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

01PCYO is a scaled public consolidator in Water Utilities, a benchmark for how the sub-sector buys, pays, and trades.
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.

Cash & equiv. ($MM)

Total debt ($MM)

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

Indexed share-price performance

PCYO versus available Water Utilities peers and SPY.

-30%

PCYO

-21%

Peer med.

+79%

SPY

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

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Pure Cycle Corporation	PCYO	$31	$20	65%	$280	$283	9.2x	14.1x	0.2x
American Water Works Company, Inc.	AWK	$5,205	$2,771	53%	$24,420	$39,981	7.7x	14.4x	5.1x
Essential Utilities, Inc.	WTRG	$2,553	$1,343	53%	$10,628	$18,996	7.4x	14.1x	6.2x
Consolidated Water Co. Ltd.	CWCO	$132	$26	20%	$527	$406	3.1x	15.7x	-4.9x
Artesian Resources Corporation	ARTNA	$115	$52	45%	$330	$328	2.9x	6.4x	3.5x
Middlesex Water Company	MSEX	$199	$96	48%	$960	$1,386	7.0x	14.4x	3.9x
American States Water Co	AWR	$679	$257	38%	$3,026	$3,934	5.8x	15.3x	3.0x
California Water Service Group	CWT	$1,011	$324	32%	$2,602	$4,201	4.2x	13.0x	5.1x
Water Utilities median		$439	$177	47%	$1,781	$2,660	6.4x	14.3x	3.7x

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

Active years

Named deals

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

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

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Aug 18, 2015	Arkansas River Farms	Water utilities	$46	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 southeaster...	10-K^†
Aug 31, 2006	HP A&M	Water utilities	N/A	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...	10-K^†
Aug 31, 2006	Arkansas River water acquisition	Water utilities	N/A	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...	10-K^†
2010	Sky Ranch acquisition	Water utilities	N/A	Escrow payment for Sky Ranch acquisition (735,000 ) — —	10-K^†
2010	Well Enhancement and Recovery Systems LLC	Water utilities	N/A	Investment 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

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.19 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Nov 12, 2025	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2024	Nov 13, 2024	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2023	Nov 15, 2023	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2022	Nov 14, 2022	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2021	Nov 10, 2021	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2020	Nov 10, 2020	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2019	Nov 12, 2019	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2018	Nov 13, 2018	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2017	Nov 15, 2017	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2016	Oct 28, 2016	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2015	Nov 9, 2015	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2014	Nov 14, 2014	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2013	Nov 27, 2013	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2012	Nov 29, 2012	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2010	Nov 12, 2010	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2009	Nov 13, 2009	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2008	Nov 14, 2008	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2007	Nov 14, 2007	Annual M&A 10-K	accepted	1	N/A	N/A	SEC filing
FY2006	Nov 21, 2006	Annual M&A 10-K	accepted	1	N/A	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.4 rows+

Filing date	Form	Targets / topics	Support	Source
Nov 9, 2015	10-K	Arkansas River Farms	Annual M&ANamed deals	SEC filing
Nov 12, 2010	10-K	Sky Ranch acquisition; Well Enhancement and Recovery Systems LLC	Annual M&ANamed deals	SEC filing
Nov 14, 2007	10-K	HP A&M	Annual M&ANamed deals	SEC filing
Nov 21, 2006	10-K	Arkansas River water acquisition	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+

Filing date	Form	Items	Description	Support	Source
Apr 9, 2026	8-K	2.02,7.01,9.01	8-K	FinancialsRecent SEC	SEC filing
Apr 8, 2026	10-Q	N/A	10-Q	Recent SEC	SEC filing
Apr 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing
Jan 16, 2026	8-K	1.01,5.02,5.07,7.01,9.01	8-K	Recent SEC	SEC filing
Jan 8, 2026	8-K	2.02,7.01,9.01	8-K	Recent SEC	SEC filing
Jan 7, 2026	10-Q	N/A	10-Q	Recent SEC	SEC filing
Jan 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing
Dec 4, 2025	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Dec 4, 2025	DEF 14A	N/A	DEF 14A	Recent SEC	SEC filing
Nov 13, 2025	8-K	2.02,7.01,9.01	8-K	Recent SEC	SEC 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.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive