Does PURE CYCLE CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores PURE CYCLE CORPORATION (PCYO) 43.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 51, returns on capital 4, balance-sheet safety 95, capital discipline 41.

Is PCYO stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $5.36 per share versus a recent price of $10.70 — 100% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has PCYO's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 43.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

PURE CYCLE CORPORATION

PCYO · Utilities · $257.5M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power51

Median gross margin 47.7% over 10y, variable.

Returns on capital4

Median ROIC 3.1%, above the 9% hurdle in 10% of years.

Balance-sheet safety95

Net cash position — no leverage risk.

Capital discipline41

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

100% above value

Owner earnings (normalized): $11.6M
Est. intrinsic value / share: $5.36
Recent price: $10.70
Discount to value: 100% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for PCYO yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale43.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — PCYO has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Utilities context

#13 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#11CWEN Clearway Energy, Inc.44.5 out of 100, Shallow moatShallow moat
#12WCN WASTE CONNECTIONS, INC.44.4 out of 100, Shallow moatShallow moat
#14LNG CHENIERE ENERGY, INC.42.8 out of 100, Shallow moatShallow moat
#15NI NISOURCE INC.42.4 out of 100, Shallow moatShallow moat

Compare PCYO with its nearest peers →All Utilities companies on the Index →

Common questions about PCYO

Does PURE CYCLE CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores PURE CYCLE CORPORATION (PCYO) 43.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 51, returns on capital 4, balance-sheet safety 95, capital discipline 41.
Is PCYO stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $5.36 per share versus a recent price of $10.70 — 100% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has PCYO's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 43.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PCYO. See the disclaimer.