Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Pure Cycle Corp.PCYO · utilities | |
|---|---|
| Grade |  Bsecond fifth of 148 graded peers; percentile 23.8, sampling error 3.6 points; lower is stronger |
| Rank | 36 of 148 |
| Profitability | Dpercentile 71.9 |
| Solvency | Apercentile 3.8 |
| Growth and financing | B/Cpercentile 38.7 |
| 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 $162.3M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active · fortress balance sheetnot computable: distress |
| Inputs computable | 10 of 14 |
| Graded from | filings received through Nov 12, 2025331 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $11.012026-10-08; market equity $265.2M; 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 Nov 12, 2025; the document on sec.gov.
Unless otherwise specified or the context otherwise requires, any reference to “Pure Cycle,” the “Company,” “we,” “us” or “our” is to Pure Cycle Corporation and its wholly-owned subsidiaries on a consolidated basis. We are a diversified water and wastewater service provider, land developer, and home rental company. We provide wholesale water and wastewater services in the Denver, Colorado area, develop land we own into master planned communities, and develop single-family homes for rent. Each of our businesses providing water and wastewater services, land development and single-family home rentals generates attractive recurring monthly income.
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 71.9 | |||||||
| Gross profitability | 9.9% | [1,5] | 17.5% | 63.7 | 81 | 2025-08-31 | |
| Return on invested capital | 4.8% | [3-4,6-12] | 6.0% | 74.4 | 91 | 2025-08-31 | |
| Accruals ratio | (0.03%) | [1,13-15] | (5.0%) | 93.7 | 271 | 2025-08-31 | |
| Gross margin stability, five years | 5.7 pts | [2,5,16-23] | 4.6 pts | 55.6 | 55 | 2025-08-31 | |
| Solvency, sleeve percentile 3.8 | |||||||
| Twelve-month failure probability | not computable | 0.06% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 8.14 | [1,6,9,24-27] | 1.48 | 2.6 | 152 | 2025-08-31 | |
| Net debt to EBITDA | (1.52x) | [3-4,6,28] | 3.63x | 0.9 | 117 | 2025-08-31 | |
| Interest coverage | not computable | 2.37x | |||||
| latest aligned inputs end 2015-08-31; latest annual assets end 2025-08-31 | |||||||
| Current ratio | 2.72x | [24-25] | 0.97x | 7.8 | 282 | 2025-08-31 | |
| Growth and financing, sleeve percentile 38.7 | |||||||
| Revenue growth, three-year compound | 4.3% | [2,17,19,21] | 0.7% | 36.2 | 222 | 2025-08-31 | |
| 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 | 7.9% | [1,15,29-30] | 6.4% | 47.3 | 246 | 2025-08-31 | |
| Net share issuance, one year | 0.03% | [31-32] | 0.4% | 32.7 | 157 | 2025-11-10 | |
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 -0.249; 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 |
|---|---|---|---|---|
| 31 | Hornbeck Offshore Services, Inc. (HOS) Hornbeck Offshore Services, Inc. (HOS) A/Bon the A/B boundary; percentile 20.4 NYSE · Oil & Gas Field Services, NEC market equity $1.1B; last close $7.63 Warnings: fortress balance sheet; 12 of 14 inputs | 20.4 | A/B | fortress balance sheet |
| 32 | Portland General Electric Co. (POR) Portland General Electric Co. (POR) A/Bon the A/B boundary; percentile 21.1 NYSE · Electric Services market equity $5.3B; last close $45.35 No active warnings; 8 of 14 inputs | 21.1 | A/B | |
| 33 | Quaker Chemical Corp. (KWR) Quaker Chemical Corp. (KWR) A/Bon the A/B boundary; percentile 21.8 NYSE · Miscellaneous Products of Petroleum & Coal market equity $2.7B; last close $158.20 No active warnings; 11 of 14 inputs | 21.8 | A/B | |
| 34 | Ovintiv Inc. (OVV) Ovintiv Inc. (OVV) A/Bon the A/B boundary; percentile 22.4 NYSE · Crude Petroleum & Natural Gas market equity $17.5B; last close $63.37 No active warnings; 10 of 14 inputs | 22.4 | A/B | |
| 35 | Core Laboratories Inc. (CLB) Core Laboratories Inc. (CLB) A/Bon the A/B boundary; percentile 23.1 NYSE · Oil & Gas Field Services, NEC market equity $466.2M; last close $10.16 Warnings: late filer; 8 of 14 inputs | 23.1 | A/B | late filer |
| 36 | Pure Cycle Corp. (PCYO) Pure Cycle Corp. (PCYO) Bsecond fifth; percentile 23.8 Nasdaq · Water Supply market equity $265.1M; last close $11.01 Warnings: fortress balance sheet; 10 of 14 inputs | 23.8 | B | fortress balance sheet |
| 37 | Valero Energy Corp/Tx (VLO) Valero Energy Corp/Tx (VLO) Bsecond fifth; percentile 24.5 NYSE · Petroleum Refining market equity $127.8B; last close $444.12 No active warnings; 10 of 14 inputs | 24.5 | B | |
| 38 | Montauk Renewables, Inc. (MNTK) Montauk Renewables, Inc. (MNTK) Bsecond fifth; percentile 25.2 Nasdaq · Gas & Other Services Combined market equity $390.0M; last close $2.74 No active warnings; 7 of 14 inputs | 25.2 | B | |
| 39 | Liberty Energy Inc. (LBRT) Liberty Energy Inc. (LBRT) Bsecond fifth; percentile 25.9 NYSE · Oil & Gas Field Services, NEC last close $18.84 No active warnings; 11 of 14 inputs | 25.9 | B | |
| 40 | Marathon Petroleum Corp. (MPC) Marathon Petroleum Corp. (MPC) Bsecond fifth; percentile 26.5 NYSE · Petroleum Refining market equity $130.1B; last close $463.68 No active warnings; 13 of 14 inputs | 26.5 | B | |
| 41 | USA Compression Partners, L.P. (USAC) USA Compression Partners, L.P. (USAC) Bsecond fifth; percentile 27.2 NYSE · Natural Gas Transmission market equity $3.7B; last close $25.16 No active warnings; 9 of 14 inputs | 27.2 | B |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | B | 38.1 | 2204 |
| sector peers, equal sleeves (the grade) | B | 23.8 | 148 |
| same exchange, equal sleeves | B | 36.0 | 1219 |
| sector peers, equal inputs | B | 25.9 | 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 2026-10-08 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 | 0.2% | 15.5% | 24 | hotter than 24 of 100 peers |
| Distance from 52-week high | (7.9%) | (15.4%) | 76 | closer to its high than 76 of 100 peers |
| EBIT to enterprise value | 2.8% | 4.6% | 30 | pricier than 70 of 100 peers |
| Free cash flow yield | (0.2%) | 1.3% | 38 | pricier than 62 of 100 peers |
| Book value to price | 0.57 | 0.53 | 56 | pricier than 44 of 100 peers |
| Sales to price | 0.10 | 0.45 | 1 | pricier than 99 of 100 peers |
| Composite equity issuance, five years | 1.0% | (7.2%) | 62 | more equity-funded than 62 of 100 peers |
| Relative strength against the sector, log excess return | 0.02 | 0.04 | 45 | ahead of 45 of 100 peers |
Inputs: market equity $265.1M; EBIT $7.7M; free cash flow -$444,804; book equity $151.6M; sales $26.1M; debt $14.1M; cash $8.4M[33].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 5 of 9, period end 2025-08-31 | ||
|---|---|---|
| Return on assets above zero | 8.9% | ✓ pass[13,15] |
| Operating cash flow above zero | $13.2M | ✓ pass[14] |
| Return on assets improved | 0.2 pts | ✓ pass[13,15,29,34] |
| Operating cash flow exceeds net income | $54,000 | ✓ pass[13-14] |
| Long-term leverage fell | (0.8 pts) | ✓ pass[1,10,15,29,35] |
| Current ratio improved | (132.6 pts) | ✗ fail[24-25,36-37] |
| No new shares issued | 0.0% | ✗ fail[31-32] |
| Gross margin improved | (7.3 pts) | ✗ fail[2,5,16-17] |
| Asset turnover improved | (3.9 pts) | ✗ fail[2,15,17,29] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $8.4M[38] |
| Operating cash flow, four quarters | $7.6M[14,38-42] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 93 |
| 10-Q received Jul 8, 2026 | |
| Median daily dollar volume | $707,599 |
| 63 sessions | |
| Days since newest grade input | 331 |
Downloads [top]
|
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 | $162.3M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $26.1M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $21.9M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 4 | total debt | us-gaap:LongTermDebt | $6.8M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 5 | gross profit | us-gaap:GrossProfit | $16.0M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 6 | operating income | us-gaap:OperatingIncomeLoss | $7.7M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 7 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $17.5M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 8 | income tax | us-gaap:IncomeTaxExpenseBenefit | $4.4M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 9 | book equity | us-gaap:StockholdersEquity | $142.7M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 10 | total debt | us-gaap:LongTermDebt | $6.9M | 2024-08-31 | 2024-11-13 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | $129.7M | 2024-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 12 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $22.1M | 2024-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 13 | net income | us-gaap:NetIncomeLoss | $13.1M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 14 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $13.2M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 15 | assets | us-gaap:Assets | $147.4M | 2024-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 16 | gross profit | us-gaap:GrossProfit | $19.8M | 2024-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $28.7M | 2024-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 18 | gross profit | us-gaap:GrossProfit | $8.0M | 2023-08-31 | 2024-11-13 | 10-K | filing · viewer · series |
| 19 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $14.6M | 2023-08-31 | 2024-11-13 | 10-K | filing · viewer · series |
| 20 | gross profit | us-gaap:GrossProfit | $16.4M | 2022-08-31 | 2023-11-15 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $23.0M | 2022-08-31 | 2023-11-15 | 10-K | filing · viewer · series |
| 22 | gross profit | us-gaap:GrossProfit | $10.7M | 2021-08-31 | 2022-11-14 | 10-K | filing · viewer · series |
| 23 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $17.1M | 2021-08-31 | 2022-11-14 | 10-K | filing · viewer · series |
| 24 | current assets | us-gaap:AssetsCurrent | $31.7M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 25 | current liabilities | us-gaap:LiabilitiesCurrent | $11.6M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 26 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$32.8M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 27 | liabilities | us-gaap:Liabilities | $19.5M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 28 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $2.3M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 29 | assets | us-gaap:Assets | $133.2M | 2023-08-31 | 2024-11-13 | 10-K | filing · viewer · series |
| 30 | assets | us-gaap:Assets | $129.2M | 2022-08-31 | 2023-11-15 | 10-K | filing · viewer · series |
| 31 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 24,080,605 | 2025-11-10 | 2025-11-12 | 10-K | filing · viewer · series |
| 32 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 24,073,094 | 2024-11-11 | 2024-11-13 | 10-K | filing · viewer · series |
| 33 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 24,097,370 | 2026-07-06 | 2026-07-08 | 10-Q | filing · viewer · series |
| 34 | net income | us-gaap:NetIncomeLoss | $11.6M | 2024-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 35 | long term debt | us-gaap:LongTermDebtNoncurrent | $6.4M | 2025-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 36 | current assets | us-gaap:AssetsCurrent | $37.9M | 2024-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 37 | current liabilities | us-gaap:LiabilitiesCurrent | $9.3M | 2024-08-31 | 2025-11-12 | 10-K | filing · viewer · series |
| 38 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $8.4M | 2026-05-31 | 2026-07-08 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$1.7M | 2026-05-31 | 2026-07-08 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$5.2M | 2026-02-28 | 2026-04-08 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$979,000 | 2025-11-30 | 2026-01-07 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $3.9M | 2025-05-31 | 2026-07-08 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 23.8 is 3.8 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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