CDZINasdaqWater SupplyFiscal year ends December 31Also trades as CDZIP
CADIZ INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 13, 2026
$3.99+0.12 (+3.10%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
31.6%
Operating margin
-156.9%+2015.7 pts over 5 years
Net margin
-209.3%+6780.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +69.8% | +121.5% | +97.6% | +48.9% | |
| Gross profit | +122.9% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 47.5% | 70.4% | -119.4% | |
| Return on assets | -43.2% | -50.1% | -24.8% | |
| Current ratio | 3.42 | 2.56 | 1.22 | |
| Debt to equity | -1.89 | -3.11 | 3.13 | |
| Net debt to EBITDA | -10.13× | -6.27× | – | |
| Interest coverage | – | -1.0× | -3.0× | |
| Inventory turnover | – | – | 5.4× | |
| Capex to revenue | – | 1059.0% | 46.4% | |
| Diluted shares | 19M | 0M | – |
Where the cash went
Fiscal 2021 to 2025, five years combined
Cadiz generated $95.26M from operations and spent $62.45M on capital expenditure, dividends and share buybacks. 65% of that went back into the business.
Generated
$95.26M
Used
$62.45M
Capital expenditure$40.58M65%Dividends$21.87M35%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-209.3%
×Asset turnover0.12×
×Equity multiplier4.81×
=Return on equity, FY2025-119.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -209.3% | 0.12× | 4.81× | -119.4% |
| FY2024 | -324.1% | 0.08× | 3.27× | -84.2% |
| FY2023 | -1579.4% | 0.02× | 2.94× | -84.8% |
| FY2022 | -1651.7% | 0.01× | 2.98× | -66.3% |
| FY2021 | -5540.6% | 0.01× | 12.21× | -408.3% |
| FY2020 | -6990.2% | 0.01× | -1.41× | 70.4% |
| FY2019 | -6695.7% | 0.01× | -0.87× | 35.1% |
| FY2018 | -5971.1% | 0.01× | -0.82× | 31.9% |
| FY2017 | -7749.2% | 0.01× | -1.00× | 50.9% |
| FY2016 | -6393.0% | 0.01× | -1.10× | 47.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$34.15M
- Cash generatingOperating cash flow above zero-$18.93M
- Return on assets improvedROA up on the prior year-29.0% → -25.4%
- Earnings backed by cashOperating cash flow above net income-$18.93M vs -$34.15M
- Less leverageLong-term debt to assets fell42.2% → 51.6%
- Better liquidityCurrent ratio rose1.79 → 1.22
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year24.04% → 31.57%
- More efficientAsset turnover rose0.09 → 0.12