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Pure Cycle (PCYO) Financials

Pure Cycle logo
$10.73 0.00 (0.00%)
Closing price 06/12/2026 04:00 PM Eastern
Extended Trading
$10.85 +0.12 (+1.11%)
As of 06/12/2026 04:15 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 Pure Cycle

Annual Income Statements for Pure Cycle

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

Metric 2022 2023 2024
Period end date 8/31/2022 8/31/2023 8/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 9.62 4.70 12
Consolidated Net Income / (Loss)		 9.62 4.70 12
Net Income / (Loss) Continuing Operations		 9.62 4.70 12
Total Pre-Tax Income 		13 6.22 16
Total Operating Income		 10 2.07 12
Total Gross Profit		 16 8.04 20
Total Revenue		 23 15 29
Operating Revenue		 23 15 29
Total Cost of Revenue		 6.63 6.55 8.99
Operating Cost of Revenue		 6.63 6.55 8.99
Total Operating Expenses		 6.28 5.97 7.52
Selling, General & Admin Expense		 5.89 5.47 6.92
Depreciation Expense		 0.39 0.50 0.60
Total Other Income / (Expense), net		 2.61 4.15 3.39
Interest Expense		 0.09 0.21 0.44
Interest & Investment Income		 2.64 1.37 1.97
Other Income / (Expense), net		 0.06 2.99 1.86
Income Tax Expense		 3.09 1.52 4.02
Basic Earnings per Share		 $0.40 $0.20 $0.48
Weighted Average Basic Shares Outstanding		 23.95M 24.03M 24.08M
Diluted Earnings per Share		 $0.40 $0.19 $0.48
Weighted Average Diluted Shares Outstanding		 24.16M 24.11M 24.14M
Weighted Average Basic & Diluted Shares Outstanding		 23.84M 24.09M 24.07M

Quarterly Income Statements for Pure Cycle

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

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 8/31/2022 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025
Net Income / (Loss) Attributable to Common Shareholders		 5.58 0.16 0.19 3.30 1.06 2.07 0.12 2.83 6.61 3.94 0.81
Consolidated Net Income / (Loss)		 5.58 0.16 0.19 3.30 1.06 2.07 0.12 2.83 6.61 3.94 0.81
Net Income / (Loss) Continuing Operations		 5.58 0.16 0.19 3.30 1.06 2.07 0.12 2.83 6.61 3.94 0.81
Total Pre-Tax Income 		7.44 0.29 0.28 4.42 1.23 2.80 0.16 3.85 8.82 5.21 1.08
Total Operating Income		 6.48 -1.49 -0.24 3.76 0.04 1.76 -0.37 3.07 7.79 1.72 -1.33
Total Gross Profit		 8.53 0.01 1.59 4.67 1.76 3.34 1.78 4.87 9.77 3.67 1.53
Total Revenue		 11 1.34 3.00 6.88 3.37 5.39 3.20 7.60 13 5.75 4.00
Operating Revenue		 11 1.34 3.00 6.88 3.37 5.39 3.20 7.60 13 5.75 4.00
Total Cost of Revenue		 2.35 1.33 1.41 2.21 1.60 2.04 1.42 2.74 2.79 2.09 2.47
Operating Cost of Revenue		 2.35 1.33 1.41 2.21 1.60 2.04 1.42 2.74 2.79 2.09 2.47
Total Operating Expenses		 2.05 1.50 1.83 0.92 1.72 1.59 2.15 1.80 1.99 1.95 2.85
Selling, General & Admin Expense		 1.94 1.39 1.71 0.81 1.57 1.44 2.00 1.65 1.84 1.79 2.71
Depreciation Expense		 0.11 0.12 0.12 0.11 0.15 0.15 0.15 0.15 0.15 0.16 0.15
Total Other Income / (Expense), net		 0.95 1.78 0.52 0.66 1.19 1.05 0.53 0.78 1.03 3.49 2.40
Interest Expense		 0.04 0.05 0.05 0.05 0.06 0.11 0.11 0.11 0.11 0.11 0.11
Interest & Investment Income		 0.97 0.61 0.57 0.34 -0.16 0.36 0.57 0.69 -0.38 3.06 2.13
Other Income / (Expense), net		 0.03 1.22 -0.00 0.37 1.40 0.79 0.06 0.20 1.52 0.54 0.39
Income Tax Expense		 1.86 0.13 0.09 1.12 0.18 0.74 0.04 1.03 2.21 1.27 0.27
Basic Earnings per Share		 $0.24 $0.01 $0.01 $0.14 $0.04 $0.09 $0.00 $0.12 $0.27 $0.16 $0.03
Weighted Average Basic Shares Outstanding		 23.95M 23.99M 24.02M 24.05M 24.03M 24.08M 24.09M 24.09M 24.08M 24.07M 24.08M
Diluted Earnings per Share		 $0.24 $0.01 $0.01 $0.14 $0.03 $0.09 $0.00 $0.12 $0.27 $0.16 $0.03
Weighted Average Diluted Shares Outstanding		 24.16M 24.09M 24.14M 24.17M 24.11M 24.15M 24.15M 24.14M 24.14M 24.16M 24.20M
Weighted Average Basic & Diluted Shares Outstanding		 23.84M 23.99M 24.05M 24.05M 24.09M 24.08M 24.09M 24.08M 24.07M 24.08M 24.08M

Annual Cash Flow Statements for Pure Cycle

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

Metric 2022 2023 2024
Period end date 8/31/2022 8/31/2023 8/31/2024
Net Change in Cash & Equivalents		 15 -8.74 -3.13
Net Cash From Operating Activities		 17 -2.34 2.21
Net Cash From Continuing Operating Activities		 17 -2.34 2.21
Net Income / (Loss) Continuing Operations		 9.62 4.70 12
Consolidated Net Income / (Loss)		 9.62 4.70 12
Depreciation Expense		 2.13 2.16 2.10
Non-Cash Adjustments To Reconcile Net Income		 8.84 -6.87 -15
Changes in Operating Assets and Liabilities, net		 -3.13 -2.33 3.16
Net Cash From Investing Activities		 -6.67 -9.24 -4.73
Net Cash From Continuing Investing Activities		 -6.67 -9.24 -4.73
Purchase of Property, Plant & Equipment		 -0.16 -0.39 -0.46
Purchase of Investments		 0.00 -15 0.00
Sale and/or Maturity of Investments		 0.00 15 0.00
Other Investing Activities, net		 -6.51 -9.10 -4.27
Net Cash From Financing Activities		 3.99 2.85 -0.61
Net Cash From Continuing Financing Activities		 3.99 2.85 -0.61
Repayment of Debt		 -0.04 -0.04 -0.03
Repurchase of Common Equity		 - 0.00 -0.58
Issuance of Debt		 4.00 3.00 0.00
Other Financing Activities, net		 0.03 -0.11 0.00
Cash Interest Paid		 0.06 0.14 0.42
Cash Income Taxes Paid		 5.26 0.95 2.06

Quarterly Cash Flow Statements for Pure Cycle

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

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 8/31/2022 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025
Net Change in Cash & Equivalents		 29 -18 -9.62 19 0.16 -3.82 -1.37 -0.06 2.12 -0.99 -2.23
Net Cash From Operating Activities		 29 -0.76 -7.10 4.89 0.63 -1.23 -0.46 0.89 3.01 5.67 -1.45
Net Cash From Continuing Operating Activities		 29 -0.76 -7.10 4.89 0.63 -1.23 -0.46 0.89 3.01 5.67 -1.45
Net Income / (Loss) Continuing Operations		 5.58 0.16 0.19 3.30 1.06 2.07 0.12 2.83 6.61 3.94 0.81
Consolidated Net Income / (Loss)		 5.58 0.16 0.19 3.30 1.06 2.07 0.12 2.83 6.61 3.94 0.81
Depreciation Expense		 0.79 0.49 0.58 0.52 0.56 0.49 0.51 0.59 0.52 0.53 0.62
Non-Cash Adjustments To Reconcile Net Income		 19 -1.42 -1.94 -0.53 -2.97 -3.09 -0.68 -5.48 -5.42 6.22 -1.90
Changes in Operating Assets and Liabilities, net		 4.20 0.01 -5.93 1.60 1.99 -0.69 -0.41 2.96 1.30 -5.01 -0.97
Net Cash From Investing Activities		 -2.87 -17 -2.52 14 -3.44 -2.39 -0.80 -0.80 -0.74 -6.55 -0.58
Net Cash From Continuing Investing Activities		 -2.87 -17 -2.52 14 -3.44 -2.39 -0.80 -0.80 -0.74 -6.55 -0.58
Purchase of Property, Plant & Equipment		 -0.16 -0.08 -0.12 -0.08 -0.12 0.00 -0.10 -0.31 -0.05 -0.28 -0.01
Other Investing Activities, net		 -2.72 -2.10 -2.40 -1.28 -3.32 -2.22 -0.71 -0.48 -0.86 -6.27 -0.56
Net Cash From Financing Activities		 2.96 -0.11 -0.00 -0.00 2.96 -0.21 -0.11 -0.15 -0.15 -0.11 -0.21
Net Cash From Continuing Financing Activities		 2.96 -0.11 -0.00 -0.00 2.96 -0.21 -0.11 -0.15 -0.15 -0.11 -0.21
Repayment of Debt		 -0.04 -0.00 -0.00 -0.00 -0.04 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01
Repurchase of Common Equity		 - 0.00 - - - -0.20 -0.10 -0.14 -0.14 -0.11 -0.19
Cash Interest Paid		 0.06 0.05 0.05 0.04 - 0.11 0.10 0.10 0.11 0.10 0.10
Cash Income Taxes Paid		 - 0.00 4.27 - -3.32 0.00 -0.88 - 1.99 0.00 1.80

Annual Balance Sheets for Pure Cycle

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

Metric 2022 2023 2024
Period end date 8/31/2022 8/31/2023 8/31/2024
Total Assets		 129 133 147
Total Current Assets		 38 30 38
Cash & Equivalents		 35 26 22
Note & Lease Receivable		 - 0.00 10
Accounts Receivable		 2.43 1.09 1.47
Inventories, net		 - 1.73 3.65
Prepaid Expenses		 0.47 0.35 0.53
Plant, Property, & Equipment, net		 1.22 5.46 3.16
Plant, Property & Equipment, gross		 1.22 5.46 3.16
Total Noncurrent Assets		 90 98 106
Long-Term Investments		 59 58 60
Noncurrent Note & Lease Receivables		 18 26 32
Other Noncurrent Operating Assets		 13 1.72 1.32
Other Noncurrent Nonoperating Assets		 - 12 12
Total Liabilities & Shareholders' Equity		 129 133 147
Total Liabilities		 16 15 18
Total Current Liabilities		 11 6.50 9.35
Short-Term Debt		 0.01 0.03 0.06
Accounts Payable		 0.85 1.96 1.95
Accrued Expenses		 2.59 2.78 3.72
Current Deferred Revenue		 4.85 1.73 2.17
Current Deferred & Payable Income Tax Liabilities		 2.53 0.00 1.44
Total Noncurrent Liabilities		 5.41 8.48 8.30
Long-Term Debt		 3.95 6.89 6.82
Noncurrent Deferred & Payable Income Tax Liabilities		 1.08 1.35 1.40
Other Noncurrent Operating Liabilities		 0.32 0.24 0.09
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 113 118 130
Total Preferred & Common Equity		 113 118 130
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 113 118 130
Common Stock		 174 175 175
Retained Earnings		 -61 -57 -46

Quarterly Balance Sheets for Pure Cycle

This table presents Pure Cycle'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 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Period end date 5/31/2022 11/30/2022 2/28/2023 5/31/2023 11/30/2023 2/29/2024 5/31/2024 11/30/2024 2/28/2025
Total Assets		 115 128 125 128 137 135 140 150 150
Total Current Assets		 24 34 27 30 29 26 29 28 27
Cash & Equivalents		 5.42 17 7.22 26 22 20 20 19 17
Note & Lease Receivable		 16 - - - - - - 0.00 0.00
Accounts Receivable		 1.20 1.24 2.12 2.67 4.78 1.71 2.30 4.99 3.40
Inventories, net		 - - - - 2.16 3.44 5.18 3.72 4.61
Prepaid Expenses		 0.69 0.31 0.60 0.39 0.25 0.64 0.58 0.46 0.81
Current Deferred & Refundable Income Taxes		 - - 1.61 0.19 0.00 0.00 0.00 - 1.37
Plant, Property, & Equipment, net		 3.29 2.48 3.38 4.93 5.87 6.23 4.24 2.58 1.88
Plant, Property & Equipment, gross		 3.29 2.48 3.38 4.93 5.87 6.23 4.24 2.58 1.88
Total Noncurrent Assets		 88 92 95 93 102 103 108 119 120
Long-Term Investments		 53 59 58 58 58 57 59 64 65
Noncurrent Note & Lease Receivables		 20 20 22 25 30 30 35 37 39
Other Noncurrent Operating Assets		 15 14 15 11 - - - 1.52 1.44
Other Noncurrent Nonoperating Assets		 - - - - 15 15 14 17 15
Total Liabilities & Shareholders' Equity		 115 128 125 128 137 135 140 150 150
Total Liabilities		 8.08 15 12 11 17 15 17 16 15
Total Current Liabilities		 5.34 9.56 6.47 6.15 8.78 6.44 9.03 7.91 7.18
Short-Term Debt		 0.01 0.01 0.01 0.01 0.03 0.03 0.03 0.16 0.25
Accounts Payable		 2.81 1.69 1.25 0.91 2.78 1.17 3.31 2.23 1.35
Accrued Expenses		 0.93 0.92 1.20 1.74 1.92 2.42 2.74 2.27 3.53
Current Deferred Revenue		 1.28 4.44 4.01 3.49 3.84 2.64 1.56 0.54 2.05
Current Deferred & Payable Income Tax Liabilities		 0.31 2.49 0.00 0.00 0.20 0.18 1.38 2.71 0.00
Total Noncurrent Liabilities		 2.74 5.23 5.14 4.82 8.37 8.34 8.20 8.19 8.06
Long-Term Debt		 0.99 3.95 3.95 3.94 6.87 6.87 6.86 6.72 6.62
Noncurrent Deferred & Payable Income Tax Liabilities		 1.43 1.24 1.17 0.87 1.35 1.35 1.23 1.40 1.40
Other Noncurrent Operating Liabilities		 0.32 0.00 0.00 0.00 0.14 0.12 0.11 0.08 0.05
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 107 113 114 117 120 120 123 134 134
Total Preferred & Common Equity		 107 113 114 117 120 120 123 134 134
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 107 113 114 117 120 120 123 134 134
Common Stock		 174 174 175 175 175 175 175 175 175
Retained Earnings		 -67 -61 -61 -58 -55 -55 -52 -42 -41

Annual Metrics And Ratios for Pure Cycle

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

Metric 2022 2023 2024
Period end date 8/31/2022 8/31/2023 8/31/2024
Growth Metrics		 - - -
Revenue Growth		 34.32% -36.59% 97.09%
EBITDA Growth		 -50.65% -41.24% 124.46%
EBIT Growth		 -56.06% -50.17% 178.58%
NOPAT Growth		 91.82% -79.52% 481.00%
Net Income Growth		 -52.17% -51.15% 147.14%
EPS Growth		 -51.81% -52.50% 152.63%
Operating Cash Flow Growth		 405.03% -113.40% 194.57%
Free Cash Flow Firm Growth		 -62.44% -133.03% 26.74%
Invested Capital Growth		 -19.09% 25.30% 41.94%
Revenue Q/Q Growth		 89.98% -33.99% 47.01%
EBITDA Q/Q Growth		 112.01% -42.32% 134.80%
EBIT Q/Q Growth		 153.99% -50.02% 196.32%
NOPAT Q/Q Growth		 79.79% -75.21% 168.16%
Net Income Q/Q Growth		 80.37% -49.02% 91.51%
EPS Q/Q Growth		 100.00% -52.50% 100.00%
Operating Cash Flow Q/Q Growth		 301.31% -108.85% 1,465.43%
Free Cash Flow Firm Q/Q Growth		 -62.49% -122.78% -192.58%
Invested Capital Q/Q Growth		 -53.06% -20.91% 12.41%
Profitability Metrics		 - - -
Gross Margin		 71.18% 55.12% 68.73%
EBITDA Margin		 53.39% 49.48% 56.35%
Operating Margin		 43.89% 14.21% 42.59%
EBIT Margin		 44.16% 34.70% 49.05%
Profit (Net Income) Margin		 41.82% 32.22% 40.40%
Tax Burden Percent		 75.71% 75.55% 74.29%
Interest Burden Percent		 125.09% 122.90% 110.87%
Effective Tax Rate		 24.29% 24.45% 25.71%
Return on Invested Capital (ROIC)		 29.27% 5.95% 25.68%
ROIC Less NNEP Spread (ROIC-NNEP)		 26.85% 2.44% 22.84%
Return on Net Nonoperating Assets (RNNOA)		 -20.35% -1.88% -16.32%
Return on Equity (ROE)		 8.92% 4.06% 9.37%
Cash Return on Invested Capital (CROIC)		 50.38% -16.51% -8.99%
Operating Return on Assets (OROA)		 8.24% 3.86% 10.05%
Return on Assets (ROA)		 7.81% 3.58% 8.28%
Return on Common Equity (ROCE)		 8.92% 4.06% 9.37%
Return on Equity Simple (ROE_SIMPLE)		 8.51% 3.97% 8.95%
Net Operating Profit after Tax (NOPAT)		 7.64 1.57 9.09
NOPAT Margin		 33.23% 10.73% 31.64%
Net Nonoperating Expense Percent (NNEP)		 2.42% 3.51% 2.84%
Cost of Revenue to Revenue		 28.82% 44.88% 31.27%
SG&A Expenses to Revenue		 25.62% 37.50% 24.08%
R&D to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 27.29% 40.92% 26.15%
Earnings before Interest and Taxes (EBIT)		 10 5.06 14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 12 7.22 16
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 2.19 2.24 1.98
Price to Tangible Book Value (P/TBV)		 2.19 2.24 1.98
Price to Revenue (P/Rev)		 10.76 18.12 8.92
Price to Earnings (P/E)		 25.73 56.26 22.08
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 3.89% 1.78% 4.53%
Enterprise Value to Invested Capital (EV/IC)		 6.76 6.40 4.35
Enterprise Value to Revenue (EV/Rev)		 6.86 12.85 6.29
Enterprise Value to EBITDA (EV/EBITDA)		 12.85 25.98 11.15
Enterprise Value to EBIT (EV/EBIT)		 15.54 37.04 12.82
Enterprise Value to NOPAT (EV/NOPAT)		 20.65 119.76 19.87
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.04 0.00 81.69
Enterprise Value to Free Cash Flow (EV/FCFF)		 12.00 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 0.04 0.06 0.05
Long-Term Debt to Equity		 0.04 0.06 0.05
Financial Leverage		 -0.76 -0.77 -0.71
Leverage Ratio		 1.14 1.14 1.13
Compound Leverage Factor		 1.43 1.39 1.25
Debt to Total Capital		 3.44% 5.53% 5.04%
Short-Term Debt to Total Capital		 0.01% 0.02% 0.05%
Long-Term Debt to Total Capital		 3.43% 5.50% 4.99%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 96.56% 94.47% 94.96%
Debt to EBITDA		 0.33 0.96 0.43
Net Debt to EBITDA		 -7.30 -10.65 -4.67
Long-Term Debt to EBITDA		 0.33 0.95 0.42
Debt to NOPAT		 0.53 4.42 0.76
Net Debt to NOPAT		 -11.73 -49.12 -8.33
Long-Term Debt to NOPAT		 0.52 4.40 0.75
Altman Z-Score		 9.17 10.44 9.03
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Current Ratio		 3.49 4.57 4.05
Quick Ratio		 3.45 4.17 3.60
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 13 -4.35 -3.18
Operating Cash Flow to CapEx		 11,117.20% -593.65% 482.97%
Free Cash Flow to Firm to Interest Expense		 146.19 -21.10 -7.25
Operating Cash Flow to Interest Expense		 193.93 -11.35 5.04
Operating Cash Flow Less CapEx to Interest Expense		 192.19 -13.27 4.00
Efficiency Ratios		 - - -
Asset Turnover		 0.19 0.11 0.20
Accounts Receivable Turnover		 11.63 8.29 22.42
Inventory Turnover		 0.00 0.00 3.35
Fixed Asset Turnover		 10.16 4.37 6.67
Accounts Payable Turnover		 2.40 4.66 4.60
Days Sales Outstanding (DSO)		 31.39 44.00 16.28
Days Inventory Outstanding (DIO)		 0.00 0.00 109.10
Days Payable Outstanding (DPO)		 151.89 78.31 79.35
Cash Conversion Cycle (CCC)		 -120.49 -34.31 46.02
Capital & Investment Metrics		 - - -
Invested Capital		 23 29 42
Invested Capital Turnover		 0.88 0.55 0.81
Increase / (Decrease) in Invested Capital		 -5.51 5.91 12
Enterprise Value (EV)		 158 187 181
Market Capitalization		 247 264 256
Book Value per Share		 $4.71 $4.92 $5.39
Tangible Book Value per Share		 $4.71 $4.92 $5.39
Total Capital		 117 125 137
Total Debt		 4.02 6.92 6.89
Total Long-Term Debt		 4.01 6.89 6.82
Net Debt		 -90 -77 -76
Capital Expenditures (CapEx)		 0.16 0.39 0.46
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -7.92 -2.76 6.46
Debt-free Net Working Capital (DFNWC)		 27 23 29
Net Working Capital (NWC)		 27 23 29
Net Nonoperating Expense (NNE)		 -1.98 -3.13 -2.52
Net Nonoperating Obligations (NNO)		 -90 -89 -88
Total Depreciation and Amortization (D&A)		 2.13 2.16 2.10
Debt-free, Cash-free Net Working Capital to Revenue		 -34.43% -18.90% 22.49%
Debt-free Net Working Capital to Revenue		 117.26% 159.43% 99.41%
Net Working Capital to Revenue		 117.22% 159.22% 99.19%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.40 $0.20 $0.48
Adjusted Weighted Average Basic Shares Outstanding		 23.95M 24.03M 24.08M
Adjusted Diluted Earnings per Share		 $0.40 $0.19 $0.48
Adjusted Weighted Average Diluted Shares Outstanding		 24.16M 24.11M 24.14M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 23.84M 24.09M 24.07M
Normalized Net Operating Profit after Tax (NOPAT)		 7.64 1.57 9.09
Normalized NOPAT Margin		 33.23% 10.73% 31.64%
Pre Tax Income Margin		 55.23% 42.64% 54.38%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 112.86 24.57 32.12
NOPAT to Interest Expense		 84.93 7.60 20.72
EBIT Less CapEx to Interest Expense		 111.11 22.66 31.07
NOPAT Less CapEx to Interest Expense		 83.19 5.69 19.67
Payout Ratios		 - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 5.00%

Quarterly Metrics And Ratios for Pure Cycle

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

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 8/31/2022 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 68,093.75% -68.64% -35.70% 115.85% -69.04% 301.94% 6.60% 10.54% 272.92% 6.80% 24.96%
EBITDA Growth		 797.17% -88.50% -82.65% 330.98% -72.52% 1,267.57% -40.35% -16.98% 389.59% -8.17% -177.57%
EBIT Growth		 1,749.43% -118.18% -115.83% 551.10% -77.80% 1,040.96% -26.14% -20.74% 543.94% -11.29% -958.43%
NOPAT Growth		 229.02% -172.79% -113.97% 480.89% -99.22% 257.97% -67.98% -19.68% 15,374.42% 0.41% -265.32%
Net Income Growth		 332.51% -89.50% -88.84% 293.67% -81.06% 1,198.74% -37.57% -14.26% 525.47% 90.65% 585.59%
EPS Growth		 500.00% -83.33% -85.71% 366.67% -87.50% 800.00% -100.00% -14.29% 800.00% 77.78% 0.00%
Operating Cash Flow Growth		 800.61% 87.27% 8.19% 178.88% -97.85% -62.01% 93.56% -81.74% 376.23% 562.05% -216.63%
Free Cash Flow Firm Growth		 -68.10% 316.74% 426.96% -50.28% -156.62% -107.21% -96.46% -85.24% -9.76% -49.46% -590.89%
Invested Capital Growth		 -19.09% -71.25% -62.92% -25.64% 25.30% 22.52% -6.73% -0.13% 41.94% 25.52% 28.64%
Revenue Q/Q Growth		 241.36% -87.68% 123.81% 129.38% -51.04% 59.92% -40.64% 137.85% 65.18% -54.20% -30.55%
EBITDA Q/Q Growth		 577.46% -96.96% 54.05% 1,258.48% -56.80% 51.27% -91.18% 1,790.69% 154.76% -71.63% -111.66%
EBIT Q/Q Growth		 926.81% -104.16% 11.07% 1,812.86% -65.00% 76.47% -116.65% 1,176.32% 184.38% -75.69% -141.64%
NOPAT Q/Q Growth		 907.88% -116.85% 80.15% 1,823.07% -98.65% 3,334.18% -121.10% 923.86% 159.17% -77.72% -176.78%
Net Income Q/Q Growth		 566.07% -97.15% 18.87% 1,643.39% -67.95% 95.55% -94.29% 2,294.07% 133.81% -40.39% -79.45%
EPS Q/Q Growth		 700.00% -95.83% 0.00% 1,300.00% -78.57% 200.00% -100.00% 0.00% 125.00% -40.74% -81.25%
Operating Cash Flow Q/Q Growth		 1,577.34% -102.58% -836.41% 168.84% -87.09% -294.61% 62.79% 295.19% 236.88% 88.82% -125.50%
Free Cash Flow Firm Q/Q Growth		 -66.86% 527.22% -3.89% -75.11% -137.74% 20.12% 147.19% 3.76% -380.65% -8.78% -54.98%
Invested Capital Q/Q Growth		 -53.06% 13.79% 39.00% 0.17% -20.91% 11.26% 5.81% 7.26% 12.41% -1.61% 8.44%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 78.44% 1.04% 52.98% 67.93% 52.38% 62.05% 55.58% 63.99% 77.82% 63.73% 38.22%
EBITDA Margin		 67.13% 16.57% 11.40% 67.54% 59.59% 56.37% 6.38% 50.72% 78.23% 48.47% -8.14%
Operating Margin		 59.60% -111.12% -8.00% 54.62% 1.31% 32.60% -11.51% 40.35% 61.99% 29.89% -33.22%
EBIT Margin		 59.84% -20.22% -8.04% 60.01% 42.90% 47.35% -9.51% 43.03% 74.08% 39.33% -23.58%
Profit (Net Income) Margin		 51.25% 11.87% 6.30% 47.90% 31.35% 38.34% 3.69% 37.15% 52.59% 68.45% 20.25%
Tax Burden Percent		 74.96% 55.02% 67.74% 74.56% 85.64% 73.70% 74.21% 73.34% 74.90% 75.60% 75.19%
Interest Burden Percent		 114.24% -106.64% -115.77% 107.05% 85.33% 109.88% -52.30% 117.73% 94.78% 230.24% -114.23%
Effective Tax Rate		 25.04% 44.98% 32.26% 25.44% 14.36% 26.30% 25.79% 26.66% 25.10% 24.40% 24.81%
Return on Invested Capital (ROIC)		 39.35% -20.61% -1.46% 20.74% 0.62% 15.14% -4.51% 15.64% 37.69% 17.91% -18.96%
ROIC Less NNEP Spread (ROIC-NNEP)		 38.48% -22.60% -2.30% 20.02% -0.52% 14.25% -4.99% 14.95% 36.82% 14.98% -21.01%
Return on Net Nonoperating Assets (RNNOA)		 -29.16% 10.24% 0.87% -12.28% 0.40% -10.64% 3.47% -10.35% -26.30% -10.65% 14.52%
Return on Equity (ROE)		 10.19% -10.38% -0.59% 8.46% 1.02% 4.50% -1.04% 5.29% 11.39% 7.26% -4.44%
Cash Return on Invested Capital (CROIC)		 50.38% 119.68% 97.66% 43.97% -16.51% -6.64% 17.99% 9.30% -8.99% 2.21% -3.70%
Operating Return on Assets (OROA)		 11.17% -3.32% -1.24% 10.89% 4.77% 6.65% -1.37% 6.27% 15.18% 7.98% -4.95%
Return on Assets (ROA)		 9.57% 1.95% 0.97% 8.69% 3.49% 5.38% 0.53% 5.41% 10.78% 13.89% 4.25%
Return on Common Equity (ROCE)		 10.19% -10.38% -0.59% 8.46% 1.02% 4.50% -1.04% 5.29% 11.39% 7.26% -4.44%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 7.30% 5.94% 7.87% 0.00% 5.50% 5.42% 4.92% 0.00% 10.09% 10.55%
Net Operating Profit after Tax (NOPAT)		 4.86 -0.82 -0.16 2.80 0.04 1.29 -0.27 2.25 5.83 1.30 -1.00
NOPAT Margin		 44.68% -61.13% -5.42% 40.72% 1.12% 24.03% -8.54% 29.59% 46.43% 22.59% -24.97%
Net Nonoperating Expense Percent (NNEP)		 0.87% 1.98% 0.84% 0.72% 1.14% 0.88% 0.48% 0.69% 0.87% 2.93% 2.05%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - 1.02% - - - 0.93% -0.71%
Cost of Revenue to Revenue		 21.56% 98.96% 47.02% 32.07% 47.62% 37.95% 44.42% 36.01% 22.18% 36.27% 61.78%
SG&A Expenses to Revenue		 17.85% 103.58% 56.92% 11.70% 46.62% 26.70% 62.46% 21.66% 14.64% 31.15% 67.71%
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		 18.84% 112.16% 60.99% 13.32% 51.07% 29.45% 67.09% 23.65% 15.83% 33.85% 71.44%
Earnings before Interest and Taxes (EBIT)		 6.51 -0.27 -0.24 4.13 1.45 2.55 -0.30 3.27 9.31 2.26 -0.94
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 7.30 0.22 0.34 4.65 2.01 3.04 0.20 3.86 9.83 2.79 -0.33
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.19 2.23 1.86 2.00 2.24 2.00 1.99 1.82 1.98 2.62 2.08
Price to Tangible Book Value (P/TBV)		 2.19 2.23 1.86 2.00 2.24 2.00 1.99 1.82 1.98 2.62 2.08
Price to Revenue (P/Rev)		 10.76 12.60 11.51 10.58 18.12 12.91 12.75 11.46 8.92 12.02 9.36
Price to Earnings (P/E)		 25.73 30.61 31.33 25.36 56.26 36.42 36.74 36.94 22.08 25.96 19.75
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		 3.89% 3.27% 3.19% 3.94% 1.78% 2.75% 2.72% 2.71% 4.53% 3.85% 5.06%
Enterprise Value to Invested Capital (EV/IC)		 6.76 6.26 3.65 4.15 6.40 5.15 4.90 4.09 4.35 6.71 4.63
Enterprise Value to Revenue (EV/Rev)		 6.86 8.29 7.33 6.95 12.85 9.01 8.97 7.74 6.29 9.42 6.86
Enterprise Value to EBITDA (EV/EBITDA)		 12.85 15.73 15.09 12.28 25.98 16.73 21.98 21.93 11.15 17.18 13.50
Enterprise Value to EBIT (EV/EBIT)		 15.54 19.81 20.35 15.17 37.04 21.29 30.10 31.80 12.82 19.85 15.84
Enterprise Value to NOPAT (EV/NOPAT)		 20.65 31.07 33.73 24.33 119.76 41.73 42.93 44.61 19.87 30.04 24.40
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.04 7.34 5.80 5.82 0.00 0.00 44.10 0.00 81.69 30.07 25.26
Enterprise Value to Free Cash Flow (EV/FCFF)		 12.00 2.33 2.02 8.05 0.00 0.00 26.31 44.00 0.00 337.43 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.04 0.04 0.04 0.03 0.06 0.06 0.06 0.06 0.05 0.05 0.05
Long-Term Debt to Equity		 0.04 0.04 0.03 0.03 0.06 0.06 0.06 0.06 0.05 0.05 0.05
Financial Leverage		 -0.76 -0.45 -0.38 -0.61 -0.77 -0.75 -0.70 -0.69 -0.71 -0.71 -0.69
Leverage Ratio		 1.14 1.12 1.08 1.08 1.14 1.14 1.11 1.12 1.13 1.13 1.12
Compound Leverage Factor		 1.30 -1.20 -1.26 1.16 0.97 1.25 -0.58 1.32 1.07 2.60 -1.28
Debt to Total Capital		 3.44% 3.41% 3.38% 3.27% 5.53% 5.44% 5.42% 5.30% 5.04% 4.90% 4.86%
Short-Term Debt to Total Capital		 0.01% 0.01% 0.01% 0.01% 0.02% 0.03% 0.03% 0.03% 0.05% 0.11% 0.18%
Long-Term Debt to Total Capital		 3.43% 3.40% 3.37% 3.26% 5.50% 5.41% 5.39% 5.27% 4.99% 4.78% 4.68%
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		 96.56% 96.59% 96.62% 96.73% 94.47% 94.56% 94.58% 94.70% 94.96% 95.10% 95.14%
Debt to EBITDA		 0.33 0.38 0.44 0.32 0.96 0.69 0.90 1.00 0.43 0.43 0.45
Net Debt to EBITDA		 -7.30 -8.20 -8.59 -6.41 -10.65 -7.25 -9.25 -10.54 -4.67 -4.76 -4.92
Long-Term Debt to EBITDA		 0.33 0.38 0.44 0.32 0.95 0.69 0.89 0.99 0.42 0.42 0.44
Debt to NOPAT		 0.53 0.75 0.99 0.63 4.42 1.72 1.75 2.03 0.76 0.75 0.82
Net Debt to NOPAT		 -11.73 -16.19 -19.21 -12.70 -49.12 -18.09 -18.06 -21.44 -8.33 -8.32 -8.89
Long-Term Debt to NOPAT		 0.52 0.75 0.99 0.63 4.40 1.71 1.74 2.02 0.75 0.74 0.79
Altman Z-Score		 9.08 9.97 10.60 12.66 10.35 8.23 9.49 7.67 8.92 13.06 10.98
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.49 3.51 4.14 4.88 4.57 3.32 4.10 3.17 4.05 3.56 3.76
Quick Ratio		 3.45 3.47 3.80 4.67 4.17 3.04 3.46 2.53 3.60 3.04 2.81
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 10 65 63 16 -5.87 -4.69 2.21 2.30 -6.45 -7.01 -11
Operating Cash Flow to CapEx		 18,717.83% -997.37% -6,015.25% 6,032.10% 530.25% 0.00% -481.05% 284.08% 6,132.65% 2,019.22% -12,058.33%
Free Cash Flow to Firm to Interest Expense		 265.99 1,301.32 1,330.48 299.32 -103.04 -43.44 19.95 21.07 -58.08 -64.34 -99.70
Operating Cash Flow to Interest Expense		 753.51 -15.16 -151.02 93.96 11.07 -11.37 -4.12 8.18 27.07 52.06 -13.28
Operating Cash Flow Less CapEx to Interest Expense		 749.49 -16.68 -153.53 92.40 8.98 -11.37 -4.97 5.30 26.63 49.48 -13.39
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.19 0.16 0.15 0.18 0.11 0.14 0.14 0.15 0.20 0.20 0.21
Accounts Receivable Turnover		 11.63 16.34 8.85 11.42 8.29 6.19 9.83 7.86 22.42 5.96 11.71
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.35 3.07 2.50
Fixed Asset Turnover		 10.16 0.72 0.65 5.38 4.37 4.46 3.92 4.26 6.67 6.89 7.38
Accounts Payable Turnover		 2.40 2.28 4.64 3.93 4.66 3.25 6.01 3.70 4.60 3.60 8.00
Days Sales Outstanding (DSO)		 31.39 22.34 41.24 31.96 44.00 58.95 37.15 46.42 16.28 61.25 31.17
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 109.10 118.88 145.83
Days Payable Outstanding (DPO)		 151.89 159.95 78.72 92.92 78.31 112.43 60.74 98.57 79.35 101.31 45.62
Cash Conversion Cycle (CCC)		 -120.49 -137.61 -37.48 -60.95 -34.31 -53.48 -23.59 -52.15 46.02 78.81 131.39
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 23 27 37 37 29 33 34 37 42 41 44
Invested Capital Turnover		 0.88 0.34 0.27 0.51 0.55 0.63 0.53 0.53 0.81 0.79 0.76
Increase / (Decrease) in Invested Capital		 -5.51 -66 -63 -13 5.91 5.99 -2.49 -0.05 12 8.31 9.87
Enterprise Value (EV)		 158 166 135 154 187 168 169 151 181 274 205
Market Capitalization		 247 253 212 234 264 241 240 224 256 350 280
Book Value per Share		 $4.71 $4.75 $4.74 $4.87 $4.92 $4.99 $5.00 $5.11 $5.39 $5.55 $5.58
Tangible Book Value per Share		 $4.71 $4.75 $4.74 $4.87 $4.92 $4.99 $5.00 $5.11 $5.39 $5.55 $5.58
Total Capital		 117 117 118 121 125 127 127 130 137 140 141
Total Debt		 4.02 4.00 3.98 3.96 6.92 6.91 6.90 6.89 6.89 6.88 6.87
Total Long-Term Debt		 4.01 3.99 3.97 3.95 6.89 6.87 6.87 6.86 6.82 6.72 6.62
Net Debt		 -90 -87 -77 -80 -77 -73 -71 -73 -76 -76 -75
Capital Expenditures (CapEx)		 0.16 0.08 0.12 0.08 0.12 0.00 0.10 0.31 0.05 0.28 0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -7.92 -7.99 -2.13 -2.16 -2.76 -1.55 -0.62 -0.93 6.46 1.42 3.26
Debt-free Net Working Capital (DFNWC)		 27 24 20 24 23 20 20 20 29 20 20
Net Working Capital (NWC)		 27 24 20 24 23 20 20 20 29 20 20
Net Nonoperating Expense (NNE)		 -0.71 -0.98 -0.35 -0.49 -1.02 -0.77 -0.39 -0.57 -0.77 -2.64 -1.81
Net Nonoperating Obligations (NNO)		 -90 -87 -77 -80 -89 -88 -86 -86 -88 -93 -90
Total Depreciation and Amortization (D&A)		 0.79 0.49 0.58 0.52 0.56 0.49 0.51 0.59 0.52 0.53 0.62
Debt-free, Cash-free Net Working Capital to Revenue		 -34.43% -39.83% -11.55% -9.78% -18.90% -8.34% -3.27% -4.74% 22.49% 4.88% 10.91%
Debt-free Net Working Capital to Revenue		 117.26% 119.40% 110.54% 107.88% 159.43% 109.47% 106.06% 100.26% 99.41% 70.25% 67.08%
Net Working Capital to Revenue		 117.22% 119.35% 110.48% 107.83% 159.22% 109.29% 105.88% 100.08% 99.19% 69.69% 66.23%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.24 $0.01 $0.01 $0.14 $0.04 $0.09 $0.00 $0.12 $0.27 $0.16 $0.03
Adjusted Weighted Average Basic Shares Outstanding		 23.95M 23.99M 24.02M 24.05M 24.03M 24.08M 24.09M 24.09M 24.08M 24.07M 24.08M
Adjusted Diluted Earnings per Share		 $0.24 $0.01 $0.01 $0.14 $0.03 $0.09 $0.00 $0.12 $0.27 $0.16 $0.03
Adjusted Weighted Average Diluted Shares Outstanding		 24.16M 24.09M 24.14M 24.17M 24.11M 24.15M 24.15M 24.14M 24.14M 24.16M 24.20M
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		 23.84M 23.99M 24.05M 24.05M 24.09M 24.08M 24.09M 24.08M 24.07M 24.08M 24.08M
Normalized Net Operating Profit after Tax (NOPAT)		 4.86 -0.82 -0.16 2.80 0.04 1.29 -0.27 2.25 5.83 1.30 -1.00
Normalized NOPAT Margin		 44.68% -61.13% -5.42% 40.72% 1.12% 24.03% -8.54% 29.59% 46.43% 22.59% -24.97%
Pre Tax Income Margin		 68.36% 21.57% 9.30% 64.24% 36.61% 52.02% 4.97% 50.66% 70.22% 90.54% 26.93%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 166.92 -5.42 -5.13 79.38 25.35 23.61 -2.74 30.02 83.83 20.75 -8.64
NOPAT to Interest Expense		 124.63 -16.38 -3.46 53.87 0.66 11.98 -2.46 20.64 52.53 11.92 -9.15
EBIT Less CapEx to Interest Expense		 162.90 -6.94 -7.64 77.83 23.26 23.61 -3.59 27.14 83.39 18.17 -8.75
NOPAT Less CapEx to Interest Expense		 120.61 -17.90 -5.97 52.32 -1.43 11.98 -3.32 17.76 52.09 9.34 -9.26
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 3.00% 0.00% 0.00% 5.00% 3.64% 4.12%

Financials Breakdown Chart

Key Financial Trends

Pure Cycle’s latest quarter showed a mixed picture: Q2 fiscal 2025 was profitable on an accounting basis, but operating cash flow was negative and revenue fell sharply from the prior quarter. Over the last four years, the company has generally remained profitable, but results have been uneven and heavily influenced by interest and investment income.

  • Q2 2025 net income was $809,000, and diluted EPS came in at $0.03.
  • Gross margin remained solid in Q2 2025: revenue of $4.0 million versus cost of revenue of $2.5 million left gross profit of about $1.5 million.
  • Pure Cycle still has a strong balance sheet with $16.8 million in cash and equivalents and $134.4 million in total equity at the end of Q2 2025.
  • Debt remains modest relative to assets, with $6.9 million in total debt versus $149.7 million in total assets.
  • Long-term investments remain substantial at $64.8 million, giving the company a significant pool of financial assets.
  • Other income continues to play a major role in profitability, especially interest and investment income, which can make earnings more volatile quarter to quarter.
  • Q1 2025 was much stronger than Q2 2025, with net income of $3.9 million and operating cash flow of $5.7 million, showing the business can swing materially from quarter to quarter.
  • Revenue has been inconsistent over the last year, ranging from $12.6 million in Q4 2024 to $4.0 million in Q2 2025.
  • Operating cash flow was negative in Q2 2025 at $(1.4) million, a notable deterioration from positive operating cash flow in Q1 2025.
  • Q2 2025 operating income was a loss of $1.3 million, suggesting core operations did not cover operating expenses during the quarter.

Looking at the trend over the past four years, Pure Cycle has generally posted positive earnings, but the consistency of those profits is weaker than it first appears. Many quarters have been supported by investment-related income or other non-operating items, while operating performance has moved up and down more sharply.

Revenue trend: revenue rose meaningfully in several periods, including Q4 2024 at $12.6 million, but the latest quarter fell back to $4.0 million. Earlier quarters in fiscal 2024 and 2023 were also highly variable, with revenue ranging from roughly $1.3 million to $10.9 million depending on the quarter.

Profitability trend: the company has often generated net income, including $6.6 million in Q4 2024 and $3.9 million in Q1 2025, but Q2 2025 dropped to $809,000. More importantly, operating income has been inconsistent, with strong quarters offset by quarters like Q2 2025 and Q2 2024 that were negative at the operating level.

Cash flow trend: operating cash flow has been volatile. Some quarters, like Q1 2025 and Q4 2024, produced solid operating cash generation, while others, including Q2 2025 and several earlier periods, were negative. That suggests investors should not assume earnings automatically translate into cash.

Balance sheet trend: Pure Cycle has maintained a fairly conservative leverage profile. Equity has stayed above $120 million throughout the period shown, while liabilities have generally remained in the mid-to-high teens as a percentage of assets. Cash and investments also give the company a cushion, even though cash declined in Q2 2025 from Q1 2025.

Bottom line: Pure Cycle looks financially stable and asset-rich, but its core operations are uneven and quarterly results can swing widely. For retail investors, the key question is whether the company can produce more consistent operating income and operating cash flow without relying so heavily on non-operating income.

06/15/26 05:20 AM ETAI Generated. May Contain Errors.

Pure Cycle Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Pure Cycle's fiscal year ends in August. Their fiscal year 2024 ended on August 31, 2024.

Pure Cycle's net income appears to be on an upward trend, with a most recent value of $11.61 million in 2024, rising from $9.62 million in 2022. The previous period was $4.70 million in 2023. See where experts think Pure Cycle is headed by visiting Pure Cycle's forecast page.

Pure Cycle's total operating income in 2024 was $12.24 million, based on the following breakdown:
  • Total Gross Profit: $19.76 million
  • Total Operating Expenses: $7.52 million

Over the last 2 years, Pure Cycle's total revenue changed from $23.00 million in 2022 to $28.75 million in 2024, a change of 25.0%.

Pure Cycle's total liabilities were at $17.65 million at the end of 2024, a 17.8% increase from 2023, and a 8.7% increase since 2022.

In the past 2 years, Pure Cycle's cash and equivalents has ranged from $22.11 million in 2024 to $34.89 million in 2022, and is currently $22.11 million as of their latest financial filing in 2024.

Over the last 2 years, Pure Cycle's book value per share changed from 4.71 in 2022 to 5.39 in 2024, a change of 14.3%.


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Financial statements for NASDAQ:PCYO last updated on 4/21/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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CODE RED: AI Meltdown Imminent?
After correctly predicting the 2008 and 2020 stock market meltdowns, I believe this AI company is about to tri...
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SpaceX is chump change compared to Elon’s $20T ‘iPhone’
Early Apple investors saw peak gains as high as 7,537% after the iPhone launched. Now, multiple insider source...
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The roadshow starts Monday. This stock isn't ready.
The SpaceX roadshow kicks off June 8. Goldman Sachs, the lead underwriter, will present the full S-1 to the wo...
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Trump just signed it
A recent policy development is drawing attention from income-focused investors. According to one analyst, c...
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