# PURE CYCLE CORPORATION (PCYO) · Edgar & Edgarette company card

> Pure Cycle (PCYO) saw revenue fall 9.3% in FY2025 to $26 million, operating margin 29.4% against a 26.3% median for water supply, equity 88.0% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 276720 · fiscal year ended 2025-08-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/PCYO) · [JSON](https://www.pops4.com/boards/company/PCYO.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $26M |
| Revenue growth, 1 year | -9.3% |
| Revenue growth per year | 11.1% |
| Operating margin | 29.4% (prior year 42.6%) |
| Net margin | 50.3% |
| Operating cash flow | $13M |
| Capital spending | — |
| Free cash flow | — |
| Cash | $22M |
| Long-term debt | $7M |
| Total assets | $162M |
| Total equity | $143M |
| Equity ÷ assets | 88.0% |
| Return on equity | 9.2% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 6 of 9 (solid)
- Health Harbor boat: Sound ship · one warning sign · revenue is hard to predict: its 80% range is ±65%
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $26.1M (FY2025), total debt $6.8M. Experience: revenue down 9.3% on the year, up 11.1% a year over 4 years; operating margin 29.4%, down from 42.6%. Soundness: equity 88.0% of assets, return on equity 9.2%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $11.6M and $54.2M next year (method v4.1: its own 6-year record of growth weighed at 63% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $10.4M to $60.5M. A statistical range, not company guidance. Against peers (10 filers, $50M+ revenue, water supply): operating margin 29.4% against a 26.3% median; growth -9.3% against 6.1%.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 4, latest 2026-08-25 ([filing](https://www.sec.gov/Archives/edgar/data/276720/000110465926100607/0001104659-26-100607-index.htm))

## Recent filings

- 8-K · filed 2026-08-25 · 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/276720/000110465926100607/0001104659-26-100607-index.htm)
- 8-K · filed 2026-07-09 · 2.02 Results of Operations and Financial Condition; 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/276720/000110465926082168/0001104659-26-082168-index.htm)
- 10-Q · filed 2026-07-08 · [filing](https://www.sec.gov/Archives/edgar/data/276720/000110465926081778/0001104659-26-081778-index.htm)
- 8-K · filed 2026-05-26 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/276720/000110465926066072/0001104659-26-066072-index.htm)
- 8-K · filed 2026-04-09 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/276720/000110465926041286/0001104659-26-041286-index.htm)
- 10-Q · filed 2026-04-08 · [filing](https://www.sec.gov/Archives/edgar/data/276720/000110465926040879/0001104659-26-040879-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0000276720.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=276720

## Cite

POPS4, Edgar & Edgarette: PURE CYCLE CORPORATION (PCYO) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/PCYO. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.