CDZI · CADIZ INC
Cadiz Inc., together with its subsidiaries, provides water solutions in the United States. The company operates in two segments, Land and Water Resources; and Water Filtration Technology. It offers water supply, water storage, and water conveyance, and wastewater treatment services, as well as local distribution systems and products. The company also provides water filtration solutions for impaired or contaminated groundwater sources. In addition, it is involved in the cultivation of grain crops, including alfalfa. The company serves public and private water systems, government agencies, and commercial businesses. Cadiz Inc. was founded in 1983 and is based in Los Angeles, California.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $3.75 |
| SO | 84.1M |
| Options | 0.0M |
| Warrants | 0.0M |
| FD SO | 84.1M |
| MC | $315.3M |
| Cash | $16.5M |
| Total debt | $85.6M ⚠ |
| EV | $384.4M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 25.6x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 48.7% |
| Insiders | 33.4% |
| # Institutions | 179 |
| Analysts | 3 |
| Consensus | — |
| Avg target | $11.67 |
| Short % float | 13.5% |
| Days to cover | 9.25 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-11. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Debt figure uncertain — $23.9M of liabilities are neither recognized debt nor a named non-debt item. Verify against the filing before relying on EV.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 1.63 | 5.08 | 4.15 | 4.13 |
| Revenue YoY % | (44.8%) | 7.0% | 28.7% | 704.3% |
| Cost of Revenue | 1.21 | 3.40 | 3.02 | 2.67 |
| Gross Profit | 0.42 | 1.68 | 1.13 | 1.46 |
| Gross Profit YoY % | (51.5%) | (2.2%) | 39.1% | 531.0% |
| Gross Margin % | 26.0% | 33.0% | 27.3% | 35.4% |
| SG&A | 6.88 | 8.72 | 5.73 | 6.93 |
| Operating Expense | 7.26 | 9.07 | 6.03 | 7.24 |
| Operating Income | (6.83) | (7.39) | (4.90) | (5.78) |
| Operating Income YoY % | 9.3% | (11.6%) | (2.7%) | 16.9% |
| Operating Margin % | (418.8%) | (145.4%) | (118.0%) | (140.0%) |
| EBITDA | (6.45) | (7.04) | (4.59) | (5.47) |
| EBITDA Margin % | (395.3%) | (138.4%) | (110.7%) | (132.7%) |
| Interest Expense | 2.46 | 2.40 | 2.17 | 1.95 |
| Other Income / (Expense) | 0.66 | — | — | — |
| Pretax Income | (8.64) | (9.76) | (7.07) | (7.73) |
| Net Income | (8.64) | (9.76) | (7.07) | (7.73) |
| Net Margin % | (529.2%) | (191.9%) | (170.5%) | (187.3%) |
| Basic EPS | -$0.12 | -$0.13 | -$0.10 | -$0.11 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 14.99 | 16.31 | 9.61 | 1.99 | 1.50 |
| Revenue YoY % | (8.1%) | 69.8% | 382.6% | 32.6% | — |
| Cost of Revenue | 10.29 | 11.16 | 7.30 | 2.89 | 2.07 |
| Gross Profit | 4.70 | 5.15 | 2.31 | (0.90) | (0.57) |
| Gross Profit YoY % | (8.8%) | 122.9% | 357.8% | (58.3%) | — |
| Gross Margin % | 31.3% | 31.6% | 24.0% | (45.0%) | (37.7%) |
| SG&A | 28.25 | 29.48 | 24.34 | 18.80 | 15.34 |
| Operating Expense | 29.60 | 30.75 | 25.56 | 20.04 | 16.00 |
| Operating Income | (24.90) | (25.60) | (23.25) | (20.94) | (16.56) |
| Operating Income YoY % | 2.7% | (10.1%) | (11.0%) | (26.4%) | — |
| Operating Margin % | (166.1%) | (156.9%) | (242.0%) | (1051.7%) | (1103.4%) |
| EBITDA | (23.55) | (24.33) | (22.04) | (19.69) | (15.91) |
| EBITDA Margin % | (157.1%) | (149.2%) | (229.3%) | (989.1%) | (1059.8%) |
| Interest Expense | 8.99 | 8.58 | 7.88 | 4.94 | 8.26 |
| Other Income / (Expense) | 0.69 | — | — | (5.55) | — |
| Pretax Income | (33.19) | (34.14) | (31.13) | (31.43) | (24.79) |
| Tax Provision | — | 0.01 | 0.01 | 0.01 | 0.01 |
| Net Income | (33.19) | (34.15) | (31.14) | (31.45) | (24.79) |
| Net Margin % | (221.4%) | (209.3%) | (324.1%) | (1579.4%) | (1651.7%) |
| Basic EPS | -$0.46 | -$0.48 | -$0.53 | -$0.56 | -$0.60 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 16.54 | 8.60 | 4.43 | 13.21 |
| Receivables | 4.74 | 5.61 | 3.65 | 4.09 |
| Inventory | 1.47 | 1.14 | 2.79 | 3.01 |
| Other Current Assets | 0.98 | 0.70 | 0.84 | 0.73 |
| Total Current Assets | 23.72 | 16.05 | 11.72 | 21.04 |
| Net PPE | 96.38 | 95.38 | 93.67 | 92.61 |
| Operating Lease ROU | 3.30 | 3.39 | 3.48 | 3.58 |
| Goodwill | 5.71 | 5.71 | 5.71 | 5.71 |
| Other Assets | 17.01 | 20.37 | 13.41 | 13.45 |
| Total Assets | 146.12 | 140.91 | 128.01 | 136.38 |
| Accounts Payable | 5.34 | 3.78 | 1.59 | 2.32 |
| Current Debt | 0.03 | 0.05 | 0.07 | 0.09 |
| Current Lease Liabilities | 0.34 | 0.36 | 0.38 | 0.37 |
| Other Current Liabilities | 6.93 | 8.99 | 7.28 | 8.81 |
| Total Current Liabilities | 12.63 | 13.19 | 9.33 | 11.59 |
| Long-term Debt | 85.60 | 72.70 | 59.84 | 58.75 |
| Long-term Lease Liabilities | 2.91 | 3.12 | 3.15 | 3.20 |
| Other Liabilities | 29.36 | 28.64 | 27.96 | 27.27 |
| Total Liabilities | 130.51 | 117.66 | 100.27 | 100.81 |
| Retained Earnings | (700.83) | (692.19) | (682.44) | (675.36) |
| Total Equity | 15.61 | 23.26 | 27.73 | 35.57 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 16.54 | 8.60 | 17.29 | 4.50 | 10.00 |
| Receivables | 4.74 | 5.61 | 4.59 | 0.90 | 0.45 |
| Inventory | 1.47 | 1.14 | 3.02 | 2.11 | 0.32 |
| Other Current Assets | 0.98 | 0.70 | 0.89 | 0.51 | 1.67 |
| Total Current Assets | 23.72 | 16.05 | 25.79 | 8.02 | 12.44 |
| Net PPE | 96.38 | 95.38 | 88.36 | 87.22 | 84.14 |
| Operating Lease ROU | 3.30 | 3.39 | 3.75 | 0.43 | 0.43 |
| Goodwill | 5.71 | 5.71 | 5.71 | 5.71 | 5.71 |
| Long-term Investments | — | — | — | — | 0.00 |
| Other Assets | 17.01 | 20.37 | 10.89 | 5.99 | 8.07 |
| Total Assets | 146.12 | 140.91 | 134.49 | 107.37 | 110.79 |
| Accounts Payable | 5.34 | 3.78 | 2.26 | 1.25 | 1.11 |
| Current Debt | 0.03 | 0.05 | 0.12 | 0.18 | 0.14 |
| Current Lease Liabilities | 0.34 | 0.36 | 0.31 | 0.13 | 0.13 |
| Other Current Liabilities | 6.93 | 8.99 | 11.71 | 4.28 | 4.26 |
| Total Current Liabilities | 12.63 | 13.19 | 14.41 | 5.83 | 5.64 |
| Long-term Debt | 85.60 | 72.70 | 56.71 | 37.71 | 48.95 |
| Long-term Lease Liabilities | 2.91 | 3.12 | 3.47 | 0.32 | 0.32 |
| Other Liabilities | 29.36 | 28.64 | 25.95 | 23.54 | 21.66 |
| Total Liabilities | 130.51 | 117.66 | 100.53 | 67.41 | 76.56 |
| Retained Earnings | (700.83) | (692.19) | (676.10) | (639.85) | (603.30) |
| Total Equity | 15.61 | 23.26 | 33.96 | 39.97 | 34.22 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (8.64) | (9.76) | (7.07) | (7.73) |
| D&A | 0.38 | 0.35 | 0.30 | 0.30 |
| Stock-Based Comp | 0.48 | 1.48 | 0.50 | 0.55 |
| Δ Working Cap & Other | 2.26 | 1.00 | (0.74) | 5.52 |
| Operating Cash Flow | (5.51) | (6.92) | (7.01) | (1.36) |
| CapEx | (0.24) | (1.33) | (0.45) | (4.51) |
| Investing Cash Flow | (0.24) | (1.33) | (0.45) | (4.51) |
| Debt Issuance | 15.00 | 15.00 | 0.00 | 0.00 |
| Debt Repayment | (0.02) | (0.03) | (0.03) | (0.03) |
| Stock Issuance | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividends Paid | (1.26) | (1.26) | (1.29) | (1.26) |
| Other Financing | — | (1.29) | — | (1.20) |
| Financing Cash Flow | 13.69 | 12.41 | (1.31) | (2.50) |
| Free Cash Flow | (5.75) | (8.25) | (7.46) | (5.87) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (33.19) | (34.15) | (31.14) | (31.45) | (24.79) |
| D&A | 1.34 | 1.26 | 1.21 | 1.25 | 0.65 |
| Stock-Based Comp | 3.01 | 5.30 | 4.61 | 1.50 | 1.88 |
| Δ Working Cap & Other | 8.04 | 8.66 | 3.79 | 7.78 | 3.66 |
| Operating Cash Flow | (20.80) | (18.93) | (21.53) | (20.92) | (18.60) |
| CapEx | (6.53) | (7.58) | (0.93) | (5.79) | (3.38) |
| Other Investing | — | (5.00) | — | — | (0.75) |
| Investing Cash Flow | (6.53) | (12.58) | (1.18) | (5.79) | (4.12) |
| Debt Issuance | 30.00 | 15.00 | 20.00 | 0.23 | 0.29 |
| Debt Repayment | (0.11) | (0.13) | (0.18) | (15.16) | (0.17) |
| Stock Issuance | 0.00 | 18.34 | 22.14 | 38.49 | 21.64 |
| Dividends Paid | (5.08) | (5.11) | (5.11) | (5.11) | (5.11) |
| Other Financing | (2.52) | (2.66) | (1.35) | (0.89) | — |
| Financing Cash Flow | 22.29 | 25.44 | 35.51 | 17.57 | 16.65 |
| Free Cash Flow | (27.32) | (26.51) | (22.47) | (26.71) | (21.98) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.88 | 1.22 | 1.26 | 1.81 |
| Quick Ratio | 1.76 | 1.13 | 0.96 | 1.55 |
| Debt / Equity | 8.36 | 5.06 | 3.62 | 2.83 |
| EBITDA Margin % | (395.3%) | (138.4%) | (110.7%) | (132.7%) |
| Working Capital | 11.08 | 2.86 | 2.39 | 9.45 |
| Net Debt | 69.06 | 64.11 | 55.41 | 45.55 |
| ROE % | (55.3%) | (42.0%) | (25.5%) | (21.7%) |
| ROA % | (5.9%) | (6.9%) | (5.5%) | (5.7%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.88 | 1.22 | 1.79 | 1.37 | 2.21 |
| Quick Ratio | 1.76 | 1.13 | 1.58 | 1.01 | 2.15 |
| Debt / Equity | 8.36 | 5.06 | 2.96 | 1.69 | 2.24 |
| EBITDA Margin % | (157.1%) | (149.2%) | (229.3%) | (989.1%) | (1059.8%) |
| Working Capital | 11.08 | 2.86 | 11.38 | 2.19 | 6.80 |
| Net Debt | 69.06 | 64.11 | 39.42 | 33.21 | 38.95 |
| ROE % | (212.6%) | (146.8%) | (91.7%) | (78.7%) | (72.4%) |
| ROA % | (22.7%) | (24.2%) | (23.2%) | (29.3%) | (22.4%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-28 | O'Hara David Mark | Director | 2026-05-26 | P | 110,865 | $4.58 | $507,762 |
| 2026-04-10 | Rivera Cathryn | Officer (Chief Operating Officer) | 2026-04-08 | A | 10,000 | — | $0 |
| 2026-04-10 | SPEER STANLEY E | Officer (Chief Financial Officer) | 2026-04-08 | A | 25,075 | — | $0 |
| 2026-04-10 | Kennedy Susan P | Director, Officer (Chief Executive Officer) | 2026-04-08 | A | 125,000 | — | $0 |
| 2026-04-10 | Kennedy Susan P | Director, Officer (Chief Executive Officer) | 2026-04-08 | D | (150,500) | — | $-0 |
| 2026-04-10 | SPEER STANLEY E | Officer (Chief Financial Officer) | 2025-10-31 | M | 13,425 | — | $0 |
| 2026-04-10 | SPEER STANLEY E | Officer (Chief Financial Officer) | 2025-10-31 | M | (25,000) | — | $-0 |
| 2026-04-10 | Kennedy Susan P | Director, Officer (Chief Executive Officer) | 2025-10-31 | M | 50,000 | — | $0 |
| 2026-04-10 | Kennedy Susan P | Director, Officer (Chief Executive Officer) | 2025-10-31 | M | (50,000) | — | $-0 |
| 2026-04-03 | Lloyd Barbara A | Director | 2026-04-01 | A | 927 | $5.05 | $4,686 |
| 2026-04-03 | Dreyfus Maria S. | Director | 2026-04-01 | A | 3,709 | $5.05 | $18,749 |
| 2026-04-03 | O'Hara David Mark | Director | 2026-04-01 | A | 3,267 | $5.74 | $18,753 |
| 2026-04-03 | O'Hara David Mark | Director | 2026-04-01 | A | 3,709 | $5.05 | $18,749 |
| 2026-01-06 | Lloyd Barbara A | Director | 2026-01-02 | A | 817 | $5.74 | $4,690 |
| 2026-01-06 | Dreyfus Maria S. | Director | 2026-01-02 | A | 3,267 | $5.74 | $18,753 |
| 2025-10-08 | SPEER STANLEY E | Officer (CFO) | 2025-10-06 | A | 141,600 | — | $0 |
| 2025-10-08 | SPEER STANLEY E | Officer (CFO) | 2025-10-06 | A | 285,000 | — | $0 |
| 2025-10-02 | Lloyd Barbara A | Director | 2025-10-01 | A | 1,056 | $4.44 | $4,689 |
| 2025-10-02 | Dreyfus Maria S. | Director | 2025-10-01 | A | 4,223 | $4.44 | $18,750 |
| 2025-07-01 | Lloyd Barbara A | Director | 2025-07-01 | A | 1,552 | $3.02 | $4,687 |
| 2025-07-01 | Dreyfus Maria S. | Director | 2025-07-01 | A | 6,209 | $3.02 | $18,751 |
| 2025-07-01 | Lloyd Barbara A | Director | 2025-06-30 | A | 8,212 | $3.04 | $25,000 |
| 2025-07-01 | Dreyfus Maria S. | Director | 2025-06-30 | A | 8,212 | $3.04 | $25,000 |
| 2025-06-30 | Polanco Richard Garcia | Director | 2025-06-30 | A | 8,212 | $3.04 | $25,000 |
| 2025-06-30 | Lombard Kenneth T | Director | 2025-06-30 | A | 8,212 | $3.04 | $25,000 |
| 2025-06-30 | Hickox Winston H | Director | 2025-06-30 | A | 8,212 | $3.04 | $25,000 |
| 2025-06-30 | COURTER STEPHEN E | Director | 2025-06-30 | A | 8,212 | $3.04 | $25,000 |
| 2025-06-30 | Echaveste Maria | Director | 2025-06-30 | A | 8,212 | $3.04 | $25,000 |
| 2025-04-03 | Dreyfus Maria S. | Director | 2025-04-01 | A | 6,562 | $2.92 | $19,128 |
| 2025-04-03 | Lloyd Barbara A | Director | 2025-04-01 | A | 1,608 | $2.92 | $4,687 |
| 2025-04-03 | Kennedy Susan P | Director, Officer (Chief Executive Officer) | 2025-03-14 | D | (10,000) | — | $-0 |
| 2025-04-03 | Kennedy Susan P | Director, Officer (Chief Executive Officer) | 2025-03-14 | D | (125,000) | — | $-0 |
| 2025-03-06 | Kennedy Susan P | Director, Officer (CEO) | 2025-03-04 | D | (175,000) | — | $-0 |
| 2025-02-26 | SPEER STANLEY E | Officer (CFO) | 2025-02-24 | A | 37,477 | — | $0 |
| 2025-01-06 | Dreyfus Maria S. | Director | 2025-01-02 | A | 3,585 | $5.23 | $18,750 |
| 2025-01-06 | Lloyd Barbara A | Director | 2025-01-02 | A | 896 | $5.23 | $4,686 |
| 2024-11-06 | Heerema International Group Services SA | 10% Owner | 2024-11-05 | P | 2,070,000 | $3.34 | $6,913,800 |
| 2024-10-11 | Rivera Cathryn | Officer (Chief Operating Officer) | 2024-09-16 | A | 137,500 | — | $0 |
| 2024-10-11 | Rivera Cathryn | Officer (Chief Operating Officer) | 2024-09-16 | A | 137,500 | — | $0 |
| 2024-10-03 | Lloyd Barbara A | Director | 2024-10-01 | A | 1,589 | $2.95 | $4,688 |
| 2024-10-02 | Dreyfus Maria S. | Director | 2024-10-01 | A | 6,356 | $2.95 | $18,750 |
| 2024-07-03 | Lloyd Barbara A | Director | 2024-07-01 | A | 4,087 | $3.06 | $12,500 |
| 2024-07-03 | Lloyd Barbara A | Director | 2024-07-01 | A | 1,528 | $3.07 | $4,688 |
| 2024-07-03 | Dreyfus Maria S. | Director | 2024-07-01 | A | 8,174 | $3.06 | $24,999 |
| 2024-07-03 | Dreyfus Maria S. | Director | 2024-07-01 | A | 6,112 | $3.07 | $18,752 |
| 2024-07-03 | COURTER STEPHEN E | Director | 2024-07-01 | A | 8,174 | $3.06 | $24,999 |
| 2024-07-03 | Polanco Richard Garcia | Director | 2024-07-01 | A | 8,174 | $3.06 | $24,999 |
| 2024-07-03 | Lombard Kenneth T | Director | 2024-07-01 | A | 8,174 | $3.06 | $24,999 |
| 2024-07-03 | Webb de Macias Carolyn D | Director | 2024-07-01 | A | 8,174 | $3.06 | $24,999 |
| 2024-07-03 | Hickox Winston H | Director | 2024-07-01 | A | 8,174 | $3.06 | $24,999 |
| 2024-07-03 | Echaveste Maria | Director | 2024-07-01 | A | 8,174 | $3.06 | $24,999 |
| 2024-06-26 | Dreyfus Maria S. | Director | 2024-06-24 | A | 6,579 | $2.85 | $18,750 |