PURE CYCLE CORP PCYO
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. We have added an extensive network of wholesale water production, storage, treatment and distribution systems, and wastewater collection and treatment systems that we operate and maintain to serve domestic, commercial, and industrial customers in the eastern Denver metropolitan region. 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. Sky Ranch is zoned to include up to 3,200 single-family and multifamily homes, parks, open spaces, trails, recreational centers, schools, and over two million square feet of retail, commercial and light industrial space, all of which will be serviced by our water and wastewater services segment. Additionally, we have retained lots in our Sky Ranch development for our single-family rental business where we contract with national homebuilders to build us single-family homes for rent, typically under annual lease agreements. With 14 homes currently owned and rented, we continue to expand this new line of business, which may include more than 200 rental homes at Sky Ranch over the next several years.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.1M | $28.7M | $14.6M | $23.0M | $17.1M | $25.9M | $20.4M | $7.0M | $1.2M | $452.2K |
| Cost of revenue | $10.1M | $9.0M | $6.5M | $6.6M | $6.4M | $18.3M | $13.9M | $4.2M | $803.3K | $528.8K |
| Gross profit | $16.0M | $19.8M | $8.0M | $16.4M | $10.7M | $7.5M | $6.4M | $2.8M | $424.5K | -$76.6K |
| SG&A | $7.8M | $6.9M | $5.5M | $5.9M | $5.1M | $4.2M | $3.1M | $2.9M | $2.2M | $1.8M |
| Operating income | $7.7M | $12.2M | $2.1M | $10.1M | $5.3M | $1.5M | $3.0M | -$308.7K | -$2.1M | -$2.2M |
| Interest expense | $426.0K | $439.0K | $206.0K | $90.0K | — | — | — | — | — | — |
| Pre-tax income | $17.5M | $15.6M | $6.2M | $12.7M | $26.6M | $8.9M | $3.5M | $132.7K | -$1.7M | -$1.3M |
| Income tax | $4.4M | $4.0M | $1.5M | $3.1M | $6.5M | $2.2M | $1.3M | $282.0K | $0 | $0 |
| Net income | $13.1M | $11.6M | $4.7M | $9.6M | $20.1M | $6.8M | $4.8M | $414.7K | -$1.7M | -$1.3M |
| EPS, basic | 0.54 | 0.48 | 0.20 | 0.40 | 0.84 | 0.28 | 0.20 | — | — | — |
| EPS, diluted | 0.54 | 0.48 | 0.19 | 0.40 | 0.83 | 0.28 | 0.20 | 0.02 | -0.07 | -0.06 |
| Shares, diluted (wtd. avg.) | 24.2M | 24.1M | 24.1M | 24.2M | 24.1M | 24.1M | 24.0M | 23.9M | 23.8M | 23.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $21.9M | $22.1M | $28.5M | $37.2M | $22.4M | $21.8M | $4.5M | $11.6M | $5.6M | $4.7M |
| Short-term investments | — | — | — | — | — | $0 | $5.2M | $8.7M | $20.1M | $23.2M |
| Receivables | $1.3M | $1.5M | $1.1M | $2.4M | $1.5M | $1.1M | $1.1M | $1.1M | $663.8K | $181.0K |
| Inventory | — | — | — | — | — | — | $11.6M | $5.2M | $0 | — |
| Total current assets | $31.7M | $37.9M | $29.7M | $37.8M | $38.7M | $26.0M | $23.5M | $27.9M | $27.1M | $28.8M |
| Property, plant and equipment | — | — | — | — | $57.1M | $55.1M | $50.3M | $36.7M | $34.6M | $28.3M |
| Total assets | $162.3M | $147.4M | $133.2M | $129.2M | $117.2M | $89.8M | $83.7M | $71.9M | $69.8M | $70.9M |
| Accounts payable | $3.5M | $1.9M | $2.0M | $849.0K | $1.8M | $180.0K | $170.8K | $787.7K | $492.4K | $160.4K |
| Short-term debt | $411.0K | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $11.6M | $9.3M | $6.5M | $10.8M | $12.5M | $6.2M | $8.3M | $2.1M | $940.2K | $482.2K |
| Long-term debt | $6.4M | $6.9M | — | — | — | — | — | — | — | — |
| Total liabilities | $19.5M | $17.7M | $15.0M | $16.2M | $14.4M | $7.7M | $9.0M | $2.5M | $2.3M | $1.9M |
| Retained earnings | -$32.8M | -$45.5M | -$56.5M | -$61.2M | -$70.9M | -$91.0M | -$97.7M | -$102.5M | -$104.0M | -$102.3M |
| Total equity | $142.7M | $129.7M | $118.2M | $113.0M | $102.7M | $82.0M | $74.7M | $69.5M | $67.5M | $69.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $13.2M | $2.3M | -$2.3M | $17.5M | $3.5M | $20.7M | $3.5M | $482 | -$1.1M | -$270.7K |
| Depreciation and amortisation | $2.3M | $2.1M | $2.2M | $2.1M | $1.8M | $1.7M | $1.3M | $902.7K | $734.3K | $420.1K |
| Stock-based compensation | $323.0K | $436.0K | $539.0K | $603.0K | $497.0K | $517.0K | $336.2K | $324.8K | $233.2K | $219.9K |
| Capital expenditure | — | — | — | — | — | — | — | $445.3K | $95.4K | $472.3K |
| Investing cash flow | -$9.7M | -$4.8M | -$9.2M | -$6.7M | -$2.9M | -$3.4M | -$10.8M | $5.7M | $1.9M | -$32.1M |
| Financing cash flow | -$491.0K | -$612.0K | $2.8M | $4.0M | $87.0K | $45.0K | $186.2K | $288.0K | -$2.4K | -$2.0K |
| Buybacks | $397.0K | $581.0K | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-25-110312.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $452.2K | $1.2M | $7.0M | $20.4M | $25.9M | $17.1M | $23.0M | $14.6M | $28.7M | $26.1M |
| Gross profit | -$76.6K | $424.5K | $2.8M | $6.4M | $7.5M | $10.7M | $16.4M | $8.0M | $19.8M | $16.0M |
| Net income | -$1.3M | -$1.7M | $414.7K | $4.8M | $6.8M | $20.1M | $9.6M | $4.7M | $11.6M | $13.1M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 4941
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| HTO | H2O AMERICA | $2.46B | 20.2x | 9.4% |
| MSEX | MIDDLESEX WATER CO | $1.06B | 23.7x | 1.5% |
| YORW | YORK WATER CO | $516.4M | 22.9x | 3.4% |
| CWCO | Consolidated Water Co. Ltd. | $445.0M | 24.4x | 11.0% |