Pure Cycle Corporation (PCYO) Key Metrics
PCYO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $265.6M
- Enterprise value
- $270.9M
- P/E (TTM)
- 18.1 10-yr median 30.4
- Forward P/E
- 56.5
- PEG ratio
- —
- Price / sales
- 7.9 10-yr median 15.5
- Price / book
- 1.8 10-yr median 2.4
- EV / EBITDA
- 13.0 10-yr median 30.2
- Dividend yield
- —
- Beta
- 1.21
PCYO key metrics, FY2016–FY2025
Fiscal year ended August 31, 2025 · U.S. dollarsPCYO valuation Price multiples at each fiscal year-end price.
PCYO returns How much profit the business earns on the capital it uses.
PCYO per-share figures Results divided by the shares outstanding at year-end.
PCYO financial health Debt, liquidity and how easily interest is covered.
PCYO efficiency & capital use Working capital cycle and where the cash goes.
PCYO valuation history
PCYO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PCYO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PCYO cash returned to shareholders
PCYO price vs earnings per share
PCYO key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $244.1M | $257.1M | $264.9M | $249.3M | $360.5M | $234.8M | $260.4M | $269.2M | $172.2M | $115.1M |
| Enterprise value | $229.0M | $242.0M | $246.2M | $218.5M | $340.5M | $213.2M | $250.8M | $248.9M | $147.0M | $87.5M |
| P/E ratio | 18.6 | 22.1 | 56.4 | 25.9 | 17.9 | 34.8 | 54.1 | 649.2 | — | — |
| Price / sales | 9.4 | 8.9 | 18.2 | 10.8 | 21.0 | 9.1 | 12.8 | 38.7 | 140.3 | 254.6 |
| Price / book | 1.7 | 2.0 | 2.2 | 2.2 | 3.5 | 2.9 | 3.5 | 3.9 | 2.6 | 1.7 |
| Price / free cash flow | 66.1 | — | — | 21.2 | 643.7 | 19.4 | — | — | — | — |
| Price / operating cash flow | 18.5 | 116.2 | — | 14.3 | 104.3 | 11.3 | 73.8 | — | — | — |
| EV / sales | 8.8 | 8.4 | 16.9 | 9.5 | 19.9 | 8.2 | 12.3 | 35.8 | 119.7 | 193.5 |
| EV / EBITDA | 11.3 | 13.3 | 58.2 | 14.6 | 12.0 | 45.7 | 52.1 | 419.1 | — | — |
| EV / free cash flow | 62.0 | — | — | 18.6 | 608.0 | 17.6 | — | — | — | — |
| Earnings yield | 5.4% | 4.5% | 1.8% | 3.9% | 5.6% | 2.9% | 1.8% | 0.2% | −1.0% | −1.1% |
| Free cash flow yield | 1.5% | −0.2% | −3.8% | 4.7% | 0.2% | 5.1% | −4.2% | −2.0% | −2.6% | −1.7% |
| Dividend yield | — | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $10.10 | $10.65 | $10.99 | $10.32 | $14.95 | $9.76 | $10.85 | $11.25 | $7.25 | $4.84 |
| Per share | ||||||||||
| Revenue per share | $1.08 | $1.19 | $0.61 | $0.95 | $0.71 | $1.07 | $0.85 | $0.29 | $0.05 | $0.02 |
| Earnings per share | $0.54 | $0.48 | $0.19 | $0.40 | $0.83 | $0.28 | $0.20 | $0.02 | −$0.07 | −$0.06 |
| Operating cash flow per share | $0.54 | $0.09 | −$0.10 | $0.72 | $0.14 | $0.86 | $0.15 | $0.00 | −$0.04 | −$0.01 |
| Free cash flow per share | $0.15 | −$0.02 | −$0.42 | $0.49 | $0.02 | $0.50 | −$0.46 | −$0.23 | −$0.19 | −$0.08 |
| Cash per share | $0.91 | $0.92 | $1.08 | $1.44 | $0.83 | $0.91 | $0.40 | $0.85 | $1.08 | $1.17 |
| Book value per share | $5.91 | $5.37 | $4.90 | $4.68 | $4.26 | $3.41 | $3.11 | $2.90 | $2.84 | $2.90 |
| Tangible book value per share | $5.73 | $5.35 | $4.63 | $4.66 | $4.24 | $3.10 | $2,097.46 | $2.85 | $2.52 | $2.64 |
| Dividends per share | — | — | — | — | — | — | — | $0.00 | $0.00 | $0.00 |
| Capex per share | $0.39 | $0.11 | $0.32 | $0.23 | $0.12 | $0.36 | $0.60 | $0.23 | $0.15 | $0.07 |
| Debt per share | $0.28 | $0.29 | $0.30 | $0.17 | $0.01 | $0.01 | — | $0.00 | $0.02 | $0.01 |
| Shares outstanding | 24.2M | 24.1M | 24.1M | 24.2M | 24.1M | 24.1M | 24.0M | 23.9M | 23.8M | 23.8M |
| Change in shares outstanding | +0.1% | +0.1% | −0.2% | +0.2% | +0.2% | +0.2% | +0.3% | +0.7% | −0.1% | −1.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.6% | 9.4% | 4.1% | 8.9% | 21.8% | 8.6% | 6.7% | 0.6% | −2.5% | −1.9% |
| Return on invested capital (ROIC) | 4.8% | 8.5% | 1.7% | 9.3% | 5.6% | 1.8% | 5.3% | −0.7% | −4.0% | −4.6% |
| Return on assets (ROA) | 8.5% | 8.3% | 3.6% | 7.8% | 19.4% | 7.8% | 6.2% | 0.6% | −2.4% | −1.8% |
| Return on tangible assets | 8.3% | 7.9% | 3.7% | 7.5% | 17.2% | 8.2% | 0.0% | 0.6% | −2.8% | −2.0% |
| Free cash flow margin | 14.1% | −1.6% | −69.6% | 51.2% | 3.3% | 46.8% | −53.7% | −78.6% | −369.5% | −431.8% |
| Income quality (OCF / net income) | 1.00 | 0.19 | −0.50 | 1.81 | 0.17 | 3.07 | 0.73 | 0.00 | — | — |
| Financial health | ||||||||||
| Total debt | $6.8M | $7.0M | $7.3M | $4.1M | $121,000 | $194,000 | — | $0 | $380,852 | $261,624 |
| Cash & short-term investments | $21.9M | $22.1M | $26.0M | $34.9M | $20.1M | $21.8M | $9.7M | $20.3M | $25.6M | $27.9M |
| Net debt | −$15.1M | −$15.1M | −$18.7M | −$30.8M | −$20.0M | −$21.6M | −$9.7M | −$20.3M | −$25.3M | −$27.6M |
| Debt / equity | 0.05 | 0.05 | 0.06 | 0.04 | 0.00 | 0.00 | — | 0.00 | 0.01 | 0.00 |
| Debt / assets | 0.04 | 0.05 | 0.05 | 0.03 | 0.00 | 0.00 | — | 0.00 | 0.01 | 0.00 |
| Net debt / EBITDA | −0.75 | −0.83 | −4.43 | −2.06 | −0.71 | −4.63 | −2.01 | −34.15 | — | — |
| Current ratio | 2.72 | 4.05 | 4.57 | 3.49 | 3.11 | 4.18 | 2.84 | 13.59 | 28.85 | 59.74 |
| Quick ratio | 2.09 | 3.66 | 4.31 | 3.49 | 3.06 | 4.10 | 1.44 | 11.06 | 28.85 | 59.74 |
| Interest coverage | 18.0 | 27.9 | 10.1 | 112.2 | 1.8 | 0.0 | 5.7 | — | — | — |
| Working capital | $20.0M | $28.5M | $23.2M | $27.0M | $26.3M | $19.8M | $15.2M | $25.9M | $26.2M | $28.3M |
| Invested capital | $127.6M | $114.6M | $99.5M | $82.2M | $82.7M | $60.4M | $65.1M | $49.2M | $42.3M | $41.4M |
| Tangible asset value | $138.6M | $129.3M | $111.5M | $112.5M | $102.3M | $74.6M | $50.35B | $68.1M | $59.8M | $62.7M |
| Net current asset value | $12.1M | $20.2M | $14.7M | $21.6M | $24.3M | $18.3M | $14.5M | $25.5M | $24.8M | $26.9M |
| Graham number | $8.49 | $7.63 | $4.64 | $6.47 | $8.94 | $4.64 | $3.75 | $1.06 | — | — |
| Graham net-net per share | $0.29 | $0.31 | $0.54 | $0.85 | $0.79 | $0.68 | $0.31 | $0.89 | $1.01 | $1.10 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Share buybacks (net) | $397,000 | $581,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | — | — | — | — | — | — | — | 0.0% | — | — |
| Dividends + buybacks / free cash flow | 10.8% | — | — | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Capex / revenue | 36.3% | 9.3% | 53.6% | 24.7% | 16.9% | 33.4% | 71.0% | 78.6% | 283.8% | 371.9% |
| Capex / operating cash flow | 72.0% | 120.8% | — | 32.5% | 83.8% | 41.7% | 409.6% | 1,134,847.3% | — | — |
| Capex / depreciation | 4.12 | 1.27 | 3.62 | 2.67 | 1.63 | 5.01 | 11.29 | 6.06 | 4.75 | 4.00 |
| Stock-based compensation / revenue | 1.2% | 1.5% | 3.7% | 2.6% | 2.9% | 2.0% | 1.7% | 4.7% | 19.0% | 48.6% |
| SG&A / revenue | 29.8% | 24.1% | 37.5% | 25.6% | 30.0% | 16.4% | 15.3% | 41.0% | 179.3% | 409.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 19.6 | 19.8 | 50.9 | 158.3 | 215.7 | 27.9 | 20.7 | 51.0 | 183.2 | 266.1 |
| Days of inventory on hand | 200.2 | 109.1 | 96.2 | — | 31.1 | 120.5 | 220.0 | 227.8 | — | — |
| Days payables outstanding | 99.2 | 79.4 | 78.3 | 72.6 | 56.1 | 3.5 | 12.5 | 56.1 | 148.3 | 114.9 |
| Cash conversion cycle (days) | 120.7 | 49.5 | 68.8 | 85.8 | 190.7 | 144.9 | 228.1 | 222.7 | 34.8 | 151.1 |
| Receivables turnover | 18.62 | 18.46 | 7.17 | 2.31 | 1.69 | 13.08 | 17.64 | 7.15 | 1.99 | 1.37 |
| Payables turnover | 3.68 | 4.60 | 4.66 | 5.03 | 6.51 | 104.39 | 29.10 | 6.50 | 2.46 | 3.18 |
| Inventory turnover | 1.82 | 3.35 | 3.79 | — | 11.75 | 3.03 | 1.66 | 1.60 | — | — |
| Asset turnover | 0.17 | 0.20 | 0.11 | 0.19 | 0.17 | 0.30 | 0.26 | 0.10 | 0.02 | 0.01 |
| Average receivables | $1.4M | $1.6M | $2.0M | $10.0M | $10.1M | $2.0M | $1.2M | $973,267 | $616,098 | $329,595 |
| Average payables | $2.7M | $2.0M | $1.4M | $1.3M | $983,500 | $175,411 | $479,242 | $640,036 | $326,400 | $166,512 |
| Average inventory | $5.5M | $2.7M | $1.7M | — | $544,726 | $6.0M | $8.4M | $2.6M | $0 | $0 |
| Intangibles / total assets | 2.6% | 0.3% | 5.0% | 0.3% | 0.4% | 8.3% | −60,044.8% | 1.9% | 11.0% | 8.9% |
Computed from PCYO's annual financial statements (latest annual report filed November 12, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PCYO valuation and financial ratios
At the end of fiscal 2025 (August 31, 2025), Pure Cycle traded at 18.6 times earnings, against a 10-year median of 30.4. Based on the latest twelve months, the trailing P/E is 18.1 and the forward P/E is 56.5. Pure Cycle earned a return on equity of 9.6% and a return on invested capital of 4.8% in fiscal 2025. It ended the year with $6.8 million of debt and $21.9 million in cash and short-term investments, a net cash position of $15.1 million. It returned $0.4 million to shareholders: $0 in dividends and $0.4 million in share buybacks, 11% of free cash flow.
See the PCYO income statement, the PCYO chart for price history, or the PCYO stock overview for the latest quote and news.
PCYO key metrics FAQ
What is Pure Cycle's P/E ratio?
Pure Cycle's trailing P/E ratio is 18.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 56.5. At the end of fiscal 2025 it was 18.6, compared with a 10-year median of 30.4.
What is Pure Cycle's EV/EBITDA?
Pure Cycle's enterprise value was 11.3 times EBITDA at the end of fiscal 2025 (enterprise value $229.0 million, EBITDA $20.2 million); the current EV/EBITDA is 13.0.
What is Pure Cycle's return on equity?
Pure Cycle's return on equity (ROE) was 9.6% in fiscal 2025: net income of $13.1 million on average shareholders' equity of $136.2 million.
What is Pure Cycle's ROIC?
Pure Cycle's return on invested capital was 4.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Pure Cycle have?
Pure Cycle had total debt of $6.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.05 and more cash than debt.
Does Pure Cycle buy back its shares?
Yes. Pure Cycle spent $0.4 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.1% over the year, to 24.2M..
What is Pure Cycle's free cash flow yield?
Pure Cycle generated $3.7 million of free cash flow in fiscal 2025, a free cash flow yield of 1.5% on its market value at year-end ($244.1 million).
What is Pure Cycle's current ratio?
Pure Cycle's current ratio was 2.72 at the end of fiscal 2025: current assets were 2.72 times current liabilities.