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PCYO

Pure Cycle Corporation

PCYO

Pure Cycle Corporation • NASDAQ
$11.38 ▼ -0.18% (-0.02)
Market Cap $273.96 M
52w High $14.63
52w Low $9.65
Dividend Yield 0%
P/E 21.07
Volume 19.73K
Outstanding Shares 24.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $11.2M ▲ $388K ▼ $6.108M ▲ 54.536% ▲ $0.25 ▲ $8.92M ▲
Q3-2025 $5.14M ▲ $1.923M ▼ $2.256M ▲ 43.891% ▲ $0.094 ▲ $3.628M ▲
Q2-2025 $3.995M ▼ $2.854M ▲ $809K ▼ 20.25% ▼ $0.034 ▼ $1.802M ▼
Q1-2025 $5.752M ▼ $1.947M ▼ $3.937M ▼ 68.446% ▲ $0.16 ▼ $5.843M ▼
Q4-2024 $12.56M $1.988M $6.605M 52.588% $0.27 $9.451M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $21.931M ▲ $162.279M ▲ $19.541M ▲ $142.738M ▲
Q3-2025 $14.392M ▼ $151.739M ▲ $15.064M ▼ $136.675M ▲
Q2-2025 $16.801M ▼ $149.656M ▼ $15.244M ▼ $134.412M ▲
Q1-2025 $19.031M ▼ $149.688M ▲ $16.101M ▼ $133.587M ▲
Q4-2024 $22.113M $147.354M $17.652M $129.702M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $6.108M ▲ $9.365M ▲ $-1.302M ▼ $-141K ▼ $7.539M ▲ $7.052M ▲
Q3-2025 $2.256M ▲ $-428K ▲ $-1.222M ▼ $-32K ▲ $-1.682M ▲ $-1.523M ▼
Q2-2025 $809K ▼ $-1.447M ▼ $-576K ▲ $-205K ▼ $-2.228M ▲ $-1.404M ▼
Q1-2025 $3.937M ▼ $5.674M ▲ $-6.552M ▼ $-113K ▲ $-3.082M ▼ $-434K ▼
Q4-2024 $6.605M $3.005M $-738K $-150K $2.117M $1.967M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Lot Sales
Lot Sales
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Special Facility Projects and Other
Special Facility Projects and Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Water and Wastewater Tap Fees
Water and Wastewater Tap Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Metered Water Usage Municipal Customers
Metered Water Usage Municipal Customers
 $0 ▲$0 ▲$0 ▲$0 ▲
Wastewater Treatment Fees
Wastewater Treatment Fees
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Pure Cycle shows a small but consistently profitable business over the past few years. Revenue has been modest and somewhat lumpy, but generally moving upward again after a softer period. Profit margins look healthy for a company of this size, with operating and net income staying in positive territory each year. Earnings per share have been volatile, peaking a few years ago, dipping, and then partially recovering more recently. That pattern suggests a business that is fundamentally sound but still exposed to timing of projects, one‑off items, or development cycles rather than smooth, steady growth.

Balance Sheet

Balance Sheet The balance sheet looks conservative and gradually strengthening. Total assets have inched higher over time, and shareholders’ equity has steadily grown, indicating retained profits and limited erosion of capital. Cash levels are fairly stable, not excessive but not alarmingly low, and the company only carries a small amount of debt. Overall, Pure Cycle appears to be financed primarily with equity and maintains a relatively low‑risk capital structure for a utility‑type business.

Cash Flow

Cash Flow Cash generation is the main weak spot in an otherwise solid picture. Operating cash flow has hovered around break‑even, with only one recent year showing a clearly positive contribution. Free cash flow has bounced between slightly positive and slightly negative as investment spending rises and falls. Capital expenditures are present but not extreme, which fits a utility and infrastructure model. The key takeaway is that the business is profitable on paper, but the translation of earnings into cash has been inconsistent and bears watching.

Competitive Edge

Competitive Edge As a regulated water utility, Pure Cycle likely benefits from relatively stable demand and a degree of geographic exclusivity, which can resemble a local monopoly. Regulation can provide predictable pricing frameworks but also caps returns and adds compliance and political risk. The company’s smaller scale means it does not have the same financial muscle as large utilities, but it may enjoy niche advantages tied to specific service territories, water rights, or development projects. Its long operating history suggests it has navigated regulatory and local market dynamics reasonably well so far.

Innovation and R&D

Innovation and R&D The detailed innovation description provided appears to relate to a different company in plastics recycling, not to Pure Cycle’s regulated water business. For a small utility, formal research and development spending is usually limited, with “innovation” more often focused on efficient infrastructure, water resource management, and regulatory compliance rather than breakthrough technologies. Without company‑specific detail, it is safest to assume Pure Cycle prioritizes practical, operational improvements over heavy R&D investment, and its competitive edge likely stems more from assets, rights, and local relationships than from proprietary technology.

Summary

Pure Cycle comes across as a small, niche utility with steady profitability, a strengthening and low‑leverage balance sheet, but uneven cash flow. Earnings have remained positive even through softer periods, while equity has built up over time and debt remains modest. The business benefits from the stability typical of regulated water services, though its small size and project‑driven nature introduce volatility in reported results and cash generation. The main opportunities seem tied to gradual expansion of its service base and better conversion of earnings into cash, while key risks revolve around regulatory changes, execution on development projects, and the natural limitations of being a smaller player in a capital‑intensive, tightly regulated sector.

NEWS

November 12, 2025 · 4:01 PM UTC

Pure Cycle Announces Financial Results For the Year Ended August 31, 2025

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November 5, 2025 · 8:30 AM UTC

Pure Cycle Corporation Announces Dates for Year End 2025 Earnings Presentation

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