48.7% | $138.5M | $146.8M | +6.0% | −0.45% |
Financial highlights
| 7 quarters | Q4 FY24 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $84.9M | $106.1M | $122.3M | $145.8M | $167.5M | $226.9M | |
| Gross profit | $17.3M | $22.6M | $25.8M | $31.2M | $34.2M | $24.5M | |
| Operating income | $8.2M | $11.7M | $11.9M | $8.8M | $14.8M | $16.1M | |
| Net income | −$7.2M | $7.2M | −$3.4M | $13.5M | $3.4M | $4.7M | |
| Diluted EPS | −$0.54 | $0.54 | −$0.26 | $0.96 | $0.23 | $0.74 | |
| Gross margin | 20.4% | 21.3% | 21.1% | 21.4% | 20.4% | 10.8% | |
| Operating margin | 9.6% | 11.1% | 9.7% | 6.0% | 8.8% | 7.1% |
Balance sheet, Jun 30, 2026Cash & short-term investments $339.1M · Total debt $227.6M · Total assets $1.01B · Shareholders' equity $245.1M
Dividends
No dividends on record.
Ownership
Shares outstanding 15.29M · Float 9.0K · 0.1% free float
Insiders — filings are in another share unit.
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
The Form 4 positions here total more than the shares outstanding, so the filings and the share count are not on the same basis — usually an unlisted unit behind the listed one — and no insider percentage is shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Jeremy Simmons Spivey | 12.23M | 45.00% | 13G | Feb 17, 2026 |
| Erik Daniel West | 6.11M | 29.00% | 13G | Feb 17, 2026 |
| FMR LLC | 2.96M | 19.34% | 13F | Aug 13, 2026 |
| Michael Bruce Rowe, Jr. | 2.04M | 29.00% | 13G | Feb 17, 2026 |
| Driehaus Capital Management LLC | 1.21M | 6.08% | 13G | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Richard Bennett Wimmer | director | +7,500 | $39.13 |
| Aug 14, 2026 | Anthony Leon Jr. Wood | director | +51,400 | $39.36 |
| Aug 14, 2026 | Michael Bruce Jr. Rowe | officer: Chief Financial Officer | +7,000 | $36.53 |
| Aug 14, 2026 | Richard Melvin Jr. Lee | director | +34,000 | $36.82 |
| Aug 14, 2026 | Benjamin Wood | officer: Chief Operating Officer | +25,700 | $39.48 |
Peers
- Construction Partners
Closest overlap in Sunbelt sitework, paving, and asphalt
- Sterling Infrastructure
Large-site development and transportation infrastructure overlap
- Granite Construction
Heavy civil, materials, asphalt, and site-development overlap
- Primoris Services
Utility and energy infrastructure contractor with public-civil overlap
- MasTec
Broad infrastructure contractor adjacent in utilities, water, and civil
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cardinal Infrastructure Group | $38.04 | −0.05% | $581.7M | 22.8 | 17.9 | 0.9 | — |
| Construction Partners | $110.10 | +0.10% | $6.22B | 43.3 | 30.3 | 1.8 | +28.3% |
| Sterling Infrastructure | $472.30 | +0.40% | $14.44B | 33.9 | 21.2 | 4.2 | +90.1% |
| Granite Construction | $122.52 | −0.02% | $5.36B | — | 17.5 | 1.1 | +29.3% |
| Primoris Services | $73.53 | +0.53% | $3.97B | 28.8 | 18.5 | 0.5 | −10.7% |
| MasTec | $244.44 | +1.48% | $19.35B | 38.4 | 21.8 | 1.2 | +23.4% |
| Median | 36.2 | 21.2 | 1.2 | +28.3% |