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Pure Cycle Corporation (PCYO) 10-Year Financial Performance & Capital Metrics

PCYO • • Utilities
UtilitiesWater UtilitiesWater Resource DevelopmentWater Resource & Land Development
AboutPure Cycle Corporation designs, constructs, operates, and maintains water and wastewater systems in the Denver metropolitan area and Colorado Front Range in the United States. It operates in two segments, Wholesale Water and Wastewater Services, and Land Development. The company engages in the wholesale water production, storage, treatment, and distribution systems; wastewater collection and treatment systems; development of master-planned community; and oil and gas leasing business. It serves domestic, commercial, and industrial customers in the Denver metropolitan region. Pure Cycle Corporation was founded in 1976 and is based in Watkins, Colorado.Show more
  • Revenue $26M -9.3%
  • EBITDA $10M -30.5%
  • Net Income $13M +12.9%
  • Free Cash Flow $4M +246.6%
  • EBITDA Margin 38.21% -23.4%
  • Net Margin 50.25% +24.4%
  • ROE 9.62% +2.7%
  • Interest Coverage 18.00 -35.4%
  • Debt/Equity 0.05 -12.4%
  • Net Debt/EBITDA -1.52 -44.6%
  • CapEx / Revenue 36.31% +120.7%
  • CapEx Coverage 1.39 +197.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong interest coverage of 18.0x
  • ✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y27.36%
5Y0.18%
3Y4.28%
TTM1.23%

Profit (Net Income) CAGR

10Y-
5Y14.2%
3Y10.87%
TTM1.88%

EPS CAGR

10Y-
5Y14.04%
3Y10.52%
TTM2.14%

ROCE

10Y Avg3.04%
5Y Avg6.18%
3Y Avg5.42%
Latest5.31%

Peer Comparison

Water Resource & Land Development
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Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
Safety & Leverage
TTM Growth
Famous Investor Metrics
Dividends
Latest Quarter
Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
PCYOPure Cycle Corporation281.62M11.6921.65-9.25%46.62%9.31%1.31%0.05
CDZICadiz Inc.553.51M6.66-12.57382.57%-206.61%-119.04%2.53

Profit & Loss

Aug 2016Aug 2017Aug 2018Aug 2019Aug 2020Aug 2021Aug 2022Aug 2023Aug 2024Aug 2025
Revenue+452.16K1.23M6.96M20.36M25.86M17.13M23M14.59M28.75M26.09M
Revenue Growth %-0.81%1.72%4.67%1.93%0.27%-0.34%0.34%-0.37%0.97%-0.09%
Cost of Revenue528.76K803.31K4.16M13.94M18.31M6.4M6.63M6.55M8.99M10.06M
Gross Profit+-76.6K424.48K2.8M6.42M7.54M10.72M16.37M8.04M19.76M16.03M
Gross Margin %----------
Gross Profit Growth %-1.05%6.54%5.59%1.29%0.18%0.42%0.53%-0.51%1.46%-0.19%
Operating Expenses+2.1M2.56M3.11M3.42M6.03M5.45M6.28M5.97M7.52M8.36M
Other Operating Expenses----------
EBITDA+-1.76M-1.4M593.95K4.28M3.24M7.04M12.22M4.23M14.34M9.97M
EBITDA Margin %----------
EBITDA Growth %-0.62%0.21%1.43%6.21%-0.24%1.18%0.74%-0.65%2.39%-0.31%
Depreciation & Amortization+420.1K734.32K902.68K1.28M1.72M1.77M2.13M2.16M2.1M2.3M
D&A / Revenue %----------
Operating Income (EBIT)+-2.18M-2.13M-308.73K3M1.51M5.27M10.1M2.07M12.24M7.67M
Operating Margin %----------
Operating Income Growth %-0.52%0.02%0.86%10.71%-0.5%2.48%0.92%-0.79%4.91%-0.37%
Interest Expense+00000090K206K439K426K
Interest Coverage------112.18x10.06x27.89x18.00x
Interest / Revenue %----------
Non-Operating Income949.52K452.36K441.41K529.29K1000K1000K1000K1000K1000K1000K
Pretax Income+-1.23M-1.68M132.68K3.53M8.92M26.59M12.71M6.22M15.63M17.47M
Pretax Margin %----------
Income Tax+00-282K-1.28M2.17M6.48M3.09M1.52M4.02M4.36M
Effective Tax Rate %----------
Net Income+-1.31M-1.71M414.68K4.81M6.75M20.11M9.62M4.7M11.61M13.11M
Net Margin %----------
Net Income Growth %0.94%-0.31%1.24%10.6%0.4%1.98%-0.52%-0.51%1.47%0.13%
EPS (Diluted)+-0.06-0.070.020.200.280.830.400.190.480.54
EPS Growth %0.94%-0.31%1.24%10.56%0.4%1.96%-0.52%-0.53%1.53%0.13%
EPS (Basic)-0.06-0.070.020.200.280.840.400.200.480.54
Diluted Shares Outstanding23.78M23.75M23.93M24M24.06M24.11M24.16M24.11M24.14M24.17M

Balance Sheet

Aug 2016Aug 2017Aug 2018Aug 2019Aug 2020Aug 2021Aug 2022Aug 2023Aug 2024Aug 2025
Total Assets+70.88M69.79M71.91M83.72M89.76M117.18M129.23M133.22M147.35M162.28M
Asset Growth %-0.03%-0.02%0.03%0.16%0.07%0.31%0.1%0.03%0.11%0.1%
PP&E (Net)+33.67M40.82M41.38M55.37M60.2M63.14M66.9M68.26M66.05M67.52M
PP&E / Total Assets %----------
Total Current Assets+29.09M27.12M27.92M23.54M25.99M38.72M37.79M29.73M37.86M31.65M
Cash & Equivalents4.7M5.58M11.57M4.48M21.8M20.12M34.89M26.01M22.11M21.93M
Receivables352.93K879.27K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory005.2M11.61M481.45K608K01.73M3.65M7.39M
Other Current Assets680.29K110.75K0000467K010.63M0
Long-Term Investments6.85M187.97K190.37K-7.76M55.09B058.76M060.49M56.69M
Goodwill00-7.96M0000000
Intangible Assets6.27M7.71M9.32M7.76M7.44M451K451K451K451K4.17M
Other Assets1.27M1.65M777.73K3.53M-55.08B14.88M-34.67M34.77M-17.5M2.25M
Total Liabilities1.88M2.28M2.45M8.99M7.72M14.44M16.23M14.98M17.65M19.54M
Total Debt+0000194K121K4.1M7.28M7.04M6.79M
Net Debt-4.7M-5.58M-11.57M-4.48M-21.6M-20M-30.8M-18.74M-15.07M-15.14M
Long-Term Debt0000003.95M6.88M6.82M6.38M
Short-Term Borrowings00000010K31K64K411K
Capital Lease Obligations0000194K121K138K360K160K13K
Total Current Liabilities+482.21K940.23K2.05M8.3M6.22M12.46M10.82M6.5M9.35M11.62M
Accounts Payable160.39K492.41K787.66K170.82K180K1.79M849K1.96M1.95M3.52M
Accrued Expenses242.62K380.85K849.54K3.43M125K2.36M1.32M831K1.6M4.33M
Deferred Revenue55.8K55.8K361.05K3.99M1.64M2.4M4.84M1.73M2.17M0
Other Current Liabilities4.39K11.16K55.73K706.46K2.57M729K1.19M985K2.05M3.34M
Deferred Taxes0000886K1000K1000K1000K1000K1000K
Other Liabilities343.97K341.56K339.04K693.02K493K325K323K000
Total Equity+69M67.51M69.45M74.73M82.04M102.74M113M118.23M129.7M142.74M
Equity Growth %-0.02%-0.02%0.03%0.08%0.1%0.25%0.1%0.05%0.1%0.1%
Shareholders Equity69M67.51M69.45M74.73M82.04M102.74M113M118.23M129.7M142.74M
Minority Interest0000000000
Common Stock79.19K79.19K79.22K79.43K79.53K80K80K80K80K80K
Additional Paid-in Capital171.2M171.43M171.83M172.36M172.93M173.51M174.15M174.69M175.13M175.45M
Retained Earnings-102.28M-103.99M-102.52M-97.71M-90.96M-70.85M-61.23M-56.53M-45.5M-32.79M
Accumulated OCI3.12K-11.11K66.45K3.89K000000
Return on Assets (ROA)-0.02%-0.02%0.01%0.06%0.08%0.19%0.08%0.04%0.08%0.08%
Return on Equity (ROE)-0.02%-0.03%0.01%0.07%0.09%0.22%0.09%0.04%0.09%0.1%
Debt / Equity----0.00x0.00x0.04x0.06x0.05x0.05x
Debt / Assets----0%0%0.03%0.05%0.05%0.04%
Net Debt / EBITDA---19.47x-1.05x-6.68x-2.84x-2.52x-4.43x-1.05x-1.52x
Book Value per Share2.92.842.93.113.414.264.684.95.375.91

Cash Flow

Aug 2016Aug 2017Aug 2018Aug 2019Aug 2020Aug 2021Aug 2022Aug 2023Aug 2024Aug 2025
Cash from Operations+-270.73K-1.05M4823.53M20.72M3.46M17.45M-2.34M2.21M13.16M
Operating CF Growth %0.72%-2.89%1%7323.74%4.87%-0.83%4.05%-1.13%1.95%4.95%
Operating CF / Revenue %----------
Net Income-1.31M-1.71M414.68K4.81M6.75M20.11M9.62M4.7M11.61M13.11M
Depreciation & Amortization253.43K353.94K251.23K1.24M1.72M1.77M2.13M2.16M2.1M2.3M
Deferred Taxes1.79M509.25K741.8K-1.28M2.17M729K-540K277K43K146K
Other Non-Cash Items-70.21K-49.4K-20.09K-35.59K6.14M450K8.8M-5.93M-4.57M323K
Working Capital Changes-1.16M-389.05K-1.71M-1.54M3.94M-19.61M-2.55M-4.08M-7.41M-2.71M
Capital Expenditures+-32.12M-3.48M-5.47M-14.46M-8.63M-2.9M-5.68M-7.81M-4.73M-9.47M
CapEx / Revenue %----------
CapEx / D&A----------
CapEx Coverage (OCF/CapEx)----------
Cash from Investing+-32.12M1.93M5.7M-10.8M-3.45M-2.9M-6.67M-9.24M-4.73M-9.65M
Acquisitions07.76B5.27B14.11B00000179K
Purchase of Investments-32.83M-4.37M-22.89M-52.04M-1.72M0-992K-16.69M-2.16M-852K
Sale of Investments1000K1000K1000K1000K1000K001000K0494K
Other Investing-451.35K-7.76B-5.27B-14.11B0000100K0
Cash from Financing+-2.04K-2.41K287.98K186.21K44.78K87K3.99M2.85M-612K-491K
Dividends Paid0000000000
Dividend Payout Ratio %----------
Debt Issuance (Net)0000001000K1000K-31K-94K
Stock Issued0075K193.1K49.2K89K34K000
Share Repurchases00000000-581K-397K
Other Financing-2.04K-2.41K287.98K186.21K-4.42K-2K-2K-111K00
Net Change in Cash+-32.39M878.53K5.99M-7.09M17.32M-1.68M14.78M-8.73M-3.13M-182K
Exchange Rate Effect00000-1000K-1K00-1000K
Cash at Beginning37.09M4.7M5.58M11.57M4.48M21.8M20.12M37.22M28.49M22.11M
Cash at End4.7M5.58M11.57M4.48M21.8M20.12M34.89M28.49M25.36M21.93M
Free Cash Flow+-32.39M-4.54M-5.47M-10.93M12.09M560K11.78M-10.15M-2.52M3.69M
FCF Growth %-1.78%0.86%-0.21%-1%2.11%-0.95%20.03%-1.86%0.75%2.47%
FCF Margin %----------
FCF / Net Income %----------

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-1.88%-2.51%0.61%6.67%8.61%21.77%8.92%4.06%9.37%9.62%
EBITDA Margin-389.17%-113.77%8.53%21.02%12.52%41.12%53.13%28.99%49.89%38.21%
Net Debt / EBITDA---19.47x-1.05x-6.68x-2.84x-2.52x-4.43x-1.05x-1.52x
Interest Coverage------112.18x10.06x27.89x18.00x
CapEx / Revenue7103.44%283.79%78.6%71.02%33.38%16.91%24.68%53.55%16.45%36.31%
Debt / Equity----0.00x0.00x0.04x0.06x0.05x0.05x
EPS Growth94.2%-30.67%124.03%1056.07%40%196.43%-51.81%-52.5%152.63%12.5%

Revenue by Segment

2013201520182019202020212022202320242025
Construction---------15.26M
Construction Growth----------
Lot Sales--2.14M11.96M18.93M5.16M12.19M6.82M16M13.69M
Lot Sales Growth---458.97%58.37%-72.73%136.04%-44.08%134.75%-14.42%
Water And Wastewater---------10.33M
Water And Wastewater Growth----------
Water and Wastewater Tap Fees------4.92M2.99M3.38M7.34M
Water and Wastewater Tap Fees Growth--------39.23%13.14%116.81%
Special Facility Projects and Other------334K467K951K785K
Special Facility Projects and Other Growth-------39.82%103.64%-17.46%
Single Family Rentals------82K--496K
Single Family Rentals Growth----------
Metered Water Usage - Municipal Customers------440K504K788K-
Metered Water Usage - Municipal Customers Growth-------14.55%56.35%-
Wastewater Treatment Fees--46.2K35.82K--248K302K343K-
Wastewater Treatment Fees Growth----22.47%---21.77%13.58%-
Phase1 Development-----26M----
Phase1 Development Growth----------
Water Tap Fees Recognized Excluding Wastewater Tap Fee-----4.4M----
Water Tap Fees Recognized Excluding Wastewater Tap Fee Growth----------
Lot Sales Second Format---10M24.1M4.2M----
Lot Sales Second Format Growth----141.00%-82.57%----
Phase2 Development-----2.2M----
Phase2 Development Growth----------
Lot Sales First Format---4.05M4.91M1.6M----
Lot Sales First Format Growth----21.16%-67.42%----
Wastewater Tap Fee---526.4K882.3K800K----
Wastewater Tap Fee Growth----67.61%-9.33%----
Special Facility Funding Recognized-----400K----
Special Facility Funding Recognized Growth----------
Consulting Fees--142.7K158.6K25.7K100K----
Consulting Fees Growth---11.14%-83.80%289.11%----
Water Tap Fees Recognized excluding Wastewater Tap Fee---3.02M4.76M-----
Water Tap Fees Recognized excluding Wastewater Tap Fee Growth----57.66%-----
Metered Water Usage---4.65M------
Metered Water Usage Growth----------
Water Tap Fee--49.95K3.54M------
Water Tap Fee Growth---6996.85%------
Other---170.62K------
Other Growth----------
Other Income--168.19K-------
Other Income Growth----------
Project Management Services--25.5K-------
Project Management Services Growth----------
Agricultural1.24M1.13M--------
Agricultural Growth--9.24%--------
Wholesale Water And Wasterwater-1.02M--------
Wholesale Water And Wasterwater Growth----------
All Other-176.5K--------
All Other Growth----------
Wholesale Water And Wastewater544.4K---------
Wholesale Water And Wastewater Growth----------
All Others71.2K---------
All Others Growth----------

Revenue by Geography

2013201520182019202020212022202320242025
Land Development--2.16M11.96M18.93M7.47M13.71M7.1M16.81M15.26M
Land Development Growth---452.38%58.37%-60.55%83.61%-48.24%136.88%-9.26%
Water and Wastewater Resource Development--4.79M8.41M6.92M9.66M10.05M7.32M11.56M10.33M
Water and Wastewater Resource Development Growth---75.31%-17.66%39.52%4.09%-27.14%57.87%-10.61%
Single Family Rentals------82K165K481K496K
Single Family Rentals Growth-------101.22%191.52%3.12%
All Other-176.5K--------
All Other Growth----------

Frequently Asked Questions

Valuation & Price

Pure Cycle Corporation (PCYO) has a price-to-earnings (P/E) ratio of 21.6x. This is roughly in line with market averages.

Growth & Financials

Pure Cycle Corporation (PCYO) reported $29.5M in revenue for fiscal year 2025. This represents a 10263% increase from $0.3M in 2012.

Pure Cycle Corporation (PCYO) saw revenue decline by 9.3% over the past year.

Yes, Pure Cycle Corporation (PCYO) is profitable, generating $13.7M in net income for fiscal year 2025 (50.3% net margin).

Dividend & Returns

Pure Cycle Corporation (PCYO) has a return on equity (ROE) of 9.6%. This is below average, suggesting room for improvement.

Pure Cycle Corporation (PCYO) had negative free cash flow of $2.2M in fiscal year 2025, likely due to heavy capital investments.

Industry Metrics

Pure Cycle Corporation (PCYO) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.

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