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Pure Cycle Corp (PCYO) stock

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NASDAQ: PCYO Nasdaq Water Utilities Next results ~November 18, 2026

A Fundamentals grade

Pure Cycle Corp is a US-listed company in the water utilities industry. Its financial year ends in August.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$10

Cash-flow model

Base case. Range ~$7.7–$13 across our lower- and higher-growth cases (14%–24% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 4% above our base value.

Price used: $10.63, November 2, 2026

Pure Cycle Corp 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.

  • Insiders0 buying, 1 selling0 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds50 adding, 44 cuttingOf 11 active managers that changed their stake, 6 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Pure Cycle files

Where Pure Cycle stands after its latest 10-Q

Revenue for the twelve months to May 2026 was $34m, up 22.9% on a year earlier, faster than the 2.5% growth a quarter earlier. That growth ranks 1 of 11 among the water utilities companies we cover. Free-cash-flow margin fell to 19.2% from 24.2% a year earlier. Operating margin widened to 37.7% from 34.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades A. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $10.19 a share, against a share price of $10.67. At that price, our model says the market is pricing in about 19.8% a year of cash-flow growth for five years, faster than the 14.5% a year revenue growth it has delivered.

Source: 10-Q filed July 8, 2026 on SEC EDGAR · Financials · Valuation

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 18, 2026 (estimated)

Pure Cycle Corp's trailing-twelve-month revenue grew 22.9% year on year, with a free-cash-flow margin of 19.2%. Where it stands out: revenue growth of 22.9% ranks 1 of 12 water utilities companies we cover.

Our discounted-cash-flow model values the business at ~$10 per share in the base case (~$7.7–$13 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 22.9% (+20.4pp vs the prior quarter).

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

  • Fast growth. Revenue grew 22.9% over the last 12 months, against a median of 8.9% for water utilities companies we cover.
  • Growth speeding up. The growth rate is 20.4 points higher than a quarter earlier.
  • High operating margin. 37.7% of revenue is left as operating profit, against a median of 30.5% for water utilities companies we cover.
  • Margins widening. Operating margin is up 3.0 points on a year ago.

Things to watch

  • Gross margin slipping. Gross margin is down 4.4 points on a year ago.
  • Weak cash conversion. Free cash flow was 44% of net income over the last 12 months.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.4% ranks 7 of 9 water utilities companies we cover (median 0.8%).

Latest results: FY2026 Q3

Filed July 8, 2026
Revenue
$8m, up 60.0% on a year earlier
Share reaction
+1.1% in the first session after the results on July 9, 2026, against +1.3% for the S&P 500
Next report
November 18, 2026

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

Price chart

  • 1 day-0.7%
  • 1 week+0.1%
  • 1 month-2.5%
  • This year-3.3%
  • 1 year-3.5%
  • 5 years-31.8%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$33.7M
Operating margin
37.7%
Net margin
43.7%
EPS (TTM, diluted)
$0.61

Growth

Revenue growth
+22.9%
Change in growth rate
+20.4 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
$6.5M
FCF margin
19.2%
Stock pay % of revenue
1.4%

Earnings

Last results
July 9, 2026

News & updates

Updated October 31, 2026

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

  1. Leadership
  2. Results

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

Pure Cycle Corp valuation models and calculator

What the price is pricing in

The share price implies about 19.7% a year of cash-flow growth for five years.That is faster than the 14.5% a year revenue growth Pure Cycle has delivered.

  • Priced in19.7%
  • Last 12 months22.9%
  • 3 years a year15.1%
  • 5 years a year14.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($10.63, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$10
Price used
$10.63close November 3, 2026
Implied change
▼ 4%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Pure Cycle Corp's free cash flow after stock-based pay with after-tax interest added back ($5.9M, FY2026 Q3 TTM), growing 19% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$7.7–~$13 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Pure Cycle Corp's free cash flow after stock-based pay ( $5.9M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Pure Cycle Corp as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.56 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$10 ~$7.7–$13 Primary model, counts double
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$13 ~$10–$16 Included
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$11 ~$11–$15 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$6.9 ~$5.7–$8.9 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$6.8 ~$4.2–$11 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. — Does not apply: pays no regular dividend
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$9.6 ~$6.8–$13 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Pure Cycle Corp 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.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −20%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $3$5$6$8$11$15
8.5% $2$3$5$6$8$11
10% $2$3$4$5$6$8

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$4.84$7.25$11.25$10.85$9.76$14.95$10.32$10.99$10.65$10.10$10.63
Market value$115m$172m$269m$260m$235m$360m$249m$265m$257m$244m$257m
+ Net debt (− = net cash)−$5m−$6m−$12m−$4m−$22m−$20m−$31m−$19m−$15m−$15m$7m
Enterprise value$110m$167m$258m$256m$213m$340m$218m$246m$242m$229m$264m
Multiples
Price / sales n/m140.3x38.7x12.8x9.1x21.0x10.8x18.2x8.9x9.4x7.6x
Price / earnings ——n/m54.1x34.8x17.9x25.9x56.4x22.1x18.6x17.4x
Price / free cash flow ———73.8x11.7x117.3x14.4x—138.7x19.8x39.7x
EV / EBITDA ——n/m59.8x65.8x48.3x17.9x58.2x16.9x23.0x17.5x

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

54 /100

Moderate moat

How hard Pure Cycle'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 8 / 20

    Net income has been a median 6.1% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 61.0%, moving by 18.4 percentage points (standard deviation) across 10 years.

  • Durability 6 / 20

    Operating margin has been a median 20.6%; its worst year was -144.7%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 6 of 10 years, at a median 9.9% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 0.3% over five years; stock-based pay has been a median 2.2% 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 18, 2026, after the close.

Analysts' consensus

No analyst estimates are published for Pure Cycle Corp: too few analysts cover it.

Positioning

Short interest
2.3%
of tradable shares
Days to cover
5.22
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
75%
of shares
Held by insiders
4.9%
of shares
Employees
44
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 −3.5%

$11.01 on October 31, 2025 to $10.63

ThenNowEffect
Revenue (last 12 months) $26m $34m +29.3%
Net margin 50.3% 43.7% −13.1%
P/E multiple 20.3x 17.4x −14.1%
Share count 24m 24m 0.0%

Biggest factor: revenue.

Last 3 years +6.9%

$9.94 on November 3, 2023 to $10.63

ThenNowEffect
Revenue (last 12 months) $15m $34m +131.2%
Net margin 32.2% 43.7% +35.5%
P/E multiple 51.0x 17.4x −65.8%
Share count 24m 24m −0.2%

Biggest factor: p/e multiple.

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
PCYO+30%−28%−0%+21%−13%−3%
Industry peers (median)+21%−9%−12%−11%+3%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PCYO50%42%50%50%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PCYO−21%−47%−28%−17%−23%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 53% from April 16, 2021 to October 14, 2022. Getting back needed a 111% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$9.85 – $11.94
From 52-week high
−11.0%
vs 50-day average
−3.5%
vs 200-day average
−2.5%
Volatility (1 year)
29%
Beta vs S&P 500
0.37

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.

Share price after results

Next day
5 up, 7 down
typical move ±4.4%
After a week
5 up, 7 down
typical move ±6.5%
After a month
8 up, 4 down
typical move ±4.2%
Results releasedNext dayS&P 500 next day5 days21 days
July 9, 2026 +1.1% +1.3% +1.9% +1.8%
April 9, 2026 −4.3% +0.5% −5.6% −1.0%
January 8, 2026 +3.7% +0.7% +9.7% +2.5%
November 13, 2025 −1.1% −1.7% −4.3% +5.6%
July 10, 2025 −5.5% −0.1% −5.7% −6.9%
April 10, 2025 −6.2% −2.7% −7.6% −3.0%
January 10, 2025 −4.3% −1.4% −3.6% −2.8%
November 14, 2024 +9.2% −1.9% +18.2% +12.8%
July 11, 2024 +10.6% −0.2% +12.4% +6.7%
April 11, 2024 +1.6% −0.6% −2.3% +3.2%
January 16, 2024 −0.1% −0.9% +5.4% +0.5%
November 16, 2023 −5.5% +0.2% −1.9% +3.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Pure Cycle Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Pure Cycle Corp in five measures

Fundamentals grade A
Growth Profitability Cash Balance sheet Value

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) Pure Cycle Corp
$10M $15M $20M $25M $30M $35M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $14.6M Revenue (TTM), FY24 Q1: $18.6M Revenue (TTM), FY24 Q2: $18.8M Revenue (TTM), FY24 Q3: $19.6M Revenue (TTM), FY24 Q4: $28.7M Revenue (TTM), FY25 Q1: $29.1M Revenue (TTM), FY25 Q2: $29.9M Revenue (TTM), FY25 Q3: $27.4M Revenue (TTM), FY25 Q4: $26.1M Revenue (TTM), FY26 Q1: $29.5M Revenue (TTM), FY26 Q2: $30.6M Revenue (TTM), FY26 Q3: $33.7M $33.7M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $14.6M
FY24 Q1 $18.6M
FY24 Q2 $18.8M
FY24 Q3 $19.6M
FY24 Q4 $28.7M
FY25 Q1 $29.1M
FY25 Q2 $29.9M
FY25 Q3 $27.4M
FY25 Q4 $26.1M
FY26 Q1 $29.5M
FY26 Q2 $30.6M
FY26 Q3 $33.7M
Revenue growth, TTM YoY Pure Cycle Corp
-50% 0% 50% 100% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -36.6% Revenue growth, TTM YoY, FY24 Q1: -7.2% Revenue growth, TTM YoY, FY24 Q2: 2.3% Revenue growth, TTM YoY, FY24 Q3: -11.5% Revenue growth, TTM YoY, FY24 Q4: 97.1% Revenue growth, TTM YoY, FY25 Q1: 56.3% Revenue growth, TTM YoY, FY25 Q2: 58.8% Revenue growth, TTM YoY, FY25 Q3: 40.4% Revenue growth, TTM YoY, FY25 Q4: -9.3% Revenue growth, TTM YoY, FY26 Q1: 1.2% Revenue growth, TTM YoY, FY26 Q2: 2.5% Revenue growth, TTM YoY, FY26 Q3: 22.9% 22.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -36.6%
FY24 Q1 -7.2%
FY24 Q2 2.3%
FY24 Q3 -11.5%
FY24 Q4 97.1%
FY25 Q1 56.3%
FY25 Q2 58.8%
FY25 Q3 40.4%
FY25 Q4 -9.3%
FY26 Q1 1.2%
FY26 Q2 2.5%
FY26 Q3 22.9%
Operating margin (TTM) Pure Cycle Corp
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 14.2% Operating margin (TTM), FY24 Q1: 28.5% Operating margin (TTM), FY24 Q2: 27.6% Operating margin (TTM), FY24 Q3: 23.0% Operating margin (TTM), FY24 Q4: 42.6% Operating margin (TTM), FY25 Q1: 41.9% Operating margin (TTM), FY25 Q2: 37.6% Operating margin (TTM), FY25 Q3: 34.7% Operating margin (TTM), FY25 Q4: 29.4% Operating margin (TTM), FY26 Q1: 35.1% Operating margin (TTM), FY26 Q2: 38.9% Operating margin (TTM), FY26 Q3: 37.7% 37.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 14.2%
FY24 Q1 28.5%
FY24 Q2 27.6%
FY24 Q3 23.0%
FY24 Q4 42.6%
FY25 Q1 41.9%
FY25 Q2 37.6%
FY25 Q3 34.7%
FY25 Q4 29.4%
FY26 Q1 35.1%
FY26 Q2 38.9%
FY26 Q3 37.7%
FCF margin (TTM) Pure Cycle Corp
-20% 0% 20% 40% 60% FY21 Q1 FY21 Q4 FY25 Q2 FY26 Q3 FCF margin (TTM), FY21 Q1: 26.8% FCF margin (TTM), FY21 Q2: 17.7% FCF margin (TTM), FY21 Q3: 24.9% FCF margin (TTM), FY21 Q4: 17.9% FCF margin (TTM), FY22 Q1: -17.5% FCF margin (TTM), FY23 Q4: -18.7% FCF margin (TTM), FY25 Q2: 25.6% FCF margin (TTM), FY25 Q3: 24.2% FCF margin (TTM), FY25 Q4: 47.2% FCF margin (TTM), FY26 Q1: 19.6% FCF margin (TTM), FY26 Q2: 8.7% FCF margin (TTM), FY26 Q3: 19.2% 19.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY21 Q1 26.8%
FY21 Q2 17.7%
FY21 Q3 24.9%
FY21 Q4 17.9%
FY22 Q1 -17.5%
FY23 Q4 -18.7%
FY25 Q2 25.6%
FY25 Q3 24.2%
FY25 Q4 47.2%
FY26 Q1 19.6%
FY26 Q2 8.7%
FY26 Q3 19.2%

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 2010 Aug 2010 2011 Aug 2011 2012 Aug 2012 2013 Aug 2013 2014 Aug 2014 2015 Aug 2015 2016 Aug 2016 2017 Aug 2017 2018 Aug 2018 2019 Aug 2019 2020 Aug 2020 2021 Aug 2021 2022 Aug 2022 2023 Aug 2023 2024 Aug 2024 2025 Aug 2025 LTM May 2026
Income
Revenue 0 0 0 2 2 1 0 1 7 20 26 17 23 15 29 26 34
Gross profit 0 0 0 1 1 0 −0 0 3 6 8 11 16 8 20 16 21
EBITDA −2 −2 −14 −1 −1 −1 −2 −1 1 4 3 7 12 4 14 10 15
Operating income −2 −2 −15 −1 −1 −2 −2 −2 −0 3 2 5 10 2 12 8 13
Net income −5 −6 −17 −4 −0 −23 −1 −2 0 5 7 20 10 5 12 13 15
Diluted EPS −$0.27 −$0.26 −$0.72 −$0.17 −$0.01 −$0.96 −$0.06 −$0.07 $0.02 $0.20 $0.28 $0.83 $0.40 $0.19 $0.48 $0.54 $0.61
Growth (year on year)
Revenue — +6.8% +0.8% +553.2% +8.9% −40.9% −62.2% +171.5% +466.8% +192.6% +27.0% −33.8% +34.3% −36.6% +97.1% −9.3% +22.9%
EBITDA — — — — — — — — — +620.5% −24.4% +117.6% +73.6% −65.4% +239.2% −30.5% +28.7%
Operating income — — — — — — — — — — −49.5% +248.2% +91.6% −79.5% +490.8% −37.3% +33.5%
Net income — — — — — — — — — +>999% +40.3% +197.9% −52.2% −51.1% +147.1% +12.9% +8.2%
Diluted EPS — — — — — — — — — +900.0% +40.0% +196.4% −51.8% −52.5% +152.6% +12.5% +8.2%
Margins
Gross margin 38.7% 43.4% 33.9% 78.8% 61.7% 36.5% −16.9% 34.6% 40.2% 31.5% 29.2% 62.6% 71.2% 55.1% 68.7% 61.4% 62.0%
EBITDA margin −610.9% −740.6% <−999% −41.8% −51.8% −111.1% −389.2% −113.8% 8.5% 21.0% 12.5% 41.1% 53.1% 29.0% 49.9% 38.2% 44.7%
Operating margin −708.9% −815.8% <−999% −58.7% −61.5% −140.1% −482.1% −173.6% −4.4% 14.7% 5.9% 30.8% 43.9% 14.2% 42.6% 29.4% 37.7%
Net margin <−999% <−999% <−999% −223.4% −15.4% <−999% −289.9% −139.3% 6.0% 23.6% 26.1% 117.4% 41.8% 32.2% 40.4% 50.3% 43.7%
Free-cash-flow margin −637.8% — −664.9% −96.7% 2.4% −82.8% −164.3% −93.5% −6.4% 17.3% 77.9% 17.9% 75.2% −18.7% 6.4% 47.2% 19.2%
Cash flow
Cash from operations −2 −1 −2 −2 0 −1 −0 −1 0 4 21 3 17 −2 2 13 8
Capital spending 0 — 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1
Free cash flow −2 — −2 −2 0 −1 −1 −1 −0 4 20 3 17 −3 2 12 6
Stock-based pay 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0
Free cash flow after stock pay −2 — −2 −2 −0 −1 −1 −1 −1 3 20 3 17 −3 1 12 6
Balance sheet
Cash 0 0 2 2 2 37 5 6 12 4 22 20 35 26 22 22 8
Total debt 0 0 10 13 3 0 0 0 0 0 0 0 4 7 7 7 16
Net debt (negative = net cash) −0 −0 8 10 2 −37 −5 −6 −12 −4 −22 −20 −31 −19 −15 −15 7
Diluted shares 20m 23m 24m 24m 24m 24m 24m 24m 24m 24m 24m 24m 24m 24m 24m 24m 24m
Returned to shareholders
Buybacks — — — — — — — — — — — — — — 1 0 —
Total returned — — — — — — — — — — — — — — 1 0 —

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

5 of 7 checks passed · May 31, 2026
What it owns · $176m
Short-term assets $16mLonger-term assets $160m
What it owes, and who funded it · $176m
Short-term liabilities $10mLonger-term liabilities $14mShareholders' equity $152m
  • Short-term assets cover short-term liabilities $16m of assets due within a year against $10m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $16m short-term assets against $14m of longer-dated liabilities.
  • More cash than debt $8m of cash against $14m of debt.
  • Debt below 40% of shareholders' equity Debt is 9% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 1% to 9% over five years.
  • A year's operating cash flow covers at least 20% of debt $8m of operating cash flow against $14m of debt.
  • Operating profit covers interest at least five times over Operating income of $13m against $500,000 of interest.

From Pure Cycle Corp'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

FY2025 Q4 TTM
Buybacks (TTM)
$397,000
Returned to shareholders
3%
of free cash flow
Diluted share count
+0.1%
year over year
Total shareholder yield
0.1%
dividends 0.0% + buybacks 0.1% of market value
Days sales outstanding
27 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in water utilities
Last 12 months unless stated PCYO GWRS YORW CDZI ARTNA MSEX Median
Revenue, last 12 months $34m $60m $83m $12m $117m $212m $455m
Revenue growth, last 12 months 22.9% 10.8% 9.4% −21.3% 5.9% 8.9% 7.4%
Revenue growth, 3-year average 15.1% 7.0% 8.6% 77.7% 5.6% 8.4% 8.4%
Revenue growth, latest quarter 60.0% 24.8% 22.5% −76.3% 7.4% 11.3% 7.4%
Gross margin 62.0% — — 27.1% — — 49.5%
Operating margin 37.7% 13.6% 36.6% −236.1% 25.0% 30.5% 30.5%
Operating margin, 3-year average 31.8% 16.3% 37.6% −419.6% 24.5% 28.6% 28.6%
Net margin 43.7% 5.2% 28.5% −311.0% 20.2% 24.5% 20.9%
Cash from operations / revenue 22.5% 34.1% 40.2% −220.3% 34.4% 32.7% 33.3%
Free-cash-flow margin 19.2% −40.5% −17.0% −263.6% −15.5% 18.4% 8.4%
Free-cash-flow margin, 3-year average 20.4% −33.6% −25.3% −436.7% −14.4% 9.3% 2.5%
Stock pay / revenue 1.4% 1.5% — 36.2% 0.3% 0.8% 0.7%
Change in share count 0.1% 13.3% 2.9% 22.5% 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 22.9% 8.9% 1 of 12
Change in growth rate Growth +20.4pp +0.9pp 1 of 12
Operating margin Profitability 37.7% 30.5% 1 of 11
Net margin Profitability 43.7% 21.3% 1 of 12
Free-cash-flow margin Cash generation 19.2% 13.8% 3 of 12
Stock pay as % of revenue Cash generation 1.4% 0.8% 7 of 9
Long-term debt as % of assets Balance sheet 7.2% 26.9% 1 of 12
Change in share count Balance sheet 0.1% 2.3% 2 of 11
Days sales outstanding Balance sheet 27 days 32 days 3 of 11

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

Where the revenue comes from

Fiscal year to August 31, 2025
Segments
Line of business Revenue Share YoY
Land Development $15.3M 58.5% ▼ 13.3%
Water and Wastewater Resource Development $10.3M 39.6% ▼ 3.1%
Single Family Rentals $496,000 1.9% ▲ 3.1%
Products and services
Line of business Revenue YoY
Construction $15.3M ▼ 13.3%
Lot Sales $13.7M ▼ 14.4%
Water and Wastewater $10.3M ▼ 3.1%
Water and Wastewater Tap Fees $7.3M ▲ 116.8%
Water Tap Fees Recognized Excluding Waste Water Tap Fee $5.9M ▲ 103.4%
Water and Wastewater Activities $3M ▼ 58.8%
Wastewater Tap Fee $1.4M ▲ 180.0%
Special Facility Projects $800,000 ▼ 11.1%
Special Facility Projects and Other $785,000 ▼ 12.2%
Project Management Fees $781,000 ▲ 10.5%
Single Family Rentals $496,000 ▲ 3.1%

These categories overlap or exclude eliminations, so shares aren't shown.

From Pure Cycle Corp's 10-K filed November 12, 2025, 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
$140M
Institutions reporting
116
Shares held vs prior quarter
▲ 1.6%
Positions opened / closed
12 / 8

Top buyers and sellers, Q2 2026: 50 institutions bought and 44 sold ; the biggest buyer was Cannell Capital LLC (+315K shares) and the biggest seller Boston Partners (−172K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Magnolia Group, LLC $19.2M 1.8M 13.7% ▼ 6.2%
Blackrock, Inc. $15M 1.4M 10.7% ▲ 1.9%
Vanguard Capital Management LLC $9.9M 928K 7.1% ▲ 1.3%
Sapient Capital LLC $7.3M 685K 5.2% ▼ 0.5%
Heartland Advisors Inc $6.5M 611K 4.7% ▼ 2.5%
Geode Capital Management, LLC $5.9M 548K 4.2% ▲ 7.6%
Kennedy Capital Management LLC $5.5M 514K 3.9% ▼ 2.0%
Dimensional Fund Advisors LP $5M 469K 3.6% ▲ 0.9%
Gem Investment Advisors, LLC $4.8M 450K 3.4% 0.0%
State Street Corp $4.8M 447K 3.4% ▼ 0.2%
First Wilshire Securities Management Inc $4.5M 419K 3.2% ▼ 1.9%
Myda Advisors LLC $4.2M 395K 3.0% ▲ 10.3%

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 Pure Cycle Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $757,246 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $757,246 net selling
Insider Date Trade Shares Price Value
Plaisance Capital Llc 10% owner November 17, 2025 Sell 68,778 $11.01 $757,246

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

Next expected around October 8, 2026 estimated from the company's past filing pattern, not announced

  • July 9, 2026
  • April 9, 2026
  • January 8, 2026
  • November 13, 2025
  • July 10, 2025
  • April 10, 2025

Recent SEC filings

Data status

When each part of this page on Pure Cycle Corp 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.

Pure Cycle Corp in brief

What does Pure Cycle Corp do?
Pure Cycle Corp is a US-listed company in the water utilities industry. Its financial year ends in August.
What is Pure Cycle Corp's stock ticker?
Pure Cycle Corp trades under the ticker PCYO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Pure Cycle Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Pure Cycle Corp reported revenue of $33.7M, 22.9% higher than a year earlier, according to its SEC filings.
What is Pure Cycle Corp's free cash flow?
Pure Cycle Corp's free-cash-flow margin is 19.2% of revenue over the trailing twelve months, ranking 3 of the 12 water utilities companies we cover.
What is Pure Cycle Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Pure Cycle Corp's free cash flow after stock-based pay gives ~$10 per share in the base case, and ~$7.7–$13 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Pure Cycle Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Magnolia Group, LLC, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Pure Cycle Corp buying back stock, and does it pay a dividend?
Pure Cycle Corp spent $397,000 on share repurchases over the trailing twelve months, and its diluted share count still rose 0.1% over the year.
What is Pure Cycle Corp's market cap?
On November 2, 2026, Pure Cycle Corp's market capitalisation was about $257M, with a price-to-earnings ratio of 17.4 and net debt of $7.1M. Market figures come from third-party market data and may be delayed.
How much debt does Pure Cycle Corp have?
Pure Cycle Corp's debt-to-equity ratio is 9.3%, from its latest balance sheet (1.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Pure Cycle Corp's competitors?
In our Water Utilities peer group, the companies closest to Pure Cycle Corp are Global Water Resources, Inc., York Water Co, Cadiz Inc, Artesian Resources Corp and Middlesex Water Co. The side-by-side comparison below sets their revenue, margins and growth against Pure Cycle Corp's.
Are insiders buying or selling Pure Cycle Corp stock?
Over the last 12 months, Pure Cycle Corp's directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Pure Cycle Corp's next earnings date?
Around November 18, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Pure Cycle Corp announces its own schedule.