Pure Cycle Corporation (PCYO) 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 Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Jul 8, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PCYO SEC filings page.
Pure Cycle Corporation (PCYO) reported $33.7M in revenue over the twelve months to May 31, 2026, up 22.9% 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).
Pure Cycle’s earnings are profitable but uneven: softer 2025 revenue and margins arrived alongside much stronger cash generation.
In FY2025, operating income was$7.7M while net income reached$13.1M , so reported earnings diverged from operating performance and were shaped materially below the operating line. Operating cash flow reached$13.2M , reversing FY2024’s$2.3M and nearly matching profit; that cash conversion improvement makes 2025’s earnings more tangible than the prior year’s.
Revenue fell to
Investing cash outflow reached
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 Pure Cycle Corporation'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 Corporation 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 71/100, reflecting efficient cost management and pricing power. This is down from 42.6% the prior year.
Pure Cycle Corporation's revenue declined 9.3% year-over-year, from $28.7M to $26.1M. This contraction results in a growth score of 96/100.
Pure Cycle Corporation 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 98/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.72, Pure Cycle Corporation holds $2.72 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 96/100.
Not available for Pure Cycle Corporation, and counted as zero in the overall score.
Pure Cycle Corporation's ROE of 9.2% shows moderate profitability relative to equity, earning a score of 60/100. This is up from 8.9% the prior year.
Pure Cycle Corporation scores 8.40, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($267.7M) relative to total liabilities ($19.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Pure Cycle Corporation 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 Corporation 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 Corporation earns $18.00 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 Corporation generated $8.2M in revenue in Q3 2026. This represents an increase of 60.0% from the same quarter a year earlier. Against the prior quarter it is up 59.1%.
Pure Cycle Corporation's EBITDA was $2.7M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 46.6% from the same quarter a year earlier. Against the prior quarter it is up 234.4%.
Pure Cycle Corporation reported $2.9M in net income in Q3 2026. This represents an increase of 30.7% from the same quarter a year earlier. Against the prior quarter it is up 166.8%.
Pure Cycle Corporation earned $0.12 per diluted share (EPS) in Q3 2026. This represents an increase of 33.3% from the same quarter a year earlier. Against the prior quarter it is up 140.0%.
Cash & Balance Sheet
Pure Cycle Corporation held $8.4M in cash against $12.7M in long-term debt as of Q3 2026.
Not reported for Q3 2026.
Not reported for Q3 2026.
Margins & Returns
Pure Cycle Corporation's gross margin was 52.1% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is down 11.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.7 percentage points.
Pure Cycle Corporation's operating margin was 25.7% in Q3 2026, reflecting core business profitability. This is down 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 20.6 percentage points.
Pure Cycle Corporation's net profit margin was 35.9% in Q3 2026, showing the share of revenue converted to profit. This is down 8.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 14.5 percentage points.
Pure Cycle Corporation's ROE was 1.9% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.2 percentage points.
Capital Allocation
Pure Cycle Corporation spent $79K on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 259.1% from the same quarter a year earlier.
Not reported for Q3 2026.
Not reported for Q3 2026.
PCYO 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 | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.2M+60.0% | $5.2M+29.4% | $9.1M+58.8% | $11.2M-10.8% | $5.1M-32.4% | $4.0M+25.0% | $5.8M+6.8% | $12.6M+272.9% |
| Cost of Revenue | $3.9M+109.1% | $2.4M-3.4% | $2.9M+38.3% | $3.6M+30.0% | $1.9M-31.2% | $2.5M+73.8% | $2.1M+2.0% | $2.8M+73.7% |
| Gross Profit | $4.3M+31.6% | $2.8M+82.3% | $6.3M+70.5% | $7.6M-22.5% | $3.3M-33.1% | $1.5M-14.1% | $3.7M+9.7% | $9.8M+454.1% |
| SG&A Expenses | $1.9M+7.9% | $2.3M-13.2% | $1.7M-4.6% | $1.5M-19.8% | $1.8M+9.2% | $2.7M+35.5% | $1.8M+24.6% | $1.8M+17.1% |
| Operating Income | $2.1M+58.5% | $263K+119.8% | $4.4M+154.8% | $5.9M-23.7% | $1.3M-56.5% | -$1.3M-260.6% | $1.7M-2.1% | $7.8M+17595.5% |
| EBITDA | $2.7M+46.6% | $819K+215.4% | $4.9M+120.3% | $6.6M-21.0% | $1.9M-48.9% | -$710K-607.1% | $2.2M+0.2% | $8.3M+1270.8% |
| Interest Expense | $157K+55.4% | $142K+30.3% | $94K-13.8% | $107K-3.6% | $101K-7.3% | $109K-1.8% | $109K+0.9% | $111K-55.8% |
| Income Tax | $955K+29.6% | $407K+52.4% | $1.5M+15.3% | $2.1M-5.8% | $737K-28.2% | $267K+551.2% | $1.3M+72.5% | $2.2M+1150.8% |
| Net Income | $2.9M+30.7% | $1.1M+36.6% | $4.6M+16.0% | $6.1M-7.5% | $2.3M-20.1% | $809K+585.6% | $3.9M+90.7% | $6.6M+525.5% |
| EPS (Basic) | $0.12+33.3% | $0.05+66.7% | $0.19+18.8% | $0.25-7.4% | $0.09-25.0% | $0.03 | $0.16+77.8% | $0.27+440.0% |
| EPS (Diluted) | $0.12+33.3% | $0.05+66.7% | $0.19+18.8% | $0.25-7.4% | $0.09-25.0% | $0.03 | $0.16+77.8% | $0.27+575.0% |
| Diluted Shares (Avg) | 24M+0.1% | 24M-0.1% | 24M0.0% | N/A | 24M0.0% | 24M+0.2% | 24M0.0% | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
PCYO 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 | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $176.0M+16.0% | $166.6M+11.3% | $168.1M+12.3% | $162.3M+10.1% | $151.7M+8.1% | $149.7M+10.7% | $149.7M+9.0% | $147.4M+10.6% |
| Current Assets | $15.6M-38.1% | $13.8M-49.0% | $26.3M-6.9% | $31.7M-16.4% | $25.2M-11.9% | $27.0M+2.3% | $28.2M-3.2% | $37.9M+27.4% |
| Cash & Equivalents | $8.4M-41.4% | $4.8M-70.8% | $17.1M-10.0% | $21.9M-0.8% | $14.4M-29.3% | $16.5M-19.3% | $19.0M-12.6% | $22.1M-15.0% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0-100.0% | $0-100.0% | $0-100.0% | $0 |
| Accounts Receivable | $2.5M+86.8% | $2.8M-18.9% | $2.5M-49.9% | $1.3M-9.6% | $1.3M-42.2% | $3.4M+98.4% | $5.0M+4.5% | $1.5M+34.8% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $24.4M+61.9% | $17.9M+17.7% | $20.6M+27.8% | $19.5M+10.7% | $15.1M-12.5% | $15.2M+3.1% | $16.1M-6.1% | $17.7M+17.8% |
| Current Liabilities | $10.2M+42.4% | $9.9M+38.1% | $11.5M+45.2% | $11.6M+24.3% | $7.2M-20.8% | $7.2M+11.5% | $7.9M-9.9% | $9.3M+43.8% |
| Non-Current Liabilities | $14.2M+79.6% | $8.0M-0.6% | $9.1M+11.1% | $7.9M-4.6% | $7.9M-3.5% | $8.1M-3.4% | $8.2M-2.1% | $8.3M-2.1% |
| Long-Term Debt | $12.7M+94.5% | $6.5M-2.1% | $7.6M+12.4% | $6.4M-7.3% | $6.5M-5.1% | $6.6M-3.7% | $6.7M-2.3% | $6.9M |
| Total Equity | $151.6M+10.9% | $148.7M+10.6% | $147.5M+10.4% | $142.7M+10.1% | $136.7M+11.0% | $134.4M+11.6% | $133.6M+11.2% | $129.7M+9.7% |
| Retained Earnings | -$24.4M+37.2% | -$27.2M+33.7% | -$28.2M+32.3% | -$32.8M+27.9% | -$38.8M+25.3% | -$41.1M+24.9% | -$41.7M+23.8% | -$45.5M+19.5% |
Not reported in any period shown, so not listed: Inventory, Goodwill.
PCYO 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 | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.5M+910.5% | -$4.2M-206.7% | -$979K-117.3% | $9.3M+199.2% | -$428K-148.0% | -$1.4M-200.2% | $5.7M+562.1% | $3.1M+392.1% |
| Depreciation & Amortization | $625K+17.0% | $556K-9.9% | $566K+7.6% | $620K+19.0% | $534K-8.7% | $617K+21.5% | $526K+8.2% | $521K-7.3% |
| Stock-Based Compensation | N/A | N/A | $183K+226.8% | N/A | N/A | N/A | $56K-30.9% | N/A |
| Investing Cash Flow | -$6.5M-432.8% | -$7.9M-1115.8% | -$4.7M+27.7% | -$1.2M-46.4% | -$1.2M-52.9% | -$651K+18.9% | -$6.6M-174.3% | -$838K+75.6% |
| Financing Cash Flow | $6.1M+19093.8% | -$149K+27.3% | $1.2M+1164.6% | -$141K+6.0% | -$32K+78.5% | -$205K-91.6% | -$113K+45.1% | -$150K-105.1% |
| Share Buybacks | $79K+259.1% | N/A | N/A | $74K-47.9% | $22K-84.4% | $193K+93.0% | $108K-45.5% | $142K |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid.
PCYO 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 | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.1%-11.3pp | 53.9%+15.6pp | 68.4%+4.7pp | 67.7%-10.2pp | 63.4%-0.6pp | 38.2%-17.4pp | 63.7%+1.7pp | 77.8%+25.4pp |
| Operating Margin | 25.7%-0.2pp | 5.1%+38.3pp | 48.0%+18.1pp | 53.1%-8.9pp | 25.9%-14.4pp | -33.2%-21.7pp | 29.9%-2.7pp | 62.0%+60.7pp |
| Net Margin | 35.9%-8.0pp | 21.4%+1.1pp | 50.0%-18.5pp | 54.5%+1.9pp | 43.9%+6.7pp | 20.3%+16.6pp | 68.5%+30.1pp | 52.6%+21.2pp |
| Return on Equity | 1.9%+0.3pp | 0.7%+0.1pp | 3.1%+0.2pp | 4.3%-0.8pp | 1.7%-0.6pp | 0.6%+0.5pp | 2.9%+1.2pp | 5.1%+4.2pp |
| Return on Assets | 1.7%+0.2pp | 0.7%+0.1pp | 2.7%+0.1pp | 3.8%-0.7pp | 1.5%-0.5pp | 0.5%+0.5pp | 2.6%+1.1pp | 4.5%+3.7pp |
| Current Ratio | 1.53-2.0x | 1.39-2.4x | 2.29-1.3x | 2.72-1.3x | 3.52+0.4x | 3.76-0.3x | 3.56+0.2x | 4.05-0.5x |
| Debt-to-Equity | 0.080.0x | 0.040.0x | 0.050.0x | 0.040.0x | 0.050.0x | 0.050.0x | 0.050.0x | 0.05-0.1x |
| Asset Turnover | 0.050.0x | 0.030.0x | 0.050.0x | 0.070.0x | 0.030.0x | 0.030.0x | 0.040.0x | 0.09+0.1x |
Not reported in any period shown, so not listed: 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 |
|---|---|---|---|---|---|---|
| Pure Cycle Corporation PCYO | FY2025 | $26.1M | $13.1M | 50.2% | $267.7M | 70/100 |
| Global Water Resources, Inc. GWRS | FY2025 | $55.8M | $3.0M | 5.3% | $234.4M | 28/100 |
| Artesian Resources Corp ARTNA | FY2025 | $112.9M | $22.8M | 20.2% | $347.3M | 48/100 |
| CADIZ, Inc. CDZI | FY2025 | $16.3M | -$34.2M | N/A | $289.6M | 37/100 |
| Consolidated Water Co Inc CWCO | FY2025 | $132.1M | $18.3M | 13.9% | $489.7M | 66/100 |
| York Water Co YORW | FY2025 | $77.5M | $20.1M | 25.9% | $504.1M | 42/100 |
Where Pure Cycle Corporation Ranks
Frequently Asked Questions
What is Pure Cycle Corporation's annual revenue?
Pure Cycle Corporation (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 Corporation's revenue growing?
Pure Cycle Corporation (PCYO) revenue declined by 9.3% year-over-year, from $28.7M to $26.1M in fiscal year 2025.
Is Pure Cycle Corporation profitable?
Yes, Pure Cycle Corporation (PCYO) reported a net income of $13.1M in fiscal year 2025, with a net profit margin of 50.2%.
What is Pure Cycle Corporation's EBITDA?
Pure Cycle Corporation (PCYO) had EBITDA of $10.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Pure Cycle Corporation have?
As of fiscal year 2025, Pure Cycle Corporation (PCYO) had $21.9M in cash and equivalents against $6.4M in long-term debt.
What is Pure Cycle Corporation's gross margin?
Pure Cycle Corporation (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 Corporation's operating margin?
Pure Cycle Corporation (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 Corporation's net profit margin?
Pure Cycle Corporation (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 Corporation's return on equity (ROE)?
Pure Cycle Corporation (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 Corporation's operating cash flow?
Pure Cycle Corporation (PCYO) generated $13.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Pure Cycle Corporation's total assets?
Pure Cycle Corporation (PCYO) had $162.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Pure Cycle Corporation's current ratio?
Pure Cycle Corporation (PCYO) had a current ratio of 2.72 as of fiscal year 2025, which is generally considered healthy.
What is Pure Cycle Corporation's debt-to-equity ratio?
Pure Cycle Corporation (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 Corporation's return on assets (ROA)?
Pure Cycle Corporation (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 Corporation's P/E ratio?
Pure Cycle Corporation (PCYO) trades at 18.2x earnings, its market capitalization divided by net income of $14.7M net income, trailing 12 months to May 31, 2026. The market capitalization is $267.7M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Pure Cycle Corporation's price-to-sales ratio?
Pure Cycle Corporation (PCYO) trades at 7.9x sales, its market capitalization divided by revenue of $33.7M revenue, trailing 12 months to May 31, 2026. The market capitalization is $267.7M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Pure Cycle Corporation's Altman Z-Score?
Pure Cycle Corporation (PCYO) has an Altman Z-Score of 8.40, 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 Corporation's Piotroski F-Score?
Pure Cycle Corporation (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 Corporation's earnings high quality?
Pure Cycle Corporation (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 Corporation cover its interest payments?
Pure Cycle Corporation (PCYO) has an interest coverage ratio of 18.00x, 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 Corporation?
Pure Cycle Corporation (PCYO) scores 70 out of 100 on our Financial Health Score, indicating strong 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.