Pure Cycle Corporation
NASDAQ: PCYO · UTILITIES · UTILITIES - REGULATED WATER
Updated 2026-06-04
Pure Cycle Corporation (PCYO) Financial statements
SEC filings — annual and quarterly data.
Balance sheet — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $129.30M | $111.89M | $109.90M | $108.09M | $106.38M | $116.12M | $111.58M | $108.62M | $108.17M | $73.06M | $70.88M | $69.79M | $71.91M | $83.72M | $89.76M | $117.18M | $129.23M | $133.22M | $147.35M | $162.28M |
| Cash & equivalents | $374069.00 | $6.10M | $5.24M | $705083.00 | $12017.00 | $71795.00 | $1.62M | $2.45M | $1.75M | $37.09M | $4.70M | $5.58M | $11.57M | $4.48M | $21.80M | $20.12M | $34.89M | $26.01M | $22.11M | $21.93M |
| Current assets | $3.12M | $7.29M | $5.50M | $3.99M | $1.82M | $5.07M | $7.66M | $9.90M | $4.46M | $39.58M | $29.09M | $27.12M | $27.92M | $23.54M | $25.99M | $38.72M | $37.79M | $29.73M | $37.86M | $31.65M |
| Total liabilities | $89.23M | $54.05M | $56.73M | $60.32M | $63.92M | $68.83M | $81.46M | $70.85M | $17.14M | $2.98M | $1.88M | $2.28M | $2.45M | $8.99M | $7.72M | $14.44M | $16.23M | $14.98M | $17.65M | $19.54M |
| Current liabilities | $380046.00 | $183317.00 | $163863.00 | $138096.00 | $171322.00 | $658259.00 | $6.25M | $5.40M | $3.27M | $1.50M | $482208.00 | $940227.00 | $2.05M | $8.30M | $6.22M | $12.46M | $10.82M | $6.50M | $9.35M | $11.62M |
| Long-term debt | $27000.00 | — | — | — | — | — | $4.21M | $3.21M | $4.03M | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | $3.95M | $6.88M | $6.82M | $6.38M |
| Shareholder equity | $40.07M | $57.84M | $53.17M | $47.77M | $42.46M | $47.29M | $30.12M | $37.77M | $91.03M | $70.09M | $69.00M | $67.51M | $69.45M | $74.73M | $82.04M | $102.74M | $113.00M | $118.23M | $129.70M | $142.74M |
| Retained earnings | $-24.99M | $-31.90M | $-38.83M | $-44.56M | $-49.95M | $-55.96M | $-73.38M | $-77.53M | $-77.84M | $-100.97M | $-102.28M | $-103.99M | $-102.52M | $-97.71M | $-90.96M | $-70.85M | $-61.23M | $-56.53M | $-45.50M | $-32.79M |
| Accounts receivable | $167083.00 | $146585.00 | $136184.00 | $128177.00 | $135938.00 | $163267.00 | $4.66M | $7.30M | $1.68M | $306260.00 | $352930.00 | $879266.00 | $1.07M | $1.24M | $2.71M | $17.53M | $2.42M | $1.64M | $1.47M | $1.33M |
| Inventory | — | — | — | — | — | — | — | $0.00 | $699826.00 | $0.00 | $0.00 | $0.00 | $5.20M | $11.61M | $481451.00 | $608000.00 | — | $1.73M | $3.65M | $7.39M |
| Goodwill | — | — | — | — | — | — | — | $0.00 | — | $0.00 | $0.00 | $0.00 | $-7.96M | $-50.28B | — | — | — | $6.24M | — | — |
Frequently asked questions
What is Pure Cycle Corporation's revenue?
Pure Cycle Corporation's trailing twelve-month revenue is $30.64M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is PCYO?
In its most recent fiscal year, PCYO ran a gross margin of 61.45%, an operating margin of 29.40%, and a net margin of 50.25%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does PCYO generate?
PCYO produced $3.69M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is PCYO's balance sheet healthy?
PCYO holds $21.93M in cash and equivalents against $6.38M in long-term debt, on $142.74M of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.