Pure Cycle Corporation
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About the company
Pure Cycle Corporation provides water and wastewater services in the United States. It operates in three segments: Water and Wastewater Resource Development, Land Development, and Single-Family Rental. The company engages in the wholesale water production, storage, treatment, and distribution systems; wastewater collection and treatment systems; development of land into master planned communities; and construction and leasing of single-family homes.
- CEO
- Mark W. Harding
- IPO
- 1994
- Employees
- 44
- HQ
- Watkins, CO, US
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- Market Cap
- $284.11M
- P/E
- 19.33
- PEG
- 2.16
- P/S
- 8.42
- P/B
- 1.87
- EV/EBITDA
- 14.54
- Div Yield
- 0.00%
- Gross Margin
- 57.76%
- Op Margin
- 37.67%
- Net Margin
- 43.66%
- ROE
- 9.98%
- ROIC
- 6.60%
Latest fiscal year · YoY change
- Revenue
- $26.09M-9.3%
- Gross Profit
- $16.03M-18.9%
- Op Income
- $7.67M
- Net Income
- $13.11M+12.9%
- EPS
- $0.54+12.5%
- OCF Growth
- +495.1%
- FCF Growth
- +900.7%
- 52W High
- $12.44
- 52W Low
- $9.71
- 50D MA
- $10.86
- 200D MA
- $10.96
- Beta
- 1.23
- RSI (14)
- 71
- Avg Volume
- 70.36K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Pure Cycle said Q3 was strong, with revenue and gross profit up on early Phase 2 lot deliveries and strong water sales, while management highlighted improving liquidity and a longer-term monetization story tied to Sky Ranch, Lowry, and an eventual interchange.· July 9, 2026
- Q3 revenue was $8.2 million and gross profit was $4.3 million, implying about a 52% gross margin.
- Management said results were ahead of the typical seasonal schedule because Phase 2 development and lot deliveries moved earlier than expected.
- Water demand remained solid, with better-than-expected industrial water sales and strong tap fees from new phases coming online.
- The company scaled back its single-family rental expansion from about 100 homes to the high 60s/low 70s to better understand regulation and returns.
- Guidance stayed constructive: full-year gross revenue was reiterated at $20 million-$32 million and EPS around $0.50, with management expecting a strong finish to the year.
Q3 revenue was $8.2 million and gross profit was $4.3 million, for about a 52% gross margin. Management said net income and EPS were strong, though no specific EPS figure for the quarter was stated on the call. On a full-year basis, management reiterated gross revenues of $20 million-$32 million and EPS around $0.50, and said the company is a little ahead of schedule and expects a strong year-end finish. They also said tap fees should remain strong through this fiscal year and next, and that 2027 could see a step-up in tap-fee pricing of about 2.5%-3%.
Mark Harding struck an upbeat but value-focused tone, emphasizing that the company is monetizing highly appreciated water and land assets with low balance-sheet basis and strong long-term earning power. He repeatedly framed Sky Ranch, Lowry, and the planned interchange as optionality that could expand revenues materially over time, especially if commercial development follows residential buildout. He also said the stock appears mispriced relative to the asset value and that management will keep reinvesting and, as liquidity builds, become more aggressive with buybacks.
Marc Spezialy mainly facilitated the call and Q&A logistics, with the financial detail coming from Mark Harding rather than a traditional CFO script. In the questions, management said the interchange is expected to cost about $40 million and should be reimbursable through bonding capacity tied to mill levies and impact fees. They also said the receivable balance is about $59 million, that $8 million-$10 million could come back in 2027 from refinancing, and that another $25 million-$28 million could be repaid when Phase 3 bonds are issued around 2027-2028. Liquidity was said to have dipped in Q2 because of accelerated development, but is now strengthening again and may support more share repurchases.
An analyst asked whether the prior $675 million full-buildout asset estimate was still reasonable, and management walked through the math behind it, saying the value comes from 5,000 Sky Ranch connections, tap fees, and about $100,000 per lot economics. The analyst also asked about undeveloped water reserves, and management said roughly 30,000 AF remains, supported by additional farm acquisitions and a finalized water court decree. Another question focused on interchange reimbursement and the $59 million receivable balance; management said the project should be reimbursable, and that bond refinancing should bring cash back in chunks over the next three years. On tap and wastewater fees, management said recurring monthly fees rise modestly each year, while tap fees increase in steps and may see another increase in 2027.
The call reinforced a long-duration value story: management believes its low-basis water rights, land holdings, and service-area exclusivity can keep generating cash for years. Q3 showed strong execution, industrial water demand was healthy, tap fees were solid, and lot deliveries were running ahead of schedule. Management also pointed to improving liquidity, future bond reimbursements, and potential commercial upside from the interchange as catalysts.
Housing remains a headwind, with management citing consumer confidence issues and saying the market is not as strong as 2024. The single-family rental expansion was scaled back because of regulatory uncertainty and questions about returns, showing some caution in a newer growth area. The interchange and commercial upside are still dependent on permits, timing, and future development, so a lot of the longer-term value remains prospective rather than immediate.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 92.0%
- Shares Outstanding
- 24.10M
- Float Shares
- 22.18M
of shares held by institutions
112 13F filers
Buy/sell ratio 7.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 1.15M | ▼ 19.17K |
| Perritt Capital Management Inc | 43.53K | 0 |
| Leo Wealth, LLC | 22.30K | 0 |
| Jackson Hole Capital Partners, LLC | 13.70K | 0 |
| Cwm, LLC | 2.50K | ▲ 697 |
| California State Teachers Retirement System | 1.13K | ▼ 153 |
| Leo H. Evart, Inc. | 250 | ▲ 250 |
| Parkside Financial Bank & Trust | 95 | 0 |
| Sunbelt Securities, Inc. | 3 | ▲ 3 |
Held by 88 ETFs
Biggest fund positions in PCYO by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jan 14, 26 | Kozlowski Daniel R | other | 2,653 |
| Jan 14, 26 | Abel Wanda J | other | 2,653 |
| Jan 14, 26 | Roller Daniel J | other | 2,653 |
| Jan 14, 26 | Heitmann Susan Diane | other | 2,653 |
| Jan 14, 26 | BEIRNE PATRICK | other | 2,653 |
| Jan 14, 26 | Sheets Jeffrey G | other | 2,653 |
| Jan 14, 26 | FENDEL FREDERICK A. III | other | 2,653 |
| Jan 12, 26 | HARDING MARK W | other | 210,000 |
| Nov 17, 25 | Maran Capital Management, LLC | other | 0 |
| Nov 17, 25 | Maran Capital Management, LLC | other | 0 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our PCYO coverage
Recent articles, reports, and earnings notes.
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Generate PCYO report →Pure Cycle Corporation Announces Receipt of Notice to Nominate Director Candidates
globenewswire.com · Aug 7
Pure Cycle Spotlights Sky Ranch Cash Flows, Lowry Upside at Investor Day
marketbeat.com · Jul 16
Pure Cycle Corporation (PCYO) Analyst/Investor Day Transcript
seekingalpha.com · Jul 15
Pure Cycle Q3 Earnings Call Highlights
marketbeat.com · Jul 9
Pure Cycle Corporation (PCYO) Q3 2026 Earnings Call Transcript
seekingalpha.com · Jul 9
Pure Cycle Announces Financial Results For the Three and Nine Months Ended May 31, 2026 and Announces a Board of Directors Transition
globenewswire.com · Jul 8
Pure Cycle Corporation Announces Dates for Q3 2026 Earnings Presentation and Announces Annual Investor Day
globenewswire.com · Jun 30
Pure Cycle Corp (PCYO) Stock Down 5.3% -- Now Undervalued? GF Score: 78/100
gurufocus.com · Apr 10
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