CDZI Industrials

Cadiz Inc.

$3.79-7.11%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Industrials
Industry: Pollution & Treatment Controls
Country: United States
Market cap: 320.9M USD
Enterprise value: 409.4M USD
Full-time employees: 31

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.73 vs a peer median of 0.64), less short-term liquidity (current ratio 1.16 vs a peer median of 1.62) and more debt relative to equity (18.65× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.73 vs peers 0.64), less liquidity (current ratio 1.16 vs peers 1.62) and more debt vs equity (18.65× vs peers 0.40×)

Ranks #2,241 of 2,308 industrials companies (bottom 3%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $15M over the 3 fiscal years to 2025 with -$76M of free cash flow.
Cadiz returned $15M in buybacks and dividends over three fiscal years while its free cash flow totalled -$76M. The money came from its cash pile or from borrowing.
Shareholders being diluted. Shares outstanding up 52% from December 2022 to August 2026.
Cadiz had 52% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Cadiz had 52% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 18.6× equity vs a peer median of 0.4×.Debt is 18.6× equity vs peers 0.4×.
Debt is 18.6× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 18.6× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.
Stock-based pay is a large cost. Stock pay was 32% of revenue in 2025.
Cadiz paid employees $5M in stock in 2025, 32% of its $16M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

StockQuotient Score

12/ 100

Oct 5 12 → Nov 4 12

Valuation

Is the price right?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-11.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield-6.1%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-9.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield1.5%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

39/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 21.0%

Why

Weaker than most peers on:

▼ Revenue growth
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.31Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth77.7%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.72Sector median: 0.0421 · MAD: 0.0625

Revenue growth-21.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.36Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

0/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-236.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -5.28Sector median: 0.0773 · MAD: 0.0507

Return on assets-27.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.56Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-25.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.78Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin27.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-789.7%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 1 → 2

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.73

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.49Sector median: 0.6440 · MAD: 0.2745

Current ratio1.16×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.85Sector median: 1.6180 · MAD: 0.5360

Debt / equity18.65×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -6.37Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Cadiz

Is Cadiz getting weaker?: Its latest SEC filing (Aug 13, 2026) got weaker in some ways: 12-month revenue fell 21.0%. Its overall score is unchanged at 12/100 since Oct 28, 2026.
How is Cadiz valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -11.5% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -11.5% vs peers 3.8% (weaker than 100% of peers).
Is Cadiz growing?: More slowly than most of its peers. Growth scores 39/100 against 2,459 industrials peers. 3-year revenue growth 77.7% vs a peer median of 4.2% (stronger than 95% of peers).3-year revenue growth 77.7% vs peers 4.2% (stronger than 95% of peers). Revenue growth -21.3% vs a peer median of 4.4% (weaker than 94% of peers).Revenue growth -21.3% vs peers 4.4% (weaker than 94% of peers).
How profitable is Cadiz?: Less profitable than most of its peers. Profitability scores 0/100 against 2,459 industrials peers. Operating margin -236.1% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -236.1% vs peers 7.7% (weaker than 100% of peers).
How risky is Cadiz?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 1.73 vs a peer median of 0.64 (weaker than 100% of peers).Beta 1.73 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 13, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

12-month revenue fell 21.0%

Worth watching: Cadiz is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	15.0M USD	11.8M USD	−21.0%
Net income (12 months)	−33.2M USD	−36.8M USD	+11.0%
Operating margin	-166.1%	-236.1%	−70.0 pts
Free cash flow (12 months)	−27.3M USD	−31.2M USD	+14.3%
Debt	85.6M USD	87.0M USD	+1.6%
Cash	16.5M USD	5.3M USD	−67.8%
Shares outstanding	84.1M	84.7M	+0.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Pollution & Treatment Controls companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	100.0%	-37.7%	-45.0%	24.0%	31.6%	▲ 7.5 pts
Operating margin	-3105.0%	-1103.4%	-1051.7%	-242.0%	-156.9%	▲ 85 pts
Net margin	-5540.6%	-1651.7%	-1579.4%	-324.1%	-209.3%	▲ 115 pts
Return on assets (ROA)	-27.8%	-22.4%	-29.3%	-23.2%	-24.2%	▼ 1.1 pts
Return on equity (ROE)	-77.0%	-72.4%	-78.7%	-91.7%	-146.8%	▼ 55 pts
Free cash flow margin	-6769.9%	-1464.0%	-1341.6%	-233.8%	-162.5%	▲ 71 pts
Current ratio	5.26×	2.21×	1.37×	1.79×	1.22×	▼ 32%
Quick ratio	—	2.15×	1.01×	1.58×	1.13×	▼ 28%
Debt to equity	1.24×	1.47×	0.96×	1.79×	3.37×	▲ 89%
Interest coverage	-1.54×	-2.00×	-4.24×	-2.95×	-2.98×	▼ 1.1%

CDZI price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.73 vs a peer median of 0.64), less short-term liquidity (current ratio 1.16 vs a peer median of 1.62) and more debt relative to equity (18.65× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.73 vs peers 0.64), less liquidity (current ratio 1.16 vs peers 1.62) and more debt vs equity (18.65× vs peers 0.40×)

Ranks #2,241 of 2,308 industrials companies (bottom 3%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $15M over the 3 fiscal years to 2025 with -$76M of free cash flow.

Cadiz returned $15M in buybacks and dividends over three fiscal years while its free cash flow totalled -$76M. The money came from its cash pile or from borrowing.

Shareholders being diluted. Shares outstanding up 52% from December 2022 to August 2026.

Cadiz had 52% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Cadiz had 52% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 18.6× equity vs a peer median of 0.4×.Debt is 18.6× equity vs peers 0.4×.

Debt is 18.6× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 18.6× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.

Stock-based pay is a large cost. Stock pay was 32% of revenue in 2025.

Cadiz paid employees $5M in stock in 2025, 32% of its $16M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Questions investors ask about Cadiz

Is Cadiz getting weaker?

Its latest SEC filing (Aug 13, 2026) got weaker in some ways: 12-month revenue fell 21.0%. Its overall score is unchanged at 12/100 since Oct 28, 2026.

How is Cadiz valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -11.5% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -11.5% vs peers 3.8% (weaker than 100% of peers).

Is Cadiz growing?

More slowly than most of its peers. Growth scores 39/100 against 2,459 industrials peers. 3-year revenue growth 77.7% vs a peer median of 4.2% (stronger than 95% of peers).3-year revenue growth 77.7% vs peers 4.2% (stronger than 95% of peers). Revenue growth -21.3% vs a peer median of 4.4% (weaker than 94% of peers).Revenue growth -21.3% vs peers 4.4% (weaker than 94% of peers).

How profitable is Cadiz?

Less profitable than most of its peers. Profitability scores 0/100 against 2,459 industrials peers. Operating margin -236.1% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -236.1% vs peers 7.7% (weaker than 100% of peers).

How risky is Cadiz?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 1.73 vs a peer median of 0.64 (weaker than 100% of peers).Beta 1.73 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

15.0M USD

11.8M USD

−21.0%

Net income (12 months)

−33.2M USD

−36.8M USD

+11.0%

Operating margin

-166.1%

-236.1%

−70.0 pts

Free cash flow (12 months)

−27.3M USD

−31.2M USD

+14.3%

Debt

85.6M USD

87.0M USD

+1.6%

Cash

16.5M USD

5.3M USD

−67.8%

Shares outstanding

84.1M

84.7M

+0.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

100.0%

-37.7%

-45.0%

24.0%

31.6%

▲ 7.5 pts

Operating margin

-3105.0%

-1103.4%

-1051.7%

-242.0%

-156.9%

▲ 85 pts

Net margin

-5540.6%

-1651.7%

-1579.4%

-324.1%

-209.3%

▲ 115 pts

Return on assets (ROA)

-27.8%

-22.4%

-29.3%

-23.2%

-24.2%

▼ 1.1 pts

Return on equity (ROE)

-77.0%

-72.4%

-78.7%

-91.7%

-146.8%

▼ 55 pts

Free cash flow margin

-6769.9%

-1464.0%

-1341.6%

-233.8%

-162.5%

▲ 71 pts

Current ratio

5.26×

2.21×

1.37×

1.79×

1.22×

▼ 32%

Quick ratio

—

2.15×

1.01×

1.58×

1.13×

▼ 28%

Debt to equity

1.24×

1.47×

0.96×

1.79×

3.37×

▲ 89%

Interest coverage

-1.54×

-2.00×

-4.24×

-2.95×

-2.98×

▼ 1.1%