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Pure Cycle

PCYO

Pure Cycle Corporation is a diversified resource management company that provides wholesale water and wastewater services, develops master-planned land communities, and operates a single-family rental home portfolio.

Market cap
$258.08M+9.4%
Revenue$33.7M+22.9%
Net income$14.7M+8.2%
EPS (diluted)$0.61+10.9%
Trailing twelve months · change vs. prior year

Earnings

Next report

Date not yet announced

Financials

Q3 2026

Income statement

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Revenue$8.2M+60.0%
Gross profit$4.3M+31.6%
Operating income$2.1M+58.5%
Net income$2.9M+30.7%
EPS (diluted)$0.12+33.3%

Balance sheet

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Cash & equivalents$8.4M-41.4%
Total debt$14.1M+106%
Total equity$151.6M+10.9%
Total assets$176.0M+16.0%

Cash flow

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CapEx$74.0K

Valuation & ratios

Valuation

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Market cap$258.08M+9.4%
Enterprise value$263.77M+15.5%
P/E17.5×+0.2×
P/S7.7×-0.9×

Profitability

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Gross margin62%-4.4pp
Operating margin37.7%+3.0pp
Net margin43.7%-5.9pp

Returns & leverage

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Return on equity10.2%-0.3pp
Debt / equity0.1×0.0×
Current ratio1.5×-2.0×

Segments

By product

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Lot Sales$3.0M+19.0%
Metered Water And Wastewater Usage Fees$2.4M+500%
Water Tap Fee$1.9M+35.7%
Wastewater Tap Fee$400.0K+33.3%
Single Family Rentals$231.0K+76.3%

By segment

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Water And Wastewater Resource Development$4.7M+119%
Land Development$3.3M+15.7%

Competitors

Profile

Pure Cycle Corporation is a diversified resource management company that provides wholesale water and wastewater services, develops master-planned land communities, and operates a single-family rental home portfolio. The company leverages its extensive portfolio of water rights in the water-short Denver metropolitan area to add value to its land development projects, creating a vertically integrated business model. Its core value proposition lies in the strategic alignment of water utility infrastructure with residential and commercial land development along the rapidly growing I-70 corridor.

Competitive position

The company holds a unique competitive advantage in the Denver region by owning both the land and the scarce water rights required for development, allowing for more efficient timelines and pricing than traditional developers.

GeographiesUnited States, Colorado
Customer segmentsGovernmental Entities, Enterprise Homebuilders, Industrial Corporations, Retail Consumers
Business modelAsset-heavy, B2B Wholesale, Vertical Integration, Recurring Revenue
SuppliersDenver Basin Aquifers, Surface Water Rights, Construction Contractors, Building Material Suppliers (Steel, PVC, Concrete), Third-party Electric and Gas Utilities
CustomersRangeview Metropolitan District, National Homebuilders, Oil and Gas Exploration Companies, Residential Renters, Sky Ranch Community Authority Board
Listed1994
Employees38.0
CEOMark W. Harding
SectorUtilities
FilingsSEC EDGAR

FAQ

What is Pure Cycle's market cap?
Pure Cycle (PCYO) has a market capitalization of $258.1M and trades on NASDAQ.
What is Pure Cycle's revenue and profitability?
Pure Cycle generated $33.7M in trailing twelve-month revenue with net income of $14.7M, representing a net margin of 43.7%. Gross margin stands at 62.0%. These figures are based on the Q2 2026 filing.
Who are Pure Cycle's competitors?
Pure Cycle's key competitors include Global Water Resources, Inc., York Water Co, California Water Service, and others. These companies compete in similar markets and product categories.
Who does Pure Cycle partner with?
Pure Cycle's notable partners include Rangeview Metropolitan District, National Heritage Academy, Denver Water, and others.
What subsidiaries does Pure Cycle have?
Pure Cycle's subsidiaries include PCY Holdings, LLC.
Where is Pure Cycle headquartered?
Pure Cycle is headquartered in United States of America and employs approximately 38 people. It has been publicly traded since 1994.