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H2O America (HTO) vs Pure Cycle Corporation (PCYO)

H2O America and Pure Cycle Corporation are both Utilities Regulated Water companies. H2O America is the larger, with a market value of $2.4B against $265.1M — 9.2× the size. Pure Cycle Corporation trades at the lower P/E: 18.2× against 20.5×. Pure Cycle Corporation grew revenue faster over the last twelve months: 22.9% against 5.04%. Pure Cycle Corporation has the higher net margin (43.7% vs 12.9%) and the higher return on invested capital (5.05% vs 3.06%). Across the 21 metrics below, Pure Cycle Corporation leads on 15 and H2O America on 6.

Valuation

Metric HTO PCYO Utilities Regulated Water median
P/E 20.47 18.21 20.54
P/S 2.96 7.94 4.31
P/B 1.33 1.77 1.92
Price to free cash flow n/m 66.52 —
EV/EBITDA 13.84 18.15 14.63
EV/Sales 5.11 8.11 6.23
Earnings yield 4.89% 5.49% 4.85%
Free cash flow yield (11.12%) 1.50% (4.61%)

Profitability

Metric HTO PCYO Utilities Regulated Water median
Gross margin 60.99% 61.97% 71.91%
Operating margin 21.48% 37.67% 29.22%
Net margin 12.91% 43.66% 20.19%
Free cash flow margin (32.90%) 11.94% (19.49%)
Return on equity 6.46% 10.22% 9.00%
Return on assets 2.08% 8.99% 3.21%
Return on invested capital 3.06% 5.05% 4.08%

Growth

Metric HTO PCYO Utilities Regulated Water median
Revenue growth (TTM) 5.04% 22.88% 6.92%
EPS growth (last fiscal year) 1.74% 12.50% 1.38%
Revenue growth, 5-year CAGR 7.24% 0.18% 7.24%
Net income growth, 5-year CAGR 10.77% 14.20% 9.40%

Health

Metric HTO PCYO Utilities Regulated Water median
Debt to equity 1.03 0.09 0.93
Current ratio 1.67 1.53 1.01
Net debt to EBITDA 6.57 (1.52) 4.42

Dividend

Metric HTO PCYO Utilities Regulated Water median
Dividend yield 2.97% — 2.84%
Payout ratio 0.61 — 0.57

Size

Metric HTO PCYO Utilities Regulated Water median
Market cap 2.43b 265.07m 1.00b

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