What is Pure Cycle's net debt?

Pure Cycle (PCYO) reported net debt of $3.15M in Q4 2025.

How has Pure Cycle's net debt changed year-over-year?

Pure Cycle's net debt increased by 133.0% year-over-year, from -$9.56M to $3.15M.

What is the long-term trend for Pure Cycle's net debt?

Over 4 years (2021 to 2025), Pure Cycle's net debt has grown at a -6.7% compound annual growth rate (CAGR), from -$20M to -$15.13M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Pure Cycle PCYO Net debt

Discontinued — last reported Q2 '26

Net debt at other companies

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1.1×-0.3×

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6×+1.6×

HES

Hess MidstreamHESM

3.1×-0.1×

Helen Of TroyHELE

4.8×+2.6×

CorMedixCRMD

-0.9×—

Hyster-Yale Materials Handling, Inc.HY

27.5×+26.1×

Other financials

Income statement

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Revenue$5.2M+29.4%

Gross profit$2.8M+82.3%

Operating income$263.0K+120%

Net income$1.1M+36.6%

EPS (diluted)$0.05+66.7%

Balance sheet

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Cash & equivalents$4.8M-70.8%

Total debt$8.0M+15.1%

Total equity$148.7M+10.6%

Total assets$166.6M+11.3%

Cash flow

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Operating cash flow-$4.2M—

CapEx$303.0K+2,425%

Free cash flow-$4.5M—

Valuation

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Market cap$258.15M+3.7%

Where this comes from

Calculated from Pure Cycle’s reported figures.

$8.0Mtotal debt−$4.8Mcash and equivalents=$3.15M

The official record: Pure Cycle’s 10-Q, filed April 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Pure Cycle's net debt?: Pure Cycle (PCYO) reported net debt of $3.15M in Q4 2025.
How has Pure Cycle's net debt changed year-over-year?: Pure Cycle's net debt increased by 133.0% year-over-year, from -$9.56M to $3.15M.
What is the long-term trend for Pure Cycle's net debt?: Over 4 years (2021 to 2025), Pure Cycle's net debt has grown at a -6.7% compound annual growth rate (CAGR), from -$20M to -$15.13M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.