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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%
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 (above 2: weak)
P/E ratio 0.00
Fwd P/E (9.63) (negative: loss-making)
P/S ratio 24.30 (above 10: high)
P/B ratio 61.72 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth (15.63%) (below 0%: weak)
Next Y EPS Growth 4.50%
Next Y revenue growth (48.97%) (below 0%: weak)
Next 5Y EPS Growth 31.55% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 33.7×, against a ten-year median of 597×; over the ten years it ranged from 21.1× in 2025 to 1,111× in 2021.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

Cadiz, Inc. vs peers in Utilities Regulated Water (Q) = latest quarter vs a year earlier

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.

Cadiz, Inc. (CDZI) Latest News

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stockrow.com/CDZI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com