Pure Cycle
Turns Colorado water rights into utility service, finished lots, and rental homes.
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Profile
Monetizes Denver-area water rights through wholesale water and wastewater service, Sky Ranch finished-lot sales, and a small rental-home base. The model is concentrated in Colorado and depends on housing absorption, homebuilder construction timing, water-rights certainty, and district/CAB structures.
Operates a Colorado water and wastewater platform built around owned or controlled water rights, treatment infrastructure, and wholesale service agreements. Revenue comes from recurring utility service and tap sales when development customers need new connections.
Develops finished residential lots at Sky Ranch, a master-planned community east of Denver, and retains some homes there for annual leases. The land-development work turns the same water position into homebuilder lot deliveries and future utility customers.
The business is concentrated around Denver-area growth. Results depend on housing demand, homebuilder construction timing, water-rights certainty, regulatory approvals, interest-rate conditions, and district/CAB structures used for public improvements.
Company facts
Categories
Key statistics
Year to date +5.8% · Average volume (30d) 75.0K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 8, 2026Q3 FY26 | — | $0.12 | — | — | $8.2M | — | +1.41% |
| Apr 8, 2026Q2 FY26 | — | $0.05 | — | — | $5.2M | — | +0.94% |
| Jan 7, 2026Q1 FY26 | — | $0.19 | — | — | $9.1M | — | +4.78% |
| Nov 12, 2025Q4 FY25 | — | $0.25 | — | — | $11.2M | — | −1.60% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $4.0M | $5.1M | $11.2M | $9.1M | $5.2M | $8.2M | |
| Gross profit | $1.5M | $3.3M | $6.3M | $6.3M | $2.6M | $4.3M | |
| Operating income | −$1.3M | $1.3M | $5.9M | $4.4M | $263.0K | $2.1M | |
| Net income | $809.0K | $2.3M | $6.1M | $4.6M | $1.1M | $2.9M | |
| Diluted EPS | $0.03 | $0.09 | $0.25 | $0.19 | $0.05 | $0.12 | |
| Gross margin | 38.2% | 63.4% | 56.5% | 68.4% | 50.5% | 52.1% | |
| Operating margin | -33.2% | 26.0% | 53.1% | 48.0% | 5.1% | 25.7% |
Fiscal years (4-quarter sums)FY21 $17.1M · FY22 $23.0M · FY23 $14.6M · FY24 $28.7M · FY25 $26.1M
Revenue by product · Q3 FY26
Revenue by geography · Q3 FY26
Balance sheet, May 31, 2026Cash & short-term investments $8.4M · Total debt $14.1M · Total assets $176.0M · Shareholders' equity $151.6M
Dividends
No dividends on record.
Ownership
Shares outstanding 24.10M · Float 22.18M · 92.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Daniel J. Roller | 3.55M | 14.70% | 13D | Aug 6, 2026 |
| Maran Capital Management, LLC · 10 percent owner | 2.60M | 10.79% | Form 4 | Nov 24, 2025 |
| Magnolia Group, LLC | 1.91M | 7.95% | 13F | Apr 24, 2026 |
| BlackRock, Inc. | 1.37M | 5.69% | 13F | May 13, 2026 |
| Vanguard Capital Management LLC | 915.8K | 3.80% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 17, 2025 | Daniel R. Kozlowski | director, 10 percent owner: | −68,778 | $11.01 |
Peers
- D.R. Horton
Large-scale builder competing for Denver entry-level demand
- Lennar
National builder with Colorado communities and land development
- American Water Works
Largest U.S. regulated water and wastewater utility peer
- California Water Service Group
Water-scarce-region utility peer in water and wastewater services
- American States Water
Regulated water utility and contracted-service comparator
- PulteGroup
Public builder competing for lot pipeline and new-home buyers
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Pure Cycle | $11.43 | −0.09% | $275.4M | 18.7 | — | 8.2 | +60.0% |
| D.R. Horton | $147.39 | 0.00% | $41.23B | 14.1 | 13.1 | 1.2 | +0.0% |
| Lennar | $86.50 | +0.19% | $21.44B | 13.5 | 15.2 | 0.7 | −5.0% |
| American Water Works | $134.88 | −2.46% | $27.48B | 23.9 | 22.6 | 5.2 | +6.2% |
| California Water Service Group | $50.48 | 0.00% | $3.12B | 22.8 | 19.4 | 3.0 | +16.5% |
| American States Water | $89.88 | +0.01% | $3.52B | 24.6 | 24.2 | 5.1 | +11.2% |
| PulteGroup | $128.55 | +0.02% | $24.81B | 13.2 | 12.0 | 1.5 | −9.6% |
| Median | 18.4 | 17.3 | 2.2 | +3.1% |