Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Cadiz Inc.CDZIP · utilities | |
|---|---|
| Grade |  Cmiddle fifth of 148 graded peers; percentile 54.8, sampling error 3.6 points; lower is stronger |
| Rank | 81 of 148 |
| Profitability | Cpercentile 55.8 |
| Solvency | Dpercentile 75.1 |
| Growth and financing | A/Bpercentile 21.9 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $140.9M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | short runwaynot computable: dilution, distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 31, 2026192 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $21.382026-10-06; market equity $0; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 31, 2026; the document on sec.gov.
We are a water solutions provider with a unique combination of land, water, pipeline and water filtration assets located in Southern California between major water systems serving population centers in the Southwestern United States. Our portfolio of assets includes 2.5 million acre-feet of permitted water supply, 1 million acre-feet of groundwater storage capacity, 220 miles of existing, underground pipeline, 43 miles of right-of-way entitlements for pipeline construction, and versatile, scalable and cost-effective water filtration technology that removes contaminants and constituents of concern from groundwater.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 55.8 | |||||||
| Gross profitability | 3.7% | [1-2,4] | 17.5% | 88.1 | 81 | 2025-12-31 | |
| Return on invested capital | not computable | 6.0% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (11.1%) | [1,5-7] | (5.0%) | 23.5 | 271 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 4.6 pts | |||||
| five consecutive annual gross margins are required | |||||||
| Solvency, sleeve percentile 75.1 | |||||||
| Twelve-month failure probability | not computable | 0.06% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
| Altman Z double-prime | (16.89) | [1,8-13] | 1.48 | 96.4 | 152 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 3.63x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | (2.98x) | [11,14] | 2.37x | 94.5 | 83 | 2025-12-31 | |
| Current ratio | 1.22x | [8-9] | 0.97x | 34.3 | 282 | 2025-12-31 | |
| Growth and financing, sleeve percentile 21.9 | |||||||
| Revenue growth, three-year compound | 121.5% | [2,15-17] | 0.7% | 1.1 | 222 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | (11.8%) | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 59.0% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | 8.3% | [1,7,18-19] | 6.4% | 42.7 | 246 | 2025-12-31 | |
| Net share issuance, one year | not computable | 0.4% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.019; sampling error 3.6 percentile points on 148 peers.
Among 148 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 77 | Black Hills Corp. (BKH) Black Hills Corp. (BKH) Cmiddle fifth; percentile 51.7 NYSE · Electric Services market equity $5.8B; last close $76.50 No active warnings; 7 of 14 inputs | 51.7 | C | |
| 78 | Clean Energy Fuels Corp. (CLNE) Clean Energy Fuels Corp. (CLNE) Cmiddle fifth; percentile 52.4 Nasdaq · Gas & Other Services Combined market equity $335.1M; last close $1.52 No active warnings; 9 of 14 inputs | 52.4 | C | |
| 79 | Dawson Geophysical Co. (DWSN) Dawson Geophysical Co. (DWSN) Cmiddle fifth; percentile 53.1 Nasdaq · Oil & Gas Field Exploration Services market equity $80.4M; last close $2.60 Warnings: late filer; 8 of 14 inputs | 53.1 | C | late filer |
| 80 | Range Resources Corp. (RRC) Range Resources Corp. (RRC) Cmiddle fifth; percentile 53.7 NYSE · Crude Petroleum & Natural Gas market equity $9.5B; last close $40.77 No active warnings; 7 of 14 inputs | 53.7 | C | |
| 81 | Cadiz Inc. (CDZI) Cadiz Inc. (CDZI) Cmiddle fifth; percentile 54.8 Nasdaq · Water Supply last close $3.53 Warnings: short runway; 7 of 14 inputs | 54.8 | C | short runway |
| 82 | Cadiz Inc. (CDZIP) Cadiz Inc. (CDZIP) Cmiddle fifth; percentile 54.8 Nasdaq · Water Supply last close $21.38 Warnings: short runway; 7 of 14 inputs | 54.8 | C | short runway |
| 83 | Comstock Resources Inc. (CRK) Comstock Resources Inc. (CRK) Cmiddle fifth; percentile 55.8 NYSE · Crude Petroleum & Natural Gas market equity $4.0B; last close $13.71 No active warnings; 7 of 14 inputs | 55.8 | C | |
| 84 | Pedevco Corp. (PED) Pedevco Corp. (PED) C/Don the C/D boundary; percentile 56.5 NYSE · Crude Petroleum & Natural Gas market equity $171.2M; last close $13.44 Warnings: dilution, fortress balance sheet; 7 of 14 inputs | 56.5 | C/D | dilution, fortress balance sheet |
| 85 | UGI Corp. (UGI) UGI Corp. (UGI) C/Don the C/D boundary; percentile 57.1 NYSE · Gas & Other Services Combined market equity $7.9B; last close $36.92 No active warnings; 9 of 14 inputs | 57.1 | C/D | |
| 86 | Ormat Technologies, Inc. (ORA) Ormat Technologies, Inc. (ORA) C/Don the C/D boundary; percentile 57.8 NYSE · Electric Services market equity $5.5B; last close $88.61 No active warnings; 9 of 14 inputs | 57.8 | C/D | |
| 87 | CVR Energy Inc. (CVI) CVR Energy Inc. (CVI) C/Don the C/D boundary; percentile 58.5 NYSE · Petroleum Refining market equity $6.0B; last close $59.55 No active warnings; 8 of 14 inputs | 58.5 | C/D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | C | 57.1 | 2204 |
| sector peers, equal sleeves (the grade) | C | 54.8 | 148 |
| same exchange, equal sleeves | C | 57.7 | 1219 |
| sector peers, equal inputs | D | 65.0 | 148 |
Each letter is one fifth of the 148 graded peers, about 29 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-06 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 25.4% | 15.5% | 64 | hotter than 64 of 100 peers |
| Distance from 52-week high | (10.9%) | (15.4%) | 67 | closer to its high than 67 of 100 peers |
| EBIT to enterprise value | not computable | 4.6% | required accounting or market input is missing | |
| Free cash flow yield | not computable | 1.3% | required accounting or market input is missing | |
| Book value to price | not computable | 0.53 | required accounting or market input is missing | |
| Sales to price | not computable | 0.45 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | (7.2%) | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | 0.24 | 0.04 | 80 | ahead of 80 of 100 peers |
Inputs: EBIT -$25.6M; free cash flow -$26.5M; book equity $4.7M; sales $16.3M; debt $72.7M; cash $5.3M[20].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (25.4%) | ✗ fail[5,7] |
| Operating cash flow above zero | -$18.9M | ✗ fail[6] |
| Return on assets improved | 3.6 pts | ✓ pass[5,7,18,21] |
| Operating cash flow exceeds net income | $15.2M | ✓ pass[5-6] |
| Long-term leverage fell | 5.9 pts | ✗ fail[1,7,18,22-23] |
| Current ratio improved | (57.3 pts) | ✗ fail[8-9,24-25] |
| No new shares issued | n/a | |
| Gross margin improved | 7.5 pts | ✓ pass[2,4,15,26] |
| Asset turnover improved | 3.2 pts | ✓ pass[2,7,15,18] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $5.3M[3] |
| Operating cash flow, four quarters | -$26.1M[3,6,27-30] |
| Months of runway | 2.4 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 57 |
| 10-Q received Aug 13, 2026 | |
| Median daily dollar volume | $93,095 |
| 63 sessions | |
| Days since newest grade input | 192 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $140.9M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $16.3M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $5.3M | 2026-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
| 4 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $11.2M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 5 | net income | us-gaap:NetIncomeLoss | -$34.2M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 6 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$18.9M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 7 | assets | us-gaap:Assets | $134.5M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 8 | current assets | us-gaap:AssetsCurrent | $16.1M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 9 | current liabilities | us-gaap:LiabilitiesCurrent | $13.2M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 10 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$692.2M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 11 | operating income | us-gaap:OperatingIncomeLoss | -$25.6M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 12 | book equity | us-gaap:StockholdersEquity | $23.3M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 13 | liabilities | us-gaap:Liabilities | $117.7M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 14 | interest expense | us-gaap:InterestExpense | $8.6M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 15 | revenue | us-gaap:Revenues | $9.6M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:Revenues | $2.0M | 2023-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:Revenues | $1.5M | 2022-12-31 | 2024-03-28 | 10-K | filing · viewer · series |
| 18 | assets | us-gaap:Assets | $107.4M | 2023-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 19 | assets | us-gaap:Assets | $110.8M | 2022-12-31 | 2024-03-28 | 10-K | filing · viewer · series |
| 20 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 84,677,075 | 2026-08-11 | 2026-08-13 | 10-Q | filing · viewer · series |
| 21 | net income | us-gaap:NetIncomeLoss | -$31.1M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 22 | long term debt | us-gaap:LongTermDebtNoncurrent | $72.7M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 23 | long term debt | us-gaap:LongTermDebtNoncurrent | $56.7M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 24 | current assets | us-gaap:AssetsCurrent | $25.8M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 25 | current liabilities | us-gaap:LiabilitiesCurrent | $14.4M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 26 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $7.3M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$12.2M | 2026-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
| 28 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$5.5M | 2026-03-31 | 2026-05-14 | 10-Q | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$12.0M | 2025-09-30 | 2025-11-13 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$5.0M | 2025-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 54.8 is 5.2 points from the nearest band edge; sampling error is 3.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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