Pure Cycle vs York Water
York Water is the larger business, with $77.5m of revenue in fiscal 2025 against $26.1m for Pure Cycle (3.0 times as much). York Water grew faster (3.4% against -9.3%). Pure Cycle kept more of each dollar of sales as profit: a net margin of 50.3% against 25.9%.
| Latest fiscal year | Pure CyclePCYO, 2025 | York WaterYORW, 2025 |
|---|---|---|
| Revenue | $26.1m | $77.5m |
| Revenue growth | -9.3% | 3.4% |
| Net income | $13.1m | $20.1m |
| Operating margin | — | 35.8% |
| Net margin | 50.3% | 25.9% |
| Return on equity | 9.6% | 8.5% |
| Free cash flow | $12.3m | −$18.9m |
| Cash | $21.9m | $1,000 |
| Total debt | $7.2m | $232m |
| Debt to equity | — | 96.6% |
| Dividend per share | — | $0.89 |
| Dividend yield | — | 2.5% |
| Share buybacks | $397,000 | — |
| Employees | 44 | 129 |
| Market value | $254m | $516m |
| Price vs our value range | Within our value range | — |
| Moat score | 54 (Moderate) | 43 (Weak) |
| Insider trades, 12 months | 0 buys, 1 sales | 34 buys, 1 sales |