Pure Cycle Corporation (PCYO) Balance Sheet
PCYO balance sheet, FY2025
August 31, 2025 · U.S. dollars$162.3M assets = $19.5M liabilities + $142.7M equity
Both columns are drawn to the same scale: what PCYO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PCYO financial health
Descriptive bands, not a rating. Fiscal FY2025.
PCYO balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $70.9MFY2016 | $162.3MFY2025 | +9.6%/yr | |
| Total liabilities | $1.9MFY2016 | $19.5MFY2025 | +29.7%/yr | |
| Shareholders’ equity | $69.0MFY2016 | $142.7MFY2025 | +8.4%/yr | |
| Cash & short-term investments | $27.9MFY2016 | $21.9MFY2025 | −2.6%/yr | |
| Total debt | $261,624FY2016 | $6.8MFY2025 | +43.6%/yr | |
| Net cash (debt) | $27.6MFY2016 | $15.1MFY2025 | −$12.5M | |
| Working capital | $28.3MFY2016 | $20.0MFY2025 | −$8.3M | |
| Book value per share | $2.90FY2016 | $5.91FY2025 | +8.2%/yr | |
| Current ratio | 59.74FY2016 | 2.72FY2025 | −57.02 | |
| Debt / equity | 0.00FY2016 | 0.05FY2025 | +0.04 | |
| Shares outstanding | 23.8MFY2016 | 24.2MFY2025 | +0.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PCYO assets
PCYO liabilities and equity
PCYO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PCYO balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $21.9M | $22.1M | $26.0M | $34.9M | $20.1M | $21.8M | $9.7M | $20.3M | $25.6M | $27.9M |
| Cash & equivalents | $21.9M | $22.1M | $26.0M | $34.9M | $20.1M | $21.8M | $4.5M | $11.6M | $5.6M | $4.7M |
| Short-term investments | — | — | — | — | — | $55.1M | $5.2M | $8.7M | $20.1M | $23.2M |
| Receivables | $1.3M | $1.5M | $1.6M | $2.4M | $17.5M | $2.7M | $1.2M | $1.1M | $879,266 | $352,930 |
| Inventory | $7.4M | $3.6M | $1.7M | $0 | $608,000 | $481,451 | $11.6M | $5.2M | $0 | $0 |
| Other current assets | $1.0M | $10.6M | $346,000 | $467,000 | $458,000 | $1.0M | $1.0M | $1.4M | $613,848 | $580,759 |
| Total current assets | $31.7M | $37.9M | $29.7M | $37.8M | $38.7M | $26.0M | $23.5M | $27.9M | $27.1M | $28.8M |
| Property, plant & equipment (net) | $67.5M | $66.1M | $68.3M | $66.9M | $63.1M | $60.2M | $55.4M | $41.4M | $40.8M | $33.7M |
| Goodwill & intangible assets | $4.2M | $451,000 | $6.7M | $451,000 | $451,000 | $7.4M | −$50.27B | $1.4M | $7.7M | $6.3M |
| Long-term investments | $0 | $0 | $0 | $18.3M | $10.4M | $1.5M | $0 | $1.5M | $964,339 | $7.7M |
| Other non-current assets | $58.9M | $43.0M | $28.5M | $5.8M | $4.5M | $0 | $50.28B | $0 | $0 | $0 |
| Total assets | $162.3M | $147.4M | $133.2M | $129.2M | $117.2M | $89.8M | $83.7M | $71.9M | $69.8M | $70.9M |
| Liabilities | ||||||||||
| Accounts payable | $3.5M | $1.9M | $2.0M | $849,000 | $1.8M | $180,000 | $170,822 | $787,662 | $492,410 | $160,390 |
| Short-term debt | $423,000 | $137,000 | $149,000 | $86,000 | $84,000 | $74,000 | — | — | $380,852 | $261,624 |
| Deferred revenue | $3.4M | $2.2M | $1.7M | $4.8M | $2.4M | $1.6M | $4.0M | $361,050 | $55,800 | $55,800 |
| Total current liabilities | $11.6M | $9.3M | $6.5M | $10.8M | $12.5M | $6.2M | $8.3M | $2.1M | $940,227 | $482,208 |
| Long-term debt | $6.4M | $6.8M | $6.9M | $4.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $13,000 | $160,000 | $360,000 | $138,000 | $121,000 | $120,285 | — | — | — | — |
| Other long-term liabilities | $1.5M | $1.5M | $1.6M | $1.5M | $2.0M | $1.5M | $693,024 | $399,413 | $1.3M | $1.4M |
| Total liabilities | $19.5M | $17.7M | $15.0M | $16.2M | $14.4M | $7.7M | $9.0M | $2.5M | $2.3M | $1.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $80,000 | $80,000 | $80,000 | $80,000 | $80,000 | $79,525 | $79,427 | $79,218 | $79,185 | $79,185 |
| Retained earnings (deficit) | −$32.8M | −$45.5M | −$56.5M | −$61.2M | −$70.9M | −$91.0M | −$97.7M | −$102.5M | −$104.0M | −$102.3M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | — | — | — | $0 | $0 | −$5.5M | $3,891 | $66,446 | −$11,105 | $3,122 |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $142.7M | $129.7M | $118.2M | $113.0M | $102.7M | $82.0M | $74.7M | $69.5M | $67.5M | $69.0M |
| Key figures | ||||||||||
| Total debt | $6.8M | $7.0M | $7.3M | $4.1M | $121,000 | $194,000 | — | — | $380,852 | $261,624 |
| Net cash (debt) | $15.1M | $15.1M | $18.7M | $30.8M | $20.0M | $21.6M | — | — | $25.3M | $27.6M |
| Working capital | $20.0M | $28.5M | $23.2M | $27.0M | $26.3M | $19.8M | $15.2M | $25.9M | $26.2M | $28.3M |
| Tangible book value | $138.6M | $129.3M | $111.5M | $112.5M | $102.3M | $74.6M | $50.35B | $68.1M | $59.8M | $62.7M |
| Book value per share | $5.91 | $5.37 | $4.90 | $4.68 | $4.26 | $3.41 | $3.11 | $2.90 | $2.84 | $2.90 |
| Shares outstanding | 24.2M | 24.1M | 24.1M | 24.2M | 24.1M | 24.1M | 24.0M | 23.9M | 23.8M | 23.8M |
| Current ratio | 2.72 | 4.05 | 4.57 | 3.49 | 3.11 | 4.18 | 2.84 | 13.59 | 28.85 | 59.74 |
| Quick ratio | 2.00 | 2.52 | 4.25 | 3.45 | 3.02 | 3.94 | 1.31 | 10.39 | 28.20 | 58.54 |
| Debt / equity | 0.05 | 0.05 | 0.06 | 0.04 | 0.00 | 0.00 | — | — | 0.01 | 0.00 |
| Equity / assets | 88.0% | 88.0% | 88.8% | 87.4% | 87.7% | 91.4% | 89.3% | 96.6% | 96.7% | 97.3% |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $8.4M | $4.8M | $17.1M | $21.9M | $14.4M | $16.8M | $19.0M | $22.1M | $20.5M | $20.6M | $22.0M | $26.0M |
| Cash & equivalents | $8.4M | $4.8M | $17.1M | $21.9M | $14.4M | $16.8M | $19.0M | $22.1M | $20.4M | $20.4M | $21.8M | $26.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $171,000 | $169,000 | $167,000 | — |
| Receivables | $2.5M | $2.8M | $2.5M | $1.3M | $2.0M | $4.8M | $5.0M | $1.5M | $2.3M | $1.7M | $4.8M | $1.6M |
| Inventory | $4.1M | $5.5M | $6.2M | $7.4M | $8.1M | $4.6M | $3.7M | $3.6M | $5.2M | $3.4M | $2.2M | $1.7M |
| Other current assets | $554,000 | $637,000 | $414,000 | $1.0M | $781,000 | $811,000 | $460,000 | $10.6M | $580,000 | $637,000 | $249,000 | $346,000 |
| Total current assets | $15.6M | $13.8M | $26.3M | $31.7M | $25.2M | $27.0M | $28.2M | $37.9M | $28.6M | $26.4M | $29.1M | $29.7M |
| Property, plant & equipment (net) | $72.3M | $76.3M | $74.8M | $67.5M | $72.4M | $71.9M | $72.5M | $67.9M | $67.2M | $69.0M | $68.6M | $68.3M |
| Goodwill & intangible assets | $0 | $0 | $6.1M | $4.2M | $6.3M | $0 | $451,000 | $6.5M | $6.5M | $451,000 | $451,000 | $451,000 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $88.1M | $76.6M | $60.9M | $58.9M | $47.8M | $50.8M | $48.5M | $35.1M | $38.1M | $39.4M | $39.1M | $34.8M |
| Total assets | $176.0M | $166.6M | $168.1M | $162.3M | $151.7M | $149.7M | $149.7M | $147.4M | $140.4M | $135.2M | $137.3M | $133.2M |
| Liabilities | ||||||||||||
| Accounts payable | $2.7M | $2.4M | $3.3M | $3.5M | $2.6M | $1.4M | $2.2M | $1.9M | $3.3M | $1.2M | $2.8M | $2.0M |
| Short-term debt | $1.5M | $1.5M | $450,000 | $423,000 | $357,000 | $337,000 | $243,000 | $137,000 | $105,000 | $102,000 | $102,000 | $149,000 |
| Deferred revenue | $2.8M | $2.8M | $2.4M | $3.4M | $986,000 | $2.0M | $537,000 | $2.2M | $1.6M | $2.6M | $3.8M | $1.7M |
| Total current liabilities | $10.2M | $9.9M | $11.5M | $11.6M | $7.2M | $7.2M | $7.9M | $9.3M | $9.0M | $6.4M | $8.8M | $6.5M |
| Long-term debt | $12.7M | $6.5M | $7.6M | $6.4M | $6.5M | $6.6M | $6.7M | $6.8M | $6.9M | $6.9M | $6.9M | $6.9M |
| Lease obligations | $4,000 | $7,000 | $10,000 | $13,000 | $15,000 | $138,000 | $157,000 | $160,000 | $177,000 | $193,000 | $210,000 | $360,000 |
| Other long-term liabilities | $1.5M | $1.5M | $1.5M | $1.5M | $1.4M | $1.4M | $1.5M | $1.5M | $1.3M | $1.5M | $1.5M | $1.6M |
| Total liabilities | $24.4M | $17.9M | $20.6M | $19.5M | $15.1M | $15.2M | $16.1M | $17.7M | $17.2M | $14.8M | $17.1M | $15.0M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $80,000 | $80,000 | $80,000 | $80,000 | $80,000 | $80,000 | $80,000 | $80,000 | $80,000 | $80,000 | $80,000 | $80,000 |
| Retained earnings (deficit) | −$24.4M | −$27.2M | −$28.2M | −$32.8M | −$38.8M | −$41.1M | −$41.7M | −$45.5M | −$52.0M | −$54.6M | −$54.7M | −$56.5M |
| Accumulated other comprehensive income | — | — | — | $0 | $0 | — | — | — | $0 | $0 | $0 | — |
| Total shareholders' equity | $151.6M | $148.7M | $147.5M | $142.7M | $136.7M | $134.4M | $133.6M | $129.7M | $123.2M | $120.4M | $120.2M | $118.2M |
| Key figures | ||||||||||||
| Total debt | $14.1M | $8.0M | $8.0M | $6.8M | $6.9M | $7.0M | $7.0M | $7.0M | $7.1M | $7.1M | $7.1M | $7.3M |
| Net cash (debt) | −$5.7M | −$3.2M | $9.1M | $15.1M | $7.5M | $9.8M | $12.0M | $15.1M | $13.5M | $13.5M | $14.8M | $18.7M |
| Working capital | $5.4M | $3.8M | $14.8M | $20.0M | $18.1M | $19.8M | $20.3M | $28.5M | $19.6M | $19.9M | $20.4M | $23.2M |
| Tangible book value | $151.6M | $148.7M | $141.4M | $138.6M | $130.4M | $134.4M | $133.1M | $123.2M | $116.7M | $120.0M | $119.7M | $117.8M |
| Book value per share | $6.27 | $6.15 | $6.11 | $5.91 | $5.66 | $5.56 | $5.53 | $5.37 | $5.10 | $4.99 | $4.98 | $4.91 |
| Shares outstanding | 24.2M | 24.2M | 24.2M | 24.2M | 24.1M | 24.2M | 24.2M | 24.1M | 24.1M | 24.1M | 24.2M | 24.1M |
| Current ratio | 1.53 | 1.39 | 2.29 | 2.72 | 3.52 | 3.76 | 3.56 | 4.05 | 3.17 | 4.10 | 3.32 | 4.57 |
| Quick ratio | 1.07 | 0.76 | 1.71 | 2.00 | 2.29 | 3.00 | 3.04 | 2.52 | 2.53 | 3.46 | 3.04 | 4.25 |
| Debt / equity | 0.09 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 |
| Equity / assets | 86.1% | 89.2% | 87.8% | 88.0% | 90.1% | 89.8% | 89.2% | 88.0% | 87.7% | 89.1% | 87.5% | 88.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 12, 2025); data from EODHD.
PCYO financial position
At the end of fiscal 2025 (August 31, 2025), Pure Cycle had total assets of $162.3 million (up 10.1% from a year earlier), total liabilities of $19.5 million and shareholders' equity of $142.7 million. It held $21.9 million in cash and short-term investments against $6.8 million of debt, a net cash position of $15.1 million. Its current ratio was 2.72. In the latest quarter (ended May 31, 2026) total assets were $176.0 million and equity $151.6 million.
Related: PCYO income statement, PCYO cash flow statement, PCYO key metrics. See the PCYO stock overview for the latest quote and news.
PCYO balance sheet FAQ
What are Pure Cycle's total assets?
Pure Cycle reported total assets of $162.3 million at the end of fiscal 2025 (August 31, 2025), compared with $147.4 million a year earlier.
How much debt does Pure Cycle have?
Pure Cycle had $6.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.05.
How much cash does Pure Cycle have?
Pure Cycle held $21.9 million in cash and short-term investments at the end of fiscal 2025; with $6.8 million of debt that is net cash of $15.1 million.
What is Pure Cycle's book value?
Pure Cycle's shareholders' equity (book value) was $142.7 million at the end of fiscal 2025, or $5.91 per share.
What is Pure Cycle's current ratio?
Pure Cycle had current assets of $31.7 million and current liabilities of $11.6 million, a current ratio of 2.72 (it can cover its short-term obligations).
How much goodwill does Pure Cycle have?
Pure Cycle carried $4.2 million of goodwill and intangible assets, 2.6% of total assets, at the end of fiscal 2025.