CADIZ INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CADIZ INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	0.41	0.44	0.44	0.44	0.54	0.56	1.5	1.99	9.61	16.3
Cost of revenue						0	2.07	2.89	7.3	11.2
Gross profit						0.56	-0.57	-0.9	2.31	5.15
General and administrative	9.33	12.8	11.4	12.2	11.9	17.7	15.3	18.8	24.3	29.5
Operating income	-9.21	-12.6	-11.2	-12	-11.8	-17.5	-16.6	-20.9	-23.2	-25.6
Interest expense		17.8	15.3	17.1	11.5	11.4	8.26	4.94	7.88	8.58
Interest income		0.05	0.22	0.23	0.03	0
Pre-tax income	-26.3	-33.9	-26.3	-29	-35.6	-30.3	-24.8	-31.4	-31.1	-34.1
Income tax	0	0	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Net income	-26.3	-33.9	-26.3	-29.5	-37.8	-31.2	-24.8	-31.4	-31.1	-34.2
EBITDA	-8.92	-12.4	-11	-11.7	-11.4	-17.1	-15.9	-19.7	-22	-24.3
EPS, basic	-1.41	-1.50	-1.09	-1.11	-1.11	-0.84	-0.60	-0.56	-0.53	-0.48
EPS, diluted	-1.41	-1.50	-1.09	-1.11	-1.11	-0.84	-0.60	-0.56	-0.53	-0.48
Shares, basic (weighted)					0.03	0.04
Shares, diluted (weighted)	18.7	22.5	24	0.03	0.03	0.04

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	12.2	13	12.6	15.7	7.29	11	10	4.5	17.3	8.6
Receivables	0.04	0.04	0.04	0.05	0.06	0.27	0.45	0.9	4.59	5.61
Inventory						0	0.32	2.11	3.02	1.14
Other current assets	3.39	0.41	0.41	0.39	0.69	0.69	0.38	0.51	0.89	0.7
Total current assets	15.6	13.5	13	16.1	8.04	13.2	12.4	8.02	25.8	16.1
Property, plant and equipment	44.2	45.3	46.6	49.9	53.5	78.9	84.1	87.2	88.4	95.4
Lease right-of-use assets				0.06	0.02	3.28	0.43	0.43	3.75	3.39
Goodwill	3.81	3.81	3.81	3.81	3.81	3.81	5.71	5.71	5.71	5.71
Other non-current assets	3.5	3.95	3.87	4.12	4.53	4.3	5.03	5.44	10.3	17.2
Total assets	67.1	66.5	69.3	76.7	74.4	112	111	107	134	141
Accounts payable	0.44	0.41	0.23	0.19	0.55	0.29	1.11	1.25	2.26	3.78
Accrued liabilities	3.95	2.28	2.07	4.54	0.67	0.81	1.55	1.17	8	2.37
Deferred revenue							0	0.37	1.23	0.31
Short-term debt	0.17	1.41	0.06	0.03	0.05	0.11	0.14	0.18	0.12	0.05
Total current liabilities	4.56	6.49	4.14	4.81	3.14	2.51	5.64	5.84	14.4	13.2
Long-term debt	102	124	136	138	78.6	46.5	49	37.7	56.7	72.7
Lease liabilities			14.4	15.7	0	3.26	0.32	0.32	3.47	3.12
Other non-current liabilities				0.02	0	0.03	0.04	0.04	0.05	0.05
Total liabilities	121	145	156	159	99.7	71.9	76.6	67.4	101	118
Total debt	125	147	155	138	79	50.2	50.3	38.4	60.6	78.3
Paid-in capital	355	365	384	419	514	614	637	679	709	715
Retained earnings	-410	-444	-470	-502	-539	-573	-603	-640	-676	-692
Shareholders' equity	-54.3	-78.7	-86.2	-82.1	-25.3	40.6	34.2	40	34	23.3
Total equity	-54.3	-78.7	-86.2	-82.1	-25.3	40.6	34.2	40	34	23.3
Total liabilities and equity	67.1	66.5	69.3	76.7	74.4	112	111	107	134	141
Shares outstanding	21.8	23	24.7	28.5	36.9	43.7	55.8	66.7	75.4	83.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-26.3	-33.9	-26.3	-29.5	-37.8	-31.2	-24.8	-31.4	-31.1	-34.2
Depreciation and amortization	0.29	0.27	0.26	0.27	0.38	0.42	0.65	1.25	1.21	1.26
Stock-based compensation	1.3	2.3	0.47	0.56	2.1	4.75	1.88	1.5	4.61	5.3
Change in receivables	0.15	0	-0	-0.01	-0.01	-0.22	-0.18	-0.45	-3.68	-1.02
Change in inventory							-0.24	-1.79	-0.91	1.88
Change in payables	0.13	-0.08	-0.1	-0.07	0.13	-0.09	0.11	0.94	-0.39	0.77
Cash from operations	-9.51	-10.5	-12.2	-13.7	-13.4	-15.3	-18.6	-20.9	-21.5	-18.9
Capital expenditures		-1.01	-1.73	-1.6	-5.73	-22.9	-3.38	-5.79	-0.93	-7.58
Purchases of investments			-2	0	-1	0	-0.75	0
Cash from investing		-1.01	-3.73	-2.5	-9.84	-23.5	-4.12	-5.79	-1.18	-12.6
Debt issued	8	57.3		0	0.15	50.1	0.29	0.23	20	15
Debt repaid	-10.6	-44.9	-0.06	-0.06	-0.04	-77.6	-0.17	-15.2	-0.18	-0.13
Stock issued	10.5		15.5	19.4	14.8	32.5	21.6	38.5	22.1	18.3
Dividends paid					0	-1.45	-5.11	-5.11	-5.11	-5.11
Cash from financing	19	12.3	15.4	19.3	14.9	51.2	16.6	17.6	35.5	25.4
Net change in cash	9.48	0.86	-0.47	3.13	-8.39	12.4	-6.07	-9.15	12.8	-6.07
Free cash flow		-11.5	-13.9	-15.3	-19.2	-38.2	-22	-26.7	-22.5	-26.5
Interest paid									1.5	1.7
Income taxes paid	0	0	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $21.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.1%	Gross profit / revenue.
Operating margin	-236.1%	Operating income / revenue.
EBITDA margin	-224.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-310.9%	Pre-tax income / revenue.
Net margin	-311.0%	Net income / revenue.
FCF margin	-263.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-220.3%	Cash from operations / revenue.
Return on equity (ROE)	-789.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-27.3%	Net income / average total assets.
Return on invested capital (ROIC)	-25.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	36.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	43.4%	Capital expenditures / revenue.
D&A / revenue	12.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	69.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	121.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	97.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	122.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-31.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-12.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	4.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.16x	Current assets / current liabilities.
Quick ratio	0.88x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.54x	(Cash + short-term investments) / current liabilities.
Debt / equity	18.6x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	64.5%	Total debt / total assets.
Liabilities / assets	96.5%	Total liabilities / total assets.
Net debt	$81.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-2.81x	Operating income / interest expense.
Working capital	$1.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.09x	Revenue / average total assets.
Fixed asset turnover	0.12x	Revenue / average property, plant and equipment.
Inventory turnover	4.37x	Cost of revenue / average inventory.
Days inventory	83 days	365 x average inventory / cost of revenue.
Receivables turnover	3.48x	Revenue / average receivables.
Days sales outstanding	105 days	365 x average receivables / revenue.
Days payables	94 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	95 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
Book value per share	$0.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.01	Tangible book value / shares outstanding.
Cash per share	$0.06	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.86B	Share price x shares outstanding.
Enterprise value	$1.94B	Market cap + total debt - cash - short-term investments.
P/S	157x	Market cap / revenue.
P/B	398x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	164x	Enterprise value / revenue.
FCF yield	-1.7%	Free cash flow / market cap.
Earnings yield	-2.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.3%	Dividends paid over the period / market cap.
Shareholder yield	0.3%	(Dividends paid + share buybacks) / market cap.

What was CADIZ INC's revenue in fiscal 2025?

CADIZ INC reported revenue of $16.3M for fiscal 2025, 69.8% higher than the year before.

Was CADIZ INC profitable in fiscal 2025?

No. It reported a net loss of $34.2M.

How much free cash flow did CADIZ INC generate in fiscal 2025?

Cash from operations of $18.9M minus capital expenditures of $7.6M left free cash flow of -$26.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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