Cadiz
Develops Mojave water supply, storage, conveyance, and filtration assets.
Something off on this page? Send us feedback.
Profile
Sells water-filtration systems and develops water supply, storage, and pipeline conveyance tied to Cadiz Ranch. Revenue today comes mainly from Water Filtration Technology, while the larger project story depends on approvals, financing, construction, and long-term water agreements.
Builds around a Southern California asset base of Mojave Desert land, groundwater rights, water supply, storage, and pipeline conveyance. Land and Water Resources holds the Cadiz Ranch properties, the Mojave Groundwater Bank, agricultural operations, and the Northern and Southern Pipeline routes.
Adds Water Filtration Technology through ATEC, which supplies filtration systems to public water systems, government agencies, and commercial customers. Current revenue is mostly filtration, while the larger strategic value sits in converting permitted water, storage, and buried pipeline into regional infrastructure.
Execution centers on public-agency partnerships, project-company financing, pipeline conversion, and construction sequencing. Water agreements remain subject to regulatory conditions, permits, litigation exposure, technical work, and completion of off-take and exchange agreements.
Company facts
Categories
Key statistics
Year to date −30.9% · Average volume (30d) 920.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Target |
|---|---|---|---|
| Feb 2, 2026 | Maxim Group | Target | $10 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | −$0.13 | −$0.15 | −20.0% | $3.1M | $979.0K | −68.1% | +1.15% |
| May 14, 2026Q1 FY26 | −$0.10 | −$0.12 | −20.0% | $3.4M | $1.6M | −51.8% | −11.21% |
| Mar 30, 2026Q4 FY25 | −$0.11 | −$0.13 | −18.2% | $4.8M | $5.1M | +6.3% | +0.82% |
| Nov 13, 2025Q3 FY25 | −$0.09 | −$0.10 | −11.1% | $4.8M | $4.1M | −13.6% | +8.11% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.0M | $4.1M | $4.1M | $5.1M | $1.6M | $979.0K | |
| Gross profit | $876.0K | $1.5M | $1.1M | $1.7M | $425.0K | −$24.0K | |
| Operating income | −$7.5M | −$5.8M | −$4.9M | −$7.4M | −$6.8M | −$8.8M | |
| Net income | −$9.6M | −$7.7M | −$7.1M | −$9.8M | −$8.6M | −$11.4M | |
| Diluted EPS | −$0.14 | −$0.11 | −$0.10 | −$0.13 | −$0.12 | −$0.15 | |
| Gross margin | 29.7% | 35.4% | 27.3% | 33.0% | 26.0% | -2.5% | |
| Operating margin | -255.0% | -140.0% | -118.0% | -145.4% | -418.8% | -902.5% |
Fiscal years (4-quarter sums)FY21 $564.0K · FY22 $1.5M · FY23 $2.0M · FY24 $9.6M · FY25 $16.3M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $5.3M · Total debt $120.0M · Total assets $134.8M · Shareholders' equity $4.7M
Dividends
No dividends on record.
Ownership
Shares outstanding 84.09M · Float 56.00M · 66.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Joseph Kaplan | 5.36M | 7.00% | 13G | Nov 12, 2024 |
| BlackRock, Inc. | 5.02M | 6.00% | 13G | Jul 27, 2026 |
| Whitefort Capital Management, LP | 3.99M | 4.74% | 13F | May 15, 2026 |
| Levin Capital Strategies, L.P. | 3.82M | 4.54% | 13F | May 13, 2026 |
| Barclays PLC | 3.72M | 4.43% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 20, 2026 | Cathryn Rivera | officer: Chief Operating Officer | −2,500 | $4.33 |
| May 26, 2026 | David Mark O'Hara | director | +110,865 | $4.58 |
Peers
- Xylem
Global water technology and treatment systems peer
- California Water Service Group
Western regulated utility with direct California water overlap
- American Water Works
Largest U.S. regulated water utility and infrastructure peer
- Pure Cycle
Water-rights and land-linked wholesale water peer
- Consolidated Water
Desalination, treatment, and water-production project peer
- American States Water
California water utility and public-sector operations peer
- Global Water Resources
Arizona water-resource utility focused on reuse and scarcity
- Mueller Water Products
Water transmission, distribution, and network infrastructure peer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cadiz | $3.99 | −0.37% | $335.5M | — | — | 28.3 | −76.3% |
| Xylem | $112.64 | +1.19% | $25.99B | 26.5 | 18.9 | 2.8 | +1.5% |
| California Water Service Group | $50.48 | 0.00% | $3.12B | 22.8 | 19.4 | 3.0 | +16.5% |
| American Water Works | $134.88 | −2.46% | $27.48B | 23.9 | 22.6 | 5.2 | +6.2% |
| Pure Cycle | $11.43 | −0.09% | $275.4M | 18.7 | — | 8.2 | +60.0% |
| Consolidated Water | $29.85 | +0.30% | $476.0M | 29.8 | 21.1 | 3.7 | −2.2% |
| American States Water | $89.88 | +0.01% | $3.52B | 24.6 | 24.2 | 5.1 | +11.2% |
| Global Water Resources | $9.13 | −0.11% | $262.6M | 82.9 | 81.9 | 4.4 | +24.8% |
| Mueller Water Products | $24.38 | +0.04% | $3.81B | 17.3 | 15.4 | 2.6 | +4.1% |
| Median | 24.3 | 21.1 | 4.0 | +8.7% |