Cadiz vs Pure Cycle
Pure Cycle is the larger business, with $26.1m of revenue in fiscal 2025 against $16.3m for Cadiz (1.6 times as much). Cadiz grew faster (69.8% against -9.3%). Pure Cycle kept more of each dollar of sales as profit: a net margin of 50.3% against -209.3%.
| Latest fiscal year | CadizCDZI, 2025 | Pure CyclePCYO, 2025 |
|---|---|---|
| Revenue | $16.3m | $26.1m |
| Revenue growth | 69.8% | -9.3% |
| Net income | −$34.2m | $13.1m |
| Operating margin | — | — |
| Net margin | -209.3% | 50.3% |
| Return on equity | -119.4% | 9.6% |
| Free cash flow | −$26.5m | $12.3m |
| Cash | $8.6m | $21.9m |
| Total debt | $78.3m | $7.2m |
| Debt to equity | — | — |
| Dividend per share | — | — |
| Dividend yield | 1.5% | — |
| Share buybacks | — | $397,000 |
| Employees | 31 | 44 |
| Market value | $316m | $254m |
| Price vs our value range | — | Within our value range |
| Moat score | 11 (Weak) | 54 (Moderate) |
| Insider trades, 12 months | 1 buys, 1 sales | 0 buys, 1 sales |