Saturday 10 October 2026 Export all CDZI data to Excel Powerpack

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.

3.42 0.10 −2.84%

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Market cap: $298.1M
P/E: 0.0×
Fwd P/E: −9.6×
Dividend yield: —
F-score: 4/9
Altman Z: −5.02
Beneish M: −2.59
Dividend safety: 0/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.51

Total sells 0.01

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	1	—	—	—	—	—
Sell	—	—	—	—	—	—	1	—	—	—	—	—

Insider Ownership 33.71%

Capital & Financial Ratios $m

Market Cap 298.06

Revenue 11.84

Net Income (36.84)

Free Cash Flow (31.23)

Net Debt 111.11

Current Ratio 1.16

Debt/Equity 24.96

P/E ratio 0.00

Fwd P/E (9.63)

P/S ratio 24.30

P/B ratio 61.72

Past 5Y EPS Growth —

This Y EPS Growth (15.63%)

Next Y EPS Growth 4.50%

Next Y revenue growth (48.97%)

Next 5Y EPS Growth 31.55%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 6.87%

10-year low 10-year high

P/B against its own 10 years 95.96%

10-year low 10-year high

EV/Sales against its own 10 years 10.93%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack
2017	Powerpack

special payouts not included in total or ratios

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%)

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	4.03	9.65	8.53	8.88	8.42	3.51	1.48	2.43	2.12	2.13	Analyst estimates 2026–2028 Powerpack
	High	12.70	16.25	14.75	13.15	12.93	14.69	5.23	5.80	5.24	6.49
People
People	Employees	9	10	9	9	10	10	9	18	25	31
	Revenue/emp, $m	0.05	0.04	0.05	0.05	0.05	0.06	0.17	0.11	0.38	0.53
Income, $m
Income, $m	Revenue	0	0	0	0	1	1	2	2	10	16
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	(37.71)	(45.00)	24.04	31.57
	EBT	(26)	(34)	(26)	(29)	(36)	(30)	(25)	(31)	(31)	(34)
	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)
	Net income	(26)	(34)	(26)	(30)	(38)	(31)	(25)	(31)	(31)	(34)
	Depreciation	4	4	4	4	1	4	3	2	3	3
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
	Earnings	(1.41)	(1.50)	(1.09)	(1.11)	(1.11)	(0.84)	(0.60)	(0.56)	(0.53)	(0.48)
	Cash flow	(0.51)	(0.46)	(0.51)	(0.52)	(0.39)	(0.38)	(0.37)	(0.32)	(0.31)	(0.23)
	Capex	0.00	(0.04)	(0.07)	(0.06)	(0.17)	(0.56)	(0.07)	(0.09)	(0.01)	(0.09)
	Free cash flow	(0.51)	(0.51)	(0.58)	(0.58)	(0.56)	(0.94)	(0.44)	(0.41)	(0.33)	(0.33)
	Book value	(2.90)	(3.49)	(3.59)	(3.09)	(0.74)	1.00	0.69	0.61	0.49	0.29
	Shares, m	19	23	24	27	34	41	50	66	69	81
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	556.57	732.26	561.77	663.42	673.02	277.60	85.39	95.63	37.26	27.88
	P/B	0.00	0.00	0.00	0.00	0.00	3.86	3.75	4.76	10.54	19.56
	EV/Sales	805.74	1,019.27	875.77	975.49	836.68	371.90	124.40	123.89	44.01	33.53
	EV/FCF	(31.86)	(38.83)	(27.68)	(28.10)	(23.63)	(5.49)	(8.50)	(9.23)	(18.82)	(20.63)
Cash, $m
Cash, $m	Operating cash flow	(10)	(10)	(12)	(14)	(13)	(15)	(19)	(21)	(22)	(19)
	Capex	—	(1)	(2)	(2)	(6)	(23)	(3)	(6)	(1)	(8)
	Free cash flow	(10)	(11)	(14)	(15)	(19)	(38)	(22)	(27)	(22)	(27)
Balance, $m
Balance, $m	Working capital	11	7	9	11	5	11	7	2	11	3
	Total debt	115	138	151	153	96	65	70	61	82	101
	Net debt	103	125	138	138	89	53	59	56	65	92
	Shareholders’ equity	(54)	(79)	(86)	(82)	(25)	41	34	40	34	23
Returns, %
Returns, %	ROA	(43.22)	(50.69)	(38.69)	(40.44)	(50.06)	(36.38)	(26.78)	(33.51)	(29.97)	(28.49)
	ROIC	(11.91)	(16.91)	(13.51)	(13.50)	(11.62)	(11.67)	(11.16)	(13.60)	(14.71)	(13.87)
	ROE	47.54	50.92	31.86	35.08	70.41	(444.09)	(79.91)	(98.54)	(98.06)	(137.15)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CWT California Water Service Group	$2.8B	20.6×	18.7×	+16.47% (above 0%: growing)	+32.39% (above 0%: growing)	−18.32% (below 0%: shrinking)	70.24%	22.97%	Compare
HTO H2O America	$2.4B	20.5×	20.4×	+6.16% (above 0%: growing)	−9.86% (below 0%: shrinking)	+14.08% (above 0%: growing)	59.39%	20.31%	Compare
MSEX Middlesex Water Company	$1.0B	20.6×	21.2×	+14.26% (above 0%: growing)	+31.67% (above 0%: growing)	−22.41% (below 0%: shrinking)	100.00%	32.35%	Compare
YORW The York Water Company	$502.6M	19.3×	18.9×	+22.48% (above 0%: growing)	+40.00% (above 0%: growing)	+111.16% (above 0%: growing)	100.00%	41.71%	Compare
CWCO Consolidated Water Co. Ltd.	$485.6M	29.7×	31.8×	−2.15% (below 0%: shrinking)	−21.88% (below 0%: shrinking)	+39.37% (above 0%: growing)	33.35%	11.39%	Compare
ARTNA Artesian Resources Corporation	$346.8M	14.6×	16.7×	+7.41% (above 0%: growing)	+4.92% (above 0%: growing)	+68.43% (above 0%: growing)	100.00%	28.09%	Compare
CDZI Cadiz, Inc.	$298.1M	— (loss-making)	— (loss-making)	−76.27% (below 0%: shrinking)	n/m	−66.49% (below 0%: shrinking)	(2.45%)	(902.45%)
PCYO Pure Cycle Corporation	$265.1M	18.2×	25.8×	+59.96% (above 0%: growing)	+33.33% (above 0%: growing)	+492.06% (above 0%: growing)	52.12%	25.71%	Compare
GWRS Global Water Resources, Inc.	$235.0M	74.1×	121×	+24.76% (above 0%: growing)	+66.67% (above 0%: growing)	+89.60% (above 0%: growing)	74.36%	25.36%	Compare
Median of peers	$494.1M	20.5×	20.8×	+15.37%	+32.03%	+53.90%	72.30%	25.53%

All 13 Utilities Regulated Water stocks →

Cadiz, Inc. (CDZI) key facts

Strength: Cadiz, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.3 million, up 69.8% from fiscal 2024.
Cadiz, Inc. (CDZI) is an Utilities Regulated Water company in the Utilities sector, listed on Nasdaq.
As of October 9, 2026, CDZI traded at $3.42, a market capitalization of $298.1 million.
Return on equity was −137.2% and debt-to-equity 24.96.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −5.02 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.