No significant weaknesses identified
| Name | Market Cap | Current Price | P/E Ratio | Revenue Growth 1Y | Net Margin | ROE | FCF Yield | Debt/Equity |
|---|---|---|---|---|---|---|---|---|
| PCYOPure Cycle Corporation | 281.62M | 11.69 | 21.65 | -9.25% | 46.62% | 9.31% | 1.31% | 0.05 |
| CDZICadiz Inc. | 553.51M | 6.66 | -12.57 | 382.57% | -206.61% | -119.04% | 2.53 |
| Aug 2016 | Aug 2017 | Aug 2018 | Aug 2019 | Aug 2020 | Aug 2021 | Aug 2022 | Aug 2023 | Aug 2024 | Aug 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 452.16K | 1.23M | 6.96M | 20.36M | 25.86M | 17.13M | 23M | 14.59M | 28.75M | 26.09M |
| Revenue Growth % | -0.81% | 1.72% | 4.67% | 1.93% | 0.27% | -0.34% | 0.34% | -0.37% | 0.97% | -0.09% |
| Cost of Revenue | 528.76K | 803.31K | 4.16M | 13.94M | 18.31M | 6.4M | 6.63M | 6.55M | 8.99M | 10.06M |
| Gross Profit | -76.6K | 424.48K | 2.8M | 6.42M | 7.54M | 10.72M | 16.37M | 8.04M | 19.76M | 16.03M |
| 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 | 2.1M | 2.56M | 3.11M | 3.42M | 6.03M | 5.45M | 6.28M | 5.97M | 7.52M | 8.36M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| EBITDA | -1.76M | -1.4M | 593.95K | 4.28M | 3.24M | 7.04M | 12.22M | 4.23M | 14.34M | 9.97M |
| 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 | 420.1K | 734.32K | 902.68K | 1.28M | 1.72M | 1.77M | 2.13M | 2.16M | 2.1M | 2.3M |
| D&A / Revenue % | - | - | - | - | - | - | - | - | - | - |
| Operating Income (EBIT) | -2.18M | -2.13M | -308.73K | 3M | 1.51M | 5.27M | 10.1M | 2.07M | 12.24M | 7.67M |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 90K | 206K | 439K | 426K |
| Interest Coverage | - | - | - | - | - | - | 112.18x | 10.06x | 27.89x | 18.00x |
| Interest / Revenue % | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 949.52K | 452.36K | 441.41K | 529.29K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Pretax Income | -1.23M | -1.68M | 132.68K | 3.53M | 8.92M | 26.59M | 12.71M | 6.22M | 15.63M | 17.47M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | -282K | -1.28M | 2.17M | 6.48M | 3.09M | 1.52M | 4.02M | 4.36M |
| Effective Tax Rate % | - | - | - | - | - | - | - | - | - | - |
| Net Income | -1.31M | -1.71M | 414.68K | 4.81M | 6.75M | 20.11M | 9.62M | 4.7M | 11.61M | 13.11M |
| 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 | -0.07 | 0.02 | 0.20 | 0.28 | 0.83 | 0.40 | 0.19 | 0.48 | 0.54 |
| 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 | -0.07 | 0.02 | 0.20 | 0.28 | 0.84 | 0.40 | 0.20 | 0.48 | 0.54 |
| Diluted Shares Outstanding | 23.78M | 23.75M | 23.93M | 24M | 24.06M | 24.11M | 24.16M | 24.11M | 24.14M | 24.17M |
| Aug 2016 | Aug 2017 | Aug 2018 | Aug 2019 | Aug 2020 | Aug 2021 | Aug 2022 | Aug 2023 | Aug 2024 | Aug 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 70.88M | 69.79M | 71.91M | 83.72M | 89.76M | 117.18M | 129.23M | 133.22M | 147.35M | 162.28M |
| 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) | 33.67M | 40.82M | 41.38M | 55.37M | 60.2M | 63.14M | 66.9M | 68.26M | 66.05M | 67.52M |
| PP&E / Total Assets % | - | - | - | - | - | - | - | - | - | - |
| Total Current Assets | 29.09M | 27.12M | 27.92M | 23.54M | 25.99M | 38.72M | 37.79M | 29.73M | 37.86M | 31.65M |
| Cash & Equivalents | 4.7M | 5.58M | 11.57M | 4.48M | 21.8M | 20.12M | 34.89M | 26.01M | 22.11M | 21.93M |
| Receivables | 352.93K | 879.27K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 0 | 0 | 5.2M | 11.61M | 481.45K | 608K | 0 | 1.73M | 3.65M | 7.39M |
| Other Current Assets | 680.29K | 110.75K | 0 | 0 | 0 | 0 | 467K | 0 | 10.63M | 0 |
| Long-Term Investments | 6.85M | 187.97K | 190.37K | -7.76M | 55.09B | 0 | 58.76M | 0 | 60.49M | 56.69M |
| Goodwill | 0 | 0 | -7.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.27M | 7.71M | 9.32M | 7.76M | 7.44M | 451K | 451K | 451K | 451K | 4.17M |
| Other Assets | 1.27M | 1.65M | 777.73K | 3.53M | -55.08B | 14.88M | -34.67M | 34.77M | -17.5M | 2.25M |
| Total Liabilities | 1.88M | 2.28M | 2.45M | 8.99M | 7.72M | 14.44M | 16.23M | 14.98M | 17.65M | 19.54M |
| Total Debt | 0 | 0 | 0 | 0 | 194K | 121K | 4.1M | 7.28M | 7.04M | 6.79M |
| Net Debt | -4.7M | -5.58M | -11.57M | -4.48M | -21.6M | -20M | -30.8M | -18.74M | -15.07M | -15.14M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 3.95M | 6.88M | 6.82M | 6.38M |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 31K | 64K | 411K |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 194K | 121K | 138K | 360K | 160K | 13K |
| Total Current Liabilities | 482.21K | 940.23K | 2.05M | 8.3M | 6.22M | 12.46M | 10.82M | 6.5M | 9.35M | 11.62M |
| Accounts Payable | 160.39K | 492.41K | 787.66K | 170.82K | 180K | 1.79M | 849K | 1.96M | 1.95M | 3.52M |
| Accrued Expenses | 242.62K | 380.85K | 849.54K | 3.43M | 125K | 2.36M | 1.32M | 831K | 1.6M | 4.33M |
| Deferred Revenue | 55.8K | 55.8K | 361.05K | 3.99M | 1.64M | 2.4M | 4.84M | 1.73M | 2.17M | 0 |
| Other Current Liabilities | 4.39K | 11.16K | 55.73K | 706.46K | 2.57M | 729K | 1.19M | 985K | 2.05M | 3.34M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 886K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 343.97K | 341.56K | 339.04K | 693.02K | 493K | 325K | 323K | 0 | 0 | 0 |
| Total Equity | 69M | 67.51M | 69.45M | 74.73M | 82.04M | 102.74M | 113M | 118.23M | 129.7M | 142.74M |
| Equity Growth % | -0.02% | -0.02% | 0.03% | 0.08% | 0.1% | 0.25% | 0.1% | 0.05% | 0.1% | 0.1% |
| Shareholders Equity | 69M | 67.51M | 69.45M | 74.73M | 82.04M | 102.74M | 113M | 118.23M | 129.7M | 142.74M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 79.19K | 79.19K | 79.22K | 79.43K | 79.53K | 80K | 80K | 80K | 80K | 80K |
| Additional Paid-in Capital | 171.2M | 171.43M | 171.83M | 172.36M | 172.93M | 173.51M | 174.15M | 174.69M | 175.13M | 175.45M |
| Retained Earnings | -102.28M | -103.99M | -102.52M | -97.71M | -90.96M | -70.85M | -61.23M | -56.53M | -45.5M | -32.79M |
| Accumulated OCI | 3.12K | -11.11K | 66.45K | 3.89K | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | - | - | - | - | 0.00x | 0.00x | 0.04x | 0.06x | 0.05x | 0.05x |
| 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 Share | 2.9 | 2.84 | 2.9 | 3.11 | 3.41 | 4.26 | 4.68 | 4.9 | 5.37 | 5.91 |
| Aug 2016 | Aug 2017 | Aug 2018 | Aug 2019 | Aug 2020 | Aug 2021 | Aug 2022 | Aug 2023 | Aug 2024 | Aug 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -270.73K | -1.05M | 482 | 3.53M | 20.72M | 3.46M | 17.45M | -2.34M | 2.21M | 13.16M |
| 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 | -1.71M | 414.68K | 4.81M | 6.75M | 20.11M | 9.62M | 4.7M | 11.61M | 13.11M |
| Depreciation & Amortization | 253.43K | 353.94K | 251.23K | 1.24M | 1.72M | 1.77M | 2.13M | 2.16M | 2.1M | 2.3M |
| Deferred Taxes | 1.79M | 509.25K | 741.8K | -1.28M | 2.17M | 729K | -540K | 277K | 43K | 146K |
| Other Non-Cash Items | -70.21K | -49.4K | -20.09K | -35.59K | 6.14M | 450K | 8.8M | -5.93M | -4.57M | 323K |
| Working Capital Changes | -1.16M | -389.05K | -1.71M | -1.54M | 3.94M | -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 | -32.12M | 1.93M | 5.7M | -10.8M | -3.45M | -2.9M | -6.67M | -9.24M | -4.73M | -9.65M |
| Acquisitions | 0 | 7.76B | 5.27B | 14.11B | 0 | 0 | 0 | 0 | 0 | 179K |
| Purchase of Investments | -32.83M | -4.37M | -22.89M | -52.04M | -1.72M | 0 | -992K | -16.69M | -2.16M | -852K |
| Sale of Investments | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 0 | 494K |
| Other Investing | -451.35K | -7.76B | -5.27B | -14.11B | 0 | 0 | 0 | 0 | 100K | 0 |
| Cash from Financing | -2.04K | -2.41K | 287.98K | 186.21K | 44.78K | 87K | 3.99M | 2.85M | -612K | -491K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | -31K | -94K |
| Stock Issued | 0 | 0 | 75K | 193.1K | 49.2K | 89K | 34K | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -581K | -397K |
| Other Financing | -2.04K | -2.41K | 287.98K | 186.21K | -4.42K | -2K | -2K | -111K | 0 | 0 |
| Net Change in Cash | -32.39M | 878.53K | 5.99M | -7.09M | 17.32M | -1.68M | 14.78M | -8.73M | -3.13M | -182K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | -1000K | -1K | 0 | 0 | -1000K |
| Cash at Beginning | 37.09M | 4.7M | 5.58M | 11.57M | 4.48M | 21.8M | 20.12M | 37.22M | 28.49M | 22.11M |
| Cash at End | 4.7M | 5.58M | 11.57M | 4.48M | 21.8M | 20.12M | 34.89M | 28.49M | 25.36M | 21.93M |
| Free Cash Flow | -32.39M | -4.54M | -5.47M | -10.93M | 12.09M | 560K | 11.78M | -10.15M | -2.52M | 3.69M |
| 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 % | - | - | - | - | - | - | - | - | - | - |
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | - | - | - | - | - | - | 112.18x | 10.06x | 27.89x | 18.00x |
| CapEx / Revenue | 7103.44% | 283.79% | 78.6% | 71.02% | 33.38% | 16.91% | 24.68% | 53.55% | 16.45% | 36.31% |
| Debt / Equity | - | - | - | - | 0.00x | 0.00x | 0.04x | 0.06x | 0.05x | 0.05x |
| EPS Growth | 94.2% | -30.67% | 124.03% | 1056.07% | 40% | 196.43% | -51.81% | -52.5% | 152.63% | 12.5% |
| 2013 | 2015 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Construction | - | - | - | - | - | - | - | - | - | 15.26M |
| Construction Growth | - | - | - | - | - | - | - | - | - | - |
| Lot Sales | - | - | 2.14M | 11.96M | 18.93M | 5.16M | 12.19M | 6.82M | 16M | 13.69M |
| 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 | - | - | - | - | - | - | 4.92M | 2.99M | 3.38M | 7.34M |
| Water and Wastewater Tap Fees Growth | - | - | - | - | - | - | - | -39.23% | 13.14% | 116.81% |
| Special Facility Projects and Other | - | - | - | - | - | - | 334K | 467K | 951K | 785K |
| 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 | - | - | - | - | - | - | 440K | 504K | 788K | - |
| Metered Water Usage - Municipal Customers Growth | - | - | - | - | - | - | - | 14.55% | 56.35% | - |
| Wastewater Treatment Fees | - | - | 46.2K | 35.82K | - | - | 248K | 302K | 343K | - |
| 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 | - | - | - | 10M | 24.1M | 4.2M | - | - | - | - |
| Lot Sales Second Format Growth | - | - | - | - | 141.00% | -82.57% | - | - | - | - |
| Phase2 Development | - | - | - | - | - | 2.2M | - | - | - | - |
| Phase2 Development Growth | - | - | - | - | - | - | - | - | - | - |
| Lot Sales First Format | - | - | - | 4.05M | 4.91M | 1.6M | - | - | - | - |
| Lot Sales First Format Growth | - | - | - | - | 21.16% | -67.42% | - | - | - | - |
| Wastewater Tap Fee | - | - | - | 526.4K | 882.3K | 800K | - | - | - | - |
| Wastewater Tap Fee Growth | - | - | - | - | 67.61% | -9.33% | - | - | - | - |
| Special Facility Funding Recognized | - | - | - | - | - | 400K | - | - | - | - |
| Special Facility Funding Recognized Growth | - | - | - | - | - | - | - | - | - | - |
| Consulting Fees | - | - | 142.7K | 158.6K | 25.7K | 100K | - | - | - | - |
| Consulting Fees Growth | - | - | - | 11.14% | -83.80% | 289.11% | - | - | - | - |
| Water Tap Fees Recognized excluding Wastewater Tap Fee | - | - | - | 3.02M | 4.76M | - | - | - | - | - |
| Water Tap Fees Recognized excluding Wastewater Tap Fee Growth | - | - | - | - | 57.66% | - | - | - | - | - |
| Metered Water Usage | - | - | - | 4.65M | - | - | - | - | - | - |
| Metered Water Usage Growth | - | - | - | - | - | - | - | - | - | - |
| Water Tap Fee | - | - | 49.95K | 3.54M | - | - | - | - | - | - |
| 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 | - | - | - | - | - | - | - | - | - | - |
| Agricultural | 1.24M | 1.13M | - | - | - | - | - | - | - | - |
| 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 Wastewater | 544.4K | - | - | - | - | - | - | - | - | - |
| Wholesale Water And Wastewater Growth | - | - | - | - | - | - | - | - | - | - |
| All Others | 71.2K | - | - | - | - | - | - | - | - | - |
| All Others Growth | - | - | - | - | - | - | - | - | - | - |
| 2013 | 2015 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Land Development | - | - | 2.16M | 11.96M | 18.93M | 7.47M | 13.71M | 7.1M | 16.81M | 15.26M |
| Land Development Growth | - | - | - | 452.38% | 58.37% | -60.55% | 83.61% | -48.24% | 136.88% | -9.26% |
| Water and Wastewater Resource Development | - | - | 4.79M | 8.41M | 6.92M | 9.66M | 10.05M | 7.32M | 11.56M | 10.33M |
| Water and Wastewater Resource Development Growth | - | - | - | 75.31% | -17.66% | 39.52% | 4.09% | -27.14% | 57.87% | -10.61% |
| Single Family Rentals | - | - | - | - | - | - | 82K | 165K | 481K | 496K |
| Single Family Rentals Growth | - | - | - | - | - | - | - | 101.22% | 191.52% | 3.12% |
| All Other | - | 176.5K | - | - | - | - | - | - | - | - |
| All Other Growth | - | - | - | - | - | - | - | - | - | - |
Pure Cycle Corporation (PCYO) has a price-to-earnings (P/E) ratio of 21.6x. This is roughly in line with market averages.
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).
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.
Pure Cycle Corporation (PCYO) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.