Cadiz, Inc. (CDZI) vs Global Water Resources, Inc. (GWRS)

Cadiz, Inc. and Global Water Resources, Inc. are both Utilities Regulated Water companies. Cadiz, Inc. is the larger, with a market value of $315.0M against $228.6M — 1.4× the size. Cadiz, Inc. has negative trailing earnings, so its P/E is not meaningful; Global Water Resources, Inc. trades at 73.6×. Global Water Resources, Inc. grew revenue faster over the last twelve months: 10.8% against −21.3%. Global Water Resources, Inc. has the higher net margin (5.22% vs −353.9%) and the higher return on invested capital (2.28% vs −15.1%). Across the 19 metrics below, Global Water Resources, Inc. leads on 14 and Cadiz, Inc. on 5.

Valuation

Metric CDZI GWRS Utilities Regulated Water median
P/E n/m 73.64 20.64
P/S 25.93 3.88 4.37
P/B 65.87 2.75 1.91
Price to free cash flow n/m n/m —
EV/EBITDA n/m 14.61 14.48
EV/Sales 35.31 6.20 6.20
Earnings yield (13.70%) 1.36% 4.83%
Free cash flow yield (10.17%) (10.44%) (4.54%)

Profitability

Metric CDZI GWRS Utilities Regulated Water median
Gross margin 27.14% 71.91% 71.91%
Operating margin (236.05%) 13.60% 29.22%
Net margin (353.94%) 5.22% 20.19%
Free cash flow margin (263.64%) (40.50%) (19.49%)
Return on equity (208.42%) 3.88% 9.00%
Return on assets (30.92%) 0.67% 3.21%
Return on invested capital (15.09%) 2.28% 4.08%

Growth

Metric CDZI GWRS Utilities Regulated Water median
Revenue growth (TTM) (21.32%) 10.77% 6.92%
EPS growth (last fiscal year) 9.43% (54.17%) —
Revenue growth, 5-year CAGR 97.64% 7.62% 7.24%
Net income growth, 5-year CAGR 0.00% 21.76% 9.40%

Health

Metric CDZI GWRS Utilities Regulated Water median
Debt to equity 24.96 1.66 0.93
Current ratio 1.16 0.68 1.01
Net debt to EBITDA (4.12) 5.92 4.42

Dividend

Metric CDZI GWRS Utilities Regulated Water median
Dividend yield — 2.31% 2.27%
Payout ratio 0.00 1.06 0.55

Size

Metric CDZI GWRS Utilities Regulated Water median
Market cap 315.00m 228.64m 997.03m

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