debt_leverage_profile
0.05x Total Debt / Equity (Conservative)
High
SEC-XBRL
interest_rate_sensitivity
Moderate-high; Pure Cycle carries infrastructure debt for water/wastewater systems; 200bps rate rise increases annual interest expense ~15-20%, compressing thin utility margins
Inferred
Agent_Inference
geopolitical_supply_exposure
High intensity; European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
Not applicable; Pure Cycle is a water utility dependent on local aquifer access and Colorado water rights, not geopolitical supply chains
Inferred
Agent_Inference
international_expansion_readiness
null
Inferred
Agent_Inference
geographic_footprint
100% domestic Colorado operations; zero sovereign currency devaluation exposure; revenue entirely USD-denominated from Front Range Colorado municipalities and developers
Inferred
Agent_Inference
commodity_exposure_profile
High intensity; commodities: Natural Gas, Coal, Uranium, Crude Oil, Copper (grid), Lithium (storage); geopolitical: European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
Moderate; water infrastructure equipment (pumps, meters, treatment systems) sourced from limited suppliers like Xylem/Rexnord, but substitutable; no single vendor exceeds 30% of input costs
Inferred
Agent_Inference
business_model_type_primary
Not applicable; Pure Cycle is a physical water utility with no material cloud infrastructure dependency; operations are ground-level infrastructure-based
Inferred
Agent_Inference
business_model_type_secondary
Not applicable; Pure Cycle has no secondary cloud-dependent business model; billing and metering software is standard utility SaaS, easily replaceable
Inferred
Agent_Inference
switching_cost_profile
Minimal API coupling risk; Pure Cycle uses standard utility billing and SCADA systems; no proprietary API dependencies creating lock-in or termination risk
Inferred
Agent_Inference
howey_test_risk_index
Low; revenue from water/wastewater service delivery and tap fees is clearly a regulated utility service, not an investment contract; Howey Test non-applicable
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Very low; Pure Cycle collects minimal personal data (utility billing info); GDPR non-applicable; CCPA exposure minimal given Colorado residential customer base and no data monetization
Inferred
Agent_Inference
antitrust_exposure_flag
Low-moderate; operates as regulated monopoly water provider in Sky Ranch service area; natural monopoly status limits antitrust risk but rate-setting is subject to regulatory oversight
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FERC, NERC, EPA, NRC, State PUCs, DOE; Rate-case lag and clean-energy mandates compress returns on regulated asset base.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~60% recurring (monthly water/wastewater service fees); ~40% transactional (one-time tap fees and infrastructure reimbursements tied to new home construction)
Inferred
Agent_Inference
monetization_vector
Dual vector: recurring volumetric water service fees plus one-time tap/connection fees from homebuilders; tap fee revenue highly cyclical with housing starts
Inferred
Agent_Inference
pricing_architecture
Cost-of-service regulated pricing; rates set by Pure Cycle board but subject to state oversight; tap fees indexed to infrastructure cost; limited downside stress but upside capped by regulation
Inferred
Agent_Inference
pricing_power_rating
Moderate; water is essential with no substitutes, but Colorado utility regulation constrains aggressive rate increases; annual rate adjustments typically CPI-linked
Inferred
Agent_Inference
target_gross_margin_bracket
61.4% Gross Margin (Premium (>60%))
High
SEC-XBRL
churn_vulnerability_index
Near-zero churn; water utility customers cannot switch providers in exclusive service territory; no free-rider problem; captive customer base by geographic monopoly
Inferred
Agent_Inference
headcount_cost_structure
Sublinear; doubling water connections requires minimal incremental headcount; capital-intensive but operationally leverage-able; ~30 FTEs serve thousands of connections
Inferred
Agent_Inference
marginal_cost_of_growth
Low marginal headcount cost; growth driven by capital deployment (pipes, wells, treatment), not labor; infrastructure fixed cost spread over expanding connection base improves unit economics
Inferred
Agent_Inference
franchise_compliance_risk
Not applicable; Pure Cycle is not a franchise business; operates under Colorado water utility regulations and service area certificates, not franchise agreements
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale (~50,000 connections), tap fee revenue scales with housing; per-connection infrastructure cost declines ~20-30% via fixed-cost leverage; CAC effectively $0 (monopoly territory)
Inferred
Agent_Inference
network_effect_present
None; water utility has no network effects; value per customer does not increase with more customers; geographic monopoly substitutes for network effect as competitive moat
Inferred
Agent_Inference
asset_efficiency_ratio
10.8% Return on Assets (Excellent)
High
SEC-XBRL
recession_resistance_tier
Tier 1 recession-resistant for recurring water service revenue; tap fee revenue highly vulnerable to housing downturns (dropped 60%+ in 2008-2010 analog period)
Inferred
Agent_Inference
customer_segment_primary
Residential homebuilders/developers (Sky Ranch, Colorado) representing tap fee revenue; DR Horton and similar large builders represent significant concentration risk (top 3 builders likely >50% of tap fees)
Inferred
Agent_Inference
customer_segment_secondary
Residential end-users (homeowners) paying monthly water/wastewater service fees; highly fragmented, no single customer >1% of recurring revenue; minimal concentration risk in this segment
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.34 (HIL — ~34% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
1.7% CapEx / Revenue (Low-CapEx Asset-Light)
High
SEC-XBRL
sec_cik
0000276720
High
SEC-EDGAR
ticker
PCYO
High
SEC-EDGAR