PURE CYCLE CORP (PCYO)

Water Supply

Latest Price

$11.11

TTM P/E

17.92

Normalized P/E

26.79

Div Yield

Book Value

6.29

P/B Ratio

1.77

Valuation metrics

EPS: $0.54

Book value / share: $5.93

Formula: √(22.5 × EPS × BVPS)

Graham Number

$8.49

24% downside

Norm. op. income: $5M (median of 7yr)

Tax rate: 24%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$2.28

79% downside

Base FCF: $8M (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$24.40

+120% upside

EPS: $0.54

Target P/E: 27×

Formula: EPS × P/E

P/E Fair Value

$14.58

+31% upside

52.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
MAGNOLIA GROUP, LLC	1.80M	$19.0M	7.45%	-119.1K	2026-06-30
BlackRock, Inc.	1.40M	$14.0M	5.80%	+25.5K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	927.9K	$9.0M	3.85%	+12.1K	2026-06-30
SAPIENT CAPITAL LLC	685.0K	$7.0M	2.84%	-3.3K	2026-06-30
HEARTLAND ADVISORS INC	611.3K	$6.0M	2.54%	-16.0K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	548.2K	$5.0M	2.28%	+38.8K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	469.0K	$5.0M	1.95%	+4.0K	2026-06-30
Gem Investment Advisors, LLC	449.8K	$4.0M	1.87%	--	2026-06-30
STATE STREET CORP	446.7K	$4.0M	1.85%	-704	2026-06-30
FIRST WILSHIRE SECURITIES MANAGEMENT INC	418.7K	$4.0M	1.74%	-8.0K	2026-06-30