# Cadiz Inc. (CDZI)

> Source: Nexqual · https://nexqual.com/CDZI · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Cadiz Inc. (CDZI), nexqual.com/CDZI" · informational, not investment advice.

**Price:** USD 4.34 (+6.77% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 4.06 · day 4–4.43 · 52w 2.87–6.96 · market cap $367M · NGM

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (Pollution & Treatment Controls)
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%

## More
Full page: https://nexqual.com/CDZI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CDZI's own 10-K filed 2026-03-31 (https://www.sec.gov/Archives/edgar/data/727273/000143774926010517/cdzi20251231_10k.htm):

| 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 benef…" |
| 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 p…" |
| 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 Groun…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Water Treatment | $760,000 | 77.6% | -79.4% | -$879,000 | -115.7% |
| Water & Land Resources | $219,000 | 22.4% | -49.2% | -$8.0M | -3632.9% |
| Total revenue | $979,000 | 100% | — | -$8.8M | -902.5% |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.14 | $-0.10 | +30.6% | $2.6M | 2 |
| Next quarter (ends 2026-12-31) | $-0.14 | $-0.11 | +31.8% | $3.2M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.56 | $-0.43 | +29.1% | $8.3M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.53 | $-0.23 | +130.4% | $26.6M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-12): ±24.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 87.5% | ±24.2% |