Latest Ratios: P/E Ratio 19.7x · EV/EBITDA 24.2x · ROE 9.6%. (1996–2025 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 | $257M | $244M | $257M | $265M | $249M | $360M | $235M | $260M | $269M | $172M | $115M |
| Enterprise Value | $242M | $229M | $242M | $246M | $218M | $340M | $213M | $256M | $258M | $167M | $110M |
| P/E Ratio → | 19.72 | 18.70 | 22.19 | 57.84 | 25.80 | 18.01 | 34.86 | 54.25 | 650.29 | — | — |
| P/S Ratio | 9.84 | 9.36 | 8.94 | 18.16 | 10.84 | 21.05 | 9.08 | 12.79 | 38.69 | 140.27 | 254.56 |
| P/B Ratio | 1.80 | 1.71 | 1.98 | 2.24 | 2.21 | 3.51 | 2.86 | 3.48 | 3.88 | 2.55 | 1.67 |
| P/FCF | 69.55 | 66.13 | — | — | 21.17 | 643.68 | 19.43 | — | — | — | — |
| P/OCF | 19.50 | 18.54 | 116.23 | — | 14.28 | 104.30 | 11.33 | 73.77 | 558544.64 | — | — |
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 | — | 8.78 | 8.42 | 16.88 | 9.50 | 19.88 | 8.25 | 12.57 | 37.02 | 135.72 | 244.17 |
| EV / EBITDA | 24.24 | 22.97 | 16.88 | 58.23 | 17.88 | 48.35 | 65.90 | 59.81 | 433.80 | — | — |
| EV / EBIT | 31.50 | 12.79 | 15.06 | 38.31 | 17.08 | 12.80 | 72.58 | 72.55 | — | — | — |
| EV / FCF | — | 62.03 | — | — | 18.55 | 607.97 | 17.64 | — | — | — | — |
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 | 61.4% | 61.4% | 68.7% | 55.1% | 71.2% | 62.6% | 29.2% | 31.5% | 40.2% | 34.6% | -16.9% |
| Operating Margin | 29.4% | 29.4% | 42.6% | 14.2% | 43.9% | 30.8% | 5.9% | 14.7% | -4.4% | -173.6% | -482.1% |
| Net Profit Margin | 50.3% | 50.3% | 40.4% | 32.2% | 41.8% | 117.4% | 26.1% | 23.6% | 6.0% | -139.3% | -289.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.6% | 9.6% | 9.4% | 4.1% | 8.9% | 21.8% | 8.6% | 6.7% | 0.6% | -2.5% | -1.9% |
| ROA | 8.5% | 8.5% | 8.3% | 3.6% | 7.8% | 19.4% | 7.8% | 6.2% | 0.6% | -2.4% | -1.8% |
| ROIC | 4.7% | 4.7% | 8.6% | 1.7% | 9.2% | 5.5% | 1.7% | 3.5% | -0.4% | -2.5% | -3.4% |
| ROCE | 5.3% | 5.3% | 9.2% | 1.7% | 9.0% | 5.6% | 1.9% | 4.1% | -0.4% | -3.1% | -3.1% |
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 | 0.05 | 0.05 | 0.05 | 0.06 | 0.04 | 0.00 | 0.00 | — | — | — | — |
| Debt / EBITDA | 0.68 | 0.68 | 0.49 | 1.72 | 0.34 | 0.02 | 0.06 | — | — | — | — |
| Net Debt / Equity | — | -0.11 | -0.12 | -0.16 | -0.27 | -0.19 | -0.26 | -0.06 | -0.17 | -0.08 | -0.07 |
| Net Debt / EBITDA | -1.52 | -1.52 | -1.05 | -4.43 | -2.52 | -2.84 | -6.68 | -1.05 | -19.47 | — | — |
| Debt / FCF | — | -4.10 | — | — | -2.61 | -35.71 | -1.79 | — | — | — | — |
| Interest Coverage | 42.01 | 42.01 | 36.61 | 31.19 | 142.17 | — | — | — | — | — | — |
Net cash position: cash ($22M) exceeds total debt ($7M)
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 | 2.72 | 2.72 | 4.05 | 4.57 | 3.49 | 3.11 | 4.18 | 2.84 | 13.59 | 28.85 | 60.32 |
| Quick Ratio | 2.09 | 2.09 | 3.66 | 4.31 | 3.49 | 3.06 | 4.10 | 1.44 | 11.06 | 28.85 | 60.32 |
| Cash Ratio | 1.89 | 1.89 | 2.37 | 4.00 | 3.22 | 1.61 | 3.51 | 1.17 | 9.87 | 27.26 | 57.80 |
| Asset Turnover | — | 0.16 | 0.20 | 0.11 | 0.18 | 0.15 | 0.29 | 0.24 | 0.10 | 0.02 | 0.01 |
| Inventory Turnover | 1.36 | 1.36 | 2.46 | 3.79 | — | 10.53 | 38.03 | 1.20 | 0.80 | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 5.1% | 5.3% | 4.5% | 1.7% | 3.9% | 5.6% | 2.9% | 1.8% | 0.2% | — | — |
| FCF Yield | 1.4% | 1.5% | — | — | 4.7% | 0.2% | 5.1% | — | — | — | — |
| Buyback Yield | 0.2% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $24M | $24M | $24M | $24M | $24M | $24M | $24M | $24M | $24M | $24M |
Cyclical land development dependency
According to recent market data, PCYO trades at a P/E of 20.80, which appears to command a premium valuation relative to its inconsistent earnings, likely driven by investor recognition of its unique, water-rich asset base rather than traditional utility-like cash flow stability or predictable dividend growth.
The current P/E multiple suggests that the market is pricing the company as a long-term land and water bank rather than a standard regulated utility. Investors should monitor whether this valuation holds if the land development segment faces prolonged cyclical headwinds, as the lack of a dividend yield removes the typical bond-proxy floor found in the broader utility sector.
As reported in financial statements, the company maintains a negligible debt-to-capital ratio of 0.05, which provides a fortress-like balance sheet that effectively insulates the firm from interest rate volatility while allowing for self-funded infrastructure expansion at the Sky Ranch development project without the need for external financing.
This minimal leverage is a strategic advantage that distinguishes PCYO from more capital-intensive water peers who must frequently access debt markets to fund rate-base growth. The absence of significant debt obligations suggests that the company is well-positioned to weather potential downturns in the housing market, though it may also indicate an under-utilization of the balance sheet for shareholder returns.
Based on reported figures, PCYO's ROE of 0.7% in 2026Q2 significantly lags behind peers like Artesian Resources, which reports a 9.4% ROE, highlighting the distortive impact of lumpy land development revenue and heavy infrastructure spending on the company's short-term profitability metrics compared to pure-play regulated utilities.
Comparing PCYO to traditional water utilities is inherently flawed because the company's earnings are tied to the timing of lot sales rather than authorized regulatory returns. Analysts should interpret the lower ROE as a function of the current development phase, which requires substantial capital deployment that has yet to be fully realized as recurring utility service revenue.
As indicated by financial disclosures, the most commonly misapplied metric for PCYO is the dividend payout ratio, which is irrelevant given the company's current growth phase, while the P/E ratio often obscures the underlying value of the company's perpetual water rights and land assets.
Investors should avoid evaluating PCYO through the lens of a traditional dividend-paying utility, as this ignores the company's primary focus on capital appreciation through land development. A more appropriate analytical framework would involve valuing the company based on its 'acre-feet' of water capacity and the net present value of its tap fee backlog rather than standard earnings multiples.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PCYO stock.
Pure Cycle Corporation's current P/E ratio is 19.7x. The historical average is 33.1x. This places it at the 29th percentile of its historical range.
Pure Cycle Corporation's current EV/EBITDA is 24.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 41.4x.
Pure Cycle Corporation's return on equity (ROE) is 9.6%. The historical average is -5.5%.
Based on historical data, Pure Cycle Corporation is trading at a P/E of 19.7x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pure Cycle Corporation has 61.4% gross margin and 29.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Pure Cycle Corporation's Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.