Pure Cycle Corporation (PCYO) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Regulated Water
EV/EBITDA
↓
25.57
↓-22% vs avg
5yr avg: 32.86
30Y Low16.9·High65.9
P/FCF
↓
73.15
↓-70% vs avg
5yr avg: 243.66
30Y Low2.9·High66.1
P/B Ratio
↓
1.89
↓-19% vs avg
5yr avg: 2.33
30Y Low0.5·High6.5
ROE
↓
9.6%
-10% vs avg
5yr avg: 10.7%
30Y Low-45%·High22%
Debt/EBITDA
↑
0.68
+5% vs avg
5yr avg: 0.65
30Y Low0.0·High32.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PCYO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Pure Cycle Corporation trades at 20.7x earnings, 27% below its 5-year average of 28.5x, sitting at the 29th percentile of its historical range. Compared to the Utilities sector median P/E of 19.1x, the stock trades at a premium of 8%. On a free-cash-flow basis, the stock trades at 73.2x P/FCF, 70% below the 5-year average of 243.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $270M | $244M | $257M | $265M | $249M | $360M | $235M | $260M | $269M | $172M | $115M |
| Enterprise Value | $255M | $229M | $242M | $246M | $218M | $340M | $213M | $256M | $258M | $167M | $110M |
| P/E Ratio → | 20.69 | 18.70 | 22.19 | 57.84 | 25.80 | 18.01 | 34.86 | 54.25 | 650.29 | — | — |
| P/S Ratio | 10.35 | 9.36 | 8.94 | 18.16 | 10.84 | 21.05 | 9.08 | 12.79 | 38.69 | 140.27 | 254.56 |
| P/B Ratio | 1.89 | 1.71 | 1.98 | 2.24 | 2.21 | 3.51 | 2.86 | 3.48 | 3.88 | 2.55 | 1.67 |
| P/FCF | 73.15 | 66.13 | — | — | 21.17 | 643.68 | 19.43 | — | — | — | — |
| P/OCF | 20.51 | 18.54 | 116.23 | — | 14.28 | 104.30 | 11.33 | 73.77 | 558544.64 | — | — |
P/E links to full P/E history page with 30-year chart
PCYO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Pure Cycle Corporation's enterprise value stands at 25.6x EBITDA, 22% below its 5-year average of 32.9x. The Utilities sector median is 11.9x, placing the stock at a 115% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.78 | 8.42 | 16.88 | 9.50 | 19.88 | 8.25 | 12.57 | 37.02 | 135.72 | 244.17 |
| EV / EBITDA | 25.57 | 22.97 | 16.88 | 58.23 | 17.88 | 48.35 | 65.90 | 59.81 | 433.80 | — | — |
| EV / EBIT | 33.23 | 12.79 | 15.06 | 38.31 | 17.08 | 12.80 | 72.58 | 72.55 | — | — | — |
| EV / FCF | — | 62.03 | — | — | 18.55 | 607.97 | 17.64 | — | — | — | — |
PCYO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Pure Cycle Corporation earns an operating margin of 29.4%, above the Utilities sector average of 18.5%. Operating margins have expanded from 14.2% to 29.4% over the past 3 years, signaling improving operational efficiency. ROE of 9.6% is modest. ROIC of 4.7% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.4% | 61.4% | 68.7% | 55.1% | 71.2% | 62.6% | 29.2% | 31.5% | 40.2% | 34.6% | -16.9% |
| Operating Margin | 29.4% | 29.4% | 42.6% | 14.2% | 43.9% | 30.8% | 5.9% | 14.7% | -4.4% | -173.6% | -482.1% |
| Net Profit Margin | 50.3% | 50.3% | 40.4% | 32.2% | 41.8% | 117.4% | 26.1% | 23.6% | 6.0% | -139.3% | -289.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.6% | 9.6% | 9.4% | 4.1% | 8.9% | 21.8% | 8.6% | 6.7% | 0.6% | -2.5% | -1.9% |
| ROA | 8.5% | 8.5% | 8.3% | 3.6% | 7.8% | 19.4% | 7.8% | 6.2% | 0.6% | -2.4% | -1.8% |
| ROIC | 4.7% | 4.7% | 8.6% | 1.7% | 9.2% | 5.5% | 1.7% | 3.5% | -0.4% | -2.5% | -3.4% |
| ROCE | 5.3% | 5.3% | 9.2% | 1.7% | 9.0% | 5.6% | 1.9% | 4.1% | -0.4% | -3.1% | -3.1% |
PCYO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Pure Cycle Corporation carries a Debt/EBITDA ratio of 0.7x, which is very conservative (87% below the sector average of 5.2x). The company holds a net cash position — cash of $22M exceeds total debt of $7M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 42.0x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.05 | 0.06 | 0.04 | 0.00 | 0.00 | — | — | — | — |
| Debt / EBITDA | 0.68 | 0.68 | 0.49 | 1.72 | 0.34 | 0.02 | 0.06 | — | — | — | — |
| Net Debt / Equity | — | -0.11 | -0.12 | -0.16 | -0.27 | -0.19 | -0.26 | -0.06 | -0.17 | -0.08 | -0.07 |
| Net Debt / EBITDA | -1.52 | -1.52 | -1.05 | -4.43 | -2.52 | -2.84 | -6.68 | -1.05 | -19.47 | — | — |
| Debt / FCF | — | -4.10 | — | — | -2.61 | -35.71 | -1.79 | — | — | — | — |
| Interest Coverage | 42.01 | 42.01 | 36.61 | 31.19 | 142.17 | — | — | — | — | — | — |
Net cash position: cash ($22M) exceeds total debt ($7M)
PCYO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Pure Cycle Corporation's current ratio of 2.72x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.09x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 4.57x to 2.72x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.72 | 2.72 | 4.05 | 4.57 | 3.49 | 3.11 | 4.18 | 2.84 | 13.59 | 28.85 | 60.32 |
| Quick Ratio | 2.09 | 2.09 | 3.66 | 4.31 | 3.49 | 3.06 | 4.10 | 1.44 | 11.06 | 28.85 | 60.32 |
| Cash Ratio | 1.89 | 1.89 | 2.37 | 4.00 | 3.22 | 1.61 | 3.51 | 1.17 | 9.87 | 27.26 | 57.80 |
| Asset Turnover | — | 0.16 | 0.20 | 0.11 | 0.18 | 0.15 | 0.29 | 0.24 | 0.10 | 0.02 | 0.01 |
| Inventory Turnover | 1.36 | 1.36 | 2.46 | 3.79 | — | 10.53 | 38.03 | 1.20 | 0.80 | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
PCYO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Pure Cycle Corporation returns 0.1% to shareholders annually primarily through share buybacks. The earnings yield of 4.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 5.3% | 4.5% | 1.7% | 3.9% | 5.6% | 2.9% | 1.8% | 0.2% | — | — |
| FCF Yield | 1.4% | 1.5% | — | — | 4.7% | 0.2% | 5.1% | — | — | — | — |
| Buyback Yield | 0.1% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $24M | $24M | $24M | $24M | $24M | $24M | $24M | $24M | $24M | $24M |
Peer Comparison
Compare PCYO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PCYOYou | $270M | 20.7 | 25.6 | 73.2 | 61.4% | 29.4% | 9.6% | 4.7% | 0.7 |
 MSEX | $962M | 21.9 | 15.9 | — | 39.2% | 27.9% | 9.1% | 4.7% | 4.8 |
 YORW | $425M | 21.2 | 15.7 | — | 54.8% | 35.8% | 8.5% | 4.6% | 5.5 |
 ARTNA | $331M | 14.5 | 10.4 | — | 37.2% | 31.5% | 9.3% | 6.3% | 3.7 |
 GWRS | $198M | 62.7 | 14.8 | — | 44.9% | 12.8% | 4.4% | 2.8% | 6.1 |
 AWR | $3B | 23.0 | 15.7 | — | 50.8% | 30.9% | 13.3% | 8.0% | 3.7 |
 CWT | $3B | 21.0 | 13.1 | — | 36.7% | 18.2% | 7.7% | 4.4% | 5.0 |
 AWK | $24B | 21.9 | 14.5 | — | 43.3% | 36.6% | 10.5% | 5.5% | 5.7 |
 WTRG | $10B | 16.7 | 14.0 | — | 41.0% | 37.2% | 9.4% | 4.8% | 6.2 |
 XYL | $27B | 28.5 | 15.0 | 29.2 | 38.5% | 13.5% | 8.5% | 7.6% | 1.1 |
 FELE | $5B | 32.1 | 14.4 | 23.8 | 35.5% | 12.7% | 11.3% | 14.7% | 0.8 |
| Utilities Median | — | 19.1 | 11.9 | 18.6 | 38.4% | 18.5% | 9.3% | 4.9% | 5.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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PCYO — Frequently Asked Questions
Quick answers to the most common questions about buying PCYO stock.
What is Pure Cycle Corporation's P/E ratio?
Pure Cycle Corporation's current P/E ratio is 20.7x. The historical average is 33.1x. This places it at the 29th percentile of its historical range.
What is Pure Cycle Corporation's EV/EBITDA?
Pure Cycle Corporation's current EV/EBITDA is 25.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 41.4x.
What is Pure Cycle Corporation's ROE?
Pure Cycle Corporation's return on equity (ROE) is 9.6%. The historical average is -5.5%.
Is PCYO stock overvalued?
Based on historical data, Pure Cycle Corporation is trading at a P/E of 20.7x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Pure Cycle Corporation's profit margins?
Pure Cycle Corporation has 61.4% gross margin and 29.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Pure Cycle Corporation have?
Pure Cycle Corporation's Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.