Pure Cycle Corp Financials
This page shows Pure Cycle Corp (PCYO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).
Pure Cycle's earnings pattern is shaped by cash-timing swings, a very liquid balance sheet, and profit that can outrun operations.
In FY2025, operating cash flow rebounded to$13.2M from$2.3M after two years of weak conversion, even though operating margin moved lower. Because net income still exceeded operating income, headline earnings were helped by items outside the main business engine rather than by a cleaner operating model.
The balance-sheet posture is unusually conservative: cash exceeds total liabilities, with
FY2025 shows negative operating leverage: SG&A climbed to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Pure Cycle Corp'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.
Pure Cycle Corp has an operating margin of 29.4%, meaning the company retains $29 of operating profit per $100 of revenue. This strong profitability earns a score of 90/100, reflecting efficient cost management and pricing power. This is down from 42.6% the prior year.
Pure Cycle Corp's revenue declined 9.3% year-over-year, from $28.7M to $26.1M. This contraction results in a growth score of 90/100.
Pure Cycle Corp carries a low D/E ratio of 0.04, meaning only $0.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Pure Cycle Corp's current ratio of 2.72 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.
Pure Cycle Corp generates a 9.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 29/100. This is up from 8.9% the prior year.
Pure Cycle Corp scores 7.92, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($252.1M) relative to total liabilities ($19.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Pure Cycle Corp passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Pure Cycle Corp generates $1.00 in operating cash flow ($13.2M OCF vs $13.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Pure Cycle Corp earns $18.0 in operating income for every $1 of interest expense ($7.7M vs $426K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Pure Cycle Corp generated $26.1M in revenue in fiscal year 2025. This represents a decrease of 9.3% from the prior year.
Pure Cycle Corp's EBITDA was $10.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 30.5% from the prior year.
Pure Cycle Corp reported $13.1M in net income in fiscal year 2025. This represents an increase of 12.9% from the prior year.
Pure Cycle Corp earned $0.54 per diluted share (EPS) in fiscal year 2025. This represents an increase of 12.5% from the prior year.
Cash & Balance Sheet
Pure Cycle Corp held $21.9M in cash against $6.4M in long-term debt as of fiscal year 2025.
Pure Cycle Corp had 24M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
Pure Cycle Corp's gross margin was 61.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 7.3 percentage points from the prior year.
Pure Cycle Corp's operating margin was 29.4% in fiscal year 2025, reflecting core business profitability. This is down 13.2 percentage points from the prior year.
Pure Cycle Corp's net profit margin was 50.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.8 percentage points from the prior year.
Pure Cycle Corp's ROE was 9.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.2 percentage points from the prior year.
Capital Allocation
Pure Cycle Corp spent $397K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 31.7% from the prior year.
PCYO Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.2M-43.4% | $9.1M-18.4% | $11.2M+117.9% | $5.1M+28.7% | $4.0M-30.5% | $5.8M-54.2% | $12.6M+65.2% | $7.6M |
| Cost of Revenue | $2.4M-17.3% | $2.9M-20.4% | $3.6M+92.3% | $1.9M-23.7% | $2.5M+18.4% | $2.1M-25.2% | $2.8M+1.8% | $2.7M |
| Gross Profit | $2.8M-55.5% | $6.3M-17.5% | $7.6M+132.7% | $3.3M+113.3% | $1.5M-58.4% | $3.7M-62.5% | $9.8M+100.9% | $4.9M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.3M+37.4% | $1.7M+15.9% | $1.5M-18.0% | $1.8M-33.5% | $2.7M+50.9% | $1.8M-2.6% | $1.8M+11.7% | $1.6M |
| Operating Income | $263K-94.0% | $4.4M-26.2% | $5.9M+345.5% | $1.3M+200.5% | -$1.3M-177.2% | $1.7M-77.9% | $7.8M+153.8% | $3.1M |
| Interest Expense | $142K+51.1% | $94K-12.1% | $107K+5.9% | $101K-7.3% | $109K0.0% | $109K-1.8% | $111K+1.8% | $109K |
| Income Tax | $407K-72.2% | $1.5M-29.7% | $2.1M+182.9% | $737K+176.0% | $267K-79.0% | $1.3M-42.6% | $2.2M+115.6% | $1.0M |
| Net Income | $1.1M-75.8% | $4.6M-25.3% | $6.1M+170.7% | $2.3M+178.9% | $809K-79.5% | $3.9M-40.4% | $6.6M+133.8% | $2.8M |
| EPS (Diluted) | $0.05-73.7% | $0.19 | N/A | $0.09+200.0% | $0.03-81.3% | $0.16 | N/A | $0.12 |
PCYO Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $166.6M-0.9% | $168.1M+3.6% | $162.3M+6.9% | $151.7M+1.4% | $149.7M0.0% | $149.7M+1.6% | $147.4M+5.0% | $140.4M |
| Current Assets | $13.8M-47.6% | $26.3M-17.0% | $31.7M+25.6% | $25.2M-6.6% | $27.0M-4.3% | $28.2M-25.5% | $37.9M+32.4% | $28.6M |
| Cash & Equivalents | $4.8M-71.9% | $17.1M-21.9% | $21.9M+52.4% | $14.4M-12.7% | $16.5M-13.4% | $19.0M-13.9% | $22.1M+8.6% | $20.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $2.8M+10.1% | $2.5M+88.1% | $1.3M-0.1% | $1.3M-60.8% | $3.4M-32.0% | $5.0M+239.2% | $1.5M-36.1% | $2.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $17.9M-12.9% | $20.6M+5.3% | $19.5M+29.7% | $15.1M-1.2% | $15.2M-5.3% | $16.1M-8.8% | $17.7M+2.5% | $17.2M |
| Current Liabilities | $9.9M-13.7% | $11.5M-1.1% | $11.6M+62.4% | $7.2M-0.4% | $7.2M-9.3% | $7.9M-15.4% | $9.3M+3.6% | $9.0M |
| Long-Term Debt | $6.5M-14.2% | $7.6M+18.4% | $6.4M-2.0% | $6.5M-1.6% | $6.6M-1.5% | $6.7M-2.4% | $6.9M+0.4% | $6.9M |
| Total Equity | $148.7M+0.8% | $147.5M+3.3% | $142.7M+4.4% | $136.7M+1.7% | $134.4M+0.6% | $133.6M+3.0% | $129.7M+5.3% | $123.2M |
| Retained Earnings | -$27.2M+3.5% | -$28.2M+13.9% | -$32.8M+15.5% | -$38.8M+5.4% | -$41.1M+1.5% | -$41.7M+8.4% | -$45.5M+12.4% | -$52.0M |
PCYO Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.2M-329.8% | -$979K-110.5% | $9.4M+1961.8% | -$503K+63.3% | -$1.4M-124.2% | $5.7M+82.7% | $3.1M+248.1% | $892K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$7.9M-67.2% | -$4.7M-263.6% | -$1.3M-13.5% | -$1.1M-76.2% | -$651K+90.1% | -$6.6M-681.9% | -$838K-4.9% | -$799K |
| Financing Cash Flow | -$149K-112.4% | $1.2M+953.2% | -$141K-340.6% | -$32K+84.4% | -$205K-81.4% | -$113K+24.7% | -$150K-0.7% | -$149K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | $74K+236.4% | $22K-88.6% | $193K+78.7% | $108K-23.9% | $142K+0.7% | $141K |
PCYO Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.9%-14.6pp | 68.4%+0.8pp | 67.7%+4.3pp | 63.4%+25.2pp | 38.2%-25.5pp | 63.7%-14.1pp | 77.8%+13.8pp | 64.0% |
| Operating Margin | 5.1%-42.9pp | 48.0%-5.1pp | 53.1%+27.1pp | 25.9%+59.2pp | -33.2%-63.1pp | 29.9%-32.1pp | 62.0%+21.6pp | 40.4% |
| Net Margin | 21.4%-28.6pp | 50.0%-4.6pp | 54.5%+10.6pp | 43.9%+23.6pp | 20.3%-48.2pp | 68.5%+15.9pp | 52.6%+15.4pp | 37.1% |
| Return on Equity | 0.7%-2.4pp | 3.1%-1.2pp | 4.3%+2.6pp | 1.7%+1.1pp | 0.6%-2.4pp | 2.9%-2.1pp | 5.1%+2.8pp | 2.3% |
| Return on Assets | 0.7%-2.1pp | 2.7%-1.0pp | 3.8%+2.3pp | 1.5%+0.9pp | 0.5%-2.1pp | 2.6%-1.8pp | 4.5%+2.5pp | 2.0% |
| Current Ratio | 1.39-0.9 | 2.29-0.4 | 2.72-0.8 | 3.52-0.2 | 3.76+0.2 | 3.56-0.5 | 4.05+0.9 | 3.17 |
| Debt-to-Equity | 0.040.0 | 0.050.0 | 0.040.0 | 0.050.0 | 0.050.0 | 0.050.0 | 0.050.0 | 0.06 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Pure Cycle Corp's annual revenue?
Pure Cycle Corp (PCYO) reported $26.1M in total revenue for fiscal year 2025. This represents a -9.3% 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 Pure Cycle Corp's revenue growing?
Pure Cycle Corp (PCYO) revenue declined by 9.3% year-over-year, from $28.7M to $26.1M in fiscal year 2025.
Is Pure Cycle Corp profitable?
Yes, Pure Cycle Corp (PCYO) reported a net income of $13.1M in fiscal year 2025, with a net profit margin of 50.2%.
What is Pure Cycle Corp's EBITDA?
Pure Cycle Corp (PCYO) had EBITDA of $10.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Pure Cycle Corp have?
As of fiscal year 2025, Pure Cycle Corp (PCYO) had $21.9M in cash and equivalents against $6.4M in long-term debt.
What is Pure Cycle Corp's gross margin?
Pure Cycle Corp (PCYO) had a gross margin of 61.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Pure Cycle Corp's operating margin?
Pure Cycle Corp (PCYO) had an operating margin of 29.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Pure Cycle Corp's net profit margin?
Pure Cycle Corp (PCYO) had a net profit margin of 50.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Pure Cycle Corp's return on equity (ROE)?
Pure Cycle Corp (PCYO) has a return on equity of 9.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Pure Cycle Corp's operating cash flow?
Pure Cycle Corp (PCYO) generated $13.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Pure Cycle Corp's total assets?
Pure Cycle Corp (PCYO) had $162.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Pure Cycle Corp's current ratio?
Pure Cycle Corp (PCYO) had a current ratio of 2.72 as of fiscal year 2025, which is generally considered healthy.
What is Pure Cycle Corp's debt-to-equity ratio?
Pure Cycle Corp (PCYO) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Pure Cycle Corp's return on assets (ROA)?
Pure Cycle Corp (PCYO) had a return on assets of 8.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Pure Cycle Corp's Altman Z-Score?
Pure Cycle Corp (PCYO) has an Altman Z-Score of 7.92, placing it in the Safe Zone (low 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 Pure Cycle Corp's Piotroski F-Score?
Pure Cycle Corp (PCYO) has a Piotroski F-Score of 5 out of 9, indicating neutral 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 Pure Cycle Corp's earnings high quality?
Pure Cycle Corp (PCYO) has an earnings quality ratio of 1.00x, considered cash-backed (high quality). 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 Pure Cycle Corp cover its interest payments?
Pure Cycle Corp (PCYO) has an interest coverage ratio of 18.0x, meaning it can comfortably cover its interest obligations. 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 Pure Cycle Corp?
Pure Cycle Corp (PCYO) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.