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Cadiz (CDZIP) Financials

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$22.25 +0.25 (+1.14%)
Closing price 07/10/2026 02:56 PM Eastern
Extended Trading
$22.25 0.00 (0.00%)
As of 07/10/2026 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Cadiz

Annual Income Statements for Cadiz

This table shows Cadiz's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -24 -26 0.00 -26 -30 -38 -34 -30 -37 -36 -39
Consolidated Net Income / (Loss)		 -24 -26 0.00 -26 -30 -38 -31 -25 -31 -31 -34
Net Income / (Loss) Continuing Operations		 -24 -26 0.00 -26 -30 -38 -31 -25 -31 -31 -34
Total Pre-Tax Income 		-24 -26 0.00 -26 -29 -36 -30 -25 -31 -31 -34
Total Operating Income		 -14 -9.21 0.00 -11 -12 -12 -18 -17 -21 -23 -26
Total Gross Profit		 -0.03 0.41 0.00 0.44 0.44 0.54 0.56 -0.57 -0.90 2.31 5.15
Total Revenue		 0.30 0.41 0.00 0.44 0.44 0.54 0.56 1.50 1.99 9.61 16
Operating Revenue		 0.30 0.41 - 0.44 0.44 0.54 0.56 1.50 1.99 9.61 16
Total Cost of Revenue		 0.33 0.00 0.00 0.00 0.00 0.00 0.00 2.07 2.89 7.30 11
Operating Cost of Revenue		 0.33 0.00 - - - - 0.00 2.07 2.89 7.30 11
Total Operating Expenses		 14 9.62 0.00 12 12 12 18 16 20 26 31
Selling, General & Admin Expense		 14 9.33 - 11 12 12 18 15 19 24 29
Depreciation Expense		 0.27 0.29 - 0.26 0.27 0.38 0.42 0.65 1.25 1.21 1.26
Total Other Income / (Expense), net		 -10 -17 0.00 -15 -17 -24 -13 -8.26 -10 -7.88 -8.54
Interest Expense		 10 17 - 15 17 24 13 8.26 10 7.88 8.58
Other Income / (Expense), net		 0.07 0.00 - - - - - 0.00 -0.22 0.00 0.04
Income Tax Expense		 0.00 0.00 - 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Preferred Stock Dividends Declared		 - - - - - 0.00 2.74 5.11 5.11 5.11 5.08
Basic Earnings per Share		 ($1.35) ($1.41) ($1.50) ($1.09) ($1.11) ($1.11) ($0.84) ($0.60) ($0.56) ($0.53) ($0.48)
Weighted Average Basic Shares Outstanding		 17.80M 22.17M 23.19M 25.45M 34.39M 34.19M 40.56M 49.87M 65.66M 68.85M 81.06M
Weighted Average Diluted Shares Outstanding		 17.78M 18.72M 23.19M 24.00M 26.55M 34.19M 40.56M 66.54M 67.06M 81.79M 83.42M
Weighted Average Basic & Diluted Shares Outstanding		 17.80M 22.17M 23.19M 25.45M 34.39M 34.19M 40.56M 66.54M 67.06M 81.79M 83.42M

Quarterly Income Statements for Cadiz

This table shows Cadiz's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -8.20 -8.04 -8.12 -10 -8.06 -9.91 -11 -9.02 -8.34 -11 -9.92
Consolidated Net Income / (Loss)		 -6.94 -6.76 -6.85 -8.87 -6.79 -8.63 -9.59 -7.73 -7.07 -9.76 -8.64
Net Income / (Loss) Continuing Operations		 -6.94 -6.76 -6.85 -8.87 -6.79 -8.63 -9.59 -7.73 -7.07 -9.76 -8.64
Total Pre-Tax Income 		-6.93 -6.75 -6.85 -8.87 -6.79 -8.62 -9.59 -7.73 -7.07 -9.75 -8.63
Total Operating Income		 -5.76 -5.45 -4.91 -6.95 -4.77 -6.63 -7.53 -5.78 -4.90 -7.39 -6.84
Total Gross Profit		 -0.32 -0.72 0.12 -0.34 0.82 1.72 0.88 1.46 1.13 1.68 0.43
Total Revenue		 0.37 0.68 1.12 0.51 3.22 4.75 2.95 4.13 4.15 5.08 1.63
Operating Revenue		 0.37 0.68 1.12 0.51 3.22 4.75 2.95 4.13 4.15 5.08 1.63
Total Cost of Revenue		 0.69 1.41 1.00 0.85 2.41 3.03 2.08 2.67 3.02 3.41 1.21
Operating Cost of Revenue		 0.69 1.41 1.00 0.85 2.41 3.03 2.08 2.67 3.02 3.41 1.21
Total Operating Expenses		 5.44 4.72 5.03 6.61 5.58 8.34 8.41 7.24 6.03 9.07 7.26
Selling, General & Admin Expense		 5.13 4.42 4.73 6.31 5.28 8.04 8.11 6.94 5.73 8.72 6.88
Depreciation Expense		 0.31 0.31 0.30 0.31 0.31 0.31 0.30 0.30 0.30 0.36 0.38
Total Other Income / (Expense), net		 -1.17 -1.31 -1.94 -1.92 -2.02 -2.00 -2.06 -1.95 -2.17 -2.36 -1.80
Interest Expense		 1.17 1.31 1.94 1.92 2.02 2.00 2.06 1.95 2.17 2.40 2.47
Other Income / (Expense), net		 0.00 - - - - - 0.00 - - - 0.67
Income Tax Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Preferred Stock Dividends Declared		 1.27 1.29 1.27 1.29 1.27 1.29 1.27 1.29 1.27 1.27 1.29
Basic Earnings per Share		 ($0.12) ($0.12) ($0.12) ($0.15) ($0.12) ($0.14) ($0.14) ($0.11) ($0.10) ($0.13) ($0.12)
Weighted Average Basic Shares Outstanding		 66.61M 65.66M 67.00M 67.77M 68.02M 68.85M 77.21M 81.94M 82.13M 81.06M 83.52M
Weighted Average Diluted Shares Outstanding		 66.71M 67.06M 67.79M 67.90M 75.18M 81.79M 81.88M 82.02M 83.11M 83.42M 84.09M
Weighted Average Basic & Diluted Shares Outstanding		 66.71M 67.06M 67.79M 67.90M 75.18M 81.79M 81.88M 82.02M 83.11M 83.42M 84.09M

Annual Cash Flow Statements for Cadiz

This table details how cash moves in and out of Cadiz's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -14 9.48 0.86 -0.47 3.13 -8.39 12 -6.07 -9.15 13 -6.07
Net Cash From Operating Activities		 -13 -9.51 -10 -12 -14 -13 -15 -19 -21 -22 -19
Net Cash From Continuing Operating Activities		 -13 -9.51 -10 -12 -14 -13 -15 -19 -21 -22 -19
Net Income / (Loss) Continuing Operations		 -24 -26 -34 -26 -30 -38 -31 -25 -31 -31 -34
Consolidated Net Income / (Loss)		 -24 -26 -34 -26 -30 -38 -31 -25 -31 -31 -34
Depreciation Expense		 0.27 0.29 0.27 0.26 0.27 0.38 0.42 0.65 1.25 1.21 1.26
Amortization Expense		 1.83 3.98 3.84 4.02 3.94 1.06 3.49 2.43 0.54 1.48 1.95
Non-Cash Adjustments To Reconcile Net Income		 9.35 13 19 10 13 25 12 3.68 9.82 9.65 11
Changes in Operating Assets and Liabilities, net		 -0.01 -0.62 0.58 -0.21 -0.97 -2.30 -0.37 -0.58 -1.08 -2.73 1.45
Net Cash From Investing Activities		 -0.91 0.00 -1.01 -3.73 -2.50 -9.84 -23 -4.12 -5.79 -1.18 -13
Net Cash From Continuing Investing Activities		 -0.91 0.00 -1.01 -3.73 -2.50 -9.84 -23 -4.12 -5.79 -1.18 -13
Purchase of Property, Plant & Equipment		 -0.91 0.00 -1.01 -1.73 -1.60 -5.73 -23 -3.38 -5.79 -0.93 -7.58
Other Investing Activities, net		 - - - - - - - - 0.00 -0.25 -5.00
Net Cash From Financing Activities		 -0.04 19 12 15 19 15 51 17 18 36 25
Net Cash From Continuing Financing Activities		 -0.04 19 12 15 19 15 51 17 18 36 25
Repayment of Debt		 -0.04 -12 -45 -0.06 -0.06 -0.04 -83 -0.17 -16 -1.47 -1.36
Payment of Dividends		 - - - - - 0.00 -1.45 -5.11 -5.11 -5.11 -5.11
Issuance of Debt		 0.00 20 57 - 0.00 0.15 50 0.29 0.23 20 15
Issuance of Common Equity		 0.00 11 0.00 16 19 15 32 22 38 22 18
Other Financing Activities, net		 - - - - - 0.00 -1.18 0.00 -0.26 -0.05 -1.43

Quarterly Cash Flow Statements for Cadiz

This table details how cash moves in and out of Cadiz's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -7.22 -8.80 15 -9.11 -6.78 14 6.90 -8.36 -8.78 4.17 7.94
Net Cash From Operating Activities		 -5.53 -5.52 -2.87 -7.06 -5.39 -6.21 -3.64 -1.36 -7.01 -6.92 -5.51
Net Cash From Continuing Operating Activities		 -5.53 -5.52 -2.87 -7.06 -5.39 -6.21 -3.64 -1.36 -7.01 -6.92 -5.51
Net Income / (Loss) Continuing Operations		 -6.94 -6.76 -6.85 -8.87 -6.79 -8.63 -9.59 -7.73 -7.07 -9.76 -8.64
Consolidated Net Income / (Loss)		 -6.94 -6.76 -6.85 -8.87 -6.79 -8.63 -9.59 -7.73 -7.07 -9.76 -8.64
Depreciation Expense		 0.31 0.31 0.30 0.31 0.31 0.31 0.30 0.30 0.30 0.36 0.38
Amortization Expense		 0.10 0.11 0.30 0.38 0.38 0.42 0.45 0.46 0.48 0.56 0.60
Non-Cash Adjustments To Reconcile Net Income		 1.44 1.14 2.52 2.21 2.61 2.18 4.07 1.70 2.11 2.68 1.24
Changes in Operating Assets and Liabilities, net		 -0.44 -0.33 0.87 -1.08 -1.89 -0.49 1.13 3.91 -2.83 -0.76 0.90
Net Cash From Investing Activities		 -0.60 -1.97 -0.19 -0.28 -0.06 -0.66 -6.29 -4.51 -0.45 -1.33 -0.24
Net Cash From Continuing Investing Activities		 -0.60 -1.97 -0.19 -0.28 -0.06 -0.66 -6.29 -4.51 -0.45 -1.33 -0.24
Purchase of Property, Plant & Equipment		 -0.60 -1.97 -0.19 -0.28 -0.06 -0.41 -1.29 -4.51 -0.45 -1.33 -0.24
Other Investing Activities, net		 - - 0.00 - - - -5.00 - - - 0.00
Net Cash From Financing Activities		 -1.09 -1.31 18 -1.77 -1.34 21 17 -2.50 -1.32 12 14
Net Cash From Continuing Financing Activities		 -1.09 -1.31 18 -1.77 -1.34 21 17 -2.50 -1.32 12 14
Repayment of Debt		 -0.03 -0.05 -0.89 -0.50 -0.05 -0.03 -0.04 -0.03 -0.03 -1.26 -0.02
Payment of Dividends		 -1.29 -1.27 -1.29 -1.27 -1.29 -1.27 -1.29 -1.27 -1.29 -1.27 -1.27
Issuance of Debt		 0.23 - 20 - - - 0.00 - - 15 15
Issuance of Common Equity		 - - 0.00 - - - 18 - - - 0.00
Other Financing Activities, net		 - - -0.05 - - - -0.17 -1.20 - -0.06 -0.03

Annual Balance Sheets for Cadiz

This table presents Cadiz's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 55 67 67 69 77 74 112 111 107 134 141
Total Current Assets		 3.19 16 13 13 16 8.04 13 12 8.02 26 16
Cash & Equivalents		 2.69 12 13 13 16 7.29 11 10.00 4.50 17 8.60
Accounts Receivable		 0.19 0.04 0.04 0.04 0.05 0.06 0.27 0.45 0.90 4.59 5.61
Inventories, net		 - - - - - - - 0.32 2.11 3.02 1.14
Prepaid Expenses		 0.31 3.39 0.41 0.41 0.39 0.69 0.69 0.38 0.51 0.89 0.70
Plant, Property, & Equipment, net		 44 44 45 47 50 53 79 84 87 88 95
Total Noncurrent Assets		 7.13 7.32 7.76 9.69 11 13 20 14 12 20 29
Goodwill		 3.81 3.81 3.81 3.81 3.81 3.81 3.81 5.71 5.71 5.71 5.71
Other Noncurrent Operating Assets		 3.32 3.50 3.95 5.87 6.12 7.68 16 8.50 6.42 15 24
Total Liabilities & Shareholders' Equity		 55 67 67 69 77 74 112 111 107 134 141
Total Liabilities		 111 121 145 156 159 100 72 77 67 101 118
Total Current Liabilities		 2.02 4.56 6.49 4.14 4.81 3.14 2.51 5.64 5.84 14 13
Short-Term Debt		 0.05 0.17 1.41 0.06 0.03 0.05 0.11 1.59 1.63 1.32 5.10
Accounts Payable		 0.31 0.44 0.41 0.23 0.19 0.55 0.29 1.11 1.25 2.26 3.78
Accrued Expenses		 1.67 3.95 2.28 2.07 4.54 0.67 0.81 1.55 1.17 8.00 2.37
Dividends Payable		 - - - - - 0.00 1.29 1.29 1.29 1.29 1.27
Current Deferred Revenue		 - - - - - - - 0.00 0.37 1.23 0.31
Other Current Liabilities		 - 0.00 2.39 1.79 0.04 1.86 0.02 0.11 0.13 0.31 0.36
Total Noncurrent Liabilities		 109 117 139 151 154 97 69 71 62 86 104
Long-Term Debt		 109 104 125 136 138 79 46 49 38 57 73
Capital Lease Obligations		 0.00 12 13 14 - - 19 21 23 25 28
Noncurrent Deferred Revenue		 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.63 0.63 0.63
Other Noncurrent Operating Liabilities		 - - - 0.00 16 17 3.29 0.48 0.36 3.52 3.17
Total Equity & Noncontrolling Interests		 -56 -54 -79 -86 -82 -26 41 34 40 34 23
Total Preferred & Common Equity		 -56 -54 -79 -86 -82 -25 41 34 40 34 23
Preferred Stock		 - - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -56 -54 -79 -86 -82 -26 41 34 40 34 23
Common Stock		 327 356 365 384 419 514 614 638 680 710 715
Retained Earnings		 -384 -410 -444 -470 -502 -539 -573 -603 -640 -676 -692
Other Equity Adjustments		 - - - - - - - - - - 0.00

Quarterly Balance Sheets for Cadiz

This table presents Cadiz's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 114 126 118 113 146 136 128 146
Total Current Assets		 17 25 17 12 31 21 12 24
Cash & Equivalents		 13 19 10 3.33 22 13 4.43 17
Accounts Receivable		 0.41 1.58 1.62 3.24 4.97 4.09 3.65 4.74
Inventories, net		 2.13 2.76 4.50 4.35 3.05 3.01 2.80 1.47
Prepaid Expenses		 0.78 0.99 1.01 1.09 1.00 0.73 0.85 0.98
Plant, Property, & Equipment, net		 86 87 87 87 92 93 94 96
Total Noncurrent Assets		 12 14 14 14 23 23 23 26
Goodwill		 5.71 5.71 5.71 5.71 5.71 5.71 5.71 5.71
Other Noncurrent Operating Assets		 6.58 8.21 8.14 8.07 17 17 17 20
Total Liabilities & Shareholders' Equity		 114 126 118 113 146 136 128 146
Total Liabilities		 67 89 91 92 102 101 100 131
Total Current Liabilities		 5.93 8.57 9.12 8.85 14 12 9.33 13
Short-Term Debt		 1.64 1.62 1.61 1.59 1.30 0.09 0.07 2.59
Accounts Payable		 1.63 2.70 1.90 1.79 2.11 2.32 1.59 5.34
Accrued Expenses		 1.18 2.11 2.31 1.99 7.03 4.52 5.59 2.90
Dividends Payable		 1.27 1.27 1.29 1.27 1.27 1.29 1.27 1.29
Current Deferred Revenue		 0.09 0.72 1.84 2.03 1.95 3.00 0.42 0.18
Other Current Liabilities		 0.12 0.16 0.17 0.19 0.34 0.37 0.38 0.34
Total Noncurrent Liabilities		 61 80 81 83 88 89 91 118
Long-Term Debt		 37 54 55 56 58 59 60 86
Capital Lease Obligations		 22 23 24 25 26 27 27 29
Noncurrent Deferred Revenue		 0.75 0.63 0.63 0.63 0.63 0.63 0.63 0.63
Other Noncurrent Operating Liabilities		 0.39 2.02 2.02 2.02 3.30 3.25 3.20 2.96
Total Equity & Noncontrolling Interests		 48 37 28 21 44 36 28 16
Total Preferred & Common Equity		 48 37 28 21 44 36 28 16
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 48 37 28 21 44 36 28 16
Common Stock		 679 685 686 687 731 711 710 716
Retained Earnings		 -632 -648 -658 -666 -687 -675 -682 -701
Other Equity Adjustments		 - - - - - 0.00 - 0.00

Annual Metrics And Ratios for Cadiz

This table displays calculated financial ratios and metrics derived from Cadiz's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 17,870,855.00 19,021,324.00 22,802,060.00 24,517,059.00 27,004,173.00 35,544,100.00 43,656,169.00 55,823,810.00 66,710,795.00 - 83,110,079.00
DEI Adjusted Shares Outstanding		 17,870,855.00 19,021,324.00 22,802,060.00 24,517,059.00 27,004,173.00 35,544,100.00 43,656,169.00 55,823,810.00 66,710,795.00 - 83,110,079.00
DEI Earnings Per Adjusted Shares Outstanding		 -1.34 -1.38 0.00 -1.07 -1.09 -1.06 -0.78 -0.54 -0.55 - -0.47
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -9.52% 35.53% -100.00% 0.00% 0.23% 22.68% 4.25% 166.13% 32.64% 382.57% 69.79%
EBITDA Growth		 -28.01% 58.25% 183.20% -268.79% -12.22% -32.41% -31.89% 0.90% -43.79% -6.08% -8.72%
EBIT Growth		 -34.56% 33.93% 100.00% 0.00% -6.85% 1.96% -48.99% 5.42% -27.76% -9.87% -9.94%
NOPAT Growth		 -35.24% 34.26% 100.00% 0.00% -6.85% 1.96% -48.99% 5.42% -26.43% -11.03% -10.10%
Net Income Growth		 -27.18% -9.69% 100.00% 0.00% -12.39% -28.07% 17.37% 20.66% -26.84% 0.97% -9.67%
EPS Growth		 -17.39% -4.44% -6.38% 27.33% -1.83% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 -24.18% 24.30% -10.01% -16.50% -12.43% 2.04% -13.75% -21.77% -12.50% -2.91% 12.08%
Free Cash Flow Firm Growth		 -34.92% 35.60% 131.20% -666.90% 136.77% -410.92% -344.81% 78.92% -39.41% -2.44% -106.63%
Invested Capital Growth		 1.73% 0.83% -4.30% 8.97% -24.75% 14.42% 110.52% 1.49% 3.62% 2.31% 20.18%
Revenue Q/Q Growth		 1.67% 27.16% -100.00% 21,900.00% 0.00% 35.93% -16.57% 40.54% 5.79% 73.37% 2.09%
EBITDA Q/Q Growth		 0.03% 18.41% 157.59% -222.40% 10.71% -60.91% 16.76% -7.89% -6.18% -4.41% -2.49%
EBIT Q/Q Growth		 -7.20% 14.55% 100.00% -899.71% 8.26% -39.07% 12.07% -7.32% -3.54% -5.35% -2.94%
NOPAT Q/Q Growth		 -7.74% 14.55% 100.00% -659.80% 8.26% -39.07% 12.07% -7.32% -2.47% -5.35% -3.09%
Net Income Q/Q Growth		 -9.63% 1.83% 100.00% -407.43% 2.26% -127.35% 42.00% -3.98% 0.31% -6.39% -3.43%
EPS Q/Q Growth		 -8.87% 5.37% 99.87% -100.09% 5.13% 6.72% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 -13.58% 0.32% 3.36% -7.11% 3.82% -0.96% -19.56% 2.14% -1.44% -3.30% -3.90%
Free Cash Flow Firm Q/Q Growth		 -18.08% 13.80% 193.24% -143.35% 133.84% -330.64% -38.00% 56.65% 1.78% 2.59% -34.33%
Invested Capital Q/Q Growth		 -0.03% -0.03% 7.25% 2.17% -28.76% 4.17% 27.76% 2.88% 2.05% 0.67% 8.89%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -9.87% 100.00% 0.00% 100.00% 100.00% 100.00% 100.00% -37.71% -45.00% 24.04% 31.57%
EBITDA Margin		 -3,893.42% -1,199.27% 0.00% -1,577.05% -1,765.76% -1,905.92% -2,411.17% -897.80% -973.23% -213.95% -137.00%
Operating Margin		 -4,608.22% -2,235.44% 0.00% -2,550.00% -2,718.59% -2,172.64% -3,104.96% -1,103.40% -1,051.73% -241.98% -156.92%
EBIT Margin		 -4,585.20% -2,235.44% 0.00% -2,550.00% -2,718.59% -2,172.64% -3,104.96% -1,103.40% -1,062.78% -241.98% -156.68%
Profit (Net Income) Margin		 -7,899.01% -6,392.96% 0.00% -5,971.14% -6,695.69% -6,990.20% -5,540.60% -1,651.70% -1,579.41% -324.10% -209.35%
Tax Burden Percent		 100.02% 100.02% 0.00% 100.02% 101.71% 106.11% 103.14% 99.87% 100.04% 100.04% 100.03%
Interest Burden Percent		 172.24% 285.94% 0.00% 234.11% 242.16% 303.22% 173.01% 149.89% 148.56% 133.89% 133.57%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -20.03% -13.00% 0.00% -15.78% -18.45% -19.64% -17.66% -12.23% -15.07% -16.26% -16.07%
ROIC Less NNEP Spread (ROIC-NNEP)		 -34.67% -31.95% 0.00% -29.70% -34.75% -50.54% -48.32% -35.23% -42.99% -39.79% -35.66%
Return on Net Nonoperating Assets (RNNOA)		 69.94% 60.54% 0.00% 47.63% 53.53% 89.81% -400.66% -54.03% -69.70% -67.99% -103.30%
Return on Equity (ROE)		 49.90% 47.54% 0.00% 31.86% 35.08% 70.17% -418.33% -66.26% -84.77% -84.24% -119.37%
Cash Return on Invested Capital (CROIC)		 -21.74% -13.83% 4.39% -24.36% 9.80% -33.10% -88.85% -13.71% -18.63% -18.54% -34.40%
Operating Return on Assets (OROA)		 -22.66% -15.11% 0.00% -16.52% -16.42% -15.56% -18.74% -14.84% -19.40% -19.22% -18.56%
Return on Assets (ROA)		 -39.04% -43.22% 0.00% -38.69% -40.44% -50.06% -33.45% -22.21% -28.83% -25.75% -24.80%
Return on Common Equity (ROCE)		 49.90% 47.54% 0.00% 31.86% 35.08% 70.17% -418.27% -66.26% -84.77% -84.24% -119.37%
Return on Equity Simple (ROE_SIMPLE)		 42.50% 48.49% 0.00% 30.47% 35.96% 149.47% -76.95% -72.44% -78.68% -91.69% 0.00%
Net Operating Profit after Tax (NOPAT)		 -9.81 -6.45 0.00 -7.85 -8.39 -8.23 -12 -12 -15 -16 -18
NOPAT Margin		 -3,225.76% -1,564.81% 0.00% -1,785.00% -1,903.02% -1,520.85% -2,173.48% -772.38% -736.21% -169.38% -109.84%
Net Nonoperating Expense Percent (NNEP)		 14.63% 18.95% 0.00% 13.93% 16.30% 30.89% 30.66% 23.00% 27.91% 23.54% 19.59%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -14.34% -13.88% -13.89%
Cost of Revenue to Revenue		 109.87% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 137.71% 145.00% 75.96% 68.43%
SG&A Expenses to Revenue		 4,509.54% 2,264.56% 0.00% 2,591.36% 2,758.50% 2,202.22% 3,129.96% 1,022.12% 944.10% 253.38% 180.74%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 4,598.36% 2,335.44% 0.00% 2,650.00% 2,818.59% 2,272.64% 3,204.96% 1,065.69% 1,006.73% 266.02% 188.49%
Earnings before Interest and Taxes (EBIT)		 -14 -9.21 0.00 -11 -12 -12 -18 -17 -21 -23 -26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -12 -4.94 4.11 -6.94 -7.79 -10 -14 -13 -19 -21 -22
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 4.15 4.08 4.67 11.51 20.05
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 4.58 4.90 5.45 13.84 26.58
Price to Revenue (P/Rev)		 309.21 577.10 0.00 573.92 674.80 699.71 298.78 92.98 93.82 40.69 28.58
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 4.05 6.87 9.47 7.53 10.72 10.03 2.35 2.09 2.47 4.51 4.63
Enterprise Value to Revenue (EV/Rev)		 657.48 829.78 0.00 887.92 949.59 829.11 391.35 132.95 122.81 47.56 34.54
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 109.77 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 210.97 0.00 93.92 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -1.92 -2.14 -1.77 -1.75 -1.68 -3.06 1.61 2.08 1.56 2.45 4.55
Long-Term Debt to Equity		 -1.92 -2.14 -1.75 -1.75 -1.68 -3.06 1.61 2.04 1.52 2.41 4.33
Financial Leverage		 -2.02 -1.89 -1.73 -1.60 -1.54 -1.78 8.29 1.53 1.62 1.71 2.90
Leverage Ratio		 -1.28 -1.10 -1.00 -0.82 -0.87 -1.40 12.51 2.98 2.94 3.27 4.81
Compound Leverage Factor		 -2.20 -3.15 0.00 -1.93 -2.10 -4.25 21.64 4.47 4.37 4.38 6.43
Debt to Total Capital		 208.51% 187.67% 229.70% 233.76% 248.02% 148.45% 61.71% 67.56% 60.89% 71.04% 81.98%
Short-Term Debt to Total Capital		 0.09% 0.27% 2.32% 0.09% 0.06% 0.10% 0.10% 1.51% 1.60% 1.13% 3.95%
Long-Term Debt to Total Capital		 208.42% 187.39% 227.38% 233.66% 247.96% 148.36% 61.61% 66.06% 59.29% 69.91% 78.02%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -108.51% -87.67% -129.70% -133.76% -148.02% -48.45% 38.29% 32.43% 39.11% 28.96% 18.02%
Debt to EBITDA		 -9.17 -23.53 33.90 -21.72 -17.67 -7.63 -4.81 -5.29 -3.21 -4.05 -4.73
Net Debt to EBITDA		 -8.95 -21.07 30.73 -19.91 -15.56 -6.79 -3.84 -4.45 -2.98 -3.21 -4.35
Long-Term Debt to EBITDA		 -9.17 -23.50 33.56 -21.71 -17.67 -7.62 -4.80 -5.17 -3.13 -3.99 -4.50
Debt to NOPAT		 -11.07 -18.04 0.00 -19.19 -16.40 -9.56 -5.34 -6.15 -4.24 -5.12 -5.90
Net Debt to NOPAT		 -10.80 -16.15 0.00 -17.59 -14.44 -8.51 -4.26 -5.18 -3.94 -4.06 -5.42
Long-Term Debt to NOPAT		 -11.07 -18.01 0.00 -19.18 -16.39 -9.55 -5.33 -6.01 -4.13 -5.04 -5.62
Altman Z-Score		 -10.10 -7.63 -7.87 -8.89 -8.36 -8.31 -6.12 -6.94 -7.29 -5.10 -4.96
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.00% 0.01% 0.01% 0.01%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.57 3.42 2.08 3.14 3.35 2.56 5.26 2.21 1.37 1.79 1.22
Quick Ratio		 1.42 2.68 2.01 3.04 3.27 2.34 4.47 1.85 0.93 1.52 1.08
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -11 -6.86 2.14 -12 4.46 -14 -62 -13 -18 -19 -38
Operating Cash Flow to CapEx		 -1,387.20% 0.00% -1,040.36% -706.43% -857.29% -234.39% -66.68% -550.92% -361.57% -2,305.35% -249.87%
Free Cash Flow to Firm to Interest Expense		 -1.06 -0.40 0.00 -0.79 0.26 -0.58 -4.82 -1.57 -1.76 -2.36 -4.47
Operating Cash Flow to Interest Expense		 -1.25 -0.56 0.00 -0.80 -0.79 -0.56 -1.19 -2.25 -2.04 -2.73 -2.21
Operating Cash Flow Less CapEx to Interest Expense		 -1.34 -0.56 0.00 -0.91 -0.89 -0.80 -2.99 -2.66 -2.60 -2.85 -3.09
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.02 0.08 0.12
Accounts Receivable Turnover		 1.43 3.65 0.00 11.89 10.14 10.40 3.47 4.15 2.93 3.50 3.20
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.38 2.85 5.37
Fixed Asset Turnover		 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.02 0.02 0.11 0.18
Accounts Payable Turnover		 1.09 0.00 0.00 0.00 0.00 0.00 0.00 2.97 2.45 4.16 3.69
Days Sales Outstanding (DSO)		 255.74 100.11 0.00 30.69 36.00 35.08 105.16 88.03 124.48 104.28 114.10
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 153.11 128.19 67.98
Days Payable Outstanding (DPO)		 333.85 0.00 0.00 0.00 0.00 0.00 0.00 122.99 148.68 87.67 98.81
Cash Conversion Cycle (CCC)		 -78.11 100.11 0.00 30.69 36.00 35.08 105.16 -34.96 128.90 144.79 83.27
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 49 50 48 52 39 45 94 96 99 101 122
Invested Capital Turnover		 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.02 0.02 0.10 0.15
Increase / (Decrease) in Invested Capital		 0.84 0.41 -2.14 4.27 -13 5.64 49 1.40 3.46 2.29 20
Enterprise Value (EV)		 200 342 451 391 419 449 221 200 245 457 563
Market Capitalization		 94 238 325 253 298 379 169 140 187 391 466
Book Value per Share		 ($3.16) ($2.86) ($3.45) ($3.52) ($3.04) ($0.72) $0.93 $0.61 $0.60 $0.45 $0.28
Tangible Book Value per Share		 ($3.37) ($3.06) ($3.62) ($3.67) ($3.18) ($0.83) $0.84 $0.51 $0.51 $0.38 $0.21
Total Capital		 52 62 61 64 55 53 106 106 102 117 129
Total Debt		 109 116 139 151 138 79 65 71 62 83 106
Total Long-Term Debt		 109 116 138 151 138 79 65 70 61 82 101
Net Debt		 106 104 126 138 121 70 52 60 58 66 97
Capital Expenditures (CapEx)		 0.91 0.00 1.01 1.73 1.60 5.73 23 3.38 5.79 0.93 7.58
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.48 -0.96 -4.63 -3.64 -4.34 -2.34 -1.45 -2.90 -0.69 -4.59 -0.64
Debt-free Net Working Capital (DFNWC)		 1.21 11 8.40 8.92 11 4.95 11 8.39 3.82 13 7.96
Net Working Capital (NWC)		 1.16 11 6.99 8.86 11 4.90 11 6.80 2.19 11 2.86
Net Nonoperating Expense (NNE)		 14 20 0.00 18 21 30 19 13 17 15 16
Net Nonoperating Obligations (NNO)		 106 104 126 138 121 70 53 61 59 67 98
Total Depreciation and Amortization (D&A)		 2.10 4.27 4.11 4.28 4.20 1.44 3.91 3.09 1.78 2.69 3.21
Debt-free, Cash-free Net Working Capital to Revenue		 -486.18% -233.50% 0.00% -826.59% -983.90% -432.16% -256.21% -193.14% -34.40% -47.79% -3.89%
Debt-free Net Working Capital to Revenue		 398.68% 2,720.87% 0.00% 2,027.50% 2,572.11% 915.34% 1,916.31% 558.69% 191.71% 132.18% 48.82%
Net Working Capital to Revenue		 382.57% 2,679.61% 0.00% 2,014.09% 2,565.08% 905.92% 1,897.34% 452.76% 109.74% 118.44% 17.55%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.35) ($1.41) ($1.50) ($1.09) ($1.11) ($1.11) ($0.84) ($0.60) ($0.56) ($0.53) ($0.48)
Adjusted Weighted Average Basic Shares Outstanding		 17.90M 22.17M 23.19M 25.45M 34.39M 38.34M 50.75M 49.87M 65.66M 68.85M 81.06M
Adjusted Diluted Earnings per Share		 ($1.35) ($1.41) ($1.50) ($1.09) ($1.11) ($1.11) ($0.84) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 17.78M 18.72M 22.54M 25.45M 26.55M 34.19M 50.75M 66.54M 67.06M 81.79M 83.42M
Adjusted Basic & Diluted Earnings per Share		 ($1.35) ($1.41) ($1.50) ($1.09) ($1.11) ($1.11) ($0.84) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.90M 22.17M 23.19M 25.45M 34.39M 38.34M 40.56M 66.54M 67.06M 81.79M 83.42M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.81 -6.45 0.00 -7.85 -8.39 -8.23 -12 -12 -15 -16 -18
Normalized NOPAT Margin		 -3,225.76% -1,564.81% 0.00% -1,785.00% -1,903.02% -1,520.85% -2,173.48% -772.38% -736.21% -169.38% -109.84%
Pre Tax Income Margin		 -7,897.70% -6,391.99% 0.00% -5,969.77% -6,583.22% -6,587.99% -5,371.81% -1,653.90% -1,578.85% -323.99% -209.28%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -1.38 -0.54 0.00 -0.73 -0.69 -0.49 -1.37 -2.00 -2.06 -2.95 -2.98
NOPAT to Interest Expense		 -0.97 -0.38 0.00 -0.51 -0.49 -0.34 -0.96 -1.40 -1.43 -2.07 -2.09
EBIT Less CapEx to Interest Expense		 -1.47 -0.54 0.00 -0.85 -0.79 -0.73 -3.16 -2.41 -2.62 -3.07 -3.86
NOPAT Less CapEx to Interest Expense		 -1.06 -0.38 0.00 -0.63 -0.58 -0.58 -2.75 -1.81 -1.99 -2.18 -2.97
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4.64% -20.60% -16.24% -16.40% -14.95%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4.64% -20.60% -16.24% -16.40% -14.95%

Quarterly Metrics And Ratios for Cadiz

This table displays calculated financial ratios and metrics derived from Cadiz's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 66,595,606.00 66,710,795.00 67,063,450.00 67,793,609.00 67,896,161.00 - 81,785,011.00 81,876,376.00 82,019,024.00 83,110,079.00 83,424,366.00
DEI Adjusted Shares Outstanding		 66,595,606.00 66,710,795.00 67,063,450.00 67,793,609.00 67,896,161.00 - 81,785,011.00 81,876,376.00 82,019,024.00 83,110,079.00 83,424,366.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.12 -0.12 -0.12 -0.15 -0.12 - -0.13 -0.11 -0.10 -0.13 -0.12
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -38.56% 18.96% 762.31% -36.59% 776.09% 594.44% 163.51% 704.29% 28.69% 7.03% -44.75%
EBITDA Growth		 -47.10% -22.02% -24.24% -13.57% 23.88% -17.25% -57.36% 20.04% -0.83% -9.83% 23.61%
EBIT Growth		 -29.59% -10.20% -22.03% -17.10% 17.23% -21.67% -53.48% 16.87% -2.71% -11.58% 18.12%
NOPAT Growth		 -29.59% -10.20% -18.21% -24.44% 17.23% -21.67% -53.48% 16.87% -2.71% -11.58% 9.27%
Net Income Growth		 -5.97% 1.42% 35.93% -25.59% 2.06% -27.68% -40.04% 12.87% -4.11% -13.11% 9.98%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 5.03% -5.68% 29.39% -21.73% 2.62% -12.46% -26.84% 80.80% -30.15% -11.43% -51.21%
Free Cash Flow Firm Growth		 63.33% -49.58% -59.43% -104.66% 15.07% 4.80% -115.64% -35.56% -110.25% -269.84% 16.33%
Invested Capital Growth		 4.46% 3.62% 4.22% 5.82% 3.72% 2.31% 10.92% 10.03% 11.10% 20.18% 7.89%
Revenue Q/Q Growth		 -54.51% 85.87% 63.89% -54.24% 528.46% 47.33% -37.81% 39.68% 0.56% 22.54% -67.90%
EBITDA Q/Q Growth		 2.97% 6.07% 14.31% -45.42% 34.97% -44.69% -15.00% 26.11% 17.99% -57.60% 20.02%
EBIT Q/Q Growth		 2.95% 5.45% 9.86% -41.59% 31.40% -38.98% -13.71% 23.31% 15.25% -50.98% 16.56%
NOPAT Q/Q Growth		 -3.13% 5.45% 9.86% -41.59% 31.40% -38.98% -13.71% 23.31% 15.25% -50.98% 7.54%
Net Income Q/Q Growth		 1.81% 2.61% -1.41% -29.52% 23.43% -26.97% -11.22% 19.42% 8.51% -37.95% 11.48%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 4.67% 0.16% 47.97% -145.84% 23.74% -15.30% 41.32% 62.79% -416.96% 1.28% 20.38%
Free Cash Flow Firm Q/Q Growth		 -62.15% 11.03% -1.80% -39.35% 32.71% 0.27% -130.59% 12.40% -4.36% -75.44% 47.83%
Invested Capital Q/Q Growth		 3.52% 2.05% -1.02% 1.20% 1.46% 0.67% 7.31% 0.39% 2.45% 8.89% -3.66%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -88.04% -105.41% 10.44% -66.08% 25.28% 36.15% 29.65% 35.41% 27.33% 33.03% 26.04%
EBITDA Margin		 -1,455.43% -735.53% -384.57% -1,222.03% -126.46% -124.19% -229.65% -121.50% -99.08% -127.44% -317.52%
Operating Margin		 -1,564.95% -796.05% -437.82% -1,354.58% -147.86% -139.47% -255.01% -140.01% -118.00% -145.40% -418.81%
EBIT Margin		 -1,564.95% -796.05% -437.82% -1,354.58% -147.86% -139.47% -255.01% -140.01% -118.00% -145.40% -377.94%
Profit (Net Income) Margin		 -1,884.78% -987.57% -611.06% -1,729.43% -210.70% -181.58% -324.75% -187.35% -170.45% -191.90% -529.17%
Tax Burden Percent		 100.06% 100.04% 100.04% 100.02% 100.04% 100.03% 100.03% 100.03% 100.04% 100.03% 100.03%
Interest Burden Percent		 120.37% 124.00% 139.51% 127.64% 142.44% 130.14% 127.31% 133.77% 144.38% 131.94% 139.96%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -21.72% -11.41% -9.52% -26.42% -5.81% -9.37% -19.77% -14.17% -12.43% -14.89% -38.91%
ROIC Less NNEP Spread (ROIC-NNEP)		 -26.99% -16.30% -16.75% -33.53% -11.16% -15.68% -26.63% -19.25% -16.88% -20.42% -43.54%
Return on Net Nonoperating Assets (RNNOA)		 -37.38% -26.43% -16.25% -47.09% -21.09% -26.80% -41.59% -44.24% -57.13% -59.16% -121.37%
Return on Equity (ROE)		 -59.10% -37.84% -25.77% -73.50% -26.90% -36.16% -61.36% -58.41% -69.56% -74.05% -160.28%
Cash Return on Invested Capital (CROIC)		 -19.44% -18.63% -19.96% -22.40% -19.29% -18.54% -27.88% -26.16% -26.89% -34.40% -23.02%
Operating Return on Assets (OROA)		 -26.95% -14.53% -10.32% -30.45% -7.22% -11.08% -21.53% -16.56% -15.68% -17.22% -38.85%
Return on Assets (ROA)		 -32.46% -18.03% -14.40% -38.88% -10.29% -14.43% -27.41% -22.16% -22.64% -22.73% -54.39%
Return on Common Equity (ROCE)		 -59.10% -37.84% -25.77% -73.50% -26.89% -36.16% -61.36% -58.41% -69.55% -74.05% -160.27%
Return on Equity Simple (ROE_SIMPLE)		 -66.19% 0.00% -75.40% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -4.03 -3.81 -3.44 -4.86 -3.34 -4.64 -5.27 -4.04 -3.43 -5.17 -4.78
NOPAT Margin		 -1,095.46% -557.24% -306.48% -948.21% -103.50% -97.63% -178.51% -98.01% -82.60% -101.78% -293.17%
Net Nonoperating Expense Percent (NNEP)		 5.27% 4.89% 7.22% 7.12% 5.35% 6.31% 6.86% 5.08% 4.45% 5.53% 4.63%
Return On Investment Capital (ROIC_SIMPLE)		 - -3.73% -2.96% -4.51% -3.25% -3.95% -4.09% -3.34% -2.98% -4.01% -3.61%
Cost of Revenue to Revenue		 188.04% 205.41% 89.56% 166.08% 74.72% 63.85% 70.35% 64.59% 72.67% 66.97% 73.96%
SG&A Expenses to Revenue		 1,393.21% 646.05% 421.94% 1,229.04% 163.62% 169.16% 274.44% 168.08% 138.01% 171.44% 421.38%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 1,476.90% 690.64% 448.26% 1,288.50% 173.14% 175.62% 284.66% 175.42% 145.34% 178.42% 444.85%
Earnings before Interest and Taxes (EBIT)		 -5.76 -5.45 -4.91 -6.95 -4.77 -6.63 -7.53 -5.78 -4.90 -7.39 -6.17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -5.36 -5.03 -4.31 -6.27 -4.08 -5.90 -6.78 -5.01 -4.11 -6.48 -5.18
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.63 4.67 5.31 7.60 9.94 11.51 5.44 6.88 13.96 20.05 26.24
Price to Tangible Book Value (P/TBV)		 5.26 5.45 6.30 9.58 13.73 13.84 6.25 8.20 17.58 26.58 41.39
Price to Revenue (P/Rev)		 117.13 93.82 65.22 77.99 37.12 40.69 20.94 16.26 24.23 28.58 27.32
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.77 2.47 2.60 2.82 2.83 4.51 2.79 2.91 4.20 4.63 4.35
Enterprise Value to Revenue (EV/Rev)		 142.67 122.81 85.37 104.16 51.31 47.56 26.48 21.06 29.41 34.54 34.02
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.29 1.56 2.17 2.92 3.96 2.45 1.93 2.40 3.14 4.55 7.49
Long-Term Debt to Equity		 1.25 1.52 2.12 2.86 3.88 2.41 1.90 2.40 3.14 4.33 7.32
Financial Leverage		 1.38 1.62 0.97 1.40 1.89 1.71 1.56 2.30 3.38 2.90 2.79
Leverage Ratio		 2.75 2.94 2.60 2.98 3.32 3.27 3.36 4.03 4.97 4.81 4.89
Compound Leverage Factor		 3.31 3.65 3.62 3.80 4.73 4.26 4.28 5.39 7.17 6.35 6.84
Debt to Total Capital		 56.29% 60.89% 68.42% 74.46% 79.84% 71.04% 65.85% 70.61% 75.87% 81.98% 88.22%
Short-Term Debt to Total Capital		 1.51% 1.60% 1.40% 1.49% 1.55% 1.13% 1.01% 0.08% 0.06% 3.95% 1.95%
Long-Term Debt to Total Capital		 54.78% 59.29% 67.02% 72.97% 78.29% 69.91% 64.85% 70.53% 75.81% 78.02% 86.26%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 43.71% 39.11% 31.58% 25.54% 20.16% 28.96% 34.14% 29.39% 24.13% 18.02% 11.78%
Debt to EBITDA		 -3.36 -3.21 -3.99 -3.83 -4.16 -4.05 -3.69 -3.92 -4.00 -4.73 -5.63
Net Debt to EBITDA		 -2.63 -2.98 -3.02 -3.35 -3.99 -3.21 -2.75 -3.32 -3.80 -4.35 -4.84
Long-Term Debt to EBITDA		 -3.27 -3.13 -3.91 -3.76 -4.08 -3.99 -3.63 -3.92 -4.00 -4.50 -5.51
Debt to NOPAT		 -4.29 -4.24 -5.22 -4.98 -5.30 -5.12 -4.69 -4.94 -5.02 -5.90 -6.71
Net Debt to NOPAT		 -3.36 -3.94 -3.96 -4.35 -5.09 -4.06 -3.50 -4.18 -4.76 -5.42 -5.76
Long-Term Debt to NOPAT		 -4.18 -4.13 -5.11 -4.88 -5.20 -5.04 -4.62 -4.94 -5.01 -5.62 -6.56
Altman Z-Score		 -5.79 -6.80 -5.87 -6.50 -7.00 -4.69 -5.15 -5.42 -5.13 -4.53 -4.78
Noncontrolling Interest Sharing Ratio		 0.01% 0.01% 0.00% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.80 1.37 2.86 1.89 1.36 1.79 2.19 1.81 1.26 1.22 1.88
Quick Ratio		 2.31 0.93 2.43 1.29 0.74 1.52 1.90 1.49 0.87 1.08 1.68
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -8.18 -7.27 -7.40 -10 -6.94 -6.92 -16 -14 -15 -26 -13
Operating Cash Flow to CapEx		 -918.77% -280.02% -1,544.62% -2,513.52% -9,792.73% -1,507.28% -282.70% -30.06% -1,557.78% -521.87% -2,276.86%
Free Cash Flow to Firm to Interest Expense		 -6.97 -5.57 -3.82 -5.37 -3.43 -3.47 -7.76 -7.17 -6.72 -10.68 -5.42
Operating Cash Flow to Interest Expense		 -4.72 -4.22 -1.48 -3.68 -2.66 -3.11 -1.77 -0.70 -3.23 -2.88 -2.24
Operating Cash Flow Less CapEx to Interest Expense		 -5.23 -5.73 -1.58 -3.82 -2.69 -3.32 -2.40 -3.01 -3.43 -3.44 -2.33
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.02 0.02 0.02 0.05 0.08 0.08 0.12 0.13 0.12 0.10
Accounts Receivable Turnover		 3.94 2.93 3.30 2.15 3.03 3.50 3.49 5.27 4.64 3.20 3.09
Inventory Turnover		 1.94 2.38 0.00 1.40 1.75 2.85 2.88 2.71 3.02 5.37 4.55
Fixed Asset Turnover		 0.02 0.02 0.03 0.03 0.06 0.11 0.13 0.17 0.18 0.18 0.16
Accounts Payable Turnover		 2.29 2.45 1.89 2.58 3.32 4.16 3.48 4.83 6.39 3.69 2.76
Days Sales Outstanding (DSO)		 92.70 124.48 110.53 169.79 120.29 104.28 104.47 69.21 78.69 114.10 118.14
Days Inventory Outstanding (DIO)		 188.39 153.11 0.00 261.40 208.38 128.19 126.61 134.53 120.77 67.98 80.15
Days Payable Outstanding (DPO)		 159.71 148.68 193.58 141.46 109.85 87.67 104.79 75.62 57.16 98.81 132.03
Cash Conversion Cycle (CCC)		 121.39 128.90 -83.06 289.74 218.82 144.79 126.29 128.13 142.30 83.27 66.25
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 97 99 98 99 101 101 109 109 112 122 117
Invested Capital Turnover		 0.02 0.02 0.03 0.03 0.06 0.10 0.11 0.14 0.15 0.15 0.13
Increase / (Decrease) in Invested Capital		 4.14 3.46 3.97 5.45 3.61 2.29 11 9.94 11 20 8.58
Enterprise Value (EV)		 268 245 255 280 284 457 303 317 470 563 510
Market Capitalization		 220 187 194 209 206 391 240 245 387 466 410
Book Value per Share		 $0.72 $0.60 $0.55 $0.41 $0.30 $0.45 $0.54 $0.43 $0.34 $0.28 $0.19
Tangible Book Value per Share		 $0.63 $0.51 $0.46 $0.32 $0.22 $0.38 $0.47 $0.36 $0.27 $0.21 $0.12
Total Capital		 109 102 116 108 103 117 129 121 115 129 132
Total Debt		 61 62 79 80 82 83 85 85 87 106 117
Total Long-Term Debt		 60 61 78 79 80 82 84 85 87 101 114
Net Debt		 48 58 60 70 79 66 63 72 83 97 100
Capital Expenditures (CapEx)		 0.60 1.97 0.19 0.28 0.06 0.41 1.29 4.51 0.45 1.33 0.24
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.97 -0.69 -1.62 -0.39 1.42 -4.59 -3.67 -3.67 -1.97 -0.64 -2.87
Debt-free Net Working Capital (DFNWC)		 12 3.82 18 9.71 4.75 13 18 9.54 2.46 7.96 14
Net Working Capital (NWC)		 11 2.19 16 8.11 3.16 11 17 9.45 2.39 2.86 11
Net Nonoperating Expense (NNE)		 2.90 2.94 3.41 4.01 3.46 3.99 4.32 3.69 3.64 4.58 3.85
Net Nonoperating Obligations (NNO)		 49 59 61 72 80 67 65 74 84 98 102
Total Depreciation and Amortization (D&A)		 0.40 0.41 0.60 0.68 0.69 0.73 0.75 0.76 0.79 0.91 0.99
Debt-free, Cash-free Net Working Capital to Revenue		 -51.38% -34.40% -54.43% -14.52% 25.66% -47.79% -32.05% -24.37% -12.34% -3.89% -19.12%
Debt-free Net Working Capital to Revenue		 655.63% 191.71% 589.84% 361.58% 85.67% 132.18% 156.47% 63.35% 15.38% 48.82% 91.17%
Net Working Capital to Revenue		 568.33% 109.74% 535.48% 301.82% 57.02% 118.44% 145.10% 62.74% 14.94% 17.55% 73.92%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.12) ($0.12) ($0.12) ($0.15) ($0.12) ($0.14) ($0.14) ($0.11) ($0.10) ($0.13) ($0.12)
Adjusted Weighted Average Basic Shares Outstanding		 66.61M 65.66M 67.00M 67.77M 68.02M 68.85M 77.21M 81.94M 82.13M 81.06M 83.52M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 66.71M 67.06M 67.79M 67.90M 75.18M 81.79M 81.88M 82.02M 83.11M 83.42M 84.09M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 66.71M 67.06M 67.79M 67.90M 75.18M 81.79M 81.88M 82.02M 83.11M 83.42M 84.09M
Normalized Net Operating Profit after Tax (NOPAT)		 -4.03 -3.81 -3.44 -4.86 -3.34 -4.64 -5.27 -4.04 -3.43 -5.17 -4.78
Normalized NOPAT Margin		 -1,095.46% -557.24% -306.48% -948.21% -103.50% -97.63% -178.51% -98.01% -82.60% -101.78% -293.17%
Pre Tax Income Margin		 -1,883.70% -987.13% -610.79% -1,729.04% -210.61% -181.52% -324.64% -187.30% -170.38% -191.84% -528.98%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -4.91 -4.17 -2.53 -3.62 -2.36 -3.32 -3.66 -2.96 -2.25 -3.08 -2.50
NOPAT to Interest Expense		 -3.44 -2.92 -1.77 -2.53 -1.65 -2.32 -2.56 -2.07 -1.58 -2.16 -1.94
EBIT Less CapEx to Interest Expense		 -5.42 -5.67 -2.63 -3.76 -2.38 -3.52 -4.29 -5.27 -2.46 -3.63 -2.60
NOPAT Less CapEx to Interest Expense		 -3.95 -4.43 -1.87 -2.68 -1.68 -2.53 -3.19 -4.38 -1.78 -2.71 -2.04
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -16.19% -16.24% -18.50% -17.36% -17.44% -16.40% -15.07% -15.60% -15.46% -14.95% -15.31%
Augmented Payout Ratio		 -16.19% -16.24% -18.50% -17.36% -17.44% -16.40% -15.07% -15.60% -15.46% -14.95% -15.31%

Financials Breakdown Chart

Key Financial Trends

Cadiz (NASDAQ: CDZI) continues to show a business that is growing revenue, but profitability and cash generation remain major challenges. Across the last four years of quarterly filings, the company has steadily expanded its top line, yet it has not translated that growth into operating profit. In fact, losses remain sizable, and the latest quarter shows a sharp deterioration in operating cash flow even as the balance sheet was strengthened by new debt.

  • Revenue has trended higher over time. Q1 2026 revenue was $1.63 million, up from $1.12 million in Q1 2024, and recent quarters have generally been above the company’s 2024 levels.
  • Gross profit has improved versus the earliest periods in the dataset. Cadiz moved from very thin or negative gross profit in parts of 2024 to $425,000 in Q1 2026.
  • Cash on hand increased meaningfully in Q1 2026. Cash and equivalents rose to $16.5 million from $4.4 million in Q3 2025.
  • The company generated positive net change in cash in Q1 2026. Cash and equivalents increased by $7.9 million during the quarter, helped by financing activity.
  • Debt-funded liquidity improved near term. Cadiz raised $15.0 million of debt in Q1 2026, which helped offset operating cash burn.
  • Capital spending remains modest relative to the asset base. Purchases of property, plant and equipment were only $242,000 in Q1 2026.
  • Depreciation and amortization are significant non-cash add-backs. These items help bridge reported losses to operating cash flow, but they do not solve the underlying profitability issue.
  • Equity remains positive but relatively thin compared with total assets. Total equity was $15.6 million at Q1 2026 versus $146.1 million in assets, leaving a highly leveraged capital structure.
  • Operating losses remain large and persistent. Q1 2026 operating loss was $6.8 million, compared with a $4.9 million operating loss in Q3 2025 and similar losses in prior quarters.
  • Interest expense continues to pressure results. Q1 2026 interest expense was $2.5 million, which is substantial relative to quarterly revenue.
  • Net losses are much larger than gross profit. In Q1 2026, Cadiz posted a $9.9 million loss attributable to common shareholders on just $1.6 million of revenue.
  • Operating cash flow was negative in the latest quarter. Q1 2026 operating cash flow was a use of $5.5 million, versus a use of $6.9 million in Q4 2025.
  • Quarterly revenue remains volatile and relatively small. Revenue dropped sharply from $5.08 million in Q4 2025 to $1.63 million in Q1 2026.
  • Leverage remains elevated. At Q1 2026, Cadiz carried $85.6 million of long-term debt and $28.7 million of capital lease obligations, while total liabilities were $130.5 million.
  • Preferred dividends and financing costs continue to consume cash. The company paid $1.27 million in dividends in Q1 2026, adding to an already strained cash flow profile.

Bottom line: Cadiz is still in a difficult transition phase. The company has made progress on revenue and liquidity, but the core story remains the same: losses are large, operating cash flow is negative, and leverage is high. Investors will likely want to see sustained revenue growth and a clear path to positive operating cash flow before the financial picture looks materially stronger.

07/11/26 05:05 PM ETAI Generated. May Contain Errors.

Cadiz Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cadiz's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Cadiz's net income appears to be on an upward trend, with a most recent value of -$34.15 million in 2025, rising from -$24.01 million in 2015. The previous period was -$31.14 million in 2024.

Cadiz's total operating income in 2025 was -$25.60 million, based on the following breakdown:
  • Total Gross Profit: $5.15 million
  • Total Operating Expenses: $30.75 million

Over the last 10 years, Cadiz's total revenue changed from $304 thousand in 2015 to $16.31 million in 2025, a change of 5,266.1%.

Cadiz's total liabilities were at $117.66 million at the end of 2025, a 17.0% increase from 2024, and a 5.7% increase since 2015.

In the past 10 years, Cadiz's cash and equivalents has ranged from $2.69 million in 2015 to $17.29 million in 2024, and is currently $8.60 million as of their latest financial filing in 2025.

Over the last 10 years, Cadiz's book value per share changed from -3.16 in 2015 to 0.28 in 2025, a change of -108.9%.


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Financial statements for NASDAQ:CDZIP last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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