Pure Cycle Corporation (PCYO) Stock

Pure Cycle Corporation (PCYO) is a Utilities stock trading at $11.31 (as of 2026-08-21), with a market capitalization of $272.66M and a trailing P/E of 18.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Pure Cycle Corporation designs, constructs, operates, and maintains water and wastewater systems in the Denver metropolitan area and Colorado Front Range, including wholesale water production, storage, treatment, and distribution and wastewater collection and treatment. It also supports land development and serves domestic, commercial, and industrial customers in the region.

Understand Pure Cycle Corporation: how it makes money

Pure Cycle Corporation designs, constructs, operates, and maintains water and wastewater systems, selling wholesale water and wastewater services (including taps and customer connections) while also developing land for master-planned communities and related housing, which can generate lot sales and tap-related revenue.

Profit generation depends on converting water and wastewater infrastructure activity into customer connection growth and water deliveries, then tying that demand to land development progress that supports tap units and lot sales.

Revenue by segment (latest quarter)
Wholesale Water	$0.0B
Land Dev	$0.0B

Business quality (Weak): The business model is clear from the description, but the provided financial snapshot shows revenue of 0.0B for the latest period, and the segment revenue breakdown in the provided facts is also 0.0B, limiting confidence in segment-level conclusions.

Valuation: At 20× earnings, PCYO trades 11% below the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

Water system activity is measurable and ongoing: Water delivered is listed at 272.0 (Acre-Feet), and customer connections are listed at 3600.
Some downstream demand appears supported by development and rentals: Single-Family Rental Occupancy Rate is listed at 100.0 percent, with 19.0 single-family rental homes completed and rented.

Bear case

Reported revenue is 0.0B in the latest financial period provided: For the period 2026-02-28, revenue_b is shown as 0.0B and both provided segment revenues are also shown as 0.0B.
Key revenue categories tied to development appear small or not yet reflected in the segment revenue facts: Several development-related revenue candidates are listed at very small values (for example, lot sales revenue and tap fee items), and multiple resource-development segment revenue candidates are 0.0.

Valuation — source: SEC EDGAR (first-party)
Price	$11.31
Market Cap	$272.66M
P/E Ratio	18.5
EV / EBITDA	18.1
Price / Book	1.80
Price / Sales	8.08
DCF Value (model)	$2.99
DCF Upside vs Price	-73.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$26.09M
Net Margin	50.3%
Revenue Growth (YoY)	60.0%
EPS Growth (YoY)	33.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	8.55 (safe)
Piotroski F-Score	5/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	18.5
Sector P/E (Utilities)	20.8
Industry P/E (Utilities)	20.1
vs Sector	-11.2%
vs Industry	-7.8%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	MAGNOLIA GROUP, LLC ($19.26M)
Institutional Holders Tracked	10

Company
Sector	Utilities
Industry	Utilities
CEO	Mark W. Harding
Employees	39
Country	US
IPO Date	1994-04-13

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.