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Cadiz Inc (CDZI) stock

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NASDAQ: CDZI Nasdaq Water Utilities Next results ~November 12, 2026

E Fundamentals grade

Cadiz Inc is a US-listed company in the water utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Cadiz Inc is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Cadiz Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 1 selling1 purchase and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds54 adding, 72 cuttingOf 17 active managers that changed their stake, 7 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Cadiz files

10-Q filed August 13: Cadiz

Cadiz Inc reported revenue of $12m for the twelve months to June 2026, a fall of 21.3% compared with the same period a year earlier. That marks a turnaround from the quarter before, when revenue had grown by 31.0%. The reversal leaves Cadiz ranked eleventh out of eleven water utilities we cover on growth, the weakest showing in the group. Profitability also deteriorated over the period: free-cash-flow margin slipped to -263.6%, from -151.9% a year earlier, while operating margin narrowed to -236.1%, down from -164.1%.

Our model value for Cadiz is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Cadiz stands after its latest 10-K/A

Revenue for the twelve months to December 2025 was $12m, down 21.3% on a year earlier, against growth of 31.0% a quarter earlier. That puts it 11 of 11 for growth among the water utilities companies we cover. Free-cash-flow margin fell to -263.6% from -151.9% a year earlier. Operating margin narrowed to -236.1% from -164.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 1 of our 7 financial-health checks.

10-K/A on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Cadiz Inc's trailing-twelve-month revenue fell 21.3% year on year, with a free-cash-flow margin of -263.6%. Where it lags: revenue growth of -21.3% ranks 12 of 12 water utilities companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -21.3% (-52.4pp vs the prior quarter), the 4th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Cadiz Inc's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 21.3% over the last 12 months.
  • Growth slowing. The growth rate is 52.4 points lower than a quarter earlier.
  • Loss-making. Operating margin is -236.1%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 72.0 points on a year ago.
  • Burning cash. Free cash flow was -263.6% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 36.2% of revenue, against a median of 0.8% for water utilities companies we cover: a real cost that cash-flow figures leave out.

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
-$0.15 against an average estimate of -$0.11: missed by 40.6%
Revenue
$1m, down 76.3% on a year earlier
Next report
November 12, 2026; average EPS estimate -$0.14

Cadiz's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-10.3%
  • 1 week-6.0%
  • 1 month+6.5%
  • This year-27.3%
  • 1 year-23.0%
  • 5 years-34.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$11.8M
Operating margin
-236.1%
Net margin
-311.0%

Growth

Revenue growth
−21.3%
Change in growth rate
−52.4 pts

Cash

Free cash flow (TTM)
-$31.2M
FCF margin
-263.6%
Stock pay % of revenue
36.2%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Leadership
  3. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cadiz Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Cadiz Inc as an utility or power producer, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. — Does not apply: This model is withheld pending its input or assumption review.
Book value (net assets) Net assets per share: the value if returns just equal the cost of equity. ~$0.1 Left out: out of range vs price (0.01x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cadiz Inc with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2015201620172018201920202021
Share price$5.26$12.50$14.25$10.30$11.02$10.65$3.86
Market value$94m$234m$321m$247m$293m$364m$157m
+ Net debt (− = net cash)$106m$103m$134m$143m$122m$72m$39m
Enterprise value$199m$337m$455m$390m$415m$436m$196m
Multiples
Price / sales n/mn/mn/mn/mn/mn/mn/m
Price / earnings ———————
Price / free cash flow ———————
EV / EBITDA ———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

11 /100

Weak moat

How hard Cadiz's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -28.4% of total assets over 10 years.

  • Pricing power 1 / 20

    Gross margin has been a median 24.8%, moving by 61.0 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -2416.5%; its worst year was -2844.5%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 10 years, at a median -3184.0% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 161.2% over five years; stock-based pay has been a median 120.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $3m and EPS of −$0.14 (range −$0.14 to −$0.13) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.56 −16% $8m −49%
Next −$0.53 +5% $27m +220%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +29.1% on 90 days ago. In the last 30 days, 0 analysts raised Cadiz Inc's forecast and 2 cut it.

Consensus EPS forecast Cadiz Inc, last 90 days
−$0.60 −$0.40 −$0.20 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.43 Current fiscal year, 60 days ago: −$0.43 Current fiscal year, 30 days ago: −$0.45 Current fiscal year, 7 days ago: −$0.56 Current fiscal year, Now: −$0.56 −$0.56 Next fiscal year, 90 days ago: −$0.23 Next fiscal year, 60 days ago: −$0.23 Next fiscal year, 30 days ago: −$0.51 Next fiscal year, 7 days ago: −$0.49 Next fiscal year, Now: −$0.53 −$0.53

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.43−$0.23
60 days ago −$0.43−$0.23
30 days ago −$0.45−$0.51
7 days ago −$0.56−$0.49
Now −$0.56−$0.53

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.11 −$0.15 −40.6%
Mar 2026 −$0.11 −$0.12 −12.5%
Dec 2025 −$0.11 −$0.13 −18.2%
Sept 2025 −$0.09 −$0.10 −11.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

3 analysts, Oct 2026
Buy3100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026123
  2. Sep 2026123

Counts of recommendations published by analysts covering Cadiz Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
23.4%
of tradable shares
Days to cover
9.98
at average volume
Short interest, 1 month
+40%
to October 15, 2026
Held by institutions
46%
of shares
Held by insiders
32.1%
of shares
Employees
31
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −23.0%

$5.30 on October 31, 2025 to $4.08

ThenNowEffect
Revenue (last 12 months) $15m $12m −21.3%
P/S multiple 16.7x 16.3x −2.2%
Share count 47m 47m 0.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +22.5%

$3.33 on November 3, 2023 to $4.08

ThenNowEffect
Revenue (last 12 months) $2m $12m +460.8%
P/S multiple 74.7x 16.3x −78.2%
Share count 47m 47m 0.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CDZI−64%−35%+12%+86%+8%−27%
Industry peers (median)+25%−9%−12%−11%+0%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CDZI25%58%50%58%67%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CDZI−76%−69%−49%−29%−57%−57%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 90% from May 3, 2017 to October 24, 2022. Getting back needed a 916% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.98 – $6.92
From 52-week high
−41.0%
vs 50-day average
+5.3%
vs 200-day average
−6.4%
Volatility (1 year)
67%
Beta vs S&P 500
1.40

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Cadiz Inc in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cadiz Inc
$0 $5M $10M $15M $20M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.9M Revenue (TTM), FY23 Q4: $2M Revenue (TTM), FY24 Q1: $3M Revenue (TTM), FY24 Q2: $2.7M Revenue (TTM), FY24 Q3: $5.5M Revenue (TTM), FY24 Q4: $9.6M Revenue (TTM), FY25 Q1: $11.4M Revenue (TTM), FY25 Q2: $15.1M Revenue (TTM), FY25 Q3: $16M Revenue (TTM), FY25 Q4: $16.3M Revenue (TTM), FY26 Q1: $15M Revenue (TTM), FY26 Q2: $11.8M $11.8M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.9M
FY23 Q4 $2M
FY24 Q1 $3M
FY24 Q2 $2.7M
FY24 Q3 $5.5M
FY24 Q4 $9.6M
FY25 Q1 $11.4M
FY25 Q2 $15.1M
FY25 Q3 $16M
FY25 Q4 $16.3M
FY26 Q1 $15M
FY26 Q2 $11.8M
Revenue growth, TTM YoY Cadiz Inc
-200% 0% 200% 400% 600% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 76.1% Revenue growth, TTM YoY, FY23 Q4: 32.7% Revenue growth, TTM YoY, FY24 Q1: 100.4% Revenue growth, TTM YoY, FY24 Q2: 27.2% Revenue growth, TTM YoY, FY24 Q3: 194.6% Revenue growth, TTM YoY, FY24 Q4: 382.6% Revenue growth, TTM YoY, FY25 Q1: 283.7% Revenue growth, TTM YoY, FY25 Q2: 460.5% Revenue growth, TTM YoY, FY25 Q3: 188.3% Revenue growth, TTM YoY, FY25 Q4: 69.8% Revenue growth, TTM YoY, FY26 Q1: 31.0% Revenue growth, TTM YoY, FY26 Q2: -21.3% -21.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 76.1%
FY23 Q4 32.7%
FY24 Q1 100.4%
FY24 Q2 27.2%
FY24 Q3 194.6%
FY24 Q4 382.6%
FY25 Q1 283.7%
FY25 Q2 460.5%
FY25 Q3 188.3%
FY25 Q4 69.8%
FY26 Q1 31.0%
FY26 Q2 -21.3%
Operating margin (TTM) Cadiz Inc
-1500% -1000% -500% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -1086.5% Operating margin (TTM), FY23 Q4: -1051.7% Operating margin (TTM), FY24 Q1: -727.6% Operating margin (TTM), FY24 Q2: -858.6% Operating margin (TTM), FY24 Q3: -398.2% Operating margin (TTM), FY24 Q4: -242.0% Operating margin (TTM), FY25 Q1: -226.2% Operating margin (TTM), FY25 Q2: -164.1% Operating margin (TTM), FY25 Q3: -155.4% Operating margin (TTM), FY25 Q4: -156.9% Operating margin (TTM), FY26 Q1: -166.1% Operating margin (TTM), FY26 Q2: -236.1% -236.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -1086.5%
FY23 Q4 -1051.7%
FY24 Q1 -727.6%
FY24 Q2 -858.6%
FY24 Q3 -398.2%
FY24 Q4 -242.0%
FY25 Q1 -226.2%
FY25 Q2 -164.1%
FY25 Q3 -155.4%
FY25 Q4 -156.9%
FY26 Q1 -166.1%
FY26 Q2 -236.1%
FCF margin (TTM) Cadiz Inc
-1500% -1000% -500% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -1349.6% FCF margin (TTM), FY23 Q4: -1341.6% FCF margin (TTM), FY24 Q1: -787.9% FCF margin (TTM), FY24 Q2: -894.6% FCF margin (TTM), FY24 Q3: -421.1% FCF margin (TTM), FY24 Q4: -233.8% FCF margin (TTM), FY25 Q1: -212.7% FCF margin (TTM), FY25 Q2: -151.9% FCF margin (TTM), FY25 Q3: -155.7% FCF margin (TTM), FY25 Q4: -162.5% FCF margin (TTM), FY26 Q1: -182.3% FCF margin (TTM), FY26 Q2: -263.6% -263.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -1349.6%
FY23 Q4 -1341.6%
FY24 Q1 -787.9%
FY24 Q2 -894.6%
FY24 Q3 -421.1%
FY24 Q4 -233.8%
FY25 Q1 -212.7%
FY25 Q2 -151.9%
FY25 Q3 -155.7%
FY25 Q4 -162.5%
FY26 Q1 -182.3%
FY26 Q2 -263.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1 1 1 0 0 0 0 0 0 0 0 1 1 2 2 10 16 12
Gross profit −0 0 −0 −0 −0 −0 −0 — — — — — 1 −1 −1 2 5 3
EBITDA −10 −11 −11 −13 −14 −10 −14 −9 −12 −11 −12 −11 −17 −16 −20 −22 −24 −27
Operating income −10 −11 −11 −13 −14 −10 −14 −9 −13 −11 −12 −12 −18 −17 −21 −23 −26 −28
Net income −14 −16 −17 −20 −23 −19 −24 −26 −34 −26 −30 −38 −31 −25 −31 −31 −34 −37
Diluted EPS −$1.13 −$1.16 −$1.20 −$1.27 −$1.46 −$1.15 −$1.35 −$1.41 −$1.50 −$1.09 −$1.11 −$1.11 −$0.84 — — — — —
Growth (year on year)
Revenue — +26.6% −0.4% −64.5% −16.9% +11.6% −9.5% +35.5% +6.1% +0.7% +0.2% +22.7% +4.3% +166.1% +32.6% +382.6% +69.8% −21.3%
Margins
Gross margin −36.4% 9.4% −41.4% −43.9% −84.4% −6.3% −9.9% — — — — — 100.0% −37.7% −45.0% 24.0% 31.6% 27.1%
EBITDA margin <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% −989.1% −229.3% −149.2% −224.0%
Operating margin <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% −242.0% −156.9% −236.1%
Net margin <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% −324.1% −209.3% −311.0%
Free-cash-flow margin −804.1% −776.6% <−999% <−999% <−999% <−999% <−999% — <−999% <−999% <−999% <−999% <−999% <−999% <−999% −233.8% −162.5% −263.6%
Cash flow
Cash from operations −6 −7 −8 −11 −16 −10 −13 −10 −10 −12 −14 −13 −15 −19 −21 −22 −19 −26
Capital spending 0 1 4 3 0 0 1 — 1 2 2 6 23 3 6 1 8 5
Free cash flow −6 −8 −12 −15 −16 −10 −13 — −11 −14 −15 −19 −38 −22 −27 −22 −27 −31
Stock-based pay 2 4 2 0 1 1 1 1 2 0 1 2 5 2 1 5 5 4
Free cash flow after stock pay −9 −12 −14 −15 −16 −11 −15 — −14 −14 −16 −21 −43 −24 −28 −27 −32 −36
Balance sheet
Cash 9 6 11 2 12 16 3 12 13 13 16 7 11 10 5 17 9 5
Total debt 0 44 57 65 99 106 108 115 147 155 138 79 50 50 38 61 78 87
Net debt (negative = net cash) −9 39 45 64 87 90 106 103 134 143 122 72 39 40 34 43 70 82
Diluted shares 13m 14m 14m 15m 16m 16m 18m 19m 23m 24m 27m 34m 41m — — — — —
Returned to shareholders
Dividends — — — — — — — — — — — 0 1 5 5 5 5 5
Total returned — — — — — — — — — — — 0 1 5 5 5 5 5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 30, 2026
What it owns · $135m
Short-term assets $11mLonger-term assets $123m
What it owes, and who funded it · $135m
Short-term liabilities $10mLonger-term liabilities $120mShareholders' equity $5m
  • Short-term assets cover short-term liabilities $11m of assets due within a year against $10m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $11m short-term assets against $120m of longer-dated liabilities.
  • More cash than debt $5m of cash against $87m of debt.
  • Debt below 40% of shareholders' equity Debt is 1865% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 114% to 1865% over five years.
  • A year's operating cash flow covers at least 20% of debt −$26m of operating cash flow against $87m of debt.
  • Operating profit covers interest at least five times over Operating income of −$28m against $10m of interest.

From Cadiz Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$5.1M
Returned to shareholders
-16%
of free cash flow
Total shareholder yield
1.5%
dividends 1.5% + buybacks 0.0% of market value
Days sales outstanding
105 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in water utilities
Last 12 months unless stated CDZI PCYO GWRS YORW ARTNA MSEX Median
Revenue, last 12 months $12m $34m $60m $83m $117m $212m $455m
Revenue growth, last 12 months −21.3% 22.9% 10.8% 9.4% 5.9% 8.9% 7.4%
Revenue growth, 3-year average 77.7% 15.1% 7.0% 8.6% 5.6% 8.4% 8.4%
Revenue growth, latest quarter −76.3% 60.0% 24.8% 22.5% 7.4% 11.3% 7.4%
Gross margin 27.1% 62.0% — — — — 49.5%
Operating margin −236.1% 37.7% 13.6% 36.6% 25.0% 30.5% 30.5%
Operating margin, 3-year average −419.6% 31.8% 16.3% 37.6% 24.5% 28.6% 28.6%
Net margin −311.0% 43.7% 5.2% 28.5% 20.2% 24.5% 20.9%
Cash from operations / revenue −220.3% 22.5% 34.1% 40.2% 34.4% 32.7% 33.3%
Free-cash-flow margin −263.6% 19.2% −40.5% −17.0% −15.5% 18.4% 8.4%
Free-cash-flow margin, 3-year average −436.7% 20.4% −33.6% −25.3% −14.4% 9.3% 2.5%
Stock pay / revenue 36.2% 1.4% 1.5% — 0.3% 0.8% 0.7%
Change in share count 22.5% 0.1% 13.3% 2.9% 0.2% 3.8% 2.4%

Median of all 12 companies we cover in water utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 water utilities companies
Measure Company Peer median Rank
Revenue growth Growth -21.3% 8.9% 12 of 12
Change in growth rate Growth -52.4pp +0.9pp 12 of 12
Operating margin Profitability -236.1% 30.5% 11 of 11
Net margin Profitability -311.0% 21.3% 12 of 12
Free-cash-flow margin Cash generation -263.6% 13.8% 12 of 12
Stock pay as % of revenue Cash generation 36.2% 0.8% 9 of 9
Long-term debt as % of assets Balance sheet 64.5% 26.9% 12 of 12
Days sales outstanding Balance sheet 105 days 32 days 11 of 11

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Water Treatment $14.5M 88.8% ▲ 83.3%
Water and Land Resources $1.8M 11.2% ▲ 7.4%

From Cadiz Inc's 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$165M
Institutions reporting
116
Shares held vs prior quarter
▲ 4.0%
Positions opened / closed
12 / 33

Top buyers and sellers, Q2 2026: 54 institutions bought and 72 sold ; the biggest buyer was Blackrock, Inc (+1.3M shares) and the biggest seller Gratia Capital, LLC (−506K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $21.5M 5.1M 13.0% ▲ 34.1%
Levin Capital Strategies, L.P. $18.8M 4.5M 11.4% ▲ 17.8%
Whitefort Capital Management, LP $16.7M 4.0M 10.1% 0.0%
Bank Of America Corp $14.7M 3.5M 8.9% ▼ 0.3%
Barclays PLC $14.5M 3.5M 8.8% ▼ 6.8%
Vanguard Capital Management LLC $10.3M 2.5M 6.3% ▲ 5.0%
Stonehill Capital Management LLC $8.9M 2.1M 5.4% ▲ 9.3%
Geode Capital Management, LLC $6.2M 1.5M 3.8% ▲ 6.4%
State Street Corp $5.9M 1.4M 3.6% ▲ 5.4%
Morgan Stanley $4.2M 1.0M 2.6% ▼ 3.1%
Vanguard Portfolio Management LLC $3.2M 765K 1.9% ▲ 131.7%
Elkhorn Partners Limited Partnership $2.7M 656K 1.7% ▲ 1.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cadiz Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $507,762 1 trade by 1 insider, last 12 months Insider sales History → $10,825 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $496,937 net buying
Insider Date Trade Shares Price Value
O'Hara David Mark Director May 26, 2026 Buy 110,865 $4.58 $507,762
Rivera Cathryn Chief Operating Officer May 20, 2026 Sell 2,500 $4.33 $10,825

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Cadiz Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cadiz Inc in brief

What does Cadiz Inc do?
Cadiz Inc is a US-listed company in the water utilities industry. Its financial year ends in December.
What is Cadiz Inc's stock ticker?
Cadiz Inc trades under the ticker CDZI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cadiz Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cadiz Inc reported revenue of $11.8M, 21.3% lower than a year earlier, according to its SEC filings.
What is Cadiz Inc's free cash flow?
Cadiz Inc's free-cash-flow margin is -263.6% of revenue over the trailing twelve months, ranking 12 of the 12 water utilities companies we cover.
Who are Cadiz Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Levin Capital Strategies, L.P. and Whitefort Capital Management, LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Cadiz Inc's market cap?
On December 31, 2021, Cadiz Inc's market capitalisation was about $157M and net debt of $39.2M. Market figures come from third-party market data and may be delayed.
Does Cadiz Inc pay a dividend?
Yes: Cadiz Inc paid $5.1M in dividends over the trailing twelve months, a dividend yield of 1.49%.
How much debt does Cadiz Inc have?
Cadiz Inc's debt-to-equity ratio is 1864.6%, from its latest balance sheet (114.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Cadiz Inc's competitors?
In our Water Utilities peer group, the companies closest to Cadiz Inc are Pure Cycle Corp, Global Water Resources, Inc., York Water Co, Artesian Resources Corp and Middlesex Water Co. The side-by-side comparison below sets their revenue, margins and growth against Cadiz Inc's.
Are insiders buying or selling Cadiz Inc stock?
Over the last 12 months, Cadiz Inc's directors and officers reported 1 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Cadiz Inc's next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cadiz Inc announces its own schedule.