Pure Cycle (PCYO) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Pure Cycle

NasdaqCM•Utilities•Utilities - Regulated Water

$11.06-0.13(-0.01%)Pre-market

Market Cap

$266.35M

P/E

18.1x

P/S

7.9x

P/B

1.8x

Pure Cycle Corporation provides water and wastewater services in the United States. It operates in three segments: Water and Wastewater Resource Development, Land Development, and Single-Family Rental. The company engages in the wholesale water production, storage, treatment, and distribution systems; wastewater collection and treatment systems; development of land into master planned communities; and construction and leasing of single-family homes. It serves domestic, commercial, and industrial customers. Pure Cycle Corporation was incorporated in 1976 and is headquartered in Watkins, Colorado.

How this company scores

GoodMetricSide Score: 71/100

Strongest: Profitability (21/25); weakest: Cash & Earnings Quality (11/25).

Profitability21/25

Growth21/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality11/25

Strengths

Growing revenueStrong marginsLow leverageInterest easily covered

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 18.1x5y range 17.1x – 56.5x

Currently below its 20-quarter median.

P/S · 7.9x5y range 7.9x – 21.5x

Currently below its 20-quarter median.

P/B · 1.8x5y range 1.7x – 3.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $266.35M

Metrics at a Glance

as of May 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $33.73M
Q. Revenue: $8.22M
TTM EBITDA: $15.07M
TTM Op. Income: $12.70M
Q. Op. Income: $2.11M
TTM Net Income: $14.73M
Q. Net Income: $2.95M
EPS: $0.12
Shares Out.: $24.10M

$33.73M in TTM revenue grew 22.9% YoY, reaching $8.22M last quarter. TTM EBITDA of $15.07M and TTM operating income of $12.70M show growth is flowing through to the bottom line. TTM net income of $14.73M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 52.1%
EBITDA Margin: 33.3%
Op. Margin: 25.7%
Net Margin: 35.9%

Op. margin of 25.7% is down 0.2% YoY — costs are rising relative to revenue. Net margin at 35.9% and gross margin of 52.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 1% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 18.1x
P/S Ratio: 7.9x
P/B Ratio: 1.8x

At 18.1x P/E, the stock trades within typical market levels. P/S of 7.9x and P/B of 1.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $175.98M
Cash: $8.44M
Long-Term Debt: $12.67M
Book Value: $151.58M
D/E Ratio: 0.1
Debt/EBITDA: 4.6

With $175.98M in assets and $12.67M in long-term debt, D/E is 0.1and book value is $151.58M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 75% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $3.47M
TTM Free Cash Flow: $6.54M
FCF Margin: 19.4%
FCF / Net Income: 0.4

TTM FCF of $6.54M on $3.47M in operating cash flow. The FCF / Net Income ratio of 0.4x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is up 1% — an improving trend.