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Pure Cycle Corp key statistics and ratios

In fiscal 2025, Pure Cycle Corp had return on equity of 9.6% and a net margin of 50.3%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2010Aug 20102011Aug 20112012Aug 20122013Aug 20132014Aug 20142015Aug 20152016Aug 20162017Aug 20172018Aug 20182019Aug 20192020Aug 20202021Aug 20212022Aug 20222023Aug 20232024Aug 20242025Aug 2025LTMMay 2026
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%
Return on equity−12.7%−13.4%−45.0%−12.2%−0.5%−28.7%−1.9%−2.5%0.6%6.7%8.6%21.8%8.9%4.1%9.4%9.6%10.0%
Return on assets—−5.2%−15.3%−3.8%−0.3%−25.5%−1.8%−2.4%0.6%6.2%7.8%19.4%7.8%3.6%8.3%8.5%8.7%
Effective tax rate—————————−36.4%24.3%24.4%24.3%24.5%25.7%25.0%25.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Pure Cycle Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Pure Cycle Corp.