Pure Cycle Corporation

PCYO

UtilitiesSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Pure Cycle Corporation provides water and wastewater services in the United States. It operates in three segments: Water and Wastewater Resource Development, Land Development, and Single-Family Rental. The company engages in the wholesale water production, storage, treatment, and distribution systems; wastewater collection and treatment systems; development of land into master planned communities; and construction and leasing of single-family homes. It serves domestic, commercial, and industrial customers. Pure Cycle Corporation was incorporated in 1976 and is headquartered in Watkins, Colorado.

Valuation

Market Cap$249M

Current Price$11.31as of Jun 23, 2026

P/E Ratio18.97

P/B Ratio1.74

EV / EBITDA11.57

EV / Sales8.96

Profitability

Operating Margin29.4%

Net Profit Margin50.3%

EBITDA Margin77.4%

Returns

ROE9.2%

ROCE5.1%

ROIC %10.5%

ROA8.1%

Solvency

Current Ratio2.72

Debt / Equity0.05

Debt / Assets0.04

CFO / Net Profit1.00

Price History▲ 9.81% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$26M▼ 9.3%

EBITDA$20M▲ 11.1%

Net Profit$13M▲ 12.9%

Cash from Ops (CFO)$13M▲ 469.4%

Free Cash Flow (FCF)$4M▼ 5372.9%

Revenue CAGR 3Y4.3%

Revenue CAGR 5Y-

Net Profit CAGR 3Y10.9%

Net Profit CAGR 5Y-

Historical Growth

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	$26M	$20M	$13M	$4M	9.2%	-9.3%	12.9%
2024	$29M	$18M	$12M	$-0M	9.0%	97.1%	147.1%
2023	$15M	$9M	$5M	$-10M	4.0%	-36.6%	-51.1%
2022	$23M	$15M	$10M	$12M	8.5%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	23	14.59	28.75	26.09
Operating Revenue	-	23	14.59	28.75	26.09
Cost Of Revenue	-	6.63	6.55	8.99	10.06
Gross Profit	-	16.37	8.04	19.76	16.03
Operating Expense	-	6.28	5.97	7.52	8.36
Selling General And Administration	-	5.89	5.47	6.92	7.77
Total Expenses	-	12.91	12.51	16.50	18.42
Operating Income	-	10.10	2.07	12.24	7.67
Total Operating Income As Reported	-	10.10	2.07	12.24	7.67
EBITDA	-	14.92	8.58	18.17	20.19
Normalized EBITDA	-	14.92	8.58	18.17	20.19
EBIT	-	12.80	6.43	16.07	17.90
Interest Income	-	1.97	2.50	2.84	3.27
Interest Expense	-	0.09	0.21	0.44	0.43
Net Interest Income	-	1.88	2.30	2.40	2.85
Other Non Operating Income Expenses	-	0.73	1.85	0.99	6.95
Other Income Expense	-	0.73	1.85	0.99	6.95
Interest Income Non Operating	-	1.97	2.50	2.84	3.27
Interest Expense Non Operating	-	0.09	0.21	0.44	0.43
Net Non Operating Interest Income Expense	-	1.88	2.30	2.40	2.85
Pretax Income	-	12.70	6.22	15.63	17.47
Tax Provision	-	3.09	1.52	4.02	4.36
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0	0	0	0
Net Income Continuous Operations	-	9.62	4.70	11.61	13.11
Net Income From Continuing And Discontinued Operation	-	9.62	4.70	11.61	13.11
Net Income From Continuing Operation Net Minority Interest	-	9.62	4.70	11.61	13.11
Net Income	-	9.62	4.70	11.61	13.11
Net Income Common Stockholders	-	9.62	4.70	11.61	13.11
Net Income Including Noncontrolling Interests	-	9.62	4.70	11.61	13.11
Normalized Income	-	9.62	4.70	11.61	13.11
Diluted NI Availto Com Stockholders	-	9.62	4.70	11.61	13.11
Basic Average Shares	-	23.95	24.03	24.08	24.08
Diluted Average Shares	-	24.16	24.11	24.14	24.17
Reconciled Depreciation	-	2.12	2.16	2.10	2.30
Reconciled Cost Of Revenue	-	4.89	4.89	7.48	8.35
Total Unusual Items	0	-	-	-	-
Total Unusual Items Excluding Goodwill	0	-	-	-	-
Special Income Charges	0	-	-	-	-
Impairment Of Capital Assets	0	-	-	-	-
Depreciation Amortization Depletion Income Statement	-	0.38	0.50	0.60	0.59
Depreciation And Amortization In Income Statement	-	0.38	0.50	0.60	0.59
General And Administrative Expense	-	5.89	5.47	6.92	7.77
Other Gand A	-	1.20	1.50	2.14	2.75
Salaries And Wages	-	4.46	3.67	4.45	4.65
Insurance And Claims	-	0.23	0.30	0.33	0.37
Rent Expense Supplemental	-	-	-	0.19	0.18
Depreciation Income Statement	-	0.38	0.50	0.60	0.59

Peer Comparison

Utilities sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Pure Cycle Corporationthis co.	PCYO	$249M	18.97↑ premium	1.74	9.2%	11.57
OPAL Fuels Inc.	OPAL	$404M	27.36	-31.22	-114.1%	21.25
Cadiz Inc.	CDZI	$383M	-11.23	16.49	-146.9%	-20.46
Genie Energy Ltd.	GNE	$365M	15.20	1.45	9.6%	4.50
RGC Resources, Inc.	RGCO	$233M	17.55

Learn while you research

Hand-picked academy chapters to deepen your understanding of Pure Cycle Corporation and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Stock Market Risks

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$26M

$20M

$13M

$4M

9.2%

-9.3%

12.9%

2024

$29M

$18M

$12M

$-0M

9.0%

97.1%

147.1%

2023

$15M

$9M

$5M

$-10M

4.0%

-36.6%

-51.1%

2022

$23M

$15M

$10M

$12M

8.5%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

14.59

28.75

26.09

Operating Revenue

14.59

28.75

26.09

Cost Of Revenue

6.63

6.55

8.99

10.06

Gross Profit

16.37

8.04

19.76

16.03

Operating Expense

6.28

5.97

7.52

8.36

Selling General And Administration

5.89

5.47

6.92

7.77

Total Expenses

12.91

12.51

16.50

18.42

Operating Income

10.10

2.07

12.24

7.67

Total Operating Income As Reported

10.10

2.07

12.24

7.67

EBITDA

14.92

8.58

18.17

20.19

Normalized EBITDA

14.92

8.58

18.17

20.19

EBIT

12.80

6.43

16.07

17.90

Interest Income

1.97

2.50

2.84

3.27

Interest Expense

0.09

0.21

0.44

0.43

Net Interest Income

1.88

2.30

2.40

2.85

Other Non Operating Income Expenses

0.73

1.85

0.99

6.95

Other Income Expense

0.73

1.85

0.99

6.95

Interest Income Non Operating

1.97

2.50

2.84

3.27

Interest Expense Non Operating

0.09

0.21

0.44

0.43

Net Non Operating Interest Income Expense

1.88

2.30

2.40

2.85

Pretax Income

12.70

6.22

15.63

17.47

Tax Provision

3.09

1.52

4.02

4.36

Tax Rate For Calcs

Tax Effect Of Unusual Items

Net Income Continuous Operations

9.62

4.70

11.61

13.11

Net Income From Continuing And Discontinued Operation

9.62

4.70

11.61

13.11

Net Income From Continuing Operation Net Minority Interest

9.62

4.70

11.61

13.11

Net Income

9.62

4.70

11.61

13.11

Net Income Common Stockholders

9.62

4.70

11.61

13.11

Net Income Including Noncontrolling Interests

9.62

4.70

11.61

13.11

Normalized Income

9.62

4.70

11.61

13.11

Diluted NI Availto Com Stockholders

9.62

4.70

11.61

13.11

Basic Average Shares

23.95

24.03

24.08

Diluted Average Shares

24.16

24.11

24.14

24.17

Reconciled Depreciation

2.12

2.16

2.10

2.30

Reconciled Cost Of Revenue

4.89

7.48

8.35

Total Unusual Items

Total Unusual Items Excluding Goodwill

Special Income Charges

Impairment Of Capital Assets

Depreciation Amortization Depletion Income Statement

0.38

0.50

0.60

0.59

Depreciation And Amortization In Income Statement

0.38

0.50

0.60

0.59

General And Administrative Expense

5.89

5.47

6.92

7.77

Other Gand A

1.20

1.50

2.14

2.75

Salaries And Wages

4.46

3.67

4.45

4.65

Insurance And Claims

0.23

0.30

0.33

0.37

Rent Expense Supplemental

0.19

0.18

Depreciation Income Statement

0.38

0.50

0.60

0.59

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Pure Cycle Corporationthis co.

PCYO

$249M

18.97↑ premium

1.74

9.2%

11.57

OPAL Fuels Inc.

OPAL

$404M

27.36

-31.22

-114.1%

21.25

Cadiz Inc.

CDZI

$383M

-11.23

16.49

-146.9%

-20.46

Genie Energy Ltd.

GNE

$365M

15.20

1.45

9.6%

4.50

RGC Resources, Inc.

RGCO

$233M

17.55

Pure Cycle Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Pure Cycle Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on