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Pure Cycle Corporation

PCYO Utilities Utilities Regulated Water

Pure Cycle Corporation’s revenue for fiscal 2025 (year ended August 2025) was $26.1 million, down 9.25% from fiscal 2024.

Revenue
+60.0%
EPS
+33.3%
Free cash flow
+492.1%
Total debt
+105.9%

Quarter to May 2026, against a year earlier

10.81 0.27 +2.56%
Market cap
$254.0M
P/E
17.2×
Fwd P/E
25.8×
Dividend yield
—
F-score
6/9
Altman Z
7.65
Beneish M
−2.55
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 8.11%

Capital & Financial Ratios $m

Size
Market Cap 253.99
Revenue ttm 33.73
Net income ttm 14.73
Free cash flow ttm 4.03
Net debt Q 5.68
Valuation
P/E 17.25
Forward P/E 25.80
Price / sales 7.52
Forward P/S Powerpack
Price / FCF 62.98
Price / book 1.67
Financial health
Current ratio Q 1.53 (at or above 1.5: strong)
Debt / equity Q 0.09 (at or below 0.5: strong)
Interest coverage Q 13.47
Growth
Revenue growth Q +59.96% (above 0%: growing)
Operating income growth Q +58.47% (above 0%: growing)
EPS, this year —
EPS, next year A —
Revenue, next year A +34.31% (at or above 10%: strong)
EPS, past 5 yrs +14.04%
EPS, next 5 yrs A —

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
EV/Sales is 7.7×, against a ten-year median of 12.9×; over the ten years it ranged from 7.3× in 2020 to 509× in 2016.
P/E against its own 10 years 8.37%
10-year low 10-year high
P/S against its own 10 years 0.51%
10-year low 10-year high
P/B against its own 10 years 7.78%
10-year low 10-year high
EV/Sales against its own 10 years 4.29%
10-year low 10-year high
EV/FCF against its own 10 years 66.48%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 26 22 22 8
Receivables 2 1 1 2
Inventory 2 4 7 4
Other 0 10 — —
30 38 32 16
2023 2024 2025 Q'26
Payables 2 2 4 3
ST’ Debt 0 0 0 1
Other — — — —
7 9 12 10

Compound Annual Growth %

10y 5y 3y
Sales 36.10% 0.18% 4.28%
Cash Flow 0.00% (8.67%) (8.97%)
Earnings 0.00% 14.20% 10.87%
Book Value 7.37% 11.71% 8.10%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY17 Estimate −0.01 Actual −0.01

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY15 0.01 0.00 Miss by 0.01
Q3 FY15 0.00 0.00 Met by 0.00
Q1 FY17 −0.02 −0.01 Beat by 0.01
Q2 FY17 −0.01 −0.01 Met by 0.00

EPS $

Nov Feb May Aug Year
’26 0.19 0.05 0.12 — —
’25 0.16 0.03 0.09 0.25 0.54
’24 0.09 0.00 0.12 0.27 0.48
’23 0.01 0.01 0.14 0.04 0.19
’22 0.06 0.07 0.03 0.23 0.40
’21 0.04 0.72 0.03 0.05 0.83
’20 0.24 0.01 0.00 0.03 0.28
Fiscal quarters ending in the months shown.

Revenue $m

Nov Feb May Aug Year
’26 9 5 8 — —
’25 6 4 5 11 26
’24 5 3 8 13 29
’23 1 3 7 3 15
’22 4 5 3 11 23
’21 5 5 3 5 17
’20 10 4 2 10 26
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Nov Feb May Aug Year
’26 (1) (4) 3 — —
’25 6 (1) 0 9 13
’24 (1) 0 1 3 2
’23 (1) (7) 5 1 (2)
’22 (6) (8) 2 29 17
’21 0 0 0 3 3
’20 15 2 (1) 6 21
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Nov Feb May Aug Year
’26 (2) (6) 2 — —
’25 5 (2) (1) 9 12
’24 (2) (1) 0 3 0
’23 (1) (8) 5 0 (4)
’22 (7) (8) 1 31 16
’21 0 0 0 3 3
’20 15 1 (1) 5 20
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 August

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM May ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 0 1 7 20 26 17 23 15 29 26 34 +56.9% — — — —
Gross margin, % (16.94) 34.57 40.20 31.52 29.18 62.62 71.18 55.12 68.73 61.45 61.97 +78.4 pt
EBT (1) (2) 0 4 9 27 13 6 16 17 20 n/m
EBT margin, % (272.07) (136.73) 1.91 17.33 34.50 155.27 55.23 42.64 54.38 66.97 58.23 +339.0 pt
Net income (1) (2) 0 5 7 20 10 5 12 13 15 n/m
Per share, $
Per share, $ Revenue 0.02 0.05 0.29 0.86 1.08 0.72 0.96 0.61 1.19 1.08 1.40 +56.7%
Earnings (0.06) (0.07) 0.02 0.17 0.28 0.84 0.40 0.20 0.48 0.54 0.61 n/m
Cash flow (0.01) (0.04) 0.00 0.15 0.87 0.14 0.73 (0.10) 0.10 0.55 0.31 n/m
Capex (0.02) (0.23) (0.20) (0.01) (0.02) (0.02) (0.04) (0.09) (0.11) (0.06) (0.15) +13.8%
Free cash flow (0.03) (0.27) (0.20) 0.13 0.84 0.13 0.69 (0.18) (0.01) 0.48 0.17 n/m
Book value 2.90 2.84 2.92 3.14 3.44 4.30 4.72 4.92 5.39 5.93 6.29 +8.3%
Shares, m 24 24 24 24 24 24 24 24 24 24 24 +0.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 646.55 52.86 34.72 17.51 26.46 53.74 21.14 19.15 17.25 87.2
P/S 254.53 140.26 38.41 12.52 9.00 20.86 10.75 18.11 8.59 9.37 7.52 52.2
P/B 1.67 2.55 3.85 3.41 2.84 3.48 2.19 2.23 1.90 1.71 1.67 2.6
EV/Sales 203.37 123.25 36.18 12.27 8.17 19.69 9.40 16.80 8.06 8.79 7.69 44.6
EV/FCF (123.77) (23.57) (53.98) 78.68 10.49 109.72 13.15 (55.44) (766.96) 19.71 64.40 (79.2)
Cash, $m
Cash, $m Operating cash flow 0 (1) 0 4 21 3 17 (2) 2 13 8 n/m
Capex 0 (5) (5) 0 (1) 0 (1) (2) (3) (2) (4) +14.0%
Free cash flow (1) (6) (5) 3 20 3 16 (4) 0 12 4 n/m
Balance, $m
Balance, $m Working capital 28 26 26 15 20 26 27 23 29 20 5 (3.8%)
Net debt (28) (26) (20) (10) (22) (20) (31) (19) (15) (15) 6 (6.6%)
Shareholders’ equity 69 68 69 75 82 103 113 118 130 143 152 +8.4%
Returns, %
Returns, % ROA (1.82) (2.43) 0.59 6.18 7.78 19.44 7.81 3.58 8.28 8.47 8.99 +10.3 pt
ROIC (3.31) (3.18) (0.39) 2.88 1.56 3.98 7.69 1.31 6.68 3.76 5.05 +7.1 pt
ROE (1.88) (2.51) 0.61 6.67 8.61 21.77 8.92 4.06 9.37 9.62 10.22 +11.5 pt
People
People Employees 6 11 19 9 31 31 35 38 39 44 — +24.8%
Revenue/emp, $m 0.08 0.11 0.37 2.26 0.83 0.55 0.66 0.38 0.74 0.59 — +25.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Aug 2025 · latest quarter May 2026

Pure Cycle Corporation 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
AWR American States Water Company $3.4B 23.8× 23.3× +11.18% (above 0%: growing) +26.44% (above 0%: growing) −126.32% (below 0%: shrinking) 79.44% 35.29% Compare
CWT California Water Service Group $3.1B 21.8× 19.2× +6.73% (above 0%: growing) +1.76% (above 0%: growing) −97.13% (below 0%: shrinking) 69.26% 24.89% Compare
HTO H2O America $2.9B 23.2× 20.3× +4.02% (above 0%: growing) −19.23% (below 0%: shrinking) +34.01% (above 0%: growing) 58.72% 24.17% Compare
MSEX Middlesex Water Company $1.1B 20.8× 21.2× +11.30% (above 0%: growing) +23.14% (above 0%: growing) +15.96% (above 0%: growing) 100.00% 36.99% Compare
YORW The York Water Company $514.3M 19.7× 18.8× +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. $439.4M 26.7× 29.6× −2.15% (below 0%: shrinking) −21.88% (below 0%: shrinking) +39.37% (above 0%: growing) 33.35% 11.39% Compare
ARTNA Artesian Resources Corporation $350.4M 14.7× 16.7× +7.41% (above 0%: growing) +4.92% (above 0%: growing) +68.43% (above 0%: growing) 100.00% 28.09% Compare
PCYO Pure Cycle Corporation $254.0M 17.2× 25.8× +59.96% (above 0%: growing) +33.33% (above 0%: growing) +492.06% (above 0%: growing) 52.12% 25.71%
GWRS Global Water Resources, Inc. $231.5M 101× 61.9× +5.04% (above 0%: growing) −50.00% (below 0%: shrinking) +100.41% (above 0%: growing) 72.47% 14.68% Compare
Median of peers $807.1M 22.5× 20.8× +7.07% +3.34% +36.69% 75.96% 26.49%

All 12 Utilities Regulated Water stocks →

Pay and ownership Proxy statement filed 4 December 2025

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 965.02k 1.17m (3.00)
2024 1.20m 1.14m (3.00)
2023 1.05m 1.05m 6.00

Ownership

Directors and executive officers, together 6.10%
Maran Capital Management, LLC 14.70%
Magnolia Capital Fund, LP 8.70%
BlackRock, Inc. 5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Pure Cycle Corporation (PCYO) Latest News

7 Aug

Impact 4 ·

16 Jul

Impact 3 · · MarketBeat

10 Jul

Impact 4 ·

9 Jul

Impact 3 · · MarketBeat
Impact 3 · · Moby transcript

9 Apr

Impact 4 · · GuruFocus.com
Impact 4 · · Moby
Impact 3 · · MarketBeat

8 Apr

Impact 3 · · GlobeNewswire

11 Feb

Impact 3 · · Simply Wall St.

10 Feb

Impact 4 · · Simply Wall St.

3 Feb

Impact 4 · · Simply Wall St.

2 Feb

Impact 4 · · Simply Wall St.

29 Jan

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

28 Jan

Impact 4 · · Simply Wall St.

27 Jan

Impact 4 · · Simply Wall St.

26 Jan

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

22 Jan

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

21 Jan

Impact 3 · · Simply Wall St.

20 Jan

Impact 4 · · Simply Wall St.

19 Jan

Impact 4 · · Simply Wall St.

15 Jan

Impact 4 · · Simply Wall St.
Impact 3 · · GlobeNewswire

9 Jan

Impact 4 · · Simply Wall St.

8 Jan

Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat transcript

7 Jan

Impact 3 · · Associated Press Finance
stockrow.com/PCYO · Data as of May 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com