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MARKETS / NASDAQ / PCYO
NASDAQ · WATER SUPPLY · SMALL CAP

Pure Cycle Corp. PCYO

16 fiscal years on record · USD · FY2025 reported · SEC filings only
$26.1M
▼ 9.3% YoY
$13.1M
▲ 12.9% YoY
In brief

What this company does

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. 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. Our primary land asset, known as Sky Ranch, is in one of the most active development areas in the Denver metropolitan region along the rapidly developing I-70 corridor, where we are developing lots for residential, commercial, retail, and light industrial uses. Our land development segment was borne from our desire to capitalize on the increase in the value our water can provide to raw land in the Colorado Front Range.

Written from the business description in Pure Cycle Corporation's annual report to the U.S. Securities and Exchange Commission, filed 12 November 2025. Every sentence was checked against that document before publication.

Growth
USD 26.1M
Revenue, FY2025 · full 16-year series below
Revenue $M Net income $M
FY2025 · Revenue 26.1 · Net income 13.1
10M20M-8M-16M201020122014201620182020202220242025
Compound annual growth
+4.3%
+0.2%
+36.1%
+35.8%
+10.9%
+14.2%
+10.5%
+14.0%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +0.2% a year over five years — but profit grew faster: net income at +14.2%, earnings per share at +14.0%.

The share count rose from 0.02B to 0.02B over the period.

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
50 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 29.4% · Net 50.3%
-2000%-4000%-6000%201020122014201620182020202220242025
ROE
FY2025 · ROE 9.6%
10%20%-20%-40%201020122014201620182020202220242025

Each USD of equity produced 10 cents of profit this year.

Cash & shareholders
USD 397,000.00
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2024 · FCF 2.0
8M16M-2M-4M201020122014201620182020202220242025
Net buybacks $ Dividends $
FY2025 · Dividends — · Net buybacks 397000.0
20000040000020242025

USD 397,000.00 in buybacks — 3% of the year's profit went back to shareholders.

Total assetsUSD 162.3M
EquityUSD 142.7M
CashUSD 21.9M
Gross debtUSD 6.8M
Net debtUSD -15.1M
Current ratio2.72×

The company holds more cash than debt.

The 16-year record
16 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 2025202420232022202120202019201820172016201520142013201220112010
Revenue $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Operating income $B0.00.00.00.00.00.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B0.00.00.00.00.00.00.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B0.00.00.00.00.00.0−0.0−0.00.00.00.00.00.0···
Net income $B0.00.00.00.00.00.00.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B·0.0−0.00.0··0.0−0.0−0.0−0.0−0.00.0−0.0−0.0·−0.0
EPS, diluted $0.540.480.190.400.830.280.200.02−0.07−0.06−0.96−0.01−0.17−0.72−0.26−0.27
Dividend / sh $················
Payout %················
ROE %9.69.44.18.921.88.66.70.6−2.5−1.9−28.7−0.5−12.2−45.0−13.4−12.7
Shares out B0.020.020.020.020.020.020.020.020.020.020.020.020.020.020.02·

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 78 reconciliationsAUDITED

Reconciled in 16 of 19 fiscal years. 17 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityWater Supply
Listed onNASDAQ
Incorporated inColorado
Fiscal year endsAugust 31
SEC categorysmaller reporting company
Data on record since2010

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