Pure Cycle Corporation (PCYO) Stock Analysis & Winston Score

Pure Cycle Corporation designs, constructs, operates, and maintains water and wastewater systems in the Denver metropolitan area and Colorado Front Range in the United States. It operates in two segments, Wholesale Water and Wastewater Services, and Land Development. The company engages in the wholesale water production, storage, treatment, and distribution systems; wastewater collection and treatment systems; development of master-planned community; and oil and gas leasing business. It serves d

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+29.4% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+48.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

8.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 months

$5M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Strong grower

Pure Cycle Corporation is growing revenue at 29% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 24.1M (2021) → 24.2M (2025)

Score breakdown

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Quality

Gross Margin

50.5%

Healthy — 50.5% gross margin

Operating Margin

5.1%

Thin — 5.1% operating margin

ROCE

0.2%

Weak — 0.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-21.5%

Shrinking sales (-21.5% YoY)

EPS YoY

-26.9%

Earnings shrinking (-26.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

32%

Weak — only 32% of profit becomes cash

FCF Margin

-1.9%

Burning cash (-1.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.05

Conservative — low debt load (0.05)

Interest Cover

13.54x

Comfortably covers interest (13.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

25.0x

Growth-priced — P/E 25.0

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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