Pure Cycle Corp. (PCYO) intrinsic value & 10-year financials
Pure Cycle Corp. (PCYO) has a Graham intrinsic value of $17.94 per share. At $11.02 on Oct 17, 2026, the stock trades 39% below that value. Over the last 10 fiscal years revenue grew 56.9% a year to $26.1M, with an average return on invested capital of 3.0%.
- Graham intrinsic value
- $17.94
- Share price (Oct 17, 2026)
- $11.02
- Price vs Graham value
- 39% below
- Market cap
- $266.3M
- Revenue (FY2025)
- $26.1M
- Revenue growth (10-yr CAGR)
- 56.9%
- ROIC (10-yr avg)
- 3.0%
- Free cash flow (FY2025)
- —
PCYO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $26.1M | $13.1M | $0.54 | — | 29.4% | 4.8% |
| FY2024 | $28.7M | $11.6M | $0.48 | — | 42.6% | 8.8% |
| FY2023 | $14.6M | $4.7M | $0.19 | — | 14.2% | 1.8% |
| FY2022 | $23.0M | $9.6M | $0.40 | — | 43.9% | 9.5% |
| FY2021 | $17.1M | $20.1M | $0.83 | — | 30.8% | 5.6% |
| FY2020 | $25.9M | $6.8M | $0.28 | — | 5.9% | 1.8% |
| FY2019 | $20.4M | $4.8M | $0.20 | — | 14.7% | 4.7% |
| FY2018 | $7.0M | $414.7K | — | -$444.8K | -4.4% | -0.5% |
| FY2017 | $1.2M | -$1.7M | — | -$1.1M | -173.6% | -3.4% |
| FY2016 | $452.2K | -$1.3M | — | -$743.0K | -482.1% | -3.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PURE CYCLE CORP is a consistent compounder, expanding top-line revenue at 56.9% annually over the past decade.
PURE CYCLE CORP has historically struggled to out-earn its cost of capital, averaging just 3.0% ROIC.
PURE CYCLE CORP 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, PURE CYCLE CORP is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $17.94 per share.