Pure Cycle (PCYO)
Turns Colorado water rights into utility service, finished lots, and rental homes.
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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
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, May 31, 2026Cash & short-term investments $8.4M · Total debt $14.1M · Total assets $176.0M · Shareholders' equity $151.6M
- Revenue
- $8.2M
- Operating income
- $2.1M
- Net income
- $2.9M
No dividends on record.
| Institutions | ≈ 54.62% | 13.16M shares | |
|---|---|---|---|
| 121 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 2.39% | 576.1K shares | |
| 10 holders · as of Sep 18, 2026 | |||
| Strategic holders | 10.79% | 2.60M shares | |
| 1 holder · as of Nov 24, 2025 | |||
| Other | ≈ 32.20% | 7.76M shares | |
| remainder | |||
24.10M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Maran Capital Management, LLCStrategic10 percent owner | 10.79% | 2.60M | filed Nov 24, 2025 |
Magnolia Group, LLCInstitution | 7.45% | 1.80M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 5.80% | 1.40M | as of Jun 30, 2026 |
The Vanguard GroupInstitution | 4.13% | 994,107 | filed Feb 10, 2022 |
Vanguard Capital Management LLCInstitution | 3.85% | 927,930 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 17, 2025 | Daniel R. Kozlowski | director, 10 percent owner: | −68,778 | $11.01 |
- 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
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Pure Cycle | $11.10 | +0.09% | $268.2M | 18.2 | — | 8.0 | +60.0% |
| D.R. Horton | $144.11 | 0.00% | $38.95B | 13.3 | 12.9 | 1.2 | +0.0% |
| Lennar | $83.06 | +0.01% | $19.39B | 14.8 | 16.8 | 0.6 | −9.0% |
| American Water Works | $133.82 | −0.01% | $26.62B | 23.2 | 21.9 | 5.0 | +6.2% |
| California Water Service Group | $47.35 | +0.20% | $2.92B | 21.3 | 18.1 | 2.8 | +16.5% |
| American States Water | $84.39 | −0.01% | $3.33B | 23.2 | 22.7 | 4.8 | +11.2% |
| PulteGroup | $122.29 | −0.02% | $22.96B | 12.2 | 11.5 | 1.4 | −9.6% |
| Median | 18.0 | 17.5 | 2.1 | +3.1% |