Pure Cycle (PCYO)
Market Price (4/15/2026): $11.3 | Market Cap: $272.3 MilSector: Utilities | Industry: Water Utilities
Pure Cycle (PCYO)
Market Price (4/15/2026): $11.3Market Cap: $272.3 MilSector: UtilitiesIndustry: Water Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.2% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 39% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include Water Infrastructure. Themes include Water Treatment & Delivery, and Wastewater Management. | Weak multi-year price returns2Y Excs Rtn is -17%, 3Y Excs Rtn is -48% | Expensive valuation multiplesP/SPrice/Sales ratio is 8.9x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 74x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15% Key risksPCYO key risks include [1] legal, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.2% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 39% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Water Infrastructure. Themes include Water Treatment & Delivery, and Wastewater Management. |
| Weak multi-year price returns2Y Excs Rtn is -17%, 3Y Excs Rtn is -48% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 8.9x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 74x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15% |
| Key risksPCYO key risks include [1] legal, Show more. |
Qualitative Assessment
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1. Strong financial performance in Q1 and Q2 Fiscal Year 2026, driven by significant revenue and earnings growth.
Pure Cycle reported impressive Q1 2026 financial results on January 7, 2026, for the period ending November 30, 2025, with revenue surging 59% to $9.14 million compared to Q1 2025, and net income increasing 16% to $4.57 million. This drove earnings per share (EPS) up 19% to $0.19. The land development segment was a primary contributor, with revenue growing to $6.52 million from $2.77 million in Q1 2025. The company continued this positive trend, announcing Q2 2026 results on April 8, 2026, which reported a 29% increase in Q2 revenue to $5.2 million and a 47% increase in year-to-date revenue to $14.3 million compared to the prior year. Diluted EPS for Q2 was $0.05, up from $0.03 in Q2 2025. These results marked the 26th and 27th consecutive profitable quarters for the company, respectively.
2. Accelerated land development at Sky Ranch and strategic water rights acquisition.
A mild winter in the Denver area facilitated the acceleration of Pure Cycle's lot development schedule at its Sky Ranch Master Planned Community, which advanced revenue recognition during the period. As of April 8, 2026, Phase 2D of the development was approximately 78% complete, and Phase 2C was approximately 91% complete. Additionally, in December 2025, Pure Cycle secured a water-right settlement that added 1,635 acre-feet, enhancing its valuable water resource portfolio. The company is also expanding its partnerships with national homebuilders for Phase 2D, bringing the total to seven national builders, and is planning for 159 new lots in Phase 2E to be completed in fiscal 2027.
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Stock Movement Drivers
Fundamental Drivers
The 2.8% change in PCYO stock from 12/31/2025 to 4/14/2026 was primarily driven by a 17.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.99 | 11.30 | 2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 31 | 17.5% |
| Net Income Margin (%) | 50.3% | 45.8% | -8.9% |
| P/E Multiple | 20.2 | 19.4 | -3.8% |
| Shares Outstanding (Mil) | 24 | 24 | -0.1% |
| Cumulative Contribution | 2.8% |
Market Drivers
12/31/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| PCYO | 2.8% | |
| Market (SPY) | -5.4% | 21.7% |
| Sector (XLU) | 8.9% | 28.8% |
Fundamental Drivers
The 2.1% change in PCYO stock from 9/30/2025 to 4/14/2026 was primarily driven by a 11.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.07 | 11.30 | 2.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27 | 31 | 11.6% |
| Net Income Margin (%) | 49.6% | 45.8% | -7.6% |
| P/E Multiple | 19.6 | 19.4 | -0.9% |
| Shares Outstanding (Mil) | 24 | 24 | -0.1% |
| Cumulative Contribution | 2.1% |
Market Drivers
9/30/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| PCYO | 2.1% | |
| Market (SPY) | -2.9% | 24.7% |
| Sector (XLU) | 7.4% | 27.1% |
Fundamental Drivers
The 7.9% change in PCYO stock from 3/31/2025 to 4/14/2026 was primarily driven by a 5.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.47 | 11.30 | 7.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29 | 31 | 5.3% |
| Net Income Margin (%) | 46.3% | 45.8% | -1.1% |
| P/E Multiple | 18.7 | 19.4 | 3.8% |
| Shares Outstanding (Mil) | 24 | 24 | -0.1% |
| Cumulative Contribution | 7.9% |
Market Drivers
3/31/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| PCYO | 7.9% | |
| Market (SPY) | 16.3% | 36.2% |
| Sector (XLU) | 20.4% | 23.9% |
Fundamental Drivers
The 19.6% change in PCYO stock from 3/31/2023 to 4/14/2026 was primarily driven by a 52.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.45 | 11.30 | 19.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20 | 31 | 52.7% |
| Net Income Margin (%) | 41.2% | 45.8% | 11.2% |
| P/E Multiple | 27.4 | 19.4 | -29.2% |
| Shares Outstanding (Mil) | 24 | 24 | -0.5% |
| Cumulative Contribution | 19.6% |
Market Drivers
3/31/2023 to 4/14/2026| Return | Correlation | |
|---|---|---|
| PCYO | 19.6% | |
| Market (SPY) | 63.3% | 35.2% |
| Sector (XLU) | 49.5% | 22.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PCYO Return | 30% | -28% | -0% | 21% | -13% | 2% | 0% |
| Peers Return | 26% | -15% | 17% | -10% | -7% | 8% | 12% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 81% |
Monthly Win Rates [3] | |||||||
| PCYO Win Rate | 50% | 42% | 50% | 50% | 42% | 50% | |
| Peers Win Rate | 70% | 48% | 52% | 40% | 42% | 90% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PCYO Max Drawdown | -5% | -47% | -17% | -14% | -23% | -10% | |
| Peers Max Drawdown | -5% | -35% | -19% | -16% | -15% | -5% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GWRS, AWR, CWT, FOR, TRC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/14/2026 (YTD)
How Low Can It Go
| Event | PCYO | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -52.5% | -25.4% |
| % Gain to Breakeven | 110.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -42.4% | -33.9% |
| % Gain to Breakeven | 73.5% | 51.3% |
| Time to Breakeven | 365 days | 148 days |
| 2018 Correction | ||
| % Loss | -21.5% | -19.8% |
| % Gain to Breakeven | 27.5% | 24.7% |
| Time to Breakeven | 377 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -79.6% | -56.8% |
| % Gain to Breakeven | 389.5% | 131.3% |
| Time to Breakeven | 3,370 days | 1,480 days |
Compare to GWRS, AWR, CWT, FOR, TRC
In The Past
Pure Cycle's stock fell -52.5% during the 2022 Inflation Shock from a high on 4/16/2021. A -52.5% loss requires a 110.5% gain to breakeven.
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About Pure Cycle (PCYO)
AI Analysis | Feedback
Here are 1-3 brief analogies for Pure Cycle (PCYO):
- It's like a regional water utility similar to American Water Works (AWK), that also develops master-planned communities like Howard Hughes Corporation (HHC).
- Imagine a master-planned community developer like Howard Hughes Corporation (HHC), but one that owns and operates all the essential water and wastewater infrastructure for its developments.
AI Analysis | Feedback
```html- Wholesale Water Services: Production, storage, treatment, and distribution of water.
- Wastewater Services: Collection and treatment of wastewater.
- Land Development: Development of master-planned communities.
- Oil and Gas Leasing: Business involving the leasing of land for oil and gas activities.
AI Analysis | Feedback
Pure Cycle Corporation (PCYO) serves a diverse customer base in the Denver metropolitan area and Colorado Front Range. Based on the company's description, it directly serves various end-user categories rather than primarily selling to other companies for resale.
The major customer categories for Pure Cycle are:
- Domestic/Residential Customers: These include individual households and residents within the areas where Pure Cycle operates its water and wastewater systems, particularly within its master-planned communities like Sky Ranch.
- Commercial Customers: This category encompasses various businesses that require water and wastewater services for their operations within Pure Cycle's service territory.
- Industrial Customers: These are larger industrial entities or facilities that have specific needs for water supply and wastewater treatment services provided by Pure Cycle.
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Mark W. Harding, President, CEO, and Director
Mr. Harding joined Pure Cycle in 1990. He has been responsible for acquiring over $100 million of water and land interests during his tenure. He also serves as a director on several advisory boards related to water and wastewater issues in the Denver region, focusing on addressing water shortages in Front Range cities. Mr. Harding holds a Bachelor's in Computer Science and a Master's in Business Administration, both from the University of Denver. He has been the Chief Executive Officer of Pure Cycle Corporation since April 2005 and its President since April 2001. Additionally, he serves as President & Director at Rangeview Metropolitan District, Director at HMN Resources, Inc. since 2016, President & Director at Red Sky Ranch Metropolitan District (Colorado), Director at Sky Ranch Community Authority Board (Colorado), and President at South Metro Water Supply Authority. He previously served as an Independent Director at Hawaiian Macadamia Nut Orchards LP.
Marc Spezialy, Vice President, Chief Financial Officer, Principal Accounting Officer and Principal Financial Officer
Mr. Spezialy joined Pure Cycle in 2023 and brings over 20 years of accounting and finance experience. Prior to Pure Cycle, he was the VP, Controller, of Pulte Mortgage LLC, a subsidiary of PulteGroup, Inc. in Denver, Colorado. He also served as VP Finance for Alviere, a financial services technology platform, and as Chief Financial Officer of Equinox, a land development and water management company in Denver, Colorado. Mr. Spezialy began his career with PricewaterhouseCoopers in San Francisco in the Audit and Advisory Business Services group, where he was promoted to Audit Manager. He obtained his bachelor's degrees in Accounting and Finance from the University of San Francisco and is a licensed Certified Public Accountant in California.
Dirk Lashnits, Vice President, Land Development
Mr. Lashnits joined Pure Cycle in 2017. He holds a degree in Civil Engineering from the Colorado School of Mines and has over 20 years of experience in land development across the Front Range of Colorado. His expertise spans acquisitions, entitlements, and construction within the local development industry, and he contributes to establishing corporate objectives, mitigating risks, and optimizing results.
Brent Brouillard, Vice President, Engineering
Mr. Brouillard joined Pure Cycle in 2017 and oversees the planning, design, construction, and operations of water and wastewater systems in the Denver-Metro area. He is a Professional Engineer (PE) with fifteen years of experience in the water resources sector. Mr. Brouillard received his Bachelor's in Civil Engineering from the University of Wyoming and holds a Master of Science in Hydrology and a PhD in Civil Engineering from the Colorado School of Mines.
AI Analysis | Feedback
The key risks to Pure Cycle Corporation's business include:- Dependence on the Housing Market and Land Development: Pure Cycle's revenue is significantly tied to land development and the demand from homebuilders. The company faces considerable risk from headwinds in the housing market, including rising interest rates and economic uncertainty, which can lead to deferred land development revenue. Competition among land developers is also expected to intensify, further impacting the business.
- Regulatory Delays and Water Rights Regulations: The company is exposed to risks associated with regulatory delays in its projects. Furthermore, changes in water rights regulations are a significant risk factor, which could impact Pure Cycle's core water and wastewater services.
- Cost Inflation and Rising Operating Costs: Pure Cycle experiences challenges from cost inflation and tariffs, which contribute to higher costs of revenue. Rising operating costs and overall inflation can negatively impact the company's profitability.
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Pure Cycle Corporation (PCYO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Continued Land Development at Sky Ranch: The company's ongoing development of its master-planned community, Sky Ranch, particularly phases 2D and 2E, is a significant revenue driver. Pure Cycle expects to complete Phase 2D in fiscal 2026 and has started platting 159 lots in Phase 2E, with completion anticipated in fiscal 2027. This phased approach ensures a steady stream of lot sales revenue and associated tap fees.
- Growth in Water Utility Customer Base and Tap Fees: The Wholesale Water and Wastewater Services segment is experiencing robust growth. The water utility customer base has grown at a compound annual growth rate (CAGR) of 22%, providing a stable foundation for recurring revenue. Additionally, tap fees are increasing by approximately 6-7% annually, with management estimating over $19 million in Phase 2 tap fee revenue over the next three years.
- Expansion of Single-Family Rental Portfolio: Pure Cycle's single-family rental segment is contributing to stable recurring income. The company is accelerating the growth of this portfolio, with rental revenue increasing approximately 20% from Q1 2024 to Q1 2026. As of a recent report, this segment includes 19 completed and fully leased homes, with another 40 units under contract.
- Commercial Lot Sales Following Interchange Construction: A major anticipated driver is the commencement of commercial lot sales, which are projected to begin in 2028. This growth will be significantly boosted by the planned interchange construction, expected to start in 2027. This infrastructure development is poised to unlock substantial commercial development opportunities.
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Share Repurchases
- Pure Cycle Corporation's repurchases of common shares amounted to approximately $397,000 in fiscal year 2025.
- The company consistently utilizes available liquidity to support its share repurchase program, reflecting a belief that its shares are undervalued.
Share Issuance
- Pure Cycle Corporation has maintained a relatively stable number of shares outstanding, approximately 24 million, from 2020 to 2025, indicating no significant share issuances during this period.
Outbound Investments
- Pure Cycle Corporation has not made any significant outbound investments or acquisitions in other companies in recent years.
- In 2023, the company reported approximately $15.3 million in proceeds from the sale of investments, indicating a divestment rather than new outbound investments.
Capital Expenditures
- For the fiscal year ended August 31, 2024, Pure Cycle Corporation's investments in water and wastewater systems (net) were approximately $60.486 million, with an additional $3.161 million in construction in progress.
- For the fiscal year ended August 31, 2023, investments in water and wastewater systems (net) were approximately $57.798 million, with an additional $5.457 million in construction in progress.
- The primary focus of capital expenditures is on the ongoing development of the Sky Ranch Master Planned Community, including land development for residential lots, expansion of water and wastewater infrastructure, and the construction of single-family rental homes. The company anticipates completing Phase 2D lots and commencing Phase 2E construction, along with accelerating single-family rental home deliveries in fiscal year 2026.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Pure Cycle Earnings Notes | 12/16/2025 | |
| Can Pure Cycle Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to PCYO.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | SRE | Sempra | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 12122025 | CTRI | Centuri | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 9.9% | 9.9% | -5.5% |
| 11212025 | PEG | Public Service Enterprise | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.2% | 1.2% | -4.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.99 |
| Mkt Cap | 0.9 |
| Rev LTM | 357 |
| Op Inc LTM | 95 |
| FCF LTM | -27 |
| FCF 3Y Avg | -39 |
| CFO LTM | 58 |
| CFO 3Y Avg | 17 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.2% |
| Rev Chg 3Y Avg | 8.3% |
| Rev Chg Q | 11.9% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Mgn LTM | 15.4% |
| Op Mgn 3Y Avg | 17.3% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 21.3% |
| CFO/Rev 3Y Avg | 26.1% |
| FCF/Rev LTM | -18.3% |
| FCF/Rev 3Y Avg | -16.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.9 |
| P/S | 4.2 |
| P/EBIT | 13.2 |
| P/E | 21.8 |
| P/CFO | 13.5 |
| Total Yield | 6.1% |
| Dividend Yield | 1.3% |
| FCF Yield 3Y Avg | -5.3% |
| D/E | 0.5 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.9% |
| 3M Rtn | 0.4% |
| 6M Rtn | 2.3% |
| 12M Rtn | 6.1% |
| 3Y Rtn | -1.6% |
| 1M Excs Rtn | -1.1% |
| 3M Excs Rtn | 0.3% |
| 6M Excs Rtn | -2.9% |
| 12M Excs Rtn | -25.9% |
| 3Y Excs Rtn | -71.4% |
Price Behavior
| Market Price | $11.30 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 01/02/1997 | |
| Distance from 52W High | -5.4% | |
| 50 Days | 200 Days | |
| DMA Price | $10.65 | $10.83 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 6.2% | 4.4% |
| 3M | 1YR | |
| Volatility | 36.8% | 29.3% |
| Downside Capture | 0.27 | 0.21 |
| Upside Capture | 70.52 | 48.12 |
| Correlation (SPY) | 20.1% | 22.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.55 | 0.35 | 0.55 | 0.53 | 0.56 | 0.71 |
| Up Beta | 0.77 | -0.07 | 0.02 | 0.28 | 0.75 | 0.82 |
| Down Beta | -0.44 | -0.49 | 0.11 | 0.28 | 0.29 | 0.52 |
| Up Capture | 74% | 23% | 66% | 52% | 34% | 38% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 11 | 19 | 27 | 55 | 117 | 354 |
| Down Capture | 98% | 108% | 101% | 83% | 74% | 93% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 11 | 22 | 35 | 67 | 126 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PCYO | |
|---|---|---|---|---|
| PCYO | 13.0% | 29.3% | 0.42 | - |
| Sector ETF (XLU) | 26.0% | 14.2% | 1.40 | 20.4% |
| Equity (SPY) | 24.2% | 12.9% | 1.49 | 23.4% |
| Gold (GLD) | 53.4% | 27.6% | 1.55 | 2.2% |
| Commodities (DBC) | 26.8% | 16.2% | 1.47 | -18.9% |
| Real Estate (VNQ) | 18.7% | 13.8% | 1.00 | 34.6% |
| Bitcoin (BTCUSD) | -6.8% | 42.9% | -0.05 | 25.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PCYO | |
|---|---|---|---|---|
| PCYO | -2.3% | 32.6% | -0.02 | - |
| Sector ETF (XLU) | 10.6% | 17.2% | 0.47 | 26.1% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 39.2% |
| Gold (GLD) | 22.5% | 17.8% | 1.03 | 8.2% |
| Commodities (DBC) | 11.7% | 18.8% | 0.51 | 7.6% |
| Real Estate (VNQ) | 3.9% | 18.8% | 0.11 | 38.8% |
| Bitcoin (BTCUSD) | 5.8% | 56.5% | 0.32 | 24.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PCYO | |
|---|---|---|---|---|
| PCYO | 10.3% | 35.8% | 0.38 | - |
| Sector ETF (XLU) | 10.1% | 19.2% | 0.45 | 27.3% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 40.8% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 2.9% |
| Commodities (DBC) | 8.8% | 17.6% | 0.42 | 12.4% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 40.0% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 15.1% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/13/2025 | -1.6% | -2.1% | 5.6% |
| 7/10/2025 | -2.3% | -3.9% | -6.6% |
| 4/10/2025 | -4.5% | -7.2% | -3.9% |
| 11/14/2024 | -2.1% | 5.8% | 1.0% |
| 7/11/2024 | 7.0% | 14.7% | 5.0% |
| 4/11/2024 | 1.8% | -1.5% | 4.6% |
| 11/16/2023 | -2.9% | 0.8% | 6.4% |
| 7/14/2023 | 6.2% | 11.9% | 7.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 9 | 9 |
| # Negative | 9 | 6 | 6 |
| Median Positive | 6.4% | 2.4% | 5.3% |
| Median Negative | -1.6% | -3.0% | -5.2% |
| Max Positive | 9.6% | 14.7% | 11.5% |
| Max Negative | -4.5% | -7.2% | -10.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 02/28/2026 | 04/08/2026 | 10-Q |
| 11/30/2025 | 01/07/2026 | 10-Q |
| 08/31/2025 | 11/12/2025 | 10-K |
| 05/31/2025 | 07/09/2025 | 10-Q |
| 02/28/2025 | 04/09/2025 | 10-Q |
| 11/30/2024 | 01/08/2025 | 10-Q |
| 08/31/2024 | 11/13/2024 | 10-K |
| 05/31/2024 | 07/10/2024 | 10-Q |
| 02/29/2024 | 04/10/2024 | 10-Q |
| 11/30/2023 | 01/16/2024 | 10-Q |
| 08/31/2023 | 11/15/2023 | 10-K |
| 05/31/2023 | 07/14/2023 | 10-Q |
| 02/28/2023 | 04/14/2023 | 10-Q |
| 11/30/2022 | 01/13/2023 | 10-Q |
| 08/31/2022 | 11/14/2022 | 10-K |
| 05/31/2022 | 07/11/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 1/8/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026-2028 Tap Fee Revenue | 19.00 Mil | -0.5% | Lowered | Guidance: 19.10 Mil for 2025-2028 | |||
Prior: Q4 2025 Earnings Reported 11/13/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Tap Fee Revenue | 19.10 Mil | -4.5% | Lowered | Guidance: 20.00 Mil for 2026 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kozlowski, Daniel R | See Footnote | Sell | 11192025 | 11.01 | 68,778 | 757,108 | 28,620,800 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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