Pure Cycle PCYO

Regulated Water, Utilities

$10.78

+0.09%

Market cap: $259.8M
PE: 17.7×; 8y median 26.7×
Forward PE: n/m; not a meaningful number
Price to sales: 7.7×
EV/EBIT: 20.9×
Revenue, 12 months: $33.7M; +23% on a year ago
Net margin: 43.7%
Free cash flow yield: 2.5%

Pure Cycle trades at 17.7× trailing earnings, cheaper than 89% of the last ten years. Revenue was $33.7M over the last twelve months, up 23% on a year earlier with a 44% net margin.

Charts

Financials

Income statement for PCYO, by quarter
Income statement	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26
	$3.4M−69%	$5.4M+302%	$3.2M+7%	$7.6M+11%	$12.6M+273%	$5.8M+7%	$4M+25%	$5.1M−32%	$11.2M−11%	$9.1M+59%	$5.2M+29%	$8.2M+60%
Cost of revenue	$1.6M−32%	$2M+54%	$1.4M+1%	$2.7M+24%	$2.8M+74%	$2.1M+2%	$2.5M+74%	$1.9M−31%	$3.6M+30%	$2.9M+38%	$2.4M−3%	$3.9M+109%
Gross profit	$1.8M−79%	$3.3M+23771%	$1.8M+12%	$4.9M+4%	$9.8M+454%	$3.7M+10%	$1.5M−14%	$3.3M−33%	$7.6M−22%	$6.3M+71%	$2.8M+82%	$4.3M+32%
SG&A	$1.6M−19%	$1.4M+4%	$2M+17%	$1.6M+105%	$1.8M+17%	$1.8M+25%	$2.7M+36%	$1.8M+9%	$1.5M−20%	$1.7M−5%	$2.3M−13%	$1.9M+8%
	$44K−99%	$1.8M	−$368K+53%	$3.1M−18%	$7.8M+17596%	$1.7M−2%	−$1.3M+261%	$1.3M−57%	$5.9M−24%	$4.4M+155%	$263K	$2.1M+59%
Interest expense	$57K+50%	$108K+116%	$111K+136%	$109K+110%	$111K+95%	$109K+1%	$109K−2%	$101K−7%	$107K−4%	$94K−14%	$142K+30%	$157K+55%
Pre-tax income	$1.2M−83%	$2.8M+870%	$159K−43%	$3.9M−13%	$8.8M+615%	$5.2M+86%	$1.1M+577%	$3M−22%	$8.2M−7%	$6M+16%	$1.5M+41%	$3.9M+30%
	$177K−91%	$737K+467%	$41K−54%	$1M−9%	$2.2M+1151%	$1.3M+73%	$267K+551%	$737K−28%	$2.1M−6%	$1.5M+15%	$407K+52%	$955K+30%
Net income	$1.1M−81%	$2.1M+1199%	$118K−38%	$2.8M−14%	$6.6M+526%	$3.9M+91%	$809K+586%	$2.3M−20%	$6.1M−8%	$4.6M+16%	$1.1M+37%	$2.9M+31%
	$0.04−83%	$0.09+800%	$0.00	$0.12−14%	$0.27+575%	$0.16+78%	$0.03	$0.09−25%	$0.25−7%	$0.19+19%	$0.05+67%	$0.12+33%
	24M−0%	24.2M+0%	24.1M+0%	24.1M−0%	24.1M+0%	24.2M+0%	24.2M+0%	24.1M+0%	24.2M+0%	24.2M+0%	24.2M−0%	24.2M+0%

Gross profit: 19 periods, Q1 FY22 to Q3 FY26: not printed by the filing, worked out from its own lines.

EPS, diluted: 19 periods, Q4 FY11 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: 6 periods, Q4 FY11 to Q4 FY17: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. 9 periods, Q4 FY14 to Q4 FY25: share-days: the 12-month average less the 9-month, weighted by days. Q3 FY17: not printed by the filing, worked out from its own lines.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in Regulated Water nearest Pure Cycle's size, closest first.

Company	Market cap	PE	Its 10y median PE	P/S	Revenue growth	Net margin
PCYOPure Cycle	$259.8M	17.7×	26.7×	7.7×	+23%	43.7%
GWRSGlobal Water Resources	$228.3M	66.1×	60.6×	3.8×	+11%	5.2%
ARTNAArtesian Resources	$352.2M	14.9×	23.1×	3.0×	+6%	20.2%
CWCOConsolidated Water	$445M	28.1×	32.0×	3.5×	−1%	12.7%
YORWYork Water	$516.4M	19.8×	31.6×	6.2×	+9%	28.5%
MSEXMiddlesex Water	$1.1B	21.6×	30.3×	5.1×	+5%	23.3%
HTOH2O America	$2.5B	20.8×	24.2×	3.0×	+5%	12.9%
Peer median	$480.7M	21.2×	31.0×	3.6×	+6%	16.5%