PCYO

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Pure Cycle Corp.

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Key Metrics

Previous Close: $11.46
52-Week Range: $9.71 – $12.44
Market Cap: $281.70M
P/E (TTM): 19.16
EPS (TTM): 0.61
Dividend Yield: —

Advanced Metrics

Price/Book: 1.86
PEG Ratio: —
Return on Equity: 10.22%
Return on Assets: 4.85%
Gross Margin: 61.97%
Operating Margin: 25.71%
Profit Margin: 43.66%
Current Ratio: 1.53
Debt/Equity: 0.09
Total Debt: $14.13M
Free Cash Flow: $-2.42M
Revenue Growth: 60.00%
Earnings Growth: 33.30%
Enterprise Value: $287.39M

PCYO Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$23.00M	$14.59M	$28.75M	$26.09M
Cost of Revenue	$6.63M	$6.55M	$8.99M	$10.06M
Gross Profit	$16.37M	$8.04M	$19.76M	$16.03M
Selling, General & Admin	$5.89M	$5.47M	$6.92M	$7.77M
Operating Expenses	$6.28M	$5.97M	$7.52M	$8.36M
Operating Income	$10.10M	$2.07M	$12.24M	$7.67M
EBITDA	$14.92M	$8.58M	$18.17M	$20.19M
Pretax Income	$12.71M	$6.22M	$15.63M	$17.47M
Income Tax	$3.09M	$1.52M	$4.02M	$4.36M
Net Income	$9.62M	$4.70M	$11.61M	$13.11M
Diluted EPS	0.40	0.19	0.48	0.54
Diluted Shares	24.16M	24.11M	24.14M	24.17M

PCYO Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$34.89M	$26.01M	$22.11M	$21.93M
Receivables	$2.42M	$1.64M	$11.57M	$1.33M
Inventory	—	$1.73M	$3.65M	$7.39M
Current Assets	$37.79M	$29.73M	$37.86M	$31.65M
Total Assets	$129.23M	$133.22M	$147.35M	$162.28M
Current Liabilities	$10.82M	$6.50M	$9.35M	$11.62M
Long-Term Debt	$3.95M	$6.88M	$6.82M	$6.38M
Total Debt	$4.10M	$7.28M	$7.04M	$6.80M
Total Liabilities	$16.23M	$14.98M	$17.65M	$19.54M
Retained Earnings	-$61.23M	-$56.53M	-$45.50M	-$32.79M
Shareholders' Equity	$113.00M	$118.23M	$129.70M	$142.74M
Working Capital	$26.96M	$23.22M	$28.51M	$20.03M

PCYO Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$17.45M	-$2.34M	$2.31M	$13.16M
Capital Expenditure	-$5.82M	-$7.81M	-$2.38M	-$9.47M
Free Cash Flow	$11.63M	-$10.15M	-$70.00K	$3.69M
Stock-Based Compensation	$603.00K	$539.00K	$436.00K	$323.00K
Investing Cash Flow	-$6.67M	-$9.24M	-$4.83M	-$9.65M
Financing Cash Flow	$3.99M	$2.85M	-$612.00K	-$491.00K
Share Repurchases	—	$0.00	-$581.00K	-$397.00K
Net Change in Cash	$14.78M	-$8.73M	-$3.13M	$3.02M

PCYO Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$5.14M	$11.20M	$9.13M	$5.17M	$8.22M
Cost of Revenue	$1.88M	$3.62M	$2.88M	$2.38M	$3.94M
Gross Profit	$3.26M	$7.58M	$6.25M	$2.78M	$4.29M
Selling, General & Admin	$1.80M	$1.48M	$1.71M	$2.35M	$1.94M
Operating Expenses	$1.92M	$1.64M	$1.87M	$2.52M	$2.17M
Operating Income	$1.33M	$5.94M	$4.38M	$263.00K	$2.11M
EBITDA	$3.63M	$8.92M	$6.69M	$2.21M	$4.68M
Pretax Income	$2.99M	$8.19M	$6.03M	$1.51M	$3.90M
Income Tax	$737.00K	$2.08M	$1.47M	$407.00K	$955.00K
Net Income	$2.26M	$6.11M	$4.57M	$1.10M	$2.95M
Diluted EPS	0.09	—	0.19	0.05	0.12
Diluted Shares	24.14M	—	24.16M	24.17M	24.16M

PCYO Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$14.39M	$21.93M	$17.14M	$4.82M	$8.44M
Receivables	$1.96M	$1.33M	$2.50M	$2.75M	$2.49M
Inventory	$8.07M	$7.39M	$6.21M	$5.55M	$4.13M
Current Assets	$25.20M	$31.65M	$26.26M	$13.75M	$15.61M
Total Assets	$151.74M	$162.28M	$168.07M	$166.64M	$175.98M
Current Liabilities	$7.15M	$11.62M	$11.49M	$9.92M	$10.18M
Long-Term Debt	$6.51M	$6.38M	$7.55M	$6.48M	$12.67M
Total Debt	$6.87M	$6.80M	$8.00M	$7.97M	$14.13M
Total Liabilities	$15.06M	$19.54M	$20.58M	$17.94M	$24.39M
Retained Earnings	-$38.82M	-$32.79M	-$28.23M	-$27.24M	-$24.37M
Shareholders' Equity	$136.68M	$142.74M	$147.49M	$148.70M	$151.58M
Working Capital	$18.05M	$20.03M	$14.78M	$3.83M	$5.43M
Net Debt	—	—	—	$3.15M	$5.68M

PCYO Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	-$428.00K	$9.37M	-$979.00K	-$4.21M	$3.47M
Capital Expenditure	-$1.09M	-$2.31M	-$1.73M	-$3.17M	-$1.44M
Free Cash Flow	-$1.52M	$7.05M	-$2.71M	-$7.38M	$2.03M
Stock-Based Compensation	$29.00K	$29.00K	$183.00K	$228.00K	$17.00K
Investing Cash Flow	-$1.22M	-$1.30M	-$4.73M	-$7.92M	-$6.51M
Financing Cash Flow	-$32.00K	-$141.00K	$1.20M	-$149.00K	$6.08M
Share Repurchases	-$22.00K	-$74.00K	$0.00	-$121.00K	-$79.00K
Net Change in Cash	-$1.68M	$7.92M	-$4.51M	-$12.27M	$3.04M

Market Snapshot

About

Pure Cycle operates as a diversified water and wastewater service provider in Colorado. The company provides water and wastewater services to residential and commercial customers, owns water rights and land holdings in the Denver metro area, and operates the Sky Ranch community development project.