Cadiz IncCadiz Inc
Cadiz Inc

Cadiz Inc

CDZI
Utilities·Water Utilities

Cadiz, Inc. is a land and water resource development company, which engages in the acquisition and development of land with water resources for groundwater supply, groundwater storage, and agriculture. It operates through the following segments: Land and Water Resources and Water Filtration Technology. The Land and Water Resources segment consists of activities related to properties in the eastern Mojave Desert and development of the Mojave Groundwater Bank. The Water Filtration Technology segment includes provision of innovative water filtration technology solutions for impaired and contaminated groundwater sources. The company was founded by Keith Brackpool in 1983 and is headquartered in Los Angeles, CA.

California; U.S.A
Market cap
No dataNo data
Revenue
$16.3M+69.8% YoY
Net income
$-34.2M−9.7% YoY
Free cash flow
$-26.5M−18.0% YoY

Market

Listed stock
CDZIPriceNasdaq
Loading…Loading…1Y

Financial performance

Revenue
$16.3M+69.8% YoY
Operating income
$-25.6M−10.1% YoY
Net income
$-34.2M−9.7% YoY
Free cash flow
$-26.5M−18.0% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $564K, 2022 $1.5M, 2023 $2M, 2024 $9.6M, 2025 $16.3M. Operating income: 2021 $-17.5M, 2022 $-16.6M, 2023 $-20.9M, 2024 $-23.2M, 2025 $-25.6M. Net income: 2021 $-31.2M, 2022 $-24.8M, 2023 $-31.4M, 2024 $-31.1M, 2025 $-34.2M. Free cash flow: 2021 $-38.2M, 2022 $-22M, 2023 $-26.7M, 2024 $-22.5M, 2025 $-26.5M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
69.8%−31279 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-17.5M, 2022-12-31 $-16.6M, 2023-12-31 $-20.9M, 2024-12-31 $-23.2M, 2025-12-31 $-25.6M. Net income: 2021-12-31 $-31.2M, 2022-12-31 $-24.8M, 2023-12-31 $-31.4M, 2024-12-31 $-31.1M, 2025-12-31 $-34.2M. Free cash flow: 2021-12-31 $-38.2M, 2022-12-31 $-22M, 2023-12-31 $-26.7M, 2024-12-31 $-22.5M, 2025-12-31 $-26.5M

Growth heatmap

2022202320242025CAGR
Revenue
+166.1%
+32.6%
+382.6%
+69.8%
+131.9%
Gross profit
-200.4%
-58.3%
+357.8%
+122.9%
+73.8%
Operating income
+5.4%
-26.4%
-11.0%
-10.1%
No data
Free cash flow
+42.4%
-21.6%
+15.9%
-18.0%
No data

Earnings quality

Operating cash flow
$-18.9M+12.1% YoY
Net income
$-34.2M−9.7% YoY
Free cash flow
$-26.5M−18.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 55%, 2024-12-31 69%, 2023-12-31 67%, 2022-12-31 75%, 2021-12-31 49%. Free cash flow: 2025-12-31 78%, 2024-12-31 72%, 2023-12-31 85%, 2022-12-31 89%, 2021-12-31 122%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data