NASDAQ : PCYO
Pure Cycle Corporation — Financial statements
Utilities · Utilities - Regulated Water · United States
Last price 10.59 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 255.19M
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Financial statements
Pure Cycle Corporation (PCYO) reported revenue of 33.73M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year September - August; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 33.73M | 26.09M | 28.75M | 14.59M | 23.00M | 17.12M |
| Revenue | 33.73M | 26.09M | 28.75M | 14.59M | 23.00M | 17.12M |
| Selling, General & Admin | 7.47M | 7.77M | 6.92M | 5.47M | 5.89M | 5.14M |
| Depreciation & Amortization | 724.00K | 590.00K | 596.00K | 2.16M | 2.12M | 1.77M |
| Other Operating Expenses | 12.83M | 10.06M | 8.99M | 4.89M | 4.89M | 4.95M |
| Total Operating Expenses | 21.02M | 18.42M | 16.50M | 12.51M | 12.91M | 11.86M |
| Operating Income | 12.70M | 7.67M | 12.24M | 2.07M | 10.10M | 5.27M |
| Interest Expense | -500.00K | -426.00K | -439.00K | -206.00K | -90.00K | |
| Interest Income | 4.17M | 3.27M | 2.84M | 2.50M | 1.97M | 2.96M |
| Net Interest Expense | 3.67M | 2.85M | 2.40M | 2.30M | 1.88M | 2.96M |
| Other Non-Operating Income (Expenses) | 3.26M | 6.95M | 992.00K | 1.85M | 730.00K | 18.37M |
| EBT Excluding Unusual Items | 19.64M | 17.47M | 15.63M | 6.22M | 12.71M | 26.59M |
| Pretax Income | 19.64M | 17.47M | 15.63M | 6.22M | 12.71M | 26.59M |
| Income Tax Expense | 4.91M | 4.36M | 4.02M | 1.52M | 3.09M | 6.48M |
| Earnings From Continuing Ops. | 14.73M | 13.11M | 11.61M | 4.70M | 9.62M | 20.11M |
| Net Income | 14.73M | 13.11M | 11.61M | 4.70M | 9.62M | 20.11M |
| Net Income to Common | 14.73M | 13.11M | 11.61M | 4.70M | 9.62M | 20.11M |
| Shares Outstanding (Basic) | 24.09M | 24.08M | 24.08M | 24.03M | 23.95M | 23.89M |
| Shares Outstanding (Diluted) | 24.16M | 24.17M | 24.14M | 24.11M | 24.16M | 24.11M |
| EPS (Basic) | 0.61 | 0.54 | 0.48 | 0.20 | 0.40 | 0.84 |
| EPS (Diluted) | 0.61 | 0.54 | 0.48 | 0.19 | 0.40 | 0.83 |
| Free Cash Flow | -10.87M | 3.69M | -361.00K | -10.15M | 11.63M | 560.00K |
| Free Cash Flow Per Share | -0.45 | 0.15 | -0.01 | -0.42 | 0.48 | 0.02 |
| Profit Margin | 43.66% | 50.26% | 40.40% | 32.22% | 41.82% | 117.43% |
| Free Cash Flow Margin | -32.23% | 14.15% | -1.26% | -69.59% | 50.58% | 3.27% |
| EBITDA | 15.07M | 9.97M | 14.34M | 4.23M | 12.22M | 7.04M |
| EBITDA Margin | 44.69% | 38.21% | 49.89% | 28.99% | 53.13% | 41.12% |
| D&A For EBITDA | 2.37M | 2.30M | 2.10M | 2.16M | 2.12M | 1.77M |
| EBIT | 12.70M | 7.67M | 12.24M | 2.07M | 10.10M | 5.27M |
| EBIT Margin | 37.67% | 29.40% | 42.59% | 14.21% | 43.89% | 30.77% |
| Effective Tax Rate | 25.01% | 24.96% | 25.71% | 24.45% | 24.29% | 24.37% |
| Revenue as Reported | 33.73M | 26.09M | 28.75M | 14.59M | 23.00M | 17.12M |
Balance sheet
Fiscal year September - August; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 8.44M | 21.93M | 22.11M | 26.01M | 34.89M | 20.12M |
| Accounts Receivable | 2.49M | 1.33M | 1.47M | 1.09M | 2.42M | 1.53M |
| Other Receivables | 551.00K | |||||
| Inventory | 4.13M | 7.39M | 3.65M | 1.73M | 608.00K | |
| Prepaid Expenses | 554.00K | 1.00M | 530.00K | 346.00K | 467.00K | 458.00K |
| Loans Receivable Current | 10.10M | 16.00M | ||||
| Total Current Assets | 15.61M | 31.65M | 37.86M | 29.73M | 37.79M | 38.72M |
| Property, Plant & Equipment | 86.53M | 70.79M | 65.98M | 66.07M | 60.84M | 56.03M |
| Other Intangible Assets | 6.03M | 6.16M | 6.49M | 6.69M | 7.03M | 7.11M |
| Long-Term Loans Receivable | 59.06M | 45.00M | 32.09M | 26.45M | 18.33M | 9.96M |
| Other Long-Term Assets | 8.75M | 8.68M | 4.93M | 4.29M | 5.24M | 5.37M |
| Total Assets | 175.98M | 162.28M | 147.35M | 133.22M | 129.23M | 117.18M |
| Accounts Payable | 2.67M | 3.52M | 1.95M | 1.96M | 849.00K | 1.79M |
| Accrued Expenses | 1.29M | 1.93M | 1.26M | 1.20M | 1.60M | 830.00K |
| Current Portion of Long-Term Debt | 1.45M | 411.00K | 64.00K | 31.00K | 10.00K | |
| Current Unearned Revenue | 2.75M | 3.35M | 2.17M | 1.73M | 4.84M | 2.40M |
| Current Portion of Leases | 4.00K | 12.00K | 73.00K | 118.00K | 76.00K | 84.00K |
| Current Income Taxes Payable | 467.00K | 1.31M | 1.44M | 2.53M | 4.16M | |
| Other Current Liabilities | 1.54M | 1.09M | 2.39M | 1.46M | 909.00K | 3.19M |
| Total Current Liabilities | 10.18M | 11.62M | 9.35M | 6.50M | 10.82M | 12.46M |
| Long-Term Debt | 12.67M | 6.38M | 6.82M | 6.88M | 3.95M | |
| Long-Term Leases | 1.00K | 87.00K | 242.00K | 62.00K | 37.00K | |
| Long-Term Deferred Tax Liabilities | 1.54M | 1.54M | 1.40M | 1.35M | 1.07M | 1.61M |
| Other Long-Term Liabilities | 323.00K | 325.00K | ||||
| Total Liabilities | 24.39M | 19.54M | 17.65M | 14.98M | 16.23M | 14.44M |
| Common Stock | 80.00K | 80.00K | 80.00K | 80.00K | 80.00K | 80.00K |
| Additional Paid-In Capital | 175.88M | 175.45M | 175.12M | 174.69M | 174.15M | 173.51M |
| Retained Earnings | -24.37M | -32.79M | -45.50M | -56.53M | -61.23M | -70.85M |
| Total Common Equity | 151.58M | 142.74M | 129.70M | 118.23M | 113.00M | 102.74M |
| Shareholders' Equity | 151.58M | 142.74M | 129.70M | 118.23M | 113.00M | 102.74M |
| Total Liabilities & Equity | 175.98M | 162.28M | 147.35M | 133.22M | 129.23M | 117.18M |
| Total Debt | 14.13M | 6.80M | 7.04M | 7.28M | 4.10M | 121.00K |
| Net Cash (Debt) | -5.69M | 15.13M | 15.07M | 18.74M | 30.80M | 20.00M |
| Net Cash Per Share | -0.24 | 0.63 | 0.62 | 0.78 | 1.27 | 0.83 |
| Filing Date Shares Outstanding | 24.10M | 24.08M | 24.07M | 24.09M | 23.84M | 23.92M |
| Total Common Shares Outstanding | 24.10M | 24.07M | 24.06M | 24.08M | 23.98M | 23.92M |
| Working Capital | 5.43M | 20.03M | 28.51M | 23.22M | 26.96M | 26.25M |
| Book Value Per Share | 6.29 | 5.93 | 5.39 | 4.91 | 4.71 | 4.30 |
| Tangible Book Value | 145.55M | 136.58M | 123.21M | 111.55M | 105.96M | 95.63M |
| Tangible Book Value Per Share | 6.04 | 5.68 | 5.12 | 4.63 | 4.42 | 4.00 |
| Land | 5.72M | 4.17M | 4.70M | 4.65M | 6.77M | |
| Machinery | 34.83M | 31.42M | 23.38M | 20.02M | 19.88M | 17.53M |
| Construction In Progress | 4.42M | 3.20M | 1.80M | 5.46M | 1.22M | 3.30M |
Cash flow statement
Fiscal year September - August; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 14.73M | 13.11M | 11.61M | 4.70M | 9.62M | 20.11M |
| Depreciation & Amortization | 2.37M | 2.30M | 2.10M | 2.16M | 2.12M | 1.77M |
| Loss (Gain) on Sale of Investments | -256.00K | |||||
| Stock-Based Compensation | 457.00K | 323.00K | 436.00K | 539.00K | 603.00K | 497.00K |
| Change in Accounts Receivable | -1.16M | 142.00K | -380.00K | 1.33M | -893.00K | -414.00K |
| Change in Inventory | -2.56M | 608.00K | -522.00K | |||
| Change in Accounts Payable | -304.00K | 934.00K | 973.00K | 1.26M | -2.36M | 1.55M |
| Change in Income Taxes | 1.10M | -132.00K | 1.99M | -3.08M | -1.63M | 5.75M |
| Change in Unearned Revenue | 1.77M | 1.18M | 443.00K | -2.61M | 2.28M | -1.20M |
| Change in Other Net Operating Assets | -11.88M | -4.89M | -15.14M | -3.59M | 7.49M | -24.81M |
| Other Operating Activities | 490.00K | 200.00K | 273.00K | -224.00K | -380.00K | 729.00K |
| Operating Cash Flow | 7.57M | 13.16M | 2.31M | -2.34M | 17.45M | 3.46M |
| Capital Expenditures | -18.44M | -9.47M | -2.67M | -7.81M | -5.82M | -2.90M |
| Sale of Property, Plant & Equipment | 494.00K | 494.00K | ||||
| Investment in Securities | 256.00K | |||||
| Investing Cash Flow | -20.39M | -9.65M | -4.83M | -9.24M | -6.67M | -2.90M |
| Long-Term Debt Issued | 3.00M | 4.00M | ||||
| Long-Term Debt Repaid | -94.00K | -31.00K | -44.00K | -40.00K | ||
| Net Debt Issued (Repaid) | 7.26M | -94.00K | -31.00K | 2.96M | 3.96M | |
| Issuance of Common Stock | 34.00K | 89.00K | ||||
| Repurchase of Common Stock | -274.00K | -397.00K | -581.00K | |||
| Other Financing Activities | -111.00K | -2.00K | -2.00K | |||
| Financing Cash Flow | 6.99M | -491.00K | -612.00K | 2.85M | 3.99M | 87.00K |
| Net Cash Flow | -5.82M | 3.02M | -3.13M | -8.73M | 14.78M | 647.00K |
| Free Cash Flow | -10.87M | 3.69M | -361.00K | -10.15M | 11.63M | 560.00K |
| Free Cash Flow Margin | -32.23% | 14.15% | -1.26% | -69.59% | 50.58% | 3.27% |
| Free Cash Flow Per Share | -0.45 | 0.15 | -0.01 | -0.42 | 0.48 | 0.02 |
| Levered Free Cash Flow | -2.42M | 5.69M | -1.94M | -9.16M | 17.23M | -5.51M |
| Unlevered Free Cash Flow | -2.10M | 5.95M | -1.66M | -9.03M | 17.29M | -5.51M |
| Cash Interest Paid | 497.00K | 413.00K | 417.00K | 142.00K | 55.00K | |
| Cash Income Tax Paid | 3.67M | 4.35M | 2.06M | 947.00K | 5.26M | |
| Change in Working Capital | -10.47M | -2.77M | -12.11M | -9.25M | 5.49M | -19.65M |
Ratios
Fiscal year September - August; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 258.08M | 243.15M | 256.40M | 264.36M | 247.48M | 357.46M |
| Enterprise Value | 263.77M | 235.63M | 242.94M | 242.40M | 243.12M | 337.80M |
| PE Ratio | 17.56 | 18.55 | 22.08 | 56.26 | 25.73 | 17.77 |
| PS Ratio | 7.66 | 9.32 | 8.92 | 18.12 | 10.76 | 20.87 |
| PB Ratio | 1.70 | 1.70 | 1.98 | 2.24 | 2.19 | 3.48 |
| P/FCF Ratio | 65.88 | 21.27 | 638.32 | |||
| P/OCF Ratio | 34.10 | 18.47 | 110.90 | 14.18 | 103.43 | |
| EV/Sales Ratio | 7.82 | 9.03 | 8.45 | 16.62 | 10.57 | 19.73 |
| EV/EBITDA Ratio | 17.51 | 23.64 | 16.94 | 57.33 | 19.89 | 47.98 |
| EV/EBIT Ratio | 20.77 | 30.72 | 19.84 | 116.99 | 24.08 | 64.11 |
| EV/FCF Ratio | 63.84 | 20.89 | 603.22 | |||
| Debt / Equity Ratio | 0.09 | 0.05 | 0.05 | 0.06 | 0.04 | 0.00 |
| Debt / EBITDA Ratio | 0.94 | 0.68 | 0.49 | 1.72 | 0.04 | 0.00 |
| Debt / FCF Ratio | 1.84 | 0.35 | 0.22 | |||
| Net Debt / Equity Ratio | 0.04 | -0.11 | -0.12 | -0.16 | -0.27 | -0.20 |
| Net Debt / EBITDA Ratio | 0.38 | -1.52 | -1.05 | -4.43 | -2.52 | -2.84 |
| Net Debt / FCF Ratio | -0.52 | -4.10 | 41.74 | 1.85 | -2.65 | -35.71 |
| Quick Ratio | 1.07 | 2.00 | 2.52 | 4.25 | 3.45 | 1.74 |
| Current Ratio | 1.53 | 2.72 | 4.05 | 4.57 | 3.49 | 3.11 |
| Asset Turnover | 0.21 | 0.17 | 0.20 | 0.11 | 0.19 | 0.17 |
| Return on Equity (ROE) | 10.22% | 9.62% | 9.37% | 4.06% | 8.92% | 21.77% |
| Return on Assets (ROA) | 4.85% | 3.10% | 5.45% | 0.99% | 5.12% | 3.18% |
| Return on Capital Employed (ROCE) | 7.70% | 5.10% | 8.90% | 1.60% | 8.50% | 5.00% |
| Earnings Yield | 5.70% | 5.39% | 4.53% | 1.78% | 3.89% | 5.63% |
| FCF Yield | -4.21% | 1.52% | -0.14% | -3.84% | 4.70% | 0.16% |
| Buyback Yield / Dilution | -0.02% | -0.11% | -0.14% | 0.21% | -0.19% | -0.21% |