What is Pure Cycle Corp's earnings per share (EPS)?

Pure Cycle Corp (PCYO) reported diluted earnings per share of $0.54 for fiscal year 2025. This represents a 12.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Pure Cycle Corp Financials

PCYO

FY2025 annual

Revenue $26.1M -9.3% YoY

Net Income $13.1M +12.9% YoY

EPS (Diluted) $0.54 +12.5% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of May 31, 2026 Currency USD FYE August

Pure Cycle Corp (PCYO) reported $26.1M in revenue for fiscal year 2025, down 9.3% from the prior fiscal year. 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).

Rhea AI PCYO FY2025 2026-07-08

Cash realization has improved sharply, but core operating margins remain the swing factor inside a conservatively financed business.

This year, operating cash flow of $13.2M nearly matched net income of $13.1M, a sharp improvement from the prior year's much weaker cash conversion. Yet net income still exceeded operating income, so reported profit was not coming only from the core operating engine.

Balance-sheet posture is conservative: cash of $21.9M exceeds long-term debt of $6.4M, so day-to-day operations do not appear dependent on external financing. That leaves the company in a net-cash position, and liabilities are only about 12.0% of assets, which lowers solvency pressure even if operating results fluctuate.

The business shows fixed-cost sensitivity: revenue slipped to $26.1M from $28.7M, but profitability compressed more than sales, which is what happens when overhead does not flex much. Because gross margin fell to 61.5% while SG&A reached $7.8M, the weaker operating result looks tied to cost absorption or mix pressure rather than financing strain.

Financial Health Signals

Financial Health Score 71/100

Scored as: Utilities peer group

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 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.

Profitability

Growth

Leverage

Liquidity

Cash Flow

Not available for Pure Cycle Corp, and counted as zero in the overall score.

Returns

Altman Z-Score Safe

8.56

Pure Cycle Corp scores 8.56, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($272.8M) 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.

Piotroski F-Score Neutral

5/9

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.

Earnings Quality Cash-Backed

1.00x

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.

Interest Coverage Safe

18.00x

Pure Cycle Corp 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

Export CSV

Earnings & Revenue

Revenue

$26.1M

YoY-9.3%

5Y CAGR+0.2%

10Y CAGR+36.1%

Pure Cycle Corp generated $26.1M in revenue in fiscal year 2025. This represents a decrease of 9.3% from the prior year.

EBITDA

$10.0M

YoY-30.5%

5Y CAGR+25.2%

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.

Net Income

$13.1M

YoY+12.9%

5Y CAGR+14.2%

Pure Cycle Corp reported $13.1M in net income in fiscal year 2025. This represents an increase of 12.9% from the prior year.

EPS (Diluted)

$0.54

YoY+12.5%

5Y CAGR+14.0%

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

Cash & Debt

$21.9M

YoY-0.8%

5Y CAGR+0.1%

10Y CAGR-5.1%

Pure Cycle Corp held $21.9M in cash against $6.4M in long-term debt as of fiscal year 2025.

Shares Outstanding

24M

YoY0.0%

5Y CAGR+0.2%

10Y CAGR+0.1%

Pure Cycle Corp had 24M shares outstanding in fiscal year 2025. That is unchanged from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin

61.5%

YoY-7.3pp

5Y CAGR+32.3pp

10Y CAGR+24.9pp

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.

Operating Margin

29.4%

YoY-13.2pp

5Y CAGR+23.5pp

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.

Net Margin

50.2%

YoY+9.8pp

5Y CAGR+24.1pp

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.

Return on Equity

9.2%

YoY+0.2pp

5Y CAGR+1.0pp

10Y CAGR+42.2pp

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

Share Buybacks

$397K

YoY-31.7%

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.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

PCYO Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PCYO annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$33.7M	$26.1M-9.3%	$28.7M+97.1%	$14.6M-36.6%	$23.0M+34.3%	$17.1M-33.8%	$25.9M+27.0%	$20.4M+192.6%	$7.0M+466.8%	$1.2M+171.5%	$452K-62.2%	$1.2M-40.9%	$2.0M+8.9%	$1.9M+553.2%	$284K+0.8%	$282K
Cost of Revenue	$12.8M	$10.1M+11.9%	$9.0M+37.3%	$6.5M-1.3%	$6.6M+3.5%	$6.4M-65.0%	$18.3M+31.3%	$13.9M+235.1%	$4.2M+418.1%	$803K+51.9%	$529K-30.4%	$759K-2.0%	$775K+97.1%	$393K+109.2%	$188K+17.7%	$160K
Gross Profit	$20.9M	$16.0M-18.9%	$19.8M+145.8%	$8.0M-50.9%	$16.4M+52.7%	$10.7M+42.1%	$7.5M+17.5%	$6.4M+129.4%	$2.8M+559.1%	$424K+654.2%	-$77K-117.5%	$437K-65.0%	$1.2M-14.8%	$1.5M+1418.9%	$96K-21.3%	$122K
SG&A Expenses	$7.5M	$7.8M+12.3%	$6.9M+26.5%	$5.5M-7.2%	$5.9M+14.7%	$5.1M+20.9%	$4.3M+36.8%	$3.1M+8.8%	$2.9M+29.7%	$2.2M+19.0%	$1.8M-4.6%	$1.9M-20.7%	$2.4M+4.8%	$2.3M-1.7%	$2.4M+7.3%	$2.2M
Operating Income	$12.7M	$7.7M-37.3%	$12.2M+490.8%	$2.1M-79.5%	$10.1M+91.6%	$5.3M+248.2%	$1.5M-49.5%	$3.0M+1071.3%	-$309K+85.5%	-$2.1M+2.2%	-$2.2M-30.0%	-$1.7M-34.7%	-$1.2M-14.2%	-$1.1M+92.5%	-$14.5M-530.0%	-$2.3M
Interest Expense	$500K	$426K-3.0%	$439K+113.1%	$206K+328.9%	-$90K	N/A	N/A	N/A	N/A	N/A	N/A	$391K+63.3%	$239K-2.6%	$246K	N/A	N/A
Income Tax	$4.9M	$4.4M+8.5%	$4.0M+164.2%	$1.5M-50.7%	$3.1M-52.4%	$6.5M+198.8%	$2.2M+269.0%	-$1.3M-355.0%	-$282K	$0	$0	$0	$0	$0	N/A	N/A
Net Income	$14.7M	$13.1M+12.9%	$11.6M+147.1%	$4.7M-51.1%	$9.6M-52.2%	$20.1M+197.9%	$6.8M+40.3%	$4.8M+1060.2%	$415K+124.2%	-$1.7M-30.5%	-$1.3M+94.3%	-$23.1M-7326.0%	-$311K+92.5%	-$4.2M+76.2%	-$17.4M-189.5%	-$6.0M
EPS (Diluted)	—	$0.54+12.5%	$0.48+152.6%	$0.19-52.5%	$0.40-51.8%	$0.83+196.4%	$0.28+40.0%	$0.20	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$8.2M+59.1%	$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
Cost of Revenue	$3.9M+65.1%	$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
Gross Profit	$4.3M+53.9%	$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
SG&A Expenses	$1.9M-17.4%	$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
Operating Income	$2.1M+703.8%	$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
Interest Expense	$157K+10.6%	$142K+51.1%	$94K-12.1%	$107K+5.9%	$101K-7.3%	$109K0.0%	$109K-1.8%	$111K
Income Tax	$955K+134.6%	$407K-72.2%	$1.5M-29.7%	$2.1M+182.9%	$737K+176.0%	$267K-79.0%	$1.3M-42.6%	$2.2M
Net Income	$2.9M+166.8%	$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
EPS (Diluted)	$0.12+140.0%	$0.05-73.7%	$0.19	N/A	$0.09+200.0%	$0.03-81.3%	$0.16	N/A

Not reported in any period shown, so not listed: R&D Expenses.

TTM is the trailing twelve months, Q4 FY2025 through Q3 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

PCYO Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PCYO annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$162.3M+10.1%	$147.4M+10.6%	$133.2M+3.1%	$129.2M+10.3%	$117.2M+30.5%	$89.8M+7.2%	$83.7M+16.4%	$71.9M+3.0%	$69.8M-1.5%	$70.9M-3.0%	$73.1M-32.5%	$108.2M-0.4%	$108.6M-2.7%	$111.6M-3.9%	$116.1M
Current Assets	$31.7M-16.4%	$37.9M+27.4%	$29.7M-21.3%	$37.8M-2.4%	$38.7M+49.0%	$26.0M+10.4%	$23.5M-15.7%	$27.9M+2.9%	$27.1M-5.8%	$28.8M-27.2%	$39.6M+786.8%	$4.5M-54.9%	$9.9M+29.2%	$7.7M+51.3%	$5.1M
Cash & Equivalents	$21.9M-0.8%	$22.1M-15.0%	$26.0M-25.5%	$34.9M+73.5%	$20.1M-7.7%	$21.8M+386.8%	$4.5M-61.3%	$11.6M+107.4%	$5.6M+18.7%	$4.7M-87.3%	$37.1M+2019.9%	$1.7M-28.5%	$2.4M+50.8%	$1.6M+2161.3%	$72K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$11.6M+123.5%	$5.2M	$0	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.3M-9.6%	$1.5M+34.8%	$1.1M-55.0%	$2.4M+58.3%	$1.5M+36.3%	$1.1M+2.2%	$1.1M+3.0%	$1.1M+60.8%	$664K+266.7%	$181K+14.7%	$158K-90.3%	$1.6M+178.1%	$585K+331.7%	$135K+37.5%	$98K
Total Liabilities	$19.5M+10.7%	$17.7M+17.8%	$15.0M-7.7%	$16.2M+12.4%	$14.4M+87.1%	$7.7M-14.2%	$9.0M+266.4%	$2.5M+7.5%	$2.3M+21.2%	$1.9M-36.8%	$3.0M-82.6%	$17.1M-75.8%	$70.8M-13.0%	$81.5M+18.4%	$68.8M
Current Liabilities	$11.6M+24.3%	$9.3M+43.8%	$6.5M-39.9%	$10.8M-13.1%	$12.5M+100.4%	$6.2M-25.1%	$8.3M+304.0%	$2.1M+118.5%	$940K+95.0%	$482K-67.8%	$1.5M-54.2%	$3.3M-39.4%	$5.4M-13.6%	$6.3M+850.2%	$658K
Long-Term Debt	$6.4M-7.3%	$6.9M	N/A	N/A	$0	$0	$0	$0	$0	N/A	N/A	N/A	$12.5M+31.2%	$9.6M	N/A
Total Equity	$142.7M+10.1%	$129.7M+9.7%	$118.2M+4.6%	$113.0M+10.0%	$102.7M+25.2%	$82.0M+9.8%	$74.7M+7.6%	$69.5M+2.9%	$67.5M-2.2%	$69.0M-1.6%	$70.1M-23.0%	$91.0M+141.0%	$37.8M+25.4%	$30.1M-36.3%	$47.3M
Retained Earnings	-$32.8M+27.9%	-$45.5M+19.5%	-$56.5M+7.7%	-$61.2M+13.6%	-$70.9M+22.1%	-$91.0M+6.9%	-$97.7M+4.7%	-$102.5M+1.4%	-$104.0M-1.7%	-$102.3M-1.3%	-$101.0M-29.7%	-$77.8M-0.4%	-$77.5M-5.7%	-$73.4M-31.1%	-$56.0M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$176.0M+5.6%	$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
Current Assets	$15.6M+13.5%	$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
Cash & Equivalents	$8.4M+75.3%	$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
Accounts Receivable	$2.5M-9.8%	$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
Total Liabilities	$24.4M+36.0%	$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
Current Liabilities	$10.2M+2.7%	$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
Long-Term Debt	$12.7M+95.6%	$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
Total Equity	$151.6M+1.9%	$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
Retained Earnings	-$24.4M+10.5%	-$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

Not reported in any period shown, so not listed: 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.

PCYO annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$7.6M	$13.2M+469.4%	$2.3M+198.8%	-$2.3M-113.4%	$17.5M+405.0%	$3.5M-83.3%	$20.7M+486.9%	$3.5M+732374.5%	$482+100.0%	-$1.1M-288.9%	-$271K+72.2%	-$974K-1982.5%	$52K+102.9%	-$1.8M+6.9%	-$1.9M-202.8%	-$623K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$445K+366.8%	$95K-79.8%	$472K+2648.2%	$17K+410.0%	$3K-91.6%	$40K+934.9%	$4K	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$445K+61.3%	-$1.1M-54.5%	-$743K+25.0%	-$991K-2149.1%	$48K+102.7%	-$1.8M+5.0%	-$1.9M	N/A
Investing Cash Flow	-$20.4M	-$9.7M-99.9%	-$4.8M+47.7%	-$9.2M-38.6%	-$6.7M-130.2%	-$2.9M+16.0%	-$3.4M+68.1%	-$10.8M-289.5%	$5.7M+194.8%	$1.9M+106.0%	-$32.1M-175.5%	$42.5M+1890.9%	$2.1M-47.9%	$4.1M+22.2%	$3.4M+133.6%	-$10.0M
Financing Cash Flow	$7.0M	-$491K+19.8%	-$612K-121.5%	$2.8M-28.7%	$4.0M+4488.5%	$87K+93.3%	$45K-75.8%	$186K-35.3%	$288K+12059.3%	-$2K-18.0%	-$2K+100.0%	-$6.2M-115.4%	-$2.9M-90.4%	-$1.5M-1887.2%	$85K-99.2%	$10.7M
Share Buybacks	N/A	$397K-31.7%	$581K	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	$3.5M+182.4%	-$4.2M-329.8%	-$979K-110.5%	$9.3M+2270.6%	-$428K+68.8%	-$1.4M-124.2%	$5.7M+82.7%	$3.1M
Investing Cash Flow	-$6.5M+17.7%	-$7.9M-67.2%	-$4.7M-285.8%	-$1.2M-0.4%	-$1.2M-87.7%	-$651K+90.1%	-$6.6M-681.9%	-$838K
Financing Cash Flow	$6.1M+4179.2%	-$149K-112.4%	$1.2M+953.2%	-$141K-340.6%	-$32K+84.4%	-$205K-81.4%	-$113K+24.7%	-$150K
Share Buybacks	$79K	N/A	N/A	$74K+236.4%	$22K-88.6%	$193K+78.7%	$108K-23.9%	$142K

Not reported in any period shown, so not listed: Dividends Paid.

PCYO Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

PCYO annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	61.5%-7.3pp	68.7%+13.6pp	55.1%-16.1pp	71.2%+8.6pp	62.6%+33.4pp	29.2%-2.3pp	31.5%-8.7pp	40.2%+5.6pp	34.6%+51.5pp	-16.9%-53.5pp	36.5%-25.1pp	61.7%-17.1pp	78.8%+44.9pp	33.9%-9.5pp	43.4%
Operating Margin	29.4%-13.2pp	42.6%+28.4pp	14.2%-29.7pp	43.9%+13.1pp	30.8%+24.9pp	5.9%-8.9pp	14.7%+19.2pp	-4.4%	-173.6%	-482.1%	-140.2%	-61.5%-2.8pp	-58.7%	-5098.8%	-815.8%
Net Margin	50.2%+9.8pp	40.4%+8.2pp	32.2%-9.6pp	41.8%	117.4%	26.1%+2.5pp	23.6%+17.7pp	6.0%	-139.3%	-289.8%	-1932.9%	-15.4%	-223.5%	-6125.1%	-2132.4%
Return on Equity	9.2%+0.2pp	8.9%+5.0pp	4.0%-4.5pp	8.5%-11.1pp	19.6%+11.3pp	8.2%+1.8pp	6.4%+5.8pp	0.6%+3.1pp	-2.5%-0.6pp	-1.9%+31.1pp	-33.0%-32.7pp	-0.3%+10.7pp	-11.0%+46.9pp	-57.8%-45.1pp	-12.7%
Return on Assets	8.1%+0.2pp	7.9%+4.3pp	3.5%-3.9pp	7.4%-9.7pp	17.2%+9.6pp	7.5%+1.8pp	5.8%+5.2pp	0.6%+3.0pp	-2.5%-0.6pp	-1.8%+29.8pp	-31.7%-31.4pp	-0.3%+3.5pp	-3.8%+11.8pp	-15.6%-10.4pp	-5.2%
Current Ratio	2.72-1.3x	4.05-0.5x	4.57+1.1x	3.49+0.4x	3.11-1.1x	4.18+1.3x	2.84-10.8x	13.59-15.3x	28.85-30.9x	59.74+33.3x	26.40+25.0x	1.36-0.5x	1.83+0.6x	1.22-6.5x	7.70
Debt-to-Equity	0.040.0x	0.05-0.1x	0.130.0x	0.14+0.1x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.030.0x	0.04-0.1x	0.19-0.1x	0.330.0x	0.32-1.1x	1.46
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-6.4%+87.1pp	-93.5%	-164.3%	-82.8%-85.2pp	2.4%+99.1pp	-96.7%	-664.9%	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	52.1%-1.7pp	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%
Operating Margin	25.7%+20.6pp	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%
Net Margin	35.9%+14.5pp	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%
Return on Equity	1.9%+1.2pp	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%
Return on Assets	1.7%+1.0pp	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%
Current Ratio	1.53+0.1x	1.39-0.9x	2.29-0.4x	2.72-0.8x	3.52-0.2x	3.76+0.2x	3.56-0.5x	4.05
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

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.

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Where Pure Cycle Corp Ranks

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.

Does Pure Cycle Corp buy back shares?

Yes, Pure Cycle Corp (PCYO) spent $397K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Pure Cycle Corp have outstanding?

Pure Cycle Corp (PCYO) had 24M shares outstanding as of fiscal year 2025.

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 8.56, 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 18.00x, 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 Corp?

Pure Cycle Corp (PCYO) scores 71 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.