Latest Ratios: P/E Ratio -8.5x · EV/EBITDA N/A · ROE -119.3%. (1995–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $343M | $455M | $358M | $184M | $125M | $157M | $364M | $293M | $247M | $321M | $234M |
| Enterprise Value | $439M | $550M | $427M | $241M | $185M | $214M | $453M | $430M | $385M | $447M | $337M |
| P/E Ratio → | -8.50 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 21.03 | 27.88 | 37.26 | 92.33 | 83.06 | 277.60 | 673.02 | 663.42 | 561.77 | 734.84 | 567.93 |
| P/B Ratio | 14.22 | 19.55 | 10.54 | 4.60 | 3.64 | 3.86 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 33.74 | 44.40 | 120.82 | 123.30 | 380.00 | 836.70 | 975.62 | 875.77 | 1021.84 | 817.10 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.6% | 31.6% | 24.0% | -45.0% | -37.7% | 100.0% | 100.0% | 100.0% | 100.0% | 37.3% | 29.1% |
| Operating Margin | -156.9% | -156.9% | -242.0% | -1051.7% | -1103.4% | -3105.0% | -2172.6% | -2718.6% | -2550.0% | -2892.4% | -2235.4% |
| Net Profit Margin | -209.2% | -209.2% | -324.1% | -1579.4% | -1651.7% | -5540.6% | -6990.2% | -6695.7% | -5971.1% | -7749.2% | -6393.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -119.3% | -119.3% | -84.2% | -84.8% | -66.3% | -408.3% | — | — | — | — | — |
| ROA | -24.8% | -24.8% | -25.7% | -28.8% | -22.2% | -33.4% | -50.1% | -40.4% | -38.7% | -50.7% | -43.0% |
| ROIC | -17.3% | -17.3% | -17.5% | -16.4% | -12.9% | -16.3% | -14.8% | -16.7% | -17.1% | -19.9% | -14.2% |
| ROCE | -20.7% | -20.7% | -21.0% | -20.3% | -15.4% | -19.3% | -16.4% | -17.5% | -17.9% | -20.6% | -15.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.48 | 4.48 | 2.53 | 1.53 | 2.06 | 1.69 | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 4.11 | 2.02 | 1.42 | 1.76 | 1.42 | — | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -2.75 | -2.75 | -2.85 | -4.64 | -2.00 | -2.16 | -2.06 | -0.71 | -0.57 | -1.23 | -0.78 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.22 | 1.22 | 1.79 | 1.37 | 2.21 | 5.26 | 2.56 | 3.35 | 3.14 | 2.08 | 3.42 |
| Quick Ratio | 1.13 | 1.13 | 1.58 | 1.01 | 2.15 | 4.75 | 2.56 | 3.35 | 3.14 | 2.08 | 3.42 |
| Cash Ratio | 0.65 | 0.65 | 1.20 | 0.77 | 1.77 | 4.36 | 2.33 | 3.26 | 3.03 | 2.01 | 2.67 |
| Asset Turnover | — | 0.12 | 0.07 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Inventory Turnover | 9.81 | 9.81 | 2.42 | 1.37 | 6.54 | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.5% | 1.1% | 1.4% | 2.8% | 4.1% | 0.9% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.5% | 1.1% | 1.4% | 2.8% | 4.1% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $81M | $69M | $66M | $50M | $41M | $34M | $27M | $24M | $23M | $19M |
Regulatory and liquidity dependence
According to recent market data, Cadiz Inc. trades at a price-to-book ratio of 12.97, which significantly exceeds the valuation multiples of traditional water utilities like Middlesex Water or Artesian Resources, suggesting the market is pricing in speculative option value rather than current regulated earnings power.
The negative P/E ratio of -7.75 reflects the absence of sustainable earnings, rendering standard utility valuation metrics largely inapplicable. Investors appear to be assigning value to the underlying land and water rights rather than the company's current ability to generate recurring, regulated cash flows.
Based on reported financial statements, the company's debt-to-capital ratio reached 0.67 in 2026Q1, a level that appears increasingly precarious given the persistent negative interest coverage ratio of -2.77, which indicates that the firm lacks the operational income necessary to service its existing debt obligations independently.
While the debt-to-capital ratio might appear moderate in isolation, the lack of positive operating cash flow suggests that the company's leverage is supported by external financing rather than internal utility operations. This reliance on capital markets to maintain the balance sheet warrants further investigation into potential dilution risks for shareholders.
As reported in quarterly filings, the company maintains a dividend yield of 1.7%, yet the absence of positive net income or operating cash flow implies that these distributions are effectively funded through external capital raises rather than the sustainable earnings typical of a regulated utility provider.
The payment of dividends while the company is in a cash-burning phase suggests a strategy aimed at maintaining investor interest rather than reflecting operational success. This practice appears to undermine the company's liquidity position and may limit the internal funding available for the critical infrastructure development required for long-term viability.
The most commonly misapplied ratio for Cadiz Inc. is the price-to-earnings multiple, which obscures the company's status as a pre-revenue development project by attempting to anchor its valuation to earnings that do not exist, rather than focusing on the net asset value of its water rights.
Investors should instead monitor the progress of conveyance agreements and regulatory milestones, as these are the true drivers of the company's potential future utility status. Applying standard utility P/E multiples to a company with negative margins and no regulated rate base may lead to a fundamental misunderstanding of the firm's risk profile.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CDZI stock.
Cadiz Inc.'s current P/E ratio is -8.5x. This places it at the 50th percentile of its historical range.
Cadiz Inc.'s return on equity (ROE) is -119.3%. The historical average is -110.9%.
Based on historical data, Cadiz Inc. is trading at a P/E of -8.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cadiz Inc.'s current dividend yield is 1.54%.
Cadiz Inc. has 31.6% gross margin and -156.9% operating margin.