Pure Cycle Corporation (PCYO) vs The York Water Company (YORW)

Pure Cycle Corporation and The York Water Company are both Utilities Regulated Water companies. The York Water Company is the larger, with a market value of $499.0M against $261.9M — 1.9× the size. Pure Cycle Corporation trades at the lower P/E: 17.8× against 19.2×. Pure Cycle Corporation grew revenue faster over the last twelve months: 22.9% against 9.43%. Pure Cycle Corporation has the higher net margin (43.7% vs 28.5%) and the higher return on invested capital (5.05% vs 3.94%). Across the 21 metrics below, Pure Cycle Corporation leads on 16 and The York Water Company on 5.

Valuation

Metric PCYO YORW Utilities Regulated Water median
P/E 17.82 19.24 20.64
P/S 7.77 5.90 4.37
P/B 1.73 1.67 1.91
Price to free cash flow 65.08 n/m —
EV/EBITDA 17.76 15.14 14.48
EV/Sales 7.94 8.17 6.20
Earnings yield 5.61% 5.20% 4.83%
Free cash flow yield 1.54% (2.87%) (4.54%)

Profitability

Metric PCYO YORW Utilities Regulated Water median
Gross margin 61.97% 100.00% 71.91%
Operating margin 37.67% 36.56% 29.22%
Net margin 43.66% 28.53% 20.19%
Free cash flow margin 11.94% (16.96%) (19.49%)
Return on equity 10.22% 9.00% 9.00%
Return on assets 8.99% 3.51% 3.21%
Return on invested capital 5.05% 3.94% 4.08%

Growth

Metric PCYO YORW Utilities Regulated Water median
Revenue growth (TTM) 22.88% 9.43% 6.92%
EPS growth (last fiscal year) 12.50% (2.11%) —
Revenue growth, 5-year CAGR 0.18% 7.55% 7.24%
Net income growth, 5-year CAGR 14.20% 3.86% 9.40%

Health

Metric PCYO YORW Utilities Regulated Water median
Debt to equity 0.09 0.64 0.93
Current ratio 1.53 1.05 1.01
Net debt to EBITDA (1.52) 5.54 4.42

Dividend

Metric PCYO YORW Utilities Regulated Water median
Dividend yield — 2.27% 2.27%
Payout ratio 0.00 0.55 0.55

Size

Metric PCYO YORW Utilities Regulated Water median
Market cap 261.94m 498.95m 997.03m

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