PURE CYCLE CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PURE CYCLE CORP 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	0.45	1.23	6.96	20.4	25.9	17.1	23	14.6	28.7	26.1
Cost of revenue	0.53	0.8	4.16	13.9	18.3	6.4	6.63	6.55	8.99	10.1
Gross profit	-0.08	0.42	2.8	6.42	7.54	10.7	16.4	8.04	19.8	16
General and administrative	1.85	2.2	2.86	3.11	4.25	5.14	5.89	5.47	6.92	7.77
Operating income	-2.18	-2.13	-0.31	3	1.51	5.27	10.1	2.07	12.2	7.67
Interest expense								0.21	0.44	0.43
Interest income	0.24	0.26	0.21	0.3	0.18	0.06	0.03	1.02	2.84	3.27
Other non-operating income	0	-0.01	-0.01	0.03	0.04	0.1	0.06	1.51	0.2	0.3
Pre-tax income	-1.31	-1.71	0.13	3.53	8.92	26.6	12.7	6.22	15.6	17.5
Income tax	0	0	-0.28	-1.28	2.17	6.48	3.09	1.52	4.02	4.36
Income from continuing operations	-1.23	-1.68
Net income	-1.31	-1.71	0.41	4.81	6.75	20.1	9.62	4.7	11.6	13.1
EBITDA	-1.76	-1.4	0.59	4.28	3.24	7.04	12.2	4.23	14.3	9.97
EPS, basic	-0.06	-0.07	0.02	0.20	0.28	0.84	0.40	0.20	0.48	0.54
EPS, diluted	-0.06	-0.07	0.02	0.20	0.28	0.83	0.40	0.19	0.48	0.54
Shares, basic (weighted)	23.8	23.8	23.8	23.8	23.8	23.9	24	24	24.1	24.1
Shares, diluted (weighted)	23.8	23.8	23.9	24	24.1	24.1	24.2	24.1	24.1	24.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.7	5.58	11.6	4.48	21.8	20.1	34.9	26	22.1	21.9
Short-term investments	23.2	20.1	8.72	5.19	0
Receivables	0.18	0.66	1.07	1.1	1.12	1.53	2.43	1.09	1.47	1.33
Inventory		0	5.2	11.6
Other current assets	0.35	0.5	1.37	1.02	1	0.46	0.47	0.35	0.53	1
Total current assets	28.8	27.1	27.9	23.5	26	38.7	37.8	29.7	37.9	31.7
Property, plant and equipment	28.3	34.6	36.7	50.3	55.1	57.1
Lease right-of-use assets				0	0.2	0.12	0.14	0.36	0.16	0.01
Long-term investments	6.85	0.19	0.19	0
Other non-current assets	0.47	0.42	0.78	1.95	2.04	2.59	2.46	1.36	1.85	2.25
Total assets	70.9	69.8	71.9	83.7	89.8	117	129	133	147	162
Accounts payable	0.16	0.49	0.79	0.17	0.18	1.79	0.85	1.96	1.95	3.52
Accrued liabilities	0.24	0.38	0.85	1.1	1.39	1.22	2.03		5.16	4.34
Deferred revenue	0.06	0.06	0.36	3.99	1.64	2	4.28	1.66	2.17	3.36
Short-term debt										0.41
Total current liabilities	0.48	0.94	2.05	8.3	6.22	12.5	10.8	6.5	9.35	11.6
Long-term debt		0	0	0	0	0	3.95	6.89	6.82	6.38
Lease liabilities				0	0.12	0.04	0.06	0.24	0.09	0
Total liabilities	1.88	2.28	2.45	8.99	7.72	14.4	16.2	15	17.7	19.5
Total debt		0	0	0	0	0			6.89	6.79
Paid-in capital	171	171	172	172	173	174	174	175	175	175
Retained earnings	-102	-104	-103	-97.7	-91	-70.9	-61.2	-56.5	-45.5	-32.8
Other comprehensive income	0	-0.01	0.07	0	0
Shareholders' equity	69	67.5	69.5	74.7	82	103	113	118	130	143
Total equity	69	67.5	69.5	74.7	82	103	113	118	130	143
Total liabilities and equity	70.9	69.8	71.9	83.7	89.8	117	129	133	147	162
Shares outstanding	23.8	23.8	23.8	23.8	23.9	23.9	24	24.1	24.1	24.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1.31	-1.71	0.41	4.81	6.75	20.1	9.62	4.7	11.6	13.1
Depreciation and amortization	0.42	0.73	0.9	1.28	1.72	1.77	2.13	2.16	2.1	2.3
Stock-based compensation	0.22	0.23	0.32	0.34	0.52	0.5	0.6	0.54	0.44	0.32
Deferred income tax			0	-1.28	2.17	0.7	0.5	0.3		0.1
Change in receivables	-0.02	-0.48	-0.37	0	-0.02	-0.41	-0.89	1.33	-0.38	0.14
Change in inventory	0	0	-1.22	-5.02
Change in payables	-0.27	0.48	0.75	-0.37	0.19	1.55	-2.36	1.26	0.97	0.93
Cash from operations	-0.27	-1.05	0	3.53	20.7	3.46	17.5	-2.34	2.31	13.2
Capital expenditures	-0.47	-0.1	-0.45
Purchases of investments	6.86	0	-22.6	-52	-1.72
Sales and maturities of investments	2.84	9.79	34.1	55.7	6.91
Cash from investing	-32.1	1.93	5.7	-10.8	-3.45	-2.9	-6.67	-9.24	-4.83	-9.65
Stock issued	0	0	0.08	0.19	0.05	0.09	0.03
Share buybacks									-0.58	-0.4
Cash from financing	-0	-0	0.29	0.19	0.05	0.09	3.99	2.85	-0.61	-0.49
Net change in cash	-32.4	0.88	5.99	-7.09	17.3	0.65	14.8	-8.74	-3.13	3.02
Free cash flow	-0.74	-1.15	-0.44
Interest paid	0	0	0	0			0.06	0.14	0.42	0.41
Income taxes paid	0.29	0	0	0	1.02	0	5.26	0.95	2.06	4.35

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $10.87 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	62.0%	Gross profit / revenue.
Operating margin	37.7%	Operating income / revenue.
EBITDA margin	44.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	58.2%	Pre-tax income / revenue.
Net margin	43.7%	Net income / revenue.
Operating cash flow margin	22.5%	Cash from operations / revenue.
Effective tax rate	25.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.4%	Net income / average total assets.
Return on invested capital (ROIC)	6.1%	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	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	7.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-18.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-37.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	38.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-30.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-6.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	25.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	12.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	14.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	12.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	469.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-8.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.9%	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	12.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.53x	Current assets / current liabilities.
Quick ratio	1.07x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.83x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.09x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	8.0%	Total debt / total assets.
Liabilities / assets	13.9%	Total liabilities / total assets.
Net debt	$5.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.38x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	25.4x	Operating income / interest expense.
Working capital	$5.4M	Current assets - current liabilities.
Tangible book value	$151.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.
Receivables turnover	13.6x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.
Days payables	76 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.61	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.40	Revenue / diluted weighted shares.
Operating cash flow per share	$0.31	Cash from operations / diluted weighted shares.
Book value per share	$6.29	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.29	Tangible book value / shares outstanding.
Cash per share	$0.35	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$261.9M	Share price x shares outstanding.
Enterprise value	$267.6M	Market cap + total debt - cash - short-term investments.
P/E	17.8x	Market cap / net income. Only when net income is positive.
P/S	7.77x	Market cap / revenue.
P/B	1.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.73x	Market cap / tangible book value, when positive.
P/OCF	34.6x	Market cap / cash from operations, when positive.
EV/Sales	7.94x	Enterprise value / revenue.
EV/EBIT	21.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.8x	Enterprise value / EBITDA, when both are positive.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
PEG	1.69x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PURE CYCLE CORP's revenue in fiscal 2025?

PURE CYCLE CORP reported revenue of $26.1M for fiscal 2025, 9.3% lower than the year before.

Was PURE CYCLE CORP profitable in fiscal 2025?

Yes. Net income was $13.1M, a net margin of 50.3%.

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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