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NASDAQ NMS - GLOBAL MARKET · Utilities · CIK 0000276720
$10.56
-0.66% · delayed ~15 min
Last price from Oct 21, 2026
$254.1M market value
From PURE CYCLE CORP's FY2025 10-K, filed Nov 12, 2025 · read the filing
PURE CYCLE supplies electricity, gas or water. It took in $26.1M last year, which makes it a small company. Of every dollar it sells, about 50 cents is left as profit.
The financial picture is led by profitability and debt, while growth remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Generally healthy, with a few things to watch.
From PURE CYCLE CORP's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Operating margin
42.6% → 29.4%
Profit margin
40.4% → 50.3%
Gross profit
$19.8M → $16.0M
Operating income
$12.2M → $7.7M
Measured against FY2024, from the 10-K filed Nov 12, 2025
Deteriorated: −13.2 pts
42.6% to 29.4%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
How the latest move compares (quote delayed ~15 min), and what was published around it
PCYO fell 0.66% on the latest quote. The average Utilities company tracked here moved +1.72%, and the S&P 500 −1.04%. That is 2.4 points below its sector and in line with the market.
No filing from PCYO and no news item about it appeared in the last 3 days.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 7 analysts covering this company, as of . Their views, not this site's.
Of 7 analysts publishing on this company, 2 say strong buy, 4 say buy and 1 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 50 cents of every dollar of sales as profit, earning $13.1M last year.
No. Sales shrank 9.3% last year.
No — it holds more cash than debt, with $15.1M left over after paying off every borrowing. For every $1 it owes, it owns $8.30 in assets.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $13.1M and generated $13.2M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Nov 12, 2025Filing for FY2025 | FY202410-K · Nov 12, 2025Filing for FY2024 | FY202310-K · Nov 13, 2024Filing for FY2023 | FY202210-K · Nov 14, 2022Filing for FY2022 | FY202110-K · Nov 14, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $26.1M | $28.7M | $14.6M | $23.0M | $17.1M | −9.3% |
| Cost of revenue | $10.1M | $9.0M | $6.5M | $6.6M | $6.4M | +11.9% |
| Gross profit | $16.0M | $19.8M | $8.0M | $16.4M | $10.7M | −18.9% |
| Gross marginGross profit ÷ revenueWhat is this? | 61.4% | 68.7% | 55.1% | 71.2% | 62.6% | −7.3 pts |
| Selling, general and administrative | $7.8M | $6.9M | $5.5M | $5.9M | $5.1M | +12.3% |
| Operating income | $7.7M | $12.2M | $2.1M | $10.1M | $5.3M | −37.3% |
| Operating marginOperating income ÷ revenueWhat is this? | 29.4% | 42.6% | 14.2% | 43.9% | 30.8% | −13.2 pts |
| Interest expense | $426.0K | $439.0K | $206.0K | — | — | −3.0% |
| Income before tax | $17.5M | $15.6M | $6.2M | $12.7M | $26.6M | +11.8% |
| Net income | $13.1M | $11.6M | $4.7M | $9.6M | $20.1M | +12.9% |
| Net marginNet income ÷ revenueWhat is this? | 50.3% | 40.4% | 32.2% | 41.8% | 117.4% | +9.9 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $0.5447 | $0.4826 | $0.1952 | $0.4011 | $0.8408 | +12.9% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 50,000 shares at $5.61 ($280.5K)
Holds 190,089 shares after this filing.
Had shares withheld to cover taxes — 25,271 shares at $11.10 ($280.5K)
Holds 164,818 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Had a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingHad a director or senior officer leave or join · Published results · Made a Regulation FD disclosure
Read the filingWrite down why you are following PURE CYCLE CORP, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from PCYO's 10-K for fiscal year 2025 (period ending 2025-08-31, filed Nov 12, 2025), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 7.3 | 6/9 | 10-K, filed Nov 12, 2025 |
| FY2024 | 10.0 | 6/8 | 10-K, filed Nov 13, 2024 |
| FY2023 | 6.0 | 3/8 | 10-K, filed Nov 15, 2023 |
| FY2022 | 10.0 | 7/8 | 10-K, filed Nov 14, 2022 |
| FY2021 | 6.0 | 6/9 | 10-K, filed Nov 10, 2021 |
| FY2020 | 10.0 | 8/9 | 10-K, filed Nov 10, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
6 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
8.14
In the safe zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +9.9 pts
40.4% to 50.3%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -18.9%
$19.8M to $16.0MSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: -37.3%
$12.2M to $7.7MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −7.3 pts
68.7% to 61.4%Significant
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: -9.3%
$28.7M to $26.1MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +12.9%
$11.6M to $13.1MNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +12.9%
$0.48 to $0.54Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: -7.3%
$6.9M to $6.4MNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Q3 FY2026 against Q3 FY2025, from the 10-Q filed Jul 8, 2026 — read it.
Improved: +60.0%
$5.1M to $8.2MCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +58.5%
$1.3M to $2.1MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −11.3 pts
63.4% to 52.1%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: −8.0 pts
43.9% to 35.9%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: +94.5%
$6.5M to $12.7MCritical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Deteriorated: -41.4%
$14.4M to $8.4MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +31.6%
$3.3M to $4.3MSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +30.7%
$2.3M to $2.9MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +30.5%
$0.09 to $0.12Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Q3 FY2026 against Q2 FY2026, from the 10-Q filed Jul 8, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +59.1%
$5.2M to $8.2MCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +53.9%
$2.8M to $4.3MCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +703.8%
$263.0K to $2.1MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +166.8%
$1.1M to $2.9MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +20.6 pts
5.1% to 25.7%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +14.5 pts
21.4% to 35.9%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +166.9%
$0.05 to $0.12Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +95.6%
$6.5M to $12.7MCritical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Improved: +75.3%
$4.8M to $8.4MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: −1.7 pts
53.9% to 52.1%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
2 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 1.9% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 23.4x — investors pay $23.4 for each $1 of trailing profit.
This company has not reported enough of the required figures to calculate this score.
Was granted or awarded shares — 1,123 shares
Holds 1,123 shares after this filing.
Was granted or awarded shares — 1,123 shares
Holds 1,123 shares after this filing.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Quarterly report for Q3 FY2026
Revenue +60.0% · Profit margin −8.0 pts · Operating income +58.5% — against Q3 FY2025
Had a director or senior officer leave or join
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingQuarterly report for Q2 FY2026
Revenue +29.4% · Operating margin +38.3 pts · Gross profit +82.3% — against Q2 FY2025
Read the filingSigned a material agreement · Had a director or senior officer leave or join · Held a shareholder vote · Made a Regulation FD disclosure
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingQuarterly report for Q1 FY2026
Revenue +58.8% · Operating margin +18.1 pts · Gross profit +70.5% — against Q1 FY2025
Read the filingProxy statement for a shareholder meeting
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingAnnual report for FY2025
Revenue -9.3% · Operating margin −13.2 pts · Profit margin +9.9 pts — against FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingQuarterly report for Q3 FY2025
Revenue -32.4% · Operating margin −14.4 pts · Operating income -56.5% — against Q3 FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingQuarterly report for Q2 FY2025
Revenue +25.0% · Operating margin −21.7 pts · Operating income $959.0K wider — against Q2 FY2024
Read the filingHeld a shareholder vote
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingQuarterly report for Q1 FY2025
Read the filingProxy statement for a shareholder meeting
Read the filingPure Cycle Q3 Earnings Call Highlights
Yahoo Finance ·
Primary sources and further research