Monday 2 November 2026 Export CDZI’s income statement to Excel — free account

Cadiz, Inc.

CDZI Industrials Pollution & Treatment Controls

Cadiz, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.3 million, up 69.8% from fiscal 2024.

Revenue: −76.3%
EPS: −36.4%
Free cash flow: −66.5%
Total debt: +36.3%

Quarter to June 2026, against a year earlier

4.11 0.44 −9.67%

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Market cap: $385.3M
P/E: 0.0×
Fwd P/E: −8.2×
Dividend yield: —
F-score: 4/9
Altman Z: −5.02
Beneish M: −2.59
Dividend safety: 0/100

Overview

Insider Decisions last twelve months

Bought, $m 0.51

Sold, $m 0.01

Trades a month
	Jan 26			Apr 26			Jul 26			Oct 26
Buy	—	—	—	—	—	1	—	—	—	—	—	—
Sell	—	—	—	—	—	1	—	—	—	—	—	—

Insider Ownership 33.71%

Capital & Financial Ratios $m

Size

Market Cap 385.28

Revenue ttm 11.84

Net income ttm (36.84)

Free cash flow ttm (31.23)

Net debt Q 111.11

Valuation

P/E 0.00

Forward P/E (8.20)

Price / sales 29.20

Forward P/S Powerpack

Price / FCF 0.00

Price / book 74.17

Financial health

Current ratio Q 1.16

Debt / equity Q 24.96

Interest coverage Q (3.05)

Growth

Revenue growth Q −76.27%

Operating income growth Q −52.93%

EPS, this year −15.63%

EPS, next year A +4.50%

Revenue, next year A −48.97%

EPS, past 5 yrs —

EPS, next 5 yrs A +31.55%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 13.91%

10-year low 10-year high

P/B against its own 10 years 98.98%

10-year low 10-year high

EV/Sales against its own 10 years 15.01%

10-year low 10-year high

Dividends

Yield: —
Annual rate: —
Payout ratio: —

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	5	17	9	5
Receivables	1	5	6	3
Inventory	2	3	1	2
Other	—	—	—	—
	8	26	16	11

	2023	2024	2025	Q'26
Payables	1	2	4	2
ST’ Debt	0	0	0	0
Other	1	1	5	2
	6	14	13	10

Compound Annual Growth %

	10y	5y	3y
Sales	48.92%	97.64%	121.51%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.00%	0.00%	(12.08%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.10 Actual −0.15

−0.16 −0.14 −0.12 −0.10 −0.08

Q2 FY25 Miss −0.02

Q3 FY25 Miss −0.01

Q1 FY26 Miss −0.02

Q2 FY26 Miss −0.05

Q3 FY26 — Nov 12

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q2 FY25	−0.09	−0.11	Miss by 0.02
Q3 FY25	−0.09	−0.10	Miss by 0.01
Q1 FY26	−0.10	−0.12	Miss by 0.02
Q2 FY26	−0.10	−0.15	Miss by 0.05
Q3 FY26	−0.14	—	Reports 12 November 2026

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.12)	(0.15)	—	—	—
’25	(0.14)	(0.11)	(0.10)	(0.13)	(0.48)
’24	(0.12)	(0.15)	(0.12)	(0.14)	(0.53)
’23	(0.19)	(0.13)	(0.12)	(0.12)	(0.56)
’22	(0.16)	(0.13)	(0.15)	(0.15)	(0.60)
’21	(0.16)	(0.30)	(0.22)	(0.16)	(0.84)
’20	(0.66)	(0.14)	(0.13)	(0.22)	(1.11)

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2	1	—	—	—
’25	3	4	4	5	16
’24	1	1	3	5	10
’23	0	1	0	1	2
’22	0	0	1	1	2
’21	0	0	0	0	1
’20	0	0	0	0	1

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(6)	(7)	—	—	—
’25	(4)	(1)	(7)	(7)	(19)
’24	(3)	(7)	(5)	(6)	(22)
’23	(4)	(6)	(6)	(6)	(21)
’22	(3)	(4)	(6)	(5)	(19)
’21	(3)	(3)	(4)	(6)	(15)
’20	(4)	(3)	(3)	(3)	(13)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(6)	(10)	—	—	—
’25	(5)	(6)	(12)	(3)	(27)
’24	(3)	(7)	(5)	(7)	(22)
’23	(6)	(7)	(6)	(7)	(27)
’22	(4)	(6)	(7)	(6)	(22)
’21	(3)	(23)	(5)	(7)	(38)
’20	(8)	(4)	(4)	(4)	(19)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Jun ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	0	0	0	0	1	1	2	2	10	16	12		+50.5%	8	27	89	+76.2%
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	(37.71)	(45.00)	24.04	31.57	27.14		(68.4) pt	Powerpack Cadiz, Inc.’s next three years, line by line Analysts expect revenue to grow 76.2% a year to 2028 — faster than the 50.5% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	(26)	(34)	(26)	(29)	(36)	(30)	(25)	(31)	(31)	(34)	(37)		+2.9%
	EBT margin, %	(6,391.99)	(7,748.28)	(5,969.77)	(6,583.22)	(6,587.99)	(5,371.81)	(1,653.90)	(1,578.85)	(323.99)	(209.28)	(310.92)		+6,182.7 pt
	Net income	(26)	(34)	(26)	(30)	(38)	(31)	(25)	(31)	(31)	(34)	(37)		+2.9%
Per share, $
Per share, $	Revenue	0.02	0.02	0.02	0.02	0.02	0.01	0.03	0.03	0.14	0.20	0.14		+27.9%
	Earnings	(1.41)	(1.50)	(1.09)	(1.11)	(1.11)	(0.84)	(0.60)	(0.56)	(0.53)	(0.48)	(0.50)		(11.3%)
	Cash flow	(0.51)	(0.46)	(0.51)	(0.52)	(0.39)	(0.38)	(0.37)	(0.32)	(0.31)	(0.23)	(0.31)		(8.3%)
	Capex	0.00	(0.04)	(0.07)	(0.06)	(0.17)	(0.56)	(0.07)	(0.09)	(0.01)	(0.09)	(0.06)		n/m
	Free cash flow	(0.51)	(0.51)	(0.58)	(0.58)	(0.56)	(0.94)	(0.44)	(0.41)	(0.33)	(0.33)	(0.37)		(4.8%)
	Book value	(2.90)	(3.49)	(3.59)	(3.09)	(0.74)	1.00	0.69	0.61	0.49	0.29	0.06		n/m
	Shares, m	19	23	24	27	34	41	50	66	69	81	83		+17.7%
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00		0.0
	P/S	556.57	732.26	561.77	663.42	673.02	277.60	85.39	95.63	37.26	27.88	29.20		371.1
	P/B	0.00	0.00	0.00	0.00	0.00	3.86	3.75	4.76	10.54	19.56	74.17		4.2
	EV/Sales	805.74	1,019.27	875.77	975.49	836.68	371.90	124.40	123.89	44.01	33.53	38.58		521.1
	EV/FCF	(31.86)	(38.83)	(27.68)	(28.10)	(23.63)	(5.49)	(8.50)	(9.23)	(18.82)	(20.63)	(14.63)		(21.3)
Cash, $m
Cash, $m	Operating cash flow	(10)	(10)	(12)	(14)	(13)	(15)	(19)	(21)	(22)	(19)	(26)		+7.9%
	Capex	—	(1)	(2)	(2)	(6)	(23)	(3)	(6)	(1)	(8)	(5)		+28.7%
	Free cash flow	(10)	(11)	(14)	(15)	(19)	(38)	(22)	(27)	(22)	(27)	(31)		+12.1%
Balance, $m
Balance, $m	Working capital	11	7	9	11	5	11	7	2	11	3	2		(13.9%)
	Net debt	103	125	138	138	89	53	59	56	65	92	111		(1.2%)
	Shareholders’ equity	(54)	(79)	(86)	(82)	(25)	41	34	40	34	23	5		n/m
Returns, %
Returns, %	ROA	(43.22)	(50.69)	(38.69)	(40.44)	(50.06)	(36.38)	(26.78)	(33.51)	(29.97)	(28.49)	(30.92)		+14.7 pt
	ROIC	(11.91)	(16.91)	(13.51)	(13.50)	(11.62)	(11.67)	(11.16)	(13.60)	(14.71)	(13.87)	(15.09)		(2.0) pt
	ROE	47.54	50.92	31.86	35.08	70.41	(444.09)	(79.91)	(98.54)	(98.06)	(137.15)	(208.42)		(184.7) pt
People
People	Employees	9	10	9	9	10	10	9	18	25	31	—		+14.7%
	Revenue/emp, $m	0.05	0.04	0.05	0.05	0.05	0.06	0.17	0.11	0.38	0.53	—		+31.2%

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CECO CECO Environmental Corp.	$3.0B	— (loss-making)	151×	+53.71% (above 0%: growing)	n/m	−177.98% (below 0%: shrinking)	30.34%	(11.64%)	Compare
PCT PureCycle Technologies, Inc.	$675.0M	— (loss-making)	— (loss-making)	+173.45% (above 0%: growing)	n/m	−80.41% (below 0%: shrinking)	(671.72%)	(916.09%)	Compare
CDZI Cadiz, Inc.	$385.3M	— (loss-making)	— (loss-making)	−76.27% (below 0%: shrinking)	n/m	−66.49% (below 0%: shrinking)	(2.45%)	(902.45%)
ADUR Aduro Clean Technologies Inc.	$363.5M	— (loss-making)	—	−97.97% (below 0%: shrinking)	n/m	+31.19% (above 0%: growing)	100.00%	(309,633.33%)	Compare
ERII Energy Recovery, Inc.	$355.3M	24.0×	— (loss-making)	−57.24% (below 0%: shrinking)	n/m	+284.72% (above 0%: growing)	74.67%	(49.05%)	Compare
ARQ Arq, Inc.	$77.3M	— (loss-making)	— (loss-making)	+4.54% (above 0%: growing)	n/m	+46.21% (above 0%: growing)	38.52%	(0.23%)	Compare
FTEK Fuel Tech, Inc.	$45.3M	— (loss-making)	— (loss-making)	+16.68% (above 0%: growing)	n/m	−1,603.51% (below 0%: shrinking)	41.25%	(24.13%)	Compare
SCWO 374Water Inc.	$43.4M	— (loss-making)	—	+280.17% (above 0%: growing)	n/m	+85.28% (above 0%: growing)	87.67%	(71.70%)	Compare
BCHT Birchtech Corp.	$29.7M	— (loss-making)	— (loss-making)	+16.50% (above 0%: growing)	n/m	−68.00% (below 0%: shrinking)	27.24%	(42.81%)	Compare
Median of peers	$216.3M	—	—	+16.59%	—	−18.41%	39.89%	(45.93%)

All 16 Pollution & Treatment Controls stocks →

Cadiz, Inc. (CDZI) Latest News

29 Oct

Impact 4 · 8:17 AM · PR Newswire

Cadiz Raises $21 Million in Registered Direct Offering

14 Aug

Impact 3 · 9:30 AM

Cadiz Issues Q2 2026 Letter to Shareholders

7 Aug

Impact 4 · 9:57 AM

From Oman to Utah: When It RAINs, It Pours for Investors

5 Aug

Impact 3 · 10:00 AM

Cadiz (CDZI) May Report Negative Earnings: Know the Trend Ahead of Q2 Release

28 Jul

Impact 4 · 5:05 PM

Cadiz Executes Guaranteed Maximum Price Construction Contracts for Northern Pipeline Project

22 Jul

Impact 4 · 2:17 PM

Cadiz and RIC Energy Sign MOU to Advance Solar / Hydrogen Development at Cadiz Ranch

10 Jul

Impact 4 · 8:34 AM

BLM Approves Right-of-Way for Cadiz Northern Pipeline

Impact 3 · 12:02 PM · Stocktwits

Why Is CDZI Stock Rising Today?

2 Jul

Impact 3 · 9:00 AM

Central Arizona Irrigation and Drainage District Secures Up to 10,000 Acre-Feet Per Year of New Water Supply from Mojave Groundwater Bank

6 Apr

Impact 4 · 9:53 AM · Simply Wall St.

Cadiz Inc.'s (NASDAQ:CDZI) Path To Profitability

17 Feb

Impact 4 · 9:45 AM · PR Newswire

Cadiz Mojave Groundwater Bank Northern Pipeline Project Selected to Submit Application for $194 Million WIFIA Loan

4 Feb

Impact 3 · 9:40 AM · PR Newswire

Dave O'Hara Joins Cadiz Board of Directors

9 Jan

Impact 4 · 8:45 AM · Simply Wall St.

Cadiz's (NASDAQ:CDZI) investors will be pleased with their notable 67% return over the last three years

13 Nov

Impact 4 · 11:15 AM · PR Newswire

Cadiz Inc. Q3 2025 Investor Update

Impact 3 · 10:15 AM · Zacks

Cadiz (CDZI) Reports Q3 Loss, Beats Revenue Estimates

28 Oct

Impact 4 · 9:21 AM · Simply Wall St.

Cadiz Inc. (NASDAQ:CDZI) Is About To Turn The Corner

Impact 4 · 8:30 AM · PR NewswireMT NewswiresMT NewswiresBenzingaMT NewswiresMT NewswiresMT NewswiresMT Newswires

Cadiz Executes Definitive Agreement with Lytton Rancheria of California for $51 Million Investment in Mojave Groundwater Bank in First Tranche of Project Financing

25 Sep

Impact 4 · 3:29 PM · Simply Wall St.

Cadiz Inc.'s (NASDAQ:CDZI) high institutional ownership speaks for itself as stock continues to impress, up 15% over last week

5 Sep

Impact 3 · 1:30 PM · PR Newswire

San Bernardino Valley, Fontana Water Company and Cadiz Sign Agreement for Perchlorate Treatment in Cactus Basins

4 Sep

Impact 3 · 12:00 PM · PR Newswire

Empowered Hosted by Meg Ryan to Feature Cadiz Inc. Leaders in National Public Television Segment Airing in September

24 Aug

Impact 4 · 12:53 AM

Wall Street Reacts Positively to Cadiz (CDZI) on Project Updates

13 Aug

Impact 3 · 6:35 PM · Zacks

Cadiz (CDZI) Reports Q2 Loss, Lags Revenue Estimates

Impact 3 · 5:30 PM · Associated Press Finance

Cadiz: Q2 Earnings Snapshot

17 Jul

Impact 4 · 5:13 AM · Zacks

New Strong Sell Stocks for July 17th

24 Jun

Impact 3 · 9:15 AM

Cadiz to Participate in the 15th Annual ROTH London Conference

21 Jun

Impact 4 · 9:11 AM

Cadiz signs second MOU for Hydrogen-Solar Development at Cadiz Ranch

20 Jun

Impact 4 · 8:52 AM

Cadiz Signs Second MOU for Hydrogen - Solar Development at Cadiz Ranch

18 Jun

Impact 4 · 4:10 AM · ACCESS Newswire

Cadiz Moves Forward with Nation's Largest Tribal-Led Water Project to Tackle Drought and Inequity in the American Southwest

16 May

Impact 4 · 7:00 AM

Cadiz Inc. (NASDAQ:CDZI): Is Breakeven Near?

14 May

Impact 4 · 7:55 PM · Zacks

Cadiz (CDZI) Reports Q1 Loss, Misses Revenue Estimates

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

Cadiz, Inc. vs peers in Pollution & Treatment Controls (Q) = latest quarter vs a year earlier

Cadiz, Inc. (CDZI) Latest News

29 Oct

14 Aug

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28 Jul

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17 Feb

4 Feb

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28 Oct

25 Sep

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