CDZI Nasdaq Water Supply Financials FY2016βFY2025
Cadiz Inc had $16.3M of revenue in fiscal 2025, up 69.8% on the year before. Over five years, revenue changed +97.6% a year on average.
Last close Β· Oct 23, 2026
$4.34
6.8%Hi! I read Cadiz Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+69.8%
Yes. Sales grew 69.8% last year.
Does it make a profit?
β209.3%
No. It lost money last year.
Does profit turn into cash?
β162.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 8
Weak. It passes 3 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Cadiz Inc did it, and the next one. Share prices often move a lot on those days.
Next results
November 12, 2026
Thursday Β· in 18 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 13, 2026 | Q2 '26 | After the market closes | 10-Q β |
| May 14, 2026 | Q1 '26 | After the market closes | 10-Q β |
| Mar 31, 2026 | Q4 '25 | Before the market opens | 10-K β |
| Nov 13, 2025 | Q3 '25 | Before the market opens | 10-Q β |
| Aug 13, 2025 | Q2 '25 | After the market closes | 10-Q β |
| May 14, 2025 | Q1 '25 | After the market closes | 10-Q β |
| Mar 28, 2025 | Q4 '24 | Before the market opens | 10-K β |
| Nov 13, 2024 | Q3 '24 | After the market closes | 10-Q β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Cadiz Inc had $16.3M of revenue in fiscal 2025, up 69.8% on the year before. Over five years, revenue changed +97.6% a year on average. Its operating margin was β156.9%, up 85.1Β pts: of every 100 in sales, about β157 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Cadiz Inc lost $34.2M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$26.5M in fiscal 2025, β162.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Cadiz Inc returned $5.1M to shareholders in fiscal 2025.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Cadiz Inc owes $69.7M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Cadiz Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $11.0M | $10.0M | $4.5M | $17.3M | $8.6M |
| Debt incl. finance leases | $50.2M | $50.3M | $38.4M | $60.6M | $78.3M |
| Debt / equity | 1.2x | 1.5x | 1.0x | 1.8x | 3.4x |
| Interest coverage | β1.5x | β2.0x | β4.2x | β3.0x | β3.0x |
| Current ratio | 5.3x | 2.2x | 1.4x | 1.8x | 1.2x |
| Quick ratio | 5.3x | 2.1x | 1.0x | 1.6x | 1.1x |
| Total assets | $112M | $111M | $107M | $134M | $141M |
| Total liabilities | $71.9M | $76.6M | $67.4M | $101M | $118M |
| Shareholders' equity | $40.6M | $34.2M | $40.0M | $34.0M | $23.3M |
| Net debt (β = net cash) | $39.2M | $40.3M | $33.9M | $43.3M | $69.7M |
KIRA Β· Its return on capital was β21.8%: every 100 invested in the business earned about β22 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Cadiz Inc passes 3 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 8 | 3 / 8 | 4 / 8 | 3 / 8 | 4 / 8 | 3 / 8 | 3 / 8 | 5 / 8 | 3 / 8 |
| Accruals ratio | β25.1% | β35.0% | β20.7% | β21.7% | β32.3% | β17.1% | β5.5% | β9.6% | β7.9% | β11.1% |
| Altman Z'' | β20.23 | β22.91 | β22.94 | β21.94 | β24.54 | β16.45 | β17.89 | β19.98 | β16.64 | β16.89 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $0.4M | $0.4M | $0.4M | $0.4M | $0.5M | $0.6M | $1.5M | $2.0M | $9.6M | $16.3M |
| Net interest income | β$14.9M | β$17.7M | β | β | β | β | β | β | β | β |
| Gross profit | β | β | β | β | β | $0.6M | β$0.6M | β$0.9M | $2.3M | $5.2M |
| Operating income | β$9.2M | β$12.6M | β$11.2M | β$12.0M | β$11.8M | β$17.5M | β$16.6M | β$20.9M | β$23.2M | β$25.6M |
| Interest expense | β | $17.8M | $15.3M | $17.1M | $11.5M | $11.4M | $8.3M | $4.9M | $7.9M | $8.6M |
| Pretax income | β$26.3M | β$33.9M | β$26.3M | β$29.0M | β$35.6M | β$30.3M | β$24.8M | β$31.4M | β$31.1M | β$34.1M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$26.3M | β$33.9M | β$26.3M | β$29.5M | β$37.8M | β$31.2M | β$24.8M | β$31.4M | β$31.1M | β$34.2M |
| Net income to common | β | β | β | β | β$37.8M | β$34.0M | β$29.9M | β$36.6M | β$36.2M | β$39.2M |
| Diluted EPS | β$1.41 | β$1.50 | β$1.09 | β$1.11 | β$1.11 | β$0.84 | β | β | β | β |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.00B | 0.00B | 0.00B | β | β | β | β |
| Cash flow | ||||||||||
| Cash from operations | β$9.5M | β$10.5M | β$12.2M | β$13.7M | β$13.4M | β$15.3M | β$18.6M | β$20.9M | β$21.5M | β$18.9M |
| Capital expenditure | β | $1.0M | $1.7M | $1.6M | $5.7M | $22.9M | $3.4M | $5.8M | $0.9M | $7.6M |
| Free cash flow | β | β$11.5M | β$13.9M | β$15.3M | β$19.2M | β$38.2M | β$22.0M | β$26.7M | β$22.5M | β$26.5M |
| Depreciation and amortization | $0.3M | $0.3M | $0.3M | $0.3M | $0.4M | $0.4M | $0.7M | $1.2M | $1.2M | $1.3M |
| Stock-based compensation | $1.3M | $2.3M | $0.5M | $0.6M | $2.1M | $4.7M | $1.9M | $1.5M | $4.6M | $5.3M |
| Dividends paid | β | β | β | β | $0.0M | $1.4M | $5.1M | $5.1M | $5.1M | $5.1M |
| Dividends and buybacks | β | β | β | β | $0.0M | $1.4M | $5.1M | $5.1M | $5.1M | $5.1M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $12.2M | $13.0M | $12.6M | $15.7M | $7.3M | $11.0M | $10.0M | $4.5M | $17.3M | $8.6M |
| Total debt | $125M | $147M | $155M | $138M | $79.0M | $50.2M | $50.3M | $38.4M | $60.6M | $78.3M |
| Current assets | $15.6M | $13.5M | $13.0M | $16.1M | $8.0M | $13.2M | $12.4M | $8.0M | $25.8M | $16.1M |
| Current liabilities | $4.6M | $6.5M | $4.1M | $4.8M | $3.1M | $2.5M | $5.6M | $5.8M | $14.4M | $13.2M |
| Inventory | β | β | β | β | β | $0.0M | $0.3M | $2.1M | $3.0M | $1.1M |
| Property and equipment, net | $44.2M | $45.3M | $46.6M | $49.9M | $53.5M | $78.9M | $84.1M | $87.2M | $88.4M | $95.4M |
| Goodwill | $3.8M | $3.8M | $3.8M | $3.8M | $3.8M | $3.8M | $5.7M | $5.7M | $5.7M | $5.7M |
| Total assets | $67.1M | $66.5M | $69.3M | $76.7M | $74.4M | $112M | $111M | $107M | $134M | $141M |
| Total liabilities | $121M | $145M | $156M | $159M | $99.7M | $71.9M | $76.6M | $67.4M | $101M | $118M |
| Preferred stock | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β |
| Shareholders' equity | β$54.3M | β$78.7M | β$86.2M | β$82.1M | β$25.3M | $40.6M | $34.2M | $40.0M | $34.0M | $23.3M |
| Margins | ||||||||||
| Gross margin | β | β | β | β | β | 100.0% | β37.7% | β45.0% | 24.0% | 31.6% |
| Operating margin | β2,235.4% | β2,892.4% | β2,550.0% | β2,718.6% | β2,172.6% | β3,105.0% | β1,103.4% | β1,051.7% | β242.0% | β156.9% |
| EBITDA margin | β2,164.6% | β2,829.7% | β2,491.4% | β2,658.5% | β2,102.2% | β3,030.0% | β1,059.8% | β989.1% | β229.3% | β149.2% |
| Net margin | β6,393.0% | β7,749.2% | β5,971.1% | β6,695.7% | β6,990.2% | β5,540.6% | β1,651.7% | β1,579.4% | β324.1% | β209.3% |
| FCF margin | β | β2,625.2% | β3,163.4% | β3,471.0% | β3,541.0% | β6,769.9% | β1,464.0% | β1,341.6% | β233.8% | β162.5% |
| Net interest share of revenue | β3,610.4% | β4,054.7% | β | β | β | β | β | β | β | β |
| Returns | ||||||||||
| Return on capital | β12.4% | β18.0% | β15.6% | β23.6% | β20.0% | β17.3% | β17.6% | β22.4% | β23.8% | β21.8% |
| Return on capital employed | β14.7% | β21.1% | β17.2% | β16.7% | β16.5% | β15.9% | β15.8% | β20.6% | β19.4% | β20.0% |
| Return on equity | β | β | β | β | β | β408.3% | β66.3% | β84.8% | β84.2% | β119.4% |
| Return on assets | β39.3% | β50.7% | β38.7% | β40.4% | β50.1% | β33.4% | β22.2% | β28.8% | β25.7% | β24.8% |
| Return on tangible equity | β | β | β | β | β | β92.4% | β104.9% | β106.7% | β128.3% | β223.7% |
| Growth | ||||||||||
| Revenue growth | β | 6.1% | 0.7% | 0.2% | 22.7% | 4.3% | 166.1% | 32.6% | 382.6% | 69.8% |
| Share count change | β | 20.4% | 6.5% | β99.9% | 29.1% | 18.7% | β | β | β | β |
| Financial health | ||||||||||
| Debt / equity | β | β | β | β | β | 1.2x | 1.5x | 1.0x | 1.8x | 3.4x |
| Interest coverage | β | β0.7x | β0.7x | β0.7x | β1.0x | β1.5x | β2.0x | β4.2x | β3.0x | β3.0x |
| Current ratio | 3.4x | 2.1x | 3.1x | 3.4x | 2.6x | 5.3x | 2.2x | 1.4x | 1.8x | 1.2x |
| Quick ratio | 3.4x | 2.1x | 3.1x | 3.4x | 2.6x | 5.3x | 2.1x | 1.0x | 1.6x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | β | 230.2% | 392.3% | 362.6% | 1,059.0% | 4,061.7% | 224.9% | 290.7% | 9.7% | 46.4% |
| Stock comp / revenue | 314.6% | 527.2% | 107.5% | 127.4% | 387.4% | 841.7% | 125.0% | 75.1% | 47.9% | 32.5% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 3.0 | 4.0 | 3.0 | 4.0 | 3.0 | 3.0 | 5.0 | 3.0 |
| Altman Z'' | β20.2 | β22.9 | β22.9 | β21.9 | β24.5 | β16.4 | β17.9 | β20.0 | β16.6 | β16.9 |
| Accruals ratio | β25.1% | β35.0% | β20.7% | β21.7% | β32.3% | β17.1% | β5.5% | β9.6% | β7.9% | β11.1% |
Source: SEC EDGAR XBRL filings (CIK 0000727273). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
