A Business at a Glance
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PURE CYCLE CORP
PCYO
$259M
Mkt Cap
$10.68
+0.75%
PURE CYCLE CORP (PCYO) has a current P/E ratio of 19.8, compared to its historical median P/E of 26.7. The stock is currently considered Fair based on its historical valuation range.
PURE CYCLE CORP (PCYO) has a 5-year average return on invested capital (ROIC) of 9.3%. This is below average and may indicate limited pricing power.
PURE CYCLE CORP (PCYO) has a market capitalization of $257M. It is classified as a small-cap stock.
PURE CYCLE CORP (PCYO) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.15%.
Based on historical P/E analysis, PURE CYCLE CORP (PCYO) appears fair. The current P/E of 19.8 is 26% below its historical median of 26.7. The estimated fair value CAGR (P/E method) is 13.8%.
PURE CYCLE CORP (PCYO) operates in the Water Supply industry, within the Utilities sector.
PURE CYCLE CORP (PCYO) reported annual revenue of $26 million in its most recent fiscal year, based on SEC EDGAR filings.
Item 1 – Business Unless otherwise specified or the context otherwise requires, any reference to “Pure Cycle,” the “Company,” “we,” “us” or “our” is to Pure Cycle Corporation and its wholly-owned subsidiaries on a consolidated basis. We are a diversified water and wastewater service provider, land developer, and home rental company. We provide wholesale water and wastewater services in the Denver, Colorado area, develop land we own into master planned communities, and develop single-family homes for rent. Each of our businesses providing water and wastewater services, land development and single-family home rentals generates attractive recurring monthly income. For more than 30 years, we have accumulated and continue to accumulate a portfolio of valuable water rights, land interests and single-family rental homes along the Front Range of Colorado.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 31M | 26M | 29M | 15M | 23M | 17M |
| Net Income | 14M | 13M | 12M | 4.7M | 9.6M | 20M |
| EPS | $0.58 | $0.54 | $0.48 | $0.19 | $0.40 | $0.83 |
| Free Cash Flow | 2.7M | 12M | 1.9M | -2.7M | 17M | 3.1M |
| ROIC | 5.9% | 4.8% | 8.8% | 1.8% | 9.5% | 21.8% |
| Gross Margin | 64.8% | 61.4% | 68.7% | 55.1% | 71.2% | 62.6% |
| Debt/Equity | 0.05 | 0.05 | 0.05 | 0.00 | 0.00 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 12M | 7.7M | 12M | 2.1M | 10M | 5.3M |
| Operating Margin | 38.9% | 29.4% | 42.6% | 14.2% | 43.9% | 30.8% |
| ROE | 9.4% | 9.6% | 9.4% | 4.1% | 8.9% | 21.8% |
| Shares Outstanding | 24M | 24M | 24M | 25M | 24M | 24M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.0M | N/A | N/A | 1.2M | 7.0M | 20M | 26M | 17M | 23M | 15M | 29M | 26M | 31M |
| Gross Margin | 61.7% | N/A | N/A | 34.6% | 40.2% | 31.5% | 29.2% | 62.6% | 71.2% | 55.1% | 68.7% | 61.4% | 64.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.4M | 1.9M | 1.8M | 2.2M | 2.9M | 3.1M | 4.3M | 5.1M | 5.9M | 5.5M | 6.9M | 7.8M | 7.3M |
| EBIT | -1.2M | -1.7M | -2.2M | -2.1M | -309K | 3.0M | 1.5M | 5.3M | 10M | 2.1M | 12M | 7.7M | 12M |
| Op. Margin | -61.5% | N/A | N/A | -173.6% | -4.4% | 14.7% | 5.9% | 30.8% | 43.9% | 14.2% | 42.6% | 29.4% | 38.9% |
| Net Income | -311K | -23M | -1.3M | -1.7M | 415K | 4.8M | 6.8M | 20M | 9.6M | 4.7M | 12M | 13M | 14M |
| Net Margin | -15.4% | N/A | N/A | -139.3% | 6.0% | 23.6% | 26.1% | 117.4% | 41.8% | 32.2% | 40.4% | 50.3% | 45.8% |
| Non-Recurring | 2.7M | -22M | 4K | 0 | 0 | 0 | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -0.4% | -2.3% | -3.1% | -3.1% | -0.4% | 4.9% | 8.6% | 21.8% | 9.5% | 1.8% | 8.8% | 4.8% | 5.9% |
| ROE | -0.5% | N/A | N/A | N/A | N/A | 6.7% | 8.6% | 21.8% | 8.9% | 4.1% | 9.4% | 9.6% | 9.4% |
| ROA | -0.3% | -25.5% | -1.8% | -2.4% | 0.6% | 6.2% | 7.8% | 19.4% | 7.8% | 3.6% | 8.3% | 8.5% | 8.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 52K | -974K | -271K | -1.1M | 0 | 3.5M | 21M | 3.5M | 17M | -2.3M | 2.3M | 13M | 3.8M |
| Free Cash Flow | 48K | -991K | -743K | -1.1M | -445K | 3.2M | 20M | 3.1M | 17M | -2.7M | 1.9M | 12M | 2.7M |
| Owner Earnings | -397K | -1.6M | -911K | -2.0M | -1.2M | 1.9M | 18M | 1.2M | 15M | -5.0M | -224K | 11M | 1.0M |
| CapEx | 3K | 17K | 472K | 95K | 445K | 354K | 587K | 383K | 157K | 394K | 458K | 861K | 1.0M |
| Maint. CapEx | 197K | 347K | 420K | 734K | 903K | 1.3M | 1.7M | 1.8M | 2.1M | 2.2M | 2.1M | 2.3M | 2.3M |
| Growth CapEx | 0 | 0 | 52K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 197K | 347K | 420K | 734K | 903K | 1.3M | 1.7M | 1.8M | 2.1M | 2.2M | 2.1M | 2.3M | 2.3M |
| CapEx/OCF | 6.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 27.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 581K | 397K | 397K |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.2% | 0.2% | 0.2% |
| Stock-Based Comp | 252K | 240K | 220K | 233K | 325K | 336K | 517K | 497K | 603K | 539K | 436K | 323K | 469K |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 2.8M | -29M | N/A | -26M | -20M | -9.7M | -22M | -20M | -35M | -26M | -15M | -15M | 3.2M |
| Cash & Equiv. | 1.7M | 37M | 4.7M | 5.6M | 12M | 4.5M | 22M | 20M | 35M | 26M | 22M | 22M | 4.8M |
| Long-Term Debt | 4.5M | 7.9M | N/A | 0 | 0 | 0 | 0 | 0 | N/A | N/A | 6.9M | 6.4M | 6.5M |
| Debt/Equity | 0.05 | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 | 0.05 | 0.05 |
| Interest Coverage | -5.2 | -4.3 | N/A | N/A | N/A | N/A | N/A | N/A | 112.2 | 10.1 | 27.9 | 18.0 | 26.9 |
| Equity | 91M | N/A | N/A | N/A | N/A | 75M | 82M | 103M | 113M | 118M | 130M | 143M | 149M |
| Total Assets | 108M | 73M | 71M | 70M | 72M | 84M | 90M | 117M | 129M | 133M | 147M | 162M | 167M |
| Total Liabilities | 17M | N/A | N/A | N/A | N/A | 9.0M | 7.7M | 14M | 16M | 15M | 18M | 20M | 18M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -78M | -101M | -102M | -104M | -103M | -98M | -91M | -71M | -61M | -57M | -46M | -33M | -27M |
| Working Capital | 1.2M | 38M | 28M | 26M | 26M | 15M | 20M | 26M | 27M | 23M | 29M | 20M | 3.8M |
| Current Assets | 4.5M | 40M | 29M | 27M | 28M | 24M | 26M | 39M | 38M | 30M | 38M | 32M | 14M |
| Current Liabilities | 3.3M | 1.5M | 482K | 940K | 2.1M | 8.3M | 6.2M | 12M | 11M | 6.5M | 9.3M | 12M | 9.9M |
| Per Share Data | |||||||||||||
| EPS | -0.01 | -0.96 | -0.06 | -0.07 | 0.02 | 0.20 | 0.28 | 0.83 | 0.40 | 0.19 | 0.48 | 0.54 | 0.58 |
| Owner EPS | -0.01 | -0.06 | -0.04 | -0.08 | -0.06 | 0.08 | 0.77 | 0.05 | 0.61 | -0.20 | -0.01 | 0.43 | 0.04 |
| Book Value | 2.92 | N/A | N/A | N/A | N/A | 3.11 | 3.40 | 4.24 | 4.70 | 4.78 | 5.36 | 5.88 | 6.17 |
| Cash Flow/Share | 0.00 | -0.04 | -0.01 | -0.04 | 0.00 | 0.15 | 0.86 | 0.14 | 0.73 | -0.09 | 0.10 | 0.54 | 0.68 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 31.1M | 24.1M | 21.8M | 24.4M | 20.7M | 24.1M | 24.1M | 24.2M | 24.0M | 24.7M | 24.2M | 24.3M | 24.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 545.0 | 51.2 | 34.1 | 19.3 | 26.7 | 59.2 | 21.8 | 18.7 | 18.3 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 77.5 | 11.4 | 126.6 | 14.8 | N/A | 136.4 | 19.9 | 94.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 22.4 | 125.0 | 19.4 | 29.9 | 21.9 |
| Price/Book | 2.2 | N/A | N/A | N/A | N/A | 3.3 | 2.8 | 3.8 | 2.3 | 2.4 | 1.9 | 1.7 | 1.7 |
| Price/Sales | 61.0 | N/A | N/A | 120.6 | 26.1 | 12.1 | 10.1 | 17.4 | 13.1 | 16.8 | 8.3 | 10.3 | 8.4 |
| FCF Yield | 0.0% | -0.8% | -0.7% | -0.7% | -0.2% | 1.3% | 8.7% | 0.8% | 6.7% | -1.0% | 0.7% | 5.0% | 1.1% |
| Market Cap | 201M | 119M | 101M | 164M | 226M | 246M | 230M | 389M | 257M | 278M | 253M | 245M | 257M |
| Avg. Price | 6.06 | 5.11 | 4.68 | 6.06 | 8.75 | 10.25 | 10.86 | 12.31 | 12.54 | 9.88 | 9.86 | 11.05 | 10.68 |
| Year-End Price | 6.45 | 4.95 | 4.64 | 6.70 | 10.90 | 10.24 | 9.56 | 16.06 | 10.68 | 11.25 | 10.45 | 10.10 | 10.68 |
PURE CYCLE CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
PURE CYCLE CORP trades at 19.8x trailing earnings, compared to its 15-year median P/E of 26.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 19.7x vs a median of 17.4x. The company's 5-year average ROIC is 9.3% with a gross margin of 63.8%. Total shareholder yield (buybacks) is 0.2%. At current prices, the estimated annualized return to fair value is -4.1%.
PURE CYCLE CORP (PCYO) has a net profit margin of 50.3%. This is a strong margin indicating high profitability.
PURE CYCLE CORP (PCYO) generated $12 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PURE CYCLE CORP (PCYO) has a debt-to-equity ratio of 0.05. This indicates a conservatively financed balance sheet.
PURE CYCLE CORP (PCYO) reported earnings per share (EPS) of $0.54 in its most recent fiscal year.
PURE CYCLE CORP (PCYO) has a return on equity (ROE) of 9.6%. This indicates moderate shareholder returns.
PURE CYCLE CORP (PCYO) has a 5-year average gross margin of 63.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for PURE CYCLE CORP (PCYO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PURE CYCLE CORP (PCYO) has a book value per share of $5.88, based on its most recent annual SEC filing.
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