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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. In the quarter to May 2026, revenue grew 60.0%, EPS grew 33.3%, free cash flow grew 492.1% and total debt rose 105.9%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.

11.11 0.11 +1.00%
Market cap
$265.1M
P/E
18.2×
Fwd P/E
25.8×
Dividend yield
—
F-score
6/9
Altman Z
7.65
Beneish M
−2.55
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.76
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — — — — — — — — — — —
Insider Ownership 8.11%

Capital & Financial Ratios $m

Market Cap 265.07
Revenue 33.73
Net Income 14.73
Free Cash Flow 4.03
Net Debt 5.68
Current Ratio 1.53 (at or above 1.5: strong)
Debt/Equity 0.09 (at or below 0.5: strong)
P/E ratio 18.21
Fwd P/E 25.80
P/S ratio 7.94
P/B ratio 1.77
Past 5Y EPS Growth 14.04%
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth 34.31% (at or above 10%: strong)
Next 5Y EPS Growth —

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.1×, against a ten-year median of 13.4×; over the ten years it ranged from 7.3× in 2020 to 509× in 2016.
P/E against its own 10 years 16.84%
10-year low 10-year high
P/S against its own 10 years 3.32%
10-year low 10-year high
P/B against its own 10 years 13.44%
10-year low 10-year high
EV/Sales against its own 10 years 10.41%
10-year low 10-year high
EV/FCF against its own 10 years 71.41%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
2016 Powerpack
special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to August

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 3.65 5.00 7.75 9.20 7.18 10.53 7.77 8.47 8.94 9.65

Analyst estimates 2026–2028

Powerpack
High 5.93 8.73 11.74 12.88 13.83 16.63 14.72 13.07 14.63 12.96
People
People Employees 6 11 19 9 31 31 35 38 39 44
Revenue/emp, $m 0.08 0.11 0.37 2.26 0.83 0.55 0.66 0.38 0.74 0.59
Income, $m
Income, $m Revenue 0 1 7 20 26 17 23 15 29 26
Gross margin, % (16.94) 34.57 40.20 31.52 29.18 62.62 71.18 55.12 68.73 61.45
EBT (1) (2) 0 4 9 27 13 6 16 17
EBT margin, % (272.07) (136.73) 1.91 17.33 34.50 155.27 55.23 42.64 54.38 66.97
Net income (1) (2) 0 5 7 20 10 5 12 13
Depreciation 0 1 1 1 2 2 2 2 2 2
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
Earnings (0.06) (0.07) 0.02 0.17 0.28 0.84 0.40 0.20 0.48 0.54
Cash flow (0.01) (0.04) 0.00 0.15 0.87 0.14 0.73 (0.10) 0.10 0.55
Capex (0.02) (0.23) (0.20) (0.01) (0.02) (0.02) (0.04) (0.09) (0.11) (0.06)
Free cash flow (0.03) (0.27) (0.20) 0.13 0.84 0.13 0.69 (0.18) (0.01) 0.48
Book value 2.90 2.84 2.92 3.14 3.44 4.30 4.72 4.92 5.39 5.93
Shares, m 24 24 24 24 24 24 24 24 24 24
Valuation, ×
Valuation, × P/E 0.00 0.00 646.55 52.86 34.72 17.51 26.46 53.74 21.14 19.15
P/S 254.53 140.26 38.41 12.52 9.00 20.86 10.75 18.11 8.59 9.37
P/B 1.67 2.55 3.85 3.41 2.84 3.48 2.19 2.23 1.90 1.71
EV/Sales 203.37 123.25 36.18 12.27 8.17 19.69 9.40 16.80 8.06 8.79
EV/FCF (123.77) (23.57) (53.98) 78.68 10.49 109.72 13.15 (55.44) (766.96) 19.71
Cash, $m
Cash, $m Operating cash flow 0 (1) 0 4 21 3 17 (2) 2 13
Capex 0 (5) (5) 0 (1) 0 (1) (2) (3) (2)
Free cash flow (1) (6) (5) 3 20 3 16 (4) 0 12
Balance, $m
Balance, $m Working capital 28 26 26 15 20 26 27 23 29 20
Total debt — — — — 0 0 4 7 7 7
Net debt (28) (26) (20) (10) (22) (20) (31) (19) (15) (15)
Shareholders’ equity 69 68 69 75 82 103 113 118 130 143
Returns, %
Returns, % ROA (1.82) (2.43) 0.59 6.18 7.78 19.44 7.81 3.58 8.28 8.47
ROIC (3.31) (3.18) (0.39) 2.88 1.56 3.98 7.69 1.31 6.68 3.76
ROE (1.88) (2.51) 0.61 6.67 8.61 21.77 8.92 4.06 9.37 9.62
Negative figures in brackets.

All 10 years →

Fiscal years to Aug 2025 · latest quarter May 2026

Charts ten years each

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
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%) Compare
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%
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 20.6× 20.4× +10.84% +31.67% +26.73% 72.30% 24.16%

All 13 Utilities Regulated Water stocks →

Pure Cycle Corporation (PCYO) key facts

  • Concern: Pure Cycle Corporation’s revenue for fiscal 2025 (year ended August 2025) was $26.1 million, down 9.25% from fiscal 2024.
  • Pure Cycle Corporation (PCYO) is an Utilities Regulated Water company in the Utilities sector, listed on Nasdaq.
  • As of October 9, 2026, PCYO traded at $11.11, a market capitalization of $265.1 million.
  • Return on equity was 9.62% and debt-to-equity 0.09.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 7.65 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Pure Cycle Corporation (PCYO) Latest News

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