Cadiz Inc. (CDZI) Stock Price & Analysis
Cadiz Inc. (CDZI) closed at USD 4.34 on Friday, October 23, 2026, up 6.77% on the day. The US market is currently closed; this is not a live price.
The prior close was USD 4.06; the Oct 23, 2026 session ranged USD 4–4.43 on volume of 1,393,745 shares. Market capitalization is $367.08M, with a 52-week range of USD 2.87–6.96 (NGM). Source: Nexqual, retrieved October 24, 2026 at 23:56 UTC.
Also available as compact Markdown for AI agents: nexqual.com/CDZI.md
Key facts (CDZI)
- Last four reported quarters (through Jun 30, 2026): revenue $11.8M, net income -$36.8M (-311.0% margin), free cash flow -$31.2M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $11K; 1 not under a Rule 10b5-1 plan ($11K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $508K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.67 on a 1–5 scale) (3 analysts), mean target USD 10.33 (range 6–15).
- Total return with dividends: 1Y -17.2% vs S&P 500 +13.4%; 5Y -28.6% vs S&P 500 +76.9%.
- Next earnings: 2026-11-12, EPS estimate USD -0.14, revenue estimate $2.6M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (CDZI)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $564K | $1.5M | $2.0M | $9.6M | $16.3M | $11.8M |
| Gross profit | $564K | -$566K | -$896K | $2.3M | $5.2M | — |
| Operating income | -$17.5M | -$16.6M | -$20.9M | -$23.2M | -$25.6M | -$28.0M |
| Net income | -$31.2M | -$24.8M | -$31.4M | -$31.1M | -$34.2M | -$36.8M |
| EPS (diluted) | -$0.84 | — | — | — | — | — |
| Free cash flow | -$38.2M | -$22.0M | -$26.7M | -$22.5M | -$26.5M | -$31.2M |
| Gross margin | 100.0% | -37.7% | -45.0% | 24.0% | 31.6% | — |
| Operating margin | -3105.0% | -1103.4% | -1051.7% | -242.0% | -156.9% | -236.1% |
| Net margin | -5540.6% | -1651.7% | -1579.4% | -324.1% | -209.3% | -311.0% |
| Revenue growth | +4.3% | +166.1% | +32.6% | +382.6% | +69.8% | — |
| Cash + short-term investments | $11.0M | $10.0M | $4.5M | $17.3M | $8.6M | — |
| Total debt | $50.2M | $50.3M | $38.4M | $60.6M | $78.3M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (CDZI)
P/S 31.0x · EV/Sales 37.9x · P/B 78.7x · FCF yield -8.51% · Earnings yield -10.04% · Dividend yield (paid, TTM) 1.39% · Net debt $81.7M · EV $449M
Insider sales (SEC Form 4, open-market, last ~7 months) (CDZI)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-20 | Rivera Cathryn | Chief Operating Officer | 2,500 | $11K | 1.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Insider purchases (SEC Form 4, open-market, last ~7 months) (CDZI)
1 purchase, $508K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-26 | O'Hara David Mark | Director | 110,865 | $508K | 4.58 | Too little history (no open-market trades in 2023–2025) |
Analysts (CDZI)
Consensus Buy (mean 1.67 on a 1–5 scale), 3 analysts; mean target USD 10.33 (low 6, high 15).
Total return (dividends reinvested) (CDZI)
| 1Y (from 2025-10-24) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | -17.2% | -28.6% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -17.2% | -6.5% |
| Volatility (annualized) | 66.4% | 67.4% |
| Max drawdown | -56.9% (Jan 2026→Jul 2026) | -74.7% (Nov 2021→Oct 2022) |
CDZI revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Water Treatment | $760,000 | 77.6% | -79.4% |
| Water & Land Resources | $219,000 | 22.4% | -49.2% |
| Total revenue | $979,000 | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
CDZI suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | EPCOR NR Holdings | “In August 2025, we entered into a non-binding Memorandum of Understanding ("EPCOR MOU") with EPCOR NR Holdings Inc. ("EPCOR") to support development of the Mojave Groundwater Bank to provide long-term water for the benefit of EPCOR customers in Arizona ("Arizona off-takers").” |
| Customer | ATEC Water Systems | “ATEC manufactures and sells an array of small, modular vertical steel tanks ranging from 14-inch to 60-inch in diameter coupled with filter media to remove water contaminants for our customers.” |
| Partner | Mojave Water Infrastructure Company | “To finance construction of all improvements and required facilities to operate the Mojave Groundwater Bank project including the Northern Pipeline, Southern Pipeline and related facilities, we established a new special purpose business entity, Mojave Water Infrastructure Company LLC ("MWI"), that will fund these capital costs in partnership with public sector, tribal and other investors.” |
| Partner | STANTEC INC (STN) | “In 2025, we entered into an agreement with Stantec Inc. (NYSE: STN), a global leader in sustainable design and engineering, to oversee the engineering, procurement and construction management process for the Mojave Groundwater Bank as Owner's Engineer and to support the selection of the lead construction contractor under a Construction Management at Risk ("CMAR") delivery model to bring the project online on an ac…” |
Quoted from the company's 10-K filed Mar 31, 2026.
CDZI analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.14 | $-0.10 | +30.6% | $2.6M | 2 |
| Next quarter (ends Dec 2026) | $-0.14 | $-0.11 | +31.8% | $3.2M | 2 |
| Current fiscal year (ends Dec 2026) | $-0.56 | $-0.43 | +29.1% | $8.3M | 2 |
| Next fiscal year (ends Dec 2027) | $-0.53 | $-0.23 | +130.4% | $26.6M | 2 |
CDZI options: expected move
Options price a move of about ±24.2% (±$1.05) by Nov 20, 2026, which includes earnings on Nov 12, 2026.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 27 | 87.5% | ±24.2% |
30-day implied volatility 83.1% vs 81.9% realized over the last 30 trading days. Put/call ratio (volume) 0.14. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 24, 2026 at 23:56 UTC)
| Price | USD 4.34 |
|---|---|
| Change | ▲ 6.77% (up) |
| Previous Close | USD 4.06 |
| Open | USD 4.06 |
| Day Range | USD 4 – 4.43 |
| 52-Week Range | USD 2.87 – 6.96 |
| Volume | 1,393,745 shares |
| Market Cap | $367.08M |
| Exchange | NGM |
Technical Analysis (CDZI)
Nexqual's technical model rates CDZI "BUY" based on 5 bullish and 2 bearish signals across 127 daily candles, as of October 24, 2026 at 23:56 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 60.73 (neutral) |
| vs SMA50 | Above (USD 3.75) |
| MACD | 0.11 (positive) |
Analyst Ratings (CDZI)
Wall Street analysts rate CDZI "Buy" based on 3 analysts, with a mean price target of USD 10.33 (range USD 6–15), per Nexqual as of October 24, 2026 at 23:56 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 3 |
| Mean Target | USD 10.33 |
| High Target | USD 15 |
| Low Target | USD 6 |
| Buy / Hold / Sell | 3 / 0 / 0 |
Earnings (CDZI)
| Next Earnings Date | 2026-11-12 |
|---|---|
| EPS Estimate | USD -0.14 |
| Revenue Estimate | $2.56M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.15 vs est -0.11 ▼ miss |
| 2026-03-31 | USD -0.12 vs est -0.11 ▼ miss |
| 2025-12-31 | USD -0.13 vs est -0.11 ▼ miss |
| 2025-09-30 | USD -0.1 vs est -0.09 ▼ miss |
Source: Nexqual, October 24, 2026 at 23:56 UTC.
Financials & Fundamentals (CDZI)
| Total Revenue | $11.84M |
|---|---|
| Revenue Growth (latest quarter, YoY) | -76.30% |
| Gross Margin | +27.14% |
| Operating Margin | -902.45% |
| Profit Margin | +0.00% |
| ROE | -183.13% |
| Debt / Equity | 25.72 |
| Current Ratio | 1.16 |
| Total Cash | $5.32M |
| Total Debt | $119.96M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$31.23M (-263.6% of revenue) |
Source: Nexqual, October 24, 2026 at 23:56 UTC.
Financial Health Score (CDZI)
Nexqual rates Cadiz Inc.'s overall financial health "Weak" across five dimensions, as of October 24, 2026 at 23:56 UTC.
| Growth | Strong — Revenue +70% YoY (annual) |
|---|---|
| Profitability | Critical — Heavily loss-making — early-stage company |
| Balance Sheet | Critical — $5M cash and investments vs $87M debt (Jun 2026, SEC) |
| Cash Flow | Weak — FCF negative: -$31M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Critical — ROE -183%, ROA -12.9% |
Ownership (CDZI)
| Insider Ownership | +34.13% |
|---|---|
| Institutional Ownership | +48.58% |
| Shares Outstanding | 84.68M |
| Float | 56.90M |
| Short % of Float | +18.71% |
Source: Nexqual, October 24, 2026 at 23:56 UTC.
Leadership (CDZI)
Cadiz Inc. is led by Susan P. Kennedy, CEO & Chairman, per Nexqual as of October 24, 2026 at 23:56 UTC.
| CEO & Chairman | Susan P. Kennedy |
|---|---|
| Chief Operating Officer | Cathryn R. Rivera |
| Chief Financial Officer | Jacinto J. Hernandez |
| COO of ATEC Water Systems, Inc. | Lee Odell |
| CEO & President ATEC Water Systems, Inc. | Scott Slatera |
Major Backers & Investors (CDZI)
Notable institutional backers of Cadiz Inc. include Levin Capital Strategies, LP, Whitefort Capital Management, LP, Bank of America Corporation, according to Nexqual as of October 24, 2026 at 23:56 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Levin Capital Strategies, LP | 5.31% |
| Whitefort Capital Management, LP | 4.71% |
| Bank of America Corporation | 4.16% |
| Barclays Plc | 4.1% |
| Stonehill Capital Management LLC | 2.51% |
| Morgan Stanley | 1.19% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 6.06% |
| Vanguard Group | 2.92% |
| Geode Capital | 1.75% |
| State Street | 1.66% |
Source: Nexqual, October 24, 2026 at 23:56 UTC.
From Cadiz Inc.'s Latest SEC 10-K Filing (filed 2026-03-31)
Key Strengths & Strategy (as disclosed to the SEC)
- Upon completion of definitive agreements for an additional $400 million in equity capital investments in MWI, we expect to contribute to MWI our pipeline infrastructure assets, including the Northern Pipeline and the Southern Pipeline right-of-way.
- As we have progressed with the design work by the Owner's Engineer and pre-construction services by the CMAR, the estimated cost to construct all required facilities to complete the Mojave Groundwater Bank, including conversion of the Northern Pipeline to water conveyance and construction of the Southern Pipeline, the wellfield and power facilities have increased from our previous estimate of approximately $800 million to our current estimate of between $1.25 and $1.5 billion.
- Our diversified portfolio of related water assets enables us to offer products and services to public water systems and other water industry customers in an integrated manner to meet the growing need for reliable access to clean water.
- Since the 1980s, we have developed the land for our agricultural use and we either farm the property directly or via leases to private farming operators.
Partnerships
- The exclusive marketing agreement with EPCOR was terminated in December 2025 which allows us to directly engage with potential off-takers in Arizona, including EPCOR, for the remaining water supply from the Southern Pipeline.
- To finance construction of all improvements and required facilities to operate the Mojave Groundwater Bank project including the Northern Pipeline, Southern Pipeline and related facilities, we established a new special purpose business entity, Mojave Water Infrastructure Company LLC ("MWI"), that will fund these capital costs in partnership with public sector, tribal and other investors.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| ADUR | Aduro Clean Technologies Inc. | USD 9.77 | ▼ 2.98% |
| ERII | Energy Recovery, Inc. | USD 6.68 | ▲ 0.15% |
| PCT | PureCycle Technologies, Inc. | USD 2.77 | ▼ 0.36% |
| ZWS | Zurn Elkay Water Solutions Corp | USD 48.55 | ▼ 0.23% |
| VLTO | Veralto Corp | USD 104.33 | ▼ 0.54% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 24, 2026 at 23:56 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt