Skip to content
MARKETS / NASDAQ / CDZI
NASDAQ · WATER SUPPLY · SMALL CAP

Cadiz Inc. CDZI

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$16.3M
▲ 69.8% YoY
$-34.2M
$-26.5M
In brief

What this company does

We are a water solutions provider with a unique combination of land, water, pipeline and water filtration assets located in Southern California between major water systems serving population centers in the Southwestern United States. Our customers are public and private water systems, government agencies and commercial businesses. In 2021, we completed the acquisition of a 30” steel natural gas pipeline (“Northern Pipeline”) that extends 220-miles from the Cadiz Ranch across Kern and San Bernardino Counties terminating in California’s Central Valley. As of December 31, 2025, we employed 31 full-time employees (i.e. those individuals working more than 1,000 hours per year) including 22 full-time employees at ATEC.

Written from the business description in Cadiz Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 31 March 2026. Every sentence was checked against that document before publication.

Growth
USD 16.3M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 16.3 · Net income -34.2
8M16M-20M200920112013201520172019202120232025
Compound annual growth
+121.5%
+97.6%
+48.9%
+20.3%
+0.0%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +97.6% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−209 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -156.9% · Net -209.3%
-2000%-4000%-6000%200920112013201520172019202120232025
ROE
FY2025 · ROE -119.4%
-500%-1000%200920112013201520172019202120232025

Each USD of equity lost 119 cents this year.

Cash & shareholders
USD 5.1M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -26.5
-20M200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2025 · Dividends 5.1 · Net buybacks —
2M4M202020212022202320242025

USD 5.1M in dividends went back to shareholders in a year without profit.

Total assetsUSD 140.9M
EquityUSD 23.3M
CashUSD 8.6M
Gross debtUSD 72.8M
Net debtUSD 64.2M
Current ratio1.22×

Net debt stands at 276% of equity.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Operating income $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B0.00.00.00.00.00.00.00.00.00.00.00.00.0−0.00.00.00.0
Net income $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0·−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $····−0.84−1.11−1.11−1.09−1.50−1.41−1.35−1.15−1.46−1.27−1.20−1.16−1.13
Dividend / sh $·················
Payout %−15−16−16−21−5−0···········
ROE %−119.4−84.2−84.8−66.3−408.3·········−1170.9−261.1−128.2
Shares out B0.080.080.070.060.040.040.030.020.020.020.020.020.020.020.020.01·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 61 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 22 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityWater Supply
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2009

Share this section

Download image