Pure Cycle
Pure Cycle Corporation (NASDAQ: PCYO) is a Denver-based diversified land and water resource development company providing wholesale water and wastewater services, master-planned community development (Sky Ranch), single-family rentals, and industrial water sales in Colorado's Front Range.
- Company typePublic
- Founded1976
- HeadquartersDenver, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Pure Cycle does
Pure Cycle Corporation (NASDAQ: PCYO) is a Denver, Colorado-based diversified land and water resource development company incorporated in 1976, operating three integrated business segments anchored on a portfolio of decreed water rights and entitled land along the Denver metropolitan area's I-70 corridor. Its foundational wholesale water and wastewater segment operates under an 85-year service agreement with Rangeview Metropolitan District covering a 24,000-acre service area, providing vertically integrated services from water rights through wells, treatment, storage, and delivery, plus wastewater collection, treatment, reuse, and reclaimed water for irrigation. The company owns 1,165,000 acre-feet of groundwater rights per its 1996 privatization agreement with the State of Colorado (subject to a 12% royalty on gross Rangeview water revenues to the State Land Board) and holds US and foreign patents on water recycling technology that converts wastewater to potable drinking water.
The company's land development segment, launched in 2017, develops the Sky Ranch master-planned community on company-owned land — a nearly 1,000-acre site planned for 3,200 residential units and 2+ million square feet of commercial, retail, and light-industrial space — selling finished lots to national and regional homebuilders including Lennar, DR Horton, KB Home, Taylor Morrison, Richmond American Homes, and Challenger Homes. A single-family rental program launched in 2021 (recently adjusted from 90 to 60 planned units) provides recurring rental revenue and feeds additional customers into the water segment; the program had 19 fully rented homes delivering 20% period-over-period rental revenue growth. The company also maintains oil and gas royalty interests and industrial water sales to oil and gas operators under multi-year contracts.
Revenue is generated primarily through water and wastewater tap fees and usage fees (subscription/recurring economics with one-time tap components) on the 24,000-acre Rangeview service area, lot sales to homebuilders (one-time), single-family rental income (recurring), and oil and gas royalties plus industrial water sales (recurring). Fiscal 2026 guidance is $26-30M; Q2 FY2026 revenue was $5.17M (+29% YoY) with a 53% gross margin and 45.8% net margin, and H1 FY2026 revenue grew 36% YoY. The company is publicly traded, has no parent, and operates with a small team of 11-50 employees from its Denver headquarters.
Pure Cycle firmographics
Firmographics- Name
- Pure Cycle
- Legal name
- Pure Cycle Corporation
- Website
- https://purecyclewater.com
- Company type
- Public
- Founded year
- 1976
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Pure Cycle Corporation (NASDAQ: PCYO) is a Denver-based diversified land and water resource development company providing wholesale water and wastewater services, master-planned community development (Sky Ranch), single-family rentals, and industrial water sales in Colorado's Front Range.
- Ownership category
- akta.pro rank
Pure Cycle industry classification
Industry- Product category
- Water and Land Development
- NAICS
- Sewage Treatment Facilities (22132), Water Supply and Irrigation Systems (22131)
- SIC
- Water Supply (4941), Land Subdividers & Developers (No Cemeteries) (6552)
- akta.pro primary industry
- Decentralized/Package Wastewater Systems (Small/Remote) (EUANADAE)
Keywords
Where Pure Cycle is headquartered
LocationHeadquarters
- HQ city
- Denver
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Pure Cycle business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Supply Chain, Personnel, Marketing or Sales
Revenue model
- Wholesale Water and Wastewater Services: Provides water and wastewater services to customers, municipalities, and special districts. Revenue from tap fees (95% of water revenues after royalties to State Land Board) and usage fees. Receives 100% of wastewater tap fees and 90% of wastewater usage fees from Rangeview Metropolitan District service area.
- Land Development: Develops master planned communities on company-owned land at Sky Ranch along the I-70 corridor. Sells finished lots to homebuilders. The development includes residential units, commercial, retail, and light industrial spaces.
- Single-Family Home Rentals: Launched in 2021, provides long-term recurring revenues through rental of single-family homes at Sky Ranch. Further supports land development operations and adds customers to the water resource segment.
- Oil and Gas Royalty Interests: Revenue from oil and gas royalty interests and industrial water sales to oil and gas operators. Strong industrial water demand from oil and gas operators contributes to revenue growth.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | One time/ perpetual license | Water tap fees |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Pure Cycle product offering
Product offeringCore offering
Pure Cycle Corporation is a diversified land and water resource development company that provides wholesale water and wastewater services to municipalities and developers in Colorado, develops master-planned residential communities (including the Sky Ranch community), builds and rents single-family homes, and participates in oil and gas exploration and production activities leveraging its significant water and land rights holdings along Colorado's Front Range.
Product overview
Pure Cycle is a diversified land and water resource development company with three core business segments operating in Colorado. The company provides vertically integrated wholesale water and wastewater services as its foundational business, develops the Sky Ranch master planned community (land development segment launched in 2017), and operates a single-family rental program at Sky Ranch (launched in 2021). The company also maintains oil and gas operations including mineral interests and industrial water sales. These segments complement each other, with water services supporting land development and adding residential customers, while rental operations provide recurring revenue streams.
Differentiator
Problem solved
Functional benefit
Products and services
- Wholesale Water Service
Quantifiable outcome
- 36% year-over-year increase in first-half 2026 revenue
- +4 more outcomes
Companies that use Pure Cycle
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles3 records
Pure Cycle technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Pure Cycle partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and major.
- Rangeview Metropolitan Districtcore85-year water and wastewater service agreement with Rangeview Metropolitan District. Pure Cycle designs, constructs, operates, and maintains the District's water and wastewater systems to service customers within the 24,000 acre service area located 2 miles from greater Denver metropolitan area in Arapahoe County.
- State of Colorado (Land Board)coreLandmark water privatization agreement enabling Pure Cycle to acquire ownership of water rights. State receives 12% royalty on gross water revenues from Rangeview service area. The settlement agreement provided Pure Cycle with water rights and the District with infrastructure.
- LennarmajorNational homebuilder purchasing finished lots at Sky Ranch master planned community development. Lennar is one of seven homebuilders building at Sky Ranch.
- DR HortonmajorNational homebuilder purchasing finished lots at Sky Ranch master planned community development.
- KB HomemajorNational homebuilder purchasing finished lots at Sky Ranch master planned community development.
- Taylor MorrisonmajorNational homebuilder purchasing finished lots at Sky Ranch master planned community development.
- Richmond American HomesmajorRegional homebuilder purchasing finished lots at Sky Ranch master planned community development.
- Challenger HomesmajorRegional homebuilder purchasing finished lots at Sky Ranch master planned community development.
Scale indicators12 records
Recent moves6 records
Expansion highlights5 records
Pure Cycle competitors and assessment
Company assessmentDirect peers
- York Water Company: Pennsylvania-based small-cap water utility providing potable water and related services. Comparable business model and size, with a similarly long history of regulated water service delivery.
- Artesian Resources Corporation: Delaware-based water and wastewater utility of similar small-cap scale. Same vertically integrated water delivery model with a primary service-area footprint, comparable to Pure Cycle's Rangeview-centric structure.
- Middlesex Water Company: Small-cap investor-owned water and wastewater utility serving customers in New Jersey and Delaware. Closely comparable by size, service-area depth, and dependence on regulated water/wastewater tariffs.
- California Water Service Group: Mid-cap regulated water and wastewater utility providing essential services across California with a similar subscription-based revenue model and reliance on tap fees, usage fees, and infrastructure investment.
- SJW Group: Water utility holding company operating regulated water services in California, Texas, Connecticut, and Florida. Comparable recurring-revenue utility model that Pure Cycle operates with its Rangeview service area.
- Five Point Holdings, LLC: Master-planned community developer operating Great Park Neighborhoods and other California communities. Directly comparable to Pure Cycle's Sky Ranch land development segment by business model of selling finished lots to homebuilders within a large planned community.
Broad incumbents
- American Water Works Company, Inc. Largest U.S. publicly traded water and wastewater utility serving over 14 million people across multiple states. Operates in the same regulated-utility vertical as Pure Cycle but at vastly greater scale and geographic dispersion.
- Forestar Group Inc. Residential lot acquisition and development subsidiary of D.R. Horton (a Pure Cycle homebuilder customer). Operates an analogous land development model, providing finished residential lots to national homebuilders, though at greater geographic scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Pure Cycle social profiles
Digital presencePure Cycle financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pure Cycle leadership team
Management profileNumber of profiles
Pure Cycle funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pure Cycle M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Pure Cycle
What does Pure Cycle do?
Pure Cycle Corporation is a diversified land and water resource development company that provides wholesale water and wastewater services to municipalities and developers in Colorado, develops master-planned residential communities (including the Sky Ranch community), builds and rents single-family homes, and participates in oil and gas exploration and production activities leveraging its significant water and land rights holdings along Colorado's Front Range.
Is Pure Cycle a public or private company?
Pure Cycle is a public company. It is classified as public and is currently operating.
When was Pure Cycle founded?
Pure Cycle was founded in 1976. It employs 11 to 50 people.
Where is Pure Cycle based?
Pure Cycle is headquartered in Denver, United States, in the North America region.
How does Pure Cycle make money?
Four revenue lines are on record. Wholesale Water and Wastewater Services are the primary driver. The others are land Development, single-Family Home Rentals and oil and Gas Royalty Interests.
Who are Pure Cycle's main competitors?
Direct peers on record are York Water Company, Artesian Resources Corporation, Middlesex Water Company, California Water Service Group, SJW Group and Five Point Holdings, LLC. Broad incumbents are American Water Works Company, Inc. and Forestar Group Inc..
Does Pure Cycle have an API?
No public API is recorded for Pure Cycle.
What industry is Pure Cycle in?
Pure Cycle's product category is Water and Land Development. Its primary akta.pro industry code is EUANADAE, Decentralized/Package Wastewater Systems (Small/Remote). Its NAICS code is 22132 and its SIC code is 4941.