PCYONasdaqWater SupplyFiscal year ends August 31
PURE CYCLE CORP
Financials through Q3 FY2026, quarter ended May 31, 2026Last filing: 10-Q on Jul 8, 2026
$10.85−0.17 (-1.54%)
Close on Oct 19, 2026
- Market cap
- $262.17M
- P/E (TTM)
- 17.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
61.4%+32.3 pts over 5 years
Operating margin
29.4%+23.5 pts over 5 years
Net margin
50.3%+24.1 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 | -9.3% | +4.3% | +0.2% | +36.1% | |
| Gross profit | -18.9% | -0.7% | +16.3% | +43.4% | |
| Operating income | -37.3% | -8.8% | +38.4% | – | |
| Net income | +12.9% | +10.9% | +14.2% | – | |
| EPS, diluted | +12.5% | +10.5% | +14.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -1.9% | 8.6% | 9.6% | |
| Return on assets | -1.8% | 7.8% | 8.5% | |
| Current ratio | 59.74 | 4.18 | 2.72 | |
| Debt to equity | – | 0.00 | 0.05 | |
| Net debt to EBITDA | – | -6.74× | -1.52× | |
| Interest coverage | – | – | 18.0× | |
| Inventory turnover | – | – | – | |
| Capex to revenue | 104.5% | – | – | |
| Diluted shares | 24M | 24M | 24M |
Cash use needs five years of cash flow figures
Pure Cycle does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin50.3%
×Asset turnover0.17×
×Equity multiplier1.14×
=Return on equity, FY20259.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 50.3% | 0.17× | 1.14× | 9.6% |
| FY2024 | 40.4% | 0.20× | 1.13× | 9.4% |
| FY2023 | 32.2% | 0.11× | 1.13× | 4.1% |
| FY2022 | 41.8% | 0.19× | 1.14× | 8.9% |
| FY2021 | 117.4% | 0.17× | 1.12× | 21.8% |
| FY2020 | 26.1% | 0.30× | 1.11× | 8.6% |
| FY2019 | 23.6% | 0.26× | 1.08× | 6.7% |
| FY2018 | 6.0% | 0.10× | 1.03× | 0.6% |
| FY2017 | -139.3% | 0.02× | 1.03× | -2.5% |
| FY2016 | -289.9% | 0.01× | 1.03× | -1.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$13.11M
- Cash generatingOperating cash flow above zero$13.16M
- Return on assets improvedROA up on the prior year8.7% → 8.9%
- Earnings backed by cashOperating cash flow above net income$13.16M vs $13.11M
- Less leverageLong-term debt to assets fell4.6% → 3.9%
- Better liquidityCurrent ratio rose4.05 → 2.72
- No dilutionShare count did not rise24M → 24M
- Gross margin improvedGross margin up on the prior year68.73% → 61.45%
- More efficientAsset turnover rose0.22 → 0.18