Cadiz Inc. (CDZI) intrinsic value & 10-year financials
Cadiz Inc. (CDZI) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 50.5% a year to $16.3M, with an average return on invested capital of -26.5%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $3.87
- Market cap
- $132.3K
- Revenue (FY2025)
- $16.3M
- Revenue growth (10-yr CAGR)
- 50.5%
- ROIC (10-yr avg)
- -26.5%
- Free cash flow (FY2025)
- -$26.5M
CDZI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $16.3M | -$34.2M | — | -$26.5M | -156.9% | -31.8% |
| FY2024 | $9.6M | -$31.1M | — | -$22.5M | -242.0% | -31.7% |
| FY2023 | $2.0M | -$31.4M | — | -$26.7M | -1051.7% | -28.6% |
| FY2022 | $1.5M | -$24.8M | — | -$22.0M | -1103.4% | -22.2% |
| FY2021 | $564.0K | -$31.2M | — | -$38.2M | -3105.0% | -28.6% |
| FY2020 | $541.0K | -$37.8M | — | -$19.2M | -2172.6% | -27.4% |
| FY2019 | $441.0K | -$29.5M | — | -$15.3M | -2718.6% | -26.1% |
| FY2018 | $440.0K | -$26.3M | — | -$13.9M | -2550.0% | -22.7% |
| FY2017 | $437.0K | -$33.9M | — | -$11.5M | -2892.4% | -26.6% |
| FY2016 | $412.0K | -$26.3M | — | — | -2235.4% | -19.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CADIZ INC is a consistent compounder, expanding top-line revenue at 50.5% annually over the past decade.
CADIZ INC has historically struggled to out-earn its cost of capital, averaging just -26.5% ROIC.
CADIZ INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CADIZ INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-33179.74 per share.