Cadiz, Inc.
CDZI Utilities Utilities Regulated Water
Cadiz, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.3 million, up 69.8% from fiscal 2024. In the quarter to June 2026, revenue fell 76.3%, EPS fell 36.4%, free cash flow fell 66.5% and total debt rose 36.3%, each against the same quarter a year earlier. Revenue growth for ten consecutive years; insiders bought in the last twelve months.
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Cadiz, Inc. (CDZI) Altman Z-score
Cadiz, Inc.'s Altman Z-score for fiscal 2025 is −5.02, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −5.02 | 0.28 |
| FY2024 | −5.30 | 2.01 |
| FY2023 | −7.31 | (0.25) |
| FY2022 | −7.05 | (0.83) |
| FY2021 | −6.22 | 2.17 |
| FY2020 | −8.40 | (0.02) |
| FY2019 | −8.38 | 0.53 |
| FY2018 | −8.91 | (0.41) |
| FY2017 | −8.51 | (0.86) |
| FY2016 | −7.64 | 2.46 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.02 | |
| Retained earnings / total assets | (4.91) | — | −6.88 | |
| EBIT / total assets | (0.18) | — | −0.60 | |
| Market value of equity / total liabilities | 3.87 | — | 2.32 | |
| Sales / total assets | 0.12 | — | 0.12 | |
| Altman Z-score | Distress zone | −5.02 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −16.89 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CWCO Consolidated Water Co. Ltd. compare | 13.0× |
| PCYO Pure Cycle Corporation compare | 7.6× |
| MSEX Middlesex Water Company compare | 1.1× |
| YORW The York Water Company compare | 1.1× |
| CWT California Water Service Group compare | 0.8× |
| ARTNA Artesian Resources Corporation compare | 0.7× |
| HTO H2O America compare | 0.7× |
| GWRS Global Water Resources, Inc. compare | 0.5× |
| CDZI Cadiz, Inc. | −5.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets