Cadiz (CDZI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 4, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CDZI SEC filings page.
Cadiz (CDZI) reported $11.8M in revenue over the twelve months to Jun 30, 2026, down 21.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue is scaling, but rising leverage and recurring cash deficits show a business still dependent on external financing.
$16.3M of FY2025 revenue accompanied a gross-margin expansion to31.6% , indicating improving unit economics rather than mere top-line expansion. Yet operating cash flow was-$18.9M and free cash flow was-$26.5M , so improved gross profit still did not finance overhead and reinvestment.
Debt-to-equity climbed from 1.7x in FY2024 to 3.1x in FY2025, a sharp shift toward leverage as the asset base expanded. Equity fell to
Financing activity supplied
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Cadiz's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cadiz held $8.6M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $18.9M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Cadiz scores 20/100 among other emerging companies.
Cadiz had 83M shares outstanding at the end of fiscal year 2025, against 82M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Cadiz scores 45/100 among other emerging companies.
Not available for Cadiz, and counted as zero in the overall score.
Cadiz reported revenue of $16.3M in fiscal year 2025, against $9.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Cadiz scores 91/100 among other emerging companies.
Cadiz's operations used $18.9M of cash in fiscal year 2025, against $21.5M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Cadiz scores 50/100 among other emerging companies.
Cadiz's cash, cash equivalents and investments came to $8.6M at the end of fiscal year 2025, against $117.7M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Cadiz scores 13/100 among other emerging companies.
Cadiz scores -5.54, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($352.7M) relative to total liabilities ($117.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Cadiz passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Cadiz reported a net loss of $34.2M while operations used $18.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Cadiz reported an operating loss of $25.6M against $8.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Cadiz generated $979K in revenue in Q2 2026. This represents a decrease of 76.3% from the same quarter a year earlier. Against the prior quarter it is down 40.0%.
Cadiz's EBITDA was -$8.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 54.3% from the same quarter a year earlier. Against the prior quarter it is down 30.9%.
Cadiz reported -$11.4M in net income in Q2 2026. This represents a decrease of 47.1% from the same quarter a year earlier. Against the prior quarter it is down 31.7%.
Not reported for Q2 2026.
Cash & Balance Sheet
Cadiz recorded an outflow of $9.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 66.5% from the same quarter a year earlier. Against the prior quarter it is down 69.8%.
Cadiz held $5.3M in cash against $87.0M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Cadiz's gross margin was -2.5% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 37.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 28.5 percentage points.
Cadiz's ROE was -243.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 222.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 188.5 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Cadiz invested $3.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 30.8% from the same quarter a year earlier. Against the prior quarter it is up 1189.3%.
Not reported for Q2 2026.
Not reported for Q2 2026.
CDZI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $979K-76.3% | $1.6M-44.8% | $5.1M+7.0% | $4.1M+28.7% | $4.1M+704.3% | $3.0M+163.5% | $4.8M+594.4% | $3.2M+776.1% |
| Cost of Revenue | $1.0M-62.4% | $1.2M-41.9% | $3.4M+12.3% | $3.0M+25.2% | $2.7M+212.8% | $2.1M+107.0% | $3.0M+115.9% | $2.4M+248.1% |
| Gross Profit | -$24K-101.6% | $425K-51.5% | $1.7M-2.2% | $1.1M+39.1% | $1.5M+531.0% | $876K+648.7% | $1.7M+338.1% | $815K+351.5% |
| SG&A Expenses | $8.4M+21.5% | $6.9M-15.2% | $8.7M+8.5% | $5.7M+8.5% | $6.9M+10.0% | $8.1M+71.4% | $8.0M+81.8% | $5.3M+2.9% |
| Operating Income | -$8.8M-52.9% | -$6.8M+9.3% | -$7.4M-11.6% | -$4.9M-2.7% | -$5.8M+16.9% | -$7.5M-53.5% | -$6.6M-21.7% | -$4.8M+17.2% |
| EBITDA | -$8.4M-54.3% | -$6.5M+10.8% | -$7.0M-11.4% | -$4.6M-3.0% | -$5.5M+17.6% | -$7.2M-56.8% | -$6.3M-22.9% | -$4.5M+18.2% |
| Interest Expense | $2.9M+48.5% | $2.5M+19.8% | $2.4M+20.1% | $2.2M+7.4% | $2.0M+1.6% | $2.1M+6.1% | $2.0M+52.8% | $2.0M+72.5% |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | $3K0.0% | $3K-25.0% |
| Net Income | -$11.4M-47.1% | -$8.6M+10.0% | -$9.8M-13.1% | -$7.1M-4.1% | -$7.7M+12.9% | -$9.6M-40.0% | -$8.6M-27.7% | -$6.8M+2.1% |
| EPS (Basic) | -$0.15-36.4% | -$0.12+14.3% | -$0.13+7.1% | -$0.10+16.7% | -$0.11+26.7% | -$0.14-16.7% | -$0.14-16.7% | -$0.120.0% |
Not reported in any period shown, so not listed: R&D Expenses, EPS (Diluted), Diluted Shares (Avg).
CDZI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $134.8M-1.2% | $146.1M+0.4% | $140.9M+4.8% | $128.0M+13.7% | $136.4M+15.5% | $145.6M+23.3% | $134.5M+25.3% | $112.6M-1.7% |
| Current Assets | $11.4M-45.6% | $23.7M-22.5% | $16.1M-37.8% | $11.7M-2.4% | $21.0M+22.1% | $30.6M+24.6% | $25.8M+221.5% | $12.0M-27.8% |
| Cash & Equivalents | $5.3M-59.7% | $16.5M-23.3% | $8.6M-50.3% | $4.4M+33.2% | $13.2M+30.7% | $21.6M+12.3% | $17.3M+284.1% | $3.3M-75.0% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $2.0M-34.5% | $1.5M-51.9% | $1.1M-62.3% | $2.8M-35.7% | $3.0M-33.0% | $3.1M+10.7% | $3.0M+43.4% | $4.3M+104.2% |
| Accounts Receivable | $3.4M-16.7% | $4.7M-4.7% | $5.6M+22.4% | $3.6M+12.5% | $4.1M+152.6% | $5.0M+214.2% | $4.6M+407.3% | $3.2M+691.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% |
| Total Liabilities | $130.1M+29.0% | $130.5M+28.5% | $117.7M+17.0% | $100.3M+9.2% | $100.8M+11.3% | $101.5M+14.2% | $100.5M+49.1% | $91.9M+37.5% |
| Current Liabilities | $9.9M-15.0% | $12.6M-9.7% | $13.2M-8.5% | $9.3M+5.5% | $11.6M+27.2% | $14.0M+63.1% | $14.4M+146.9% | $8.8M+49.2% |
| Non-Current Liabilities | $120.2M+34.8% | $117.9M+34.6% | $104.5M+21.3% | $90.9M+9.6% | $89.2M+9.6% | $87.6M+9.0% | $86.1M+39.9% | $83.0M+36.4% |
| Long-Term Debt | $87.0M+48.0% | $85.6M+48.3% | $72.7M+28.2% | $59.8M+7.4% | $58.8M+7.4% | $57.7M+6.4% | $56.7M+50.4% | $55.7M+49.0% |
| Total Equity | $4.7M-86.9% | $15.6M-64.5% | $23.3M-31.5% | $27.7M+34.0% | $35.6M+29.0% | $44.0M+20.3% | $34.0M-15.0% | $20.7M-56.6% |
| Retained Earnings | -$712.2M-5.5% | -$700.8M-2.0% | -$692.2M-2.4% | -$682.4M-2.4% | -$675.4M-2.6% | -$687.0M-6.0% | -$676.1M-5.7% | -$666.2M-5.4% |
CDZI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.6M-390.3% | -$5.5M-51.2% | -$6.9M-11.4% | -$7.0M-30.2% | -$1.4M+80.8% | -$3.6M-26.8% | -$6.2M-12.5% | -$5.4M+2.6% |
| Depreciation & Amortization | $387K+27.7% | $383K+26.8% | $355K+15.6% | $304K-1.0% | $303K-0.7% | $302K+2.4% | $307K+0.7% | $307K-0.3% |
| Stock-Based Compensation | N/A | $479K-82.7% | N/A | N/A | N/A | $2.8M+119.9% | N/A | N/A |
| Capital Expenditures | $3.1M-30.8% | $242K-81.2% | $1.3M+221.8% | $450K+718.2% | $4.5M+1505.3% | $1.3M+593.0% | $412K-79.1% | $55K-90.9% |
| Free Cash Flow | -$9.8M-66.5% | -$5.8M-16.6% | -$8.2M-24.5% | -$7.5M-37.1% | -$5.9M+20.1% | -$4.9M-61.3% | -$6.6M+11.6% | -$5.4M+11.3% |
| Investing Cash Flow | -$3.1M+30.8% | -$242K+96.2% | -$1.3M-100.3% | -$450K-718.2% | -$4.5M-1505.3% | -$6.3M-3281.2% | -$662K+66.4% | -$55K+90.9% |
| Financing Cash Flow | -$1.4M+42.0% | $13.7M-18.7% | $12.4M-40.4% | -$1.3M+1.5% | -$2.5M-41.4% | $16.8M-5.3% | $20.8M+1690.7% | -$1.3M-22.9% |
| Dividends Paid | $1.3M+1.8% | $1.3M-1.8% | $1.3M0.0% | $1.3M0.0% | $1.3M0.0% | $1.3M0.0% | $1.3M0.0% | $1.3M0.0% |
Not reported in any period shown, so not listed: Share Buybacks.
CDZI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -2.5%-37.9pp | 26.0%-3.6pp | 33.0%-3.1pp | 27.3%+2.0pp | 35.4%+101.5pp | 29.6%+19.2pp | 36.1% | 25.3%+113.3pp |
| Operating Margin | -902.4% | -418.8% | -145.4% | -118.0% | -140.0% | -255.0% | -139.5% | -147.9% |
| Net Margin | -1161.8% | -529.2% | -191.9% | -170.4% | -187.3% | -324.8% | -181.6% | -210.7% |
| Return on Equity | -243.8%-222.1pp | -55.3%-33.5pp | -42.0%-16.6pp | -25.5%+7.3pp | -21.7%+10.4pp | -21.8%-3.1pp | -25.4%-8.5pp | -32.8%-18.3pp |
| Return on Assets | -8.4%-2.8pp | -5.9%+0.7pp | -6.9%-0.5pp | -5.5%+0.5pp | -5.7%+1.8pp | -6.6%-0.8pp | -6.4%-0.1pp | -6.0%0.0pp |
| Current Ratio | 1.16-0.7x | 1.88-0.3x | 1.22-0.6x | 1.26-0.1x | 1.81-0.1x | 2.19-0.7x | 1.79+0.4x | 1.36-1.4x |
| Debt-to-Equity | 18.64+17.0x | 5.48+4.2x | 3.13+1.5x | 2.16-0.5x | 1.65-0.3x | 1.31-0.2x | 1.67+0.7x | 2.69+1.9x |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.040.0x | 0.030.0x | 0.030.0x | 0.020.0x | 0.040.0x | 0.030.0x |
| FCF Margin | -997.7% | -352.5% | -162.2% | -179.8% | -142.2% | -167.0% | -139.4% | -168.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Cadiz CDZI | FY2025 | $16.3M | -$34.2M | N/A | $352.7M | 37/100 |
| Artesian Res Corp ARTNA | FY2025 | $112.9M | $22.8M | 20.2% | $374.9M | 48/100 |
| Consolidated Water CWCO | FY2025 | $132.1M | $18.3M | 13.9% | $464.1M | 66/100 |
| York Water YORW | FY2025 | $77.5M | $20.1M | 25.9% | $557.3M | 42/100 |
| Global Water GWRS | FY2025 | $55.8M | $3.0M | 5.3% | $256.9M | 28/100 |
| Pure Cycle Corp PCYO | FY2025 | $26.1M | $13.1M | 50.2% | $268.0M | 70/100 |
Where Cadiz Ranks
Frequently Asked Questions
What is Cadiz's annual revenue?
Cadiz (CDZI) reported $16.3M in total revenue for fiscal year 2025. This represents a 69.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cadiz's revenue growing?
Cadiz (CDZI) revenue grew by 69.8% year-over-year, from $9.6M to $16.3M in fiscal year 2025.
Is Cadiz profitable?
No, Cadiz (CDZI) reported a net income of -$34.2M in fiscal year 2025.
What is Cadiz's EBITDA?
Cadiz (CDZI) had EBITDA of -$24.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cadiz have?
As of fiscal year 2025, Cadiz (CDZI) had $8.6M in cash and equivalents against $72.7M in long-term debt.
What is Cadiz's gross margin?
Cadiz (CDZI) had a gross margin of 31.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cadiz's return on equity (ROE)?
Cadiz (CDZI) has a return on equity of -146.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cadiz's free cash flow?
Cadiz (CDZI) recorded an outflow of $26.5M in free cash flow during fiscal year 2025. This represents a -18.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cadiz's operating cash flow?
Cadiz (CDZI) recorded an outflow of $18.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Cadiz's total assets?
Cadiz (CDZI) had $140.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cadiz's capital expenditures?
Cadiz (CDZI) invested $7.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Cadiz's current ratio?
Cadiz (CDZI) had a current ratio of 1.22 as of fiscal year 2025, which is considered adequate.
What is Cadiz's debt-to-equity ratio?
Cadiz (CDZI) had a debt-to-equity ratio of 3.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cadiz's return on assets (ROA)?
Cadiz (CDZI) had a return on assets of -24.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cadiz's P/E ratio?
Cadiz (CDZI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $352.7M as of Sep 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Cadiz's price-to-sales ratio?
Cadiz (CDZI) trades at 29.8x sales, its market capitalization divided by revenue of $11.8M revenue, trailing 12 months to June 30, 2026. The market capitalization is $352.7M as of Sep 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Cadiz's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Cadiz (CDZI) held $8.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $18.9M over that year. Dividing the one by the other, the reported balance equals about 5 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Cadiz's Altman Z-Score?
Cadiz (CDZI) has an Altman Z-Score of -5.54, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cadiz's Piotroski F-Score?
Cadiz (CDZI) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cadiz's earnings high quality?
Cadiz (CDZI) reported a net loss of $34.2M while operations used $18.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cadiz cover its interest payments?
Cadiz (CDZI) reported an operating loss of $25.6M against $8.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cadiz?
Cadiz (CDZI) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.