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$271M

Current Price$11.26

P/E Ratio19.75

P/B Ratio1.83

EV / EBITDA19.34

EV / Sales8.96

Profitability

Operating Margin-

Net Profit Margin50.3%

EBITDA Margin77.4%

Returns

ROE9.2%

ROCE-

ROIC %10.5%

ROA8.1%

Solvency

Current Ratio1.39

Debt / Equity0.05

Debt / Assets0.04

CFO / Net Profit1.00

Price History▲ 13.97% 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

Net Profit$13M▲ 12.9%

Cash from Ops (CFO)$13M

Free Cash Flow (FCF)$4M

Revenue CAGR 3Y-

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

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%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025
Total 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
Operating Income	10.10	2.07	12.24	7.67
EBITDA	14.92	8.58	18.17	20.19
EBIT	12.79	6.43	16.07	17.90
Pretax Income	12.71	6.22	15.63	17.47
Tax Provision	3.09	1.52	4.02	4.36
Net Income	9.62	4.70	11.61	13.11
Net Income Common Stockholders	9.62	4.70	11.61	13.11
Total Expenses	12.91	12.51	16.50	18.42
Interest Expense	0.09	0.21	0.44	0.43
Interest Income	1.97	2.50	2.84	3.27
Selling General And Administration	5.89	5.47	6.92	7.77
Normalized EBITDA	14.92	8.58	18.17	20.19
Normalized Income	9.62	4.70	11.61	13.11
Basic EPS	0.40	0.20	0.48	0.54
Diluted EPS	0.40	0.19	0.48	0.54
Tax Effect Of Unusual Items	0	0	0	0
Tax Rate For Calcs	0.24	0.24	0.26	0.25
Total Unusual Items	0	0	0	0
Total Unusual Items Excluding Goodwill	0	0	0	0
Net Income From Continuing Operation Net Minority Interest	9.62	4.70	11.61	13.11
Reconciled Depreciation	2.12	2.16	2.10	2.30
Reconciled Cost Of Revenue	4.89	4.89	7.48	8.35
Net Interest Income	1.88	2.30	2.40	2.85
Net Income From Continuing And Discontinued Operation	9.62	4.70	11.61	13.11
Rent Expense Supplemental	0	0	0.19	0.18
Total Operating Income As Reported	10.10	2.07	12.24	7.67
Diluted Average Shares	24.16	24.11	24.14	24.17
Basic Average Shares	23.95	24.03	24.08	24.08
Diluted NI Availto Com Stockholders	9.62	4.70	11.61	13.11
Net Income Including Noncontrolling Interests	9.62	4.70	11.61	13.11
Net Income Continuous Operations	9.62	4.70	11.61	13.11
Other Income Expense	0.73	1.85	0.99	6.95
Other Non Operating Income Expenses	0.73	1.85	0.99	6.95
Special Income Charges	0	0	0	0
Impairment Of Capital Assets	0	0	0	0
Net Non Operating Interest Income Expense	1.88	2.30	2.40	2.85
Interest Expense Non Operating	0.09	0.21	0.44	0.43
Interest Income Non Operating	1.97	2.50	2.84	3.27
Depreciation Amortization Depletion Income Statement	0.39	0.50	0.60	0.59
Depreciation And Amortization In Income Statement	0.39	0.50	0.60	0.59
Depreciation Income Statement	0.39	0.50	0.60	0.59
General And Administrative Expense	5.89	5.47	6.92	7.77
Other Gand A	1.21	1.50	2.14	2.75
Insurance And Claims	0.23	0.30	0.33	0.37
Salaries And Wages	4.46	3.67	4.45	4.65
Operating Revenue	23	14.59	28.75	26.09

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	$271M	19.75	1.83	9.2%	19.34
The York Water Company	YORW	$471M	20.94	1.75	8.3%	15.38
Genie Energy Ltd.	GNE	$365M	47.17	1.83	7.0%	7.37
OPAL Fuels Inc.	OPAL	$363M	13.87	-4.66	3.0%	39.72
Cadiz Inc.	CDZI	$350M	-

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%

Metric

2022

2023

2024

2025

Total 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

Operating Income

10.10

2.07

12.24

7.67

EBITDA

14.92

8.58

18.17

20.19

EBIT

12.79

6.43

16.07

17.90

Pretax Income

12.71

6.22

15.63

17.47

Tax Provision

3.09

1.52

4.02

4.36

Net Income

9.62

4.70

11.61

13.11

Net Income Common Stockholders

9.62

4.70

11.61

13.11

Total Expenses

12.91

12.51

16.50

18.42

Interest Expense

0.09

0.21

0.44

0.43

Interest Income

1.97

2.50

2.84

3.27

Selling General And Administration

5.89

5.47

6.92

7.77

Normalized EBITDA

14.92

8.58

18.17

20.19

Normalized Income

9.62

4.70

11.61

13.11

Basic EPS

0.40

0.20

0.48

0.54

Diluted EPS

0.40

0.19

0.48

0.54

Tax Effect Of Unusual Items

Tax Rate For Calcs

0.24

0.26

0.25

Total Unusual Items

Total Unusual Items Excluding Goodwill

Net Income From Continuing Operation Net Minority Interest

9.62

4.70

11.61

13.11

Reconciled Depreciation

2.12

2.16

2.10

2.30

Reconciled Cost Of Revenue

4.89

7.48

8.35

Net Interest Income

1.88

2.30

2.40

2.85

Net Income From Continuing And Discontinued Operation

9.62

4.70

11.61

13.11

Rent Expense Supplemental

0.19

0.18

Total Operating Income As Reported

10.10

2.07

12.24

7.67

Diluted Average Shares

24.16

24.11

24.14

24.17

Basic Average Shares

23.95

24.03

24.08

Diluted NI Availto Com Stockholders

9.62

4.70

11.61

13.11

Net Income Including Noncontrolling Interests

9.62

4.70

11.61

13.11

Net Income Continuous Operations

9.62

4.70

11.61

13.11

Other Income Expense

0.73

1.85

0.99

6.95

Other Non Operating Income Expenses

0.73

1.85

0.99

6.95

Special Income Charges

Impairment Of Capital Assets

Net Non Operating Interest Income Expense

1.88

2.30

2.40

2.85

Interest Expense Non Operating

0.09

0.21

0.44

0.43

Interest Income Non Operating

1.97

2.50

2.84

3.27

Depreciation Amortization Depletion Income Statement

0.39

0.50

0.60

0.59

Depreciation And Amortization In Income Statement

0.39

0.50

0.60

0.59

Depreciation Income Statement

0.39

0.50

0.60

0.59

General And Administrative Expense

5.89

5.47

6.92

7.77

Other Gand A

1.21

1.50

2.14

2.75

Insurance And Claims

0.23

0.30

0.33

0.37

Salaries And Wages

4.46

3.67

4.45

4.65

Operating Revenue

14.59

28.75

26.09

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Pure Cycle Corporationthis co.

PCYO

$271M

19.75

1.83

9.2%

19.34

The York Water Company

YORW

$471M

20.94

1.75

8.3%

15.38

Genie Energy Ltd.

GNE

$365M

47.17

1.83

7.0%

7.37

OPAL Fuels Inc.

OPAL

$363M

13.87

-4.66

3.0%

39.72

Cadiz Inc.

CDZI

$350M

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