Pure Cycle Corporation (PCYO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-33.7%

$7.04

vs $10.63 price

Levered DCF

$0.50

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

6.67

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.7×	22.19×	54.95×	25.8×	17.8×	34.86×	54.25×	642.86×
P/B	1.7×	1.98×	2.23×	2.19×	3.48×	2.84×	3.45×	3.85×
P/S	9.32×	8.92×	18.11×	10.75×	20.86×	9×	12.68×	38.41×
EV / EBITDA	11.29×	13.29×	28.59×	14.5×	11.89×	45.3×	52.76×	430.58×
Gross margin	61.4%	68.7%	55.1%	71.2%	62.6%	29.2%	31.5%	40.2%
Operating margin	29.4%	42.6%	14.2%	43.9%	30.8%	5.9%	14.7%	-4.4%
Net margin	50.3%	40.4%	32.2%	41.8%	117.4%	26.1%	23.6%	6.0%
Current ratio	2.72×	4.05×	4.57×	3.49×	3.11×	4.18×	2.84×	13.59×
Debt / equity	0.05×	0.05×	0.06×	0.04×	0×	0×	0×	0×
Interest coverage	18×	27.89×	10.06×	112.18×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.2%	9.0%	4.0%	8.5%	19.6%	8.2%	6.4%	0.6%
Return on invested capital	3.8%	6.6%	1.2%	6.5%	3.8%	1.4%	4.0%	-0.4%
Return on assets	8.1%	7.9%	3.5%	7.4%	17.2%	7.5%	5.7%	0.6%
Free cash flow yield	1.5%	-0.2%	-3.8%	4.8%	0.2%	5.2%	-4.2%	-2.0%
Earnings yield	5.4%	4.5%	1.8%	3.9%	5.6%	2.9%	1.9%	0.2%
Enterprise value	$228M	$241.4M	$245.4M	$216.4M	$337.2M	$211.1M	$253.7M	$255.7M
Net debt / EBITDA	-0.75×	-0.83×	-2.18×	-2.06×	-0.71×	-4.63×	-0.93×	-19.47×
Cash conversion cycle (days)	159	88	28	-8	306	44	322	443