Cadiz, Inc. (CDZIP) Financials
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 CDZIP SEC filings page.
Cadiz, Inc. (CDZIP) 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 more than doubled, but gross-profit gains are absorbed by overhead and reinvestment as leverage rises.
The margin expansion from FY2024 to FY2025 did not translate into operating improvement: gross margin rose from24.0% to31.6% . That improvement was absorbed by overhead: SG&A reached$29.5M , leaving the operating result at-$25.6M .
The cash-conversion picture improved at the operating line: operating cash flow moved from
The balance sheet became more debt-dependent: debt-to-equity rose from 1.7x to 3.1x, making expansion more reliant on creditors. The current ratio fell from 1.8x to 1.2x, leaving less short-term balance-sheet cushion.
Financial Health Signals
Scored against utilities 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, Inc.'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, Inc.'s reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 6/100.
Cadiz, Inc.'s revenue surged 69.8% year-over-year to $16.3M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Cadiz, Inc. carries a low D/E ratio of 3.13, meaning only $3.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 68/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 1.22, Cadiz, Inc. holds $1.22 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 79/100.
Cadiz, Inc.'s reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 1/100.
Cadiz, Inc. posts a -146.8% return on equity (ROE), meaning it loses $147 for every $100 of shareholders' equity. This results in a returns score of 21/100. This is down from -91.7% the prior year.
Cadiz, Inc. 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, Inc. 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, Inc. 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, Inc. 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, Inc.'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, Inc. 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, Inc. 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, Inc. held $5.3M in cash against $87.0M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Cadiz, Inc.'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, Inc.'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, Inc. 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.
CDZIP 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).
CDZIP 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% |
CDZIP 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.
CDZIP 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, Inc. CDZIP | FY2025 | $16.3M | -$34.2M | N/A | N/A | 46/100 |
| Global Water Resources, Inc. GWRS | FY2025 | $55.8M | $3.0M | 5.3% | $234.4M | 28/100 |
| Pure Cycle Corporation PCYO | FY2025 | $26.1M | $13.1M | 50.2% | $267.7M | 70/100 |
| Via Renewables, Inc. 8.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock VIASP | FY2025 | $463.5M | $19.1M | 4.1% | N/A | 67/100 |
| CADIZ, Inc. CDZI | FY2025 | $16.3M | -$34.2M | N/A | $289.6M | 37/100 |
| Aris Mining Corporation ARIS | FY2025 | $927.7M | $79.4M | 8.6% | $3.6B | 46/100 |
Where Cadiz, Inc. Ranks
Frequently Asked Questions
What is Cadiz, Inc.'s annual revenue?
Cadiz, Inc. (CDZIP) 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, Inc.'s revenue growing?
Cadiz, Inc. (CDZIP) revenue grew by 69.8% year-over-year, from $9.6M to $16.3M in fiscal year 2025.
Is Cadiz, Inc. profitable?
No, Cadiz, Inc. (CDZIP) reported a net income of -$34.2M in fiscal year 2025.
What is Cadiz, Inc.'s EBITDA?
Cadiz, Inc. (CDZIP) had EBITDA of -$24.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cadiz, Inc. have?
As of fiscal year 2025, Cadiz, Inc. (CDZIP) had $8.6M in cash and equivalents against $72.7M in long-term debt.
What is Cadiz, Inc.'s gross margin?
Cadiz, Inc. (CDZIP) 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, Inc.'s return on equity (ROE)?
Cadiz, Inc. (CDZIP) 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, Inc.'s free cash flow?
Cadiz, Inc. (CDZIP) 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, Inc.'s operating cash flow?
Cadiz, Inc. (CDZIP) recorded an outflow of $18.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Cadiz, Inc.'s total assets?
Cadiz, Inc. (CDZIP) had $140.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cadiz, Inc.'s capital expenditures?
Cadiz, Inc. (CDZIP) invested $7.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Cadiz, Inc.'s current ratio?
Cadiz, Inc. (CDZIP) had a current ratio of 1.22 as of fiscal year 2025, which is considered adequate.
What is Cadiz, Inc.'s debt-to-equity ratio?
Cadiz, Inc. (CDZIP) 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, Inc.'s return on assets (ROA)?
Cadiz, Inc. (CDZIP) had a return on assets of -24.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Cadiz, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Cadiz, Inc. (CDZIP) 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, Inc.'s Piotroski F-Score?
Cadiz, Inc. (CDZIP) 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, Inc.'s earnings high quality?
Cadiz, Inc. (CDZIP) 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, Inc. cover its interest payments?
Cadiz, Inc. (CDZIP) 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, Inc.?
Cadiz, Inc. (CDZIP) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.