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Pure Cycle Corporation

PCYOActive

CIK 276720 · Water Utilities

Pure Cycle Corporation is a public company in Regulated Water, tracked in the water utilities sub-sector, with $30.6M TTM revenue and $20.1M TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, PCYO filings, SEC EDGAR

$280

Market cap ($MM)

$283

Enterprise value ($MM)

$31

Revenue · LTM ($MM)

$20

EBITDA · LTM ($MM)

65%

EBITDA margin

9.2x

EV / revenue

14.1x

EV / EBITDA

0.2x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

  1. 01PCYO is a scaled public consolidator in Water Utilities, a benchmark for how the sub-sector buys, pays, and trades.
  2. 02The relevant peer set is AWK, WTRG, CWCO, CDZI, ARTNA, MSEX.

Balance sheet & capacity

Indicative capacity read: 0.2x net debt / EBITDA with EBITDA of $20.1MM.

$5

Cash & equiv. ($MM)

$8

Total debt ($MM)

$3

Net debt ($MM)

0.2x

Net debt / EBITDA

Valuation

Where it trades against its peer set

PCYO versus the scaled public Water Utilities comparables.

EV / EBITDA distribution · peer set

PCYO 14.1x

14.3xARTNA: 6.4x EV/EBITDAARTNACWT: 13.0x EV/EBITDACWTPCYO: 14.1x EV/EBITDAPCYOWTRG: 14.1x EV/EBITDAWTRGMSEX: 14.4x EV/EBITDAAWK: 14.4x EV/EBITDAAWR: 15.3x EV/EBITDAAWRCWCO: 15.7x EV/EBITDACWCO4.9x17.2x

Indexed share-price performance

PCYO versus available Water Utilities peers and SPY.

-30%

PCYO

-21%

Peer med.

+79%

SPY

19311945May 21Nov 23May 26PCYOpeer medianSPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

CompanyTickerRevenue ($MM)EBITDA ($MM)MarginMarket cap ($MM)EV ($MM)EV / revEV / EBITDANet debt / EBITDA
Pure Cycle CorporationPCYO$31$2065%$280$2839.2x14.1x0.2x
American Water Works Company, Inc.AWK$5,205$2,77153%$24,420$39,9817.7x14.4x5.1x
Essential Utilities, Inc.WTRG$2,553$1,34353%$10,628$18,9967.4x14.1x6.2x
Consolidated Water Co. Ltd.CWCO$132$2620%$527$4063.1x15.7x-4.9x
Artesian Resources CorporationARTNA$115$5245%$330$3282.9x6.4x3.5x
Middlesex Water CompanyMSEX$199$9648%$960$1,3867.0x14.4x3.9x
American States Water CoAWR$679$25738%$3,026$3,9345.8x15.3x3.0x
California Water Service GroupCWT$1,011$32432%$2,602$4,2014.2x13.0x5.1x
Water Utilities median$439$17747%$1,781$2,6606.4x14.3x3.7x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

PCYO's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

5

Active years

1

Named deals

5

Avg / active year

5.0

Acq. cash outflow ($MM)

N/A

Banker read

  • 01PCYO reads as a programmatic acquirer: 5 disclosed acquisitions across 1 active years, or 5.0 per active year. The chart shows activity in 0 of the last 1 visible years.
  • 02In the last three years, the file shows 0 acquisitions versus 0 in the prior three; recent activity is the visible baseline.
  • 03Spend changes the read: $735MM of disclosed spend is concentrated in lumpy years, with FY10 the largest year at $735MM. Recent spend is the visible baseline.

Annual acquisitions + disclosed spend

count spend named deal
1 deals$735MM10

PCYO count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

0 / 0

Last three years sets the visible baseline vs prior three.

Peak count year

FY10

0 disclosed acquisitions in the peak visible year.

Recent spend

$735MM

sets the visible baseline vs prior three; peak FY10 at $735MM.

Named evidence

5 rows

100% selected source-cited transaction coverage.

Selected transactions

DateTargetSegmentConsideration ($MM)Strategic rationaleSource
Aug 18, 2015Arkansas River FarmsWater utilities$46Until August 18, 2015, we owned approximately 51,000 acre feet of surface water rights in the Arkansas River together with approximately 14,600 acres of farm land in southeaster...10-K†
Aug 31, 2006HP A&MWater utilitiesN/AOn August 31, 2006, we acquired 60,000 acre-feet of Arkansas River water along with real property and other associated rights from HP A&M. Along with common stock issued to HP A...10-K†
Aug 31, 2006Arkansas River water acquisitionWater utilitiesN/AOn August 31, 2006 we acquired 60,000 acre-feet of Arkansas River water along with real property and other associated rights. As consideration for these assets we agreed to pay...10-K†
2010Sky Ranch acquisitionWater utilitiesN/AEscrow payment for Sky Ranch acquisition (735,000 ) — —10-K†
2010Well Enhancement and Recovery Systems LLCWater utilitiesN/AInvestment in Well Enhancement and Recovery Systems LLC — — (47,000 )10-K†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 10 SEC-backed facts across 5 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

19

Named deal filings

4

Recent SEC filings

10

Evidence clips

5

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.19 rows+
Fiscal yearFiling dateFormStatusCountCash spendPurchase considerationSource
FY2025Nov 12, 2025Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2024Nov 13, 2024Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2023Nov 15, 2023Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2022Nov 14, 2022Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2021Nov 10, 2021Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2020Nov 10, 2020Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2019Nov 12, 2019Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2018Nov 13, 2018Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2017Nov 15, 2017Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2016Oct 28, 2016Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2015Nov 9, 2015Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2014Nov 14, 2014Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2013Nov 27, 2013Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2012Nov 29, 2012Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2010Nov 12, 2010Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2009Nov 13, 2009Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2008Nov 14, 2008Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2007Nov 14, 2007Annual M&A 10-Kaccepted1N/AN/ASEC filing
FY2006Nov 21, 2006Annual M&A 10-Kaccepted1N/AN/ASEC filing
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.4 rows+
Filing dateFormTargets / topicsSupportSource
Nov 9, 201510-KArkansas River FarmsAnnual M&ANamed dealsSEC filing
Nov 12, 201010-KSky Ranch acquisition; Well Enhancement and Recovery Systems LLCAnnual M&ANamed dealsSEC filing
Nov 14, 200710-KHP A&MAnnual M&ANamed dealsSEC filing
Nov 21, 200610-KArkansas River water acquisitionAnnual M&ANamed dealsSEC filing
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+
Filing dateFormItemsDescriptionSupportSource
Apr 9, 20268-K2.02,7.01,9.018-KFinancialsRecent SECSEC filing
Apr 8, 202610-QN/A10-QRecent SECSEC filing
Apr 1, 202610-QN/AQuarterly report from SEC company indexRecent SECSEC filing
Jan 16, 20268-K1.01,5.02,5.07,7.01,9.018-KRecent SECSEC filing
Jan 8, 20268-K2.02,7.01,9.018-KRecent SECSEC filing
Jan 7, 202610-QN/A10-QRecent SECSEC filing
Jan 1, 202610-QN/AQuarterly report from SEC company indexRecent SECSEC filing
Dec 4, 2025DEFA14AN/ADEFA14ARecent SECSEC filing
Dec 4, 2025DEF 14AN/ADEF 14ARecent SECSEC filing
Nov 13, 20258-K2.02,7.01,9.018-KRecent SECSEC filing
Evidence clipsShort excerpts used on the page; expand only when you want the language.5 rows+

Sale of 14,600 acres of real property and related water rights

10-K - Nov 9, 2015

Medium

Until August 18, 2015, we owned approximately 51,000 acre feet of surface water rights in the Arkansas River together with approximately 14,600 acres of farm land in southeastern Colorado. On August 18, 2015, we and our…

SEC source

Arkansas River water acquisition

10-K - Nov 14, 2007

Medium

On August 31, 2006, we acquired 60,000 acre-feet of Arkansas River water along with real property and other associated rights from HP A&M. Along with common stock issued to HP A&M, we agreed to pay HP A&M 10% of our tap…

SEC source

Arkansas River water acquisition

10-K - Nov 21, 2006

Medium

On August 31, 2006 we acquired 60,000 acre-feet of Arkansas River water along with real property and other associated rights. As consideration for these assets we agreed to pay HP A&M, among other items, 10% of our tap…

SEC source

Sky Ranch acquisition

10-K - Nov 12, 2010

Medium

Escrow payment for Sky Ranch acquisition (735,000 ) — —

SEC source

Investment in Well Enhancement and Recovery Systems LLC

10-K - Nov 12, 2010

Medium

Investment in Well Enhancement and Recovery Systems LLC — — (47,000 )

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Prepared from SEC EDGAR public filingsPCYO · CIK 276720Source-backed coverage research, not investment advice