NASDAQ : CDZI
Cadiz Inc. — Financial statements
Utilities · Utilities - Regulated Water · United States
Last price 4.55 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 385.28M
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Financial statements
Cadiz Inc. (CDZI) reported revenue of 11.84M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 11.84M | 16.31M | 9.61M | 1.99M | 1.50M | 564.00K |
| Selling, General & Admin | 29.74M | 29.48M | 24.34M | 18.80M | 15.34M | 17.65M |
| Depreciation & Amortization | 1.43M | 1.26M | 1.21M | 1.25M | 654.00K | 423.00K |
| Other Operating Expenses | 8.63M | 11.16M | 7.30M | 2.89M | 2.07M | |
| Total Operating Expenses | 39.80M | 41.91M | 32.86M | 22.93M | 18.06M | 18.08M |
| Operating Income | -27.96M | -25.60M | -23.25M | -20.94M | -16.56M | -17.51M |
| Interest Expense | -10.34M | -9.11M | -8.00M | -5.58M | -8.26M | -11.96M |
| Interest Income | 357.00K | 477.00K | 342.00K | 606.00K | ||
| Net Interest Expense | -9.99M | -8.64M | -7.66M | -4.97M | -8.26M | -11.96M |
| Income (Loss) on Equity Investments | 40.00K | -942.00K | ||||
| Other Non-Operating Income (Expenses) | 1.12M | 95.00K | -218.00K | -195.00K | 573.00K | |
| EBT Excluding Unusual Items | -36.83M | -34.14M | -31.13M | -26.10M | -24.79M | -29.84M |
| Other Unusual Items | -5.33M | -1.40M | ||||
| Pretax Income | -36.83M | -34.14M | -31.13M | -31.43M | -24.79M | -31.24M |
| Income Tax Expense | 13.00K | 11.00K | 11.00K | 11.00K | 7.00K | 10.00K |
| Net Income | -36.84M | -34.15M | -31.14M | -31.45M | -24.79M | -31.25M |
| Preferred Dividends & Other Adjustments | 5.08M | 5.08M | 5.11M | 5.11M | 5.11M | 2.74M |
| Net Income to Common | -41.92M | -39.23M | -36.25M | -36.55M | -29.90M | -33.99M |
| Shares Outstanding (Basic) | 83.16M | 81.06M | 68.85M | 65.66M | 49.87M | 40.56M |
| Shares Outstanding (Diluted) | 83.16M | 81.06M | 68.85M | 65.66M | 49.87M | 40.56M |
| EPS (Basic) | -0.50 | -0.48 | -0.53 | -0.56 | -0.60 | -0.84 |
| EPS (Diluted) | -0.50 | -0.48 | -0.53 | -0.56 | -0.60 | -0.84 |
| Free Cash Flow | -31.23M | -26.51M | -22.47M | -26.71M | -21.98M | -38.18M |
| Free Cash Flow Per Share | -0.38 | -0.33 | -0.33 | -0.41 | -0.44 | -0.94 |
| Profit Margin | -353.94% | -240.51% | -377.25% | -1,835.86% | -1,991.87% | -6,025.89% |
| Free Cash Flow Margin | -263.64% | -162.48% | -233.83% | -1,341.59% | -1,464.02% | -6,769.86% |
| EBITDA | -26.53M | -24.33M | -22.04M | -19.69M | -15.91M | -17.09M |
| EBITDA Margin | -223.99% | -149.17% | -229.34% | |||
| D&A For EBITDA | 1.43M | 1.26M | 1.21M | 1.25M | 654.00K | 423.00K |
| EBIT | -27.96M | -25.60M | -23.25M | -20.94M | -16.56M | -17.51M |
| EBIT Margin | -236.05% | -156.92% | -241.97% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 5.32M | 8.60M | 17.29M | 4.50M | 10.00M | 10.96M |
| Accounts Receivable | 3.41M | 5.61M | 4.59M | 904.00K | 454.00K | 270.00K |
| Inventory | 1.97M | 1.14M | 3.02M | 2.11M | 316.00K | |
| Prepaid Expenses | 746.00K | 701.00K | 888.00K | 508.00K | 380.00K | 691.00K |
| Restricted Cash | 1.29M | 1.29M | ||||
| Total Current Assets | 11.44M | 16.05M | 25.79M | 8.02M | 12.44M | 13.21M |
| Property, Plant & Equipment | 100.60M | 98.78M | 92.11M | 87.65M | 84.69M | 82.17M |
| Goodwill | 5.71M | 5.71M | 5.71M | 5.71M | 5.71M | 3.81M |
| Long-Term Investments | 976.00K | |||||
| Long-Term Deferred Charges | 4.14M | 4.25M | 4.37M | 4.48M | 4.30M | |
| Other Long-Term Assets | 17.01M | 16.23M | 6.63M | 1.63M | 3.47M | 8.02M |
| Total Assets | 134.76M | 140.91M | 134.49M | 107.37M | 110.79M | 112.49M |
| Accounts Payable | 2.21M | 3.78M | 2.26M | 1.25M | 1.11M | 286.00K |
| Accrued Expenses | 3.15M | 2.09M | 2.44M | 1.02M | 1.54M | 808.00K |
| Current Portion of Long-Term Debt | 7.00K | 51.00K | 120.00K | 182.00K | 140.00K | 107.00K |
| Current Unearned Revenue | 638.00K | 305.00K | 1.23M | 373.00K | ||
| Current Portion of Leases | 394.00K | 364.00K | 314.00K | 127.00K | 109.00K | 24.00K |
| Other Current Liabilities | 3.46M | 6.60M | 8.05M | 2.88M | 2.74M | 1.29M |
| Total Current Liabilities | 9.86M | 13.19M | 14.41M | 5.83M | 5.64M | 2.51M |
| Long-Term Debt | 86.98M | 72.70M | 56.71M | 37.71M | 48.95M | 46.48M |
| Long-Term Leases | 32.58M | 31.09M | 28.75M | 23.20M | 21.19M | 22.11M |
| Long-Term Unearned Revenue | 625.00K | 625.00K | 625.00K | 625.00K | 750.00K | 750.00K |
| Other Long-Term Liabilities | 54.00K | 51.00K | 46.00K | 41.00K | 36.00K | 32.00K |
| Total Liabilities | 130.10M | 117.66M | 100.53M | 67.41M | 76.56M | 71.88M |
| Total Preferred Equity | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K | 1.00K |
| Common Stock | 840.00K | 830.00K | 752.00K | 665.00K | 556.00K | 436.00K |
| Additional Paid-In Capital | 716.02M | 714.62M | 709.30M | 679.15M | 636.96M | 613.57M |
| Retained Earnings | -712.20M | -692.19M | -676.10M | -639.85M | -603.30M | -573.40M |
| Total Common Equity | 4.66M | 23.25M | 33.96M | 39.97M | 34.22M | 40.61M |
| Shareholders' Equity | 4.67M | 23.26M | 33.96M | 39.97M | 34.22M | 40.61M |
| Total Liabilities & Equity | 134.76M | 140.91M | 134.49M | 107.37M | 110.79M | 112.49M |
| Total Debt | 119.96M | 104.21M | 85.89M | 61.22M | 70.39M | 68.72M |
| Net Cash (Debt) | -114.64M | -95.61M | -68.60M | -56.71M | -60.39M | -57.76M |
| Net Cash Per Share | -1.38 | -1.18 | -1.00 | -0.86 | -1.21 | -1.42 |
| Filing Date Shares Outstanding | 84.68M | 83.42M | 81.79M | 67.06M | 66.54M | 50.75M |
| Total Common Shares Outstanding | 84.16M | 83.21M | 75.35M | 66.71M | 55.82M | 43.66M |
| Working Capital | 1.58M | 2.86M | 11.38M | 2.19M | 6.80M | 10.70M |
| Book Value Per Share | 0.06 | 0.28 | 0.45 | 0.60 | 0.61 | 0.93 |
| Tangible Book Value | -1.05M | 17.54M | 28.25M | 34.25M | 28.51M | 36.80M |
| Tangible Book Value Per Share | -0.01 | 0.21 | 0.37 | 0.51 | 0.51 | 0.84 |
| Land | 39.21M | 39.21M | 33.07M | 32.36M | 30.58M | 27.55M |
| Buildings | 1.84M | 1.80M | 1.80M | 1.73M | 1.72M | 1.60M |
| Machinery | 4.59M | 4.43M | 4.12M | 3.93M | 3.40M | 2.20M |
| Construction In Progress | 7.83M | 6.02M | 6.86M | 5.66M | 3.68M | 3.13M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -36.84M | -34.15M | -31.14M | -31.45M | -24.79M | -31.25M |
| Depreciation & Amortization | 1.80M | 1.62M | 1.38M | 1.37M | 672.00K | 438.00K |
| Other Amortization | 2.01M | 1.59M | 1.32M | 414.00K | 2.41M | 3.48M |
| Loss (Gain) on Equity Investments | -40.00K | 942.00K | ||||
| Stock-Based Compensation | 4.29M | 5.30M | 4.61M | 1.50M | 1.88M | 4.75M |
| Change in Accounts Receivable | 690.00K | -1.02M | -3.68M | -450.00K | -184.00K | -215.00K |
| Change in Inventory | 1.04M | 1.88M | -914.00K | -1.79M | -236.00K | |
| Change in Accounts Payable | -1.10M | 765.00K | -392.00K | 937.00K | 113.00K | -92.00K |
| Change in Unearned Revenue | -2.36M | -921.00K | 853.00K | 248.00K | ||
| Change in Other Net Operating Assets | -413.00K | 440.00K | 1.41M | -352.00K | -288.00K | -60.00K |
| Other Operating Activities | 4.80M | 5.57M | 5.04M | 8.65M | 1.87M | 6.74M |
| Operating Cash Flow | -26.09M | -18.93M | -21.53M | -20.92M | -18.60M | -15.27M |
| Capital Expenditures | -5.14M | -7.58M | -934.00K | -5.79M | -3.38M | -22.91M |
| Cash Acquisitions | -750.00K | |||||
| Investment in Securities | 4.00K | -564.00K | ||||
| Other Investing Activities | -5.00M | -250.00K | ||||
| Investing Cash Flow | -5.14M | -12.58M | -1.18M | -5.79M | -4.12M | -23.47M |
| Long-Term Debt Issued | 15.00M | 20.00M | 233.00K | 287.00K | 50.14M | |
| Long-Term Debt Repaid | -127.00K | -177.00K | -15.16M | -170.00K | -77.59M | |
| Net Debt Issued (Repaid) | 29.90M | 14.87M | 19.82M | -14.93M | 117.00K | -27.46M |
| Issuance of Common Stock | 18.34M | 22.14M | 38.49M | 21.64M | 32.46M | |
| Repurchase of Common Stock | -224.00K | -233.00K | -52.00K | -261.00K | -1.18M | |
| Preferred Dividends Paid | -5.11M | -5.11M | -5.11M | -5.11M | -5.11M | -1.45M |
| Dividends Paid | -5.11M | -5.11M | -5.11M | -5.11M | -5.11M | -1.45M |
| Other Financing Activities | -1.23M | -2.43M | -1.29M | -627.00K | -5.40M | |
| Financing Cash Flow | 23.34M | 25.44M | 35.51M | 17.57M | 16.65M | 51.18M |
| Net Cash Flow | -7.89M | -6.07M | 12.79M | -9.15M | -6.07M | 12.43M |
| Free Cash Flow | -31.23M | -26.51M | -22.47M | -26.71M | -21.98M | -38.18M |
| Free Cash Flow Margin | -263.64% | -162.48% | -233.83% | -1,341.59% | -1,464.02% | -6,769.86% |
| Free Cash Flow Per Share | -0.38 | -0.33 | -0.33 | -0.41 | -0.44 | -0.94 |
| Levered Free Cash Flow | -20.94M | -20.92M | -9.70M | -20.02M | -11.11M | -34.86M |
| Unlevered Free Cash Flow | -16.48M | -16.82M | -6.01M | -16.95M | -8.36M | -30.86M |
| Cash Interest Paid | 3.36M | 1.70M | ||||
| Cash Income Tax Paid | 11.00K | 11.00K | 11.00K | 11.00K | 7.00K | 10.00K |
| Change in Working Capital | -2.15M | 1.15M | -2.73M | -1.41M | -595.00K | -367.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 345.48M | 466.25M | 390.96M | 186.79M | 139.56M | 168.51M |
| Enterprise Value | 460.12M | 552.54M | 470.30M | 233.88M | 201.37M | 217.64M |
| PS Ratio | 29.17 | 28.58 | 40.69 | 93.82 | 92.98 | 298.78 |
| PB Ratio | 73.64 | 20.05 | 11.51 | 4.67 | 4.08 | 4.15 |
| EV/Sales Ratio | 38.85 | 33.87 | 48.95 | 117.47 | 134.16 | 385.88 |
| Debt / Equity Ratio | 25.71 | 4.48 | 2.53 | 1.53 | 2.06 | 1.69 |
| Net Debt / Equity Ratio | 24.57 | 4.11 | 2.02 | 1.42 | 1.76 | 1.42 |
| Net Debt / EBITDA Ratio | -4.32 | -3.93 | -3.11 | -2.88 | -3.80 | -3.38 |
| Net Debt / FCF Ratio | -3.67 | -3.61 | -3.05 | -2.12 | -2.75 | -1.51 |
| Quick Ratio | 0.89 | 1.08 | 1.52 | 0.93 | 1.85 | 4.47 |
| Current Ratio | 1.16 | 1.22 | 1.79 | 1.37 | 2.21 | 5.26 |
| Asset Turnover | 0.09 | 0.12 | 0.08 | 0.02 | 0.01 | 0.01 |
| Return on Equity (ROE) | -183.13% | -119.37% | -84.24% | -84.77% | -66.26% | -408.27% |
| Return on Assets (ROA) | -12.89% | -11.62% | -12.02% | -12.00% | -9.27% | -11.71% |
| Return on Capital Employed (ROCE) | -22.40% | -20.00% | -19.40% | -20.60% | -15.80% | -15.90% |
| Earnings Yield | -12.36% | -7.32% | -7.96% | -16.84% | -17.76% | -18.54% |
| FCF Yield | -9.04% | -5.68% | -5.75% | -14.30% | -15.75% | -22.66% |
| Buyback Yield / Dilution | -10.96% | -17.75% | -4.86% | -31.65% | -22.95% | -18.64% |