# PureCycle Technologies, Inc. (PCT)

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

**Price:** USD 2.77 (-0.36% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 2.78 · day 2.59–2.86 · 52w 2.59–14.2 · market cap $557M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $13.8M, net income -$223M (-1618.8% margin), free cash flow -$212M (SEC filings).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $99K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.60 on a 1–5 scale) (5 analysts), mean target USD 10.6 (range 6–17).
- Total return with dividends: 1Y -78.8% vs S&P 500 +13.4%; 5Y -79.3% vs S&P 500 +76.9%.
- Next earnings: 2026-11-04, EPS estimate USD -0.25, revenue estimate $8.3M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | — | $0K | $0K | $8.4M | $13.8M |
| Operating income | — | — | -$114M | -$145M | -$181M | -$181M |
| Net income | -$77.5M | -$84.7M | -$102M | -$289M | -$183M | -$223M |
| EPS (diluted) | -$0.79 | -$0.55 | -$0.63 | -$1.75 | -$1.21 | — |
| Free cash flow | -$192M | -$353M | -$249M | -$200M | -$184M | -$212M |
| Operating margin | — | — | — | — | -2171.6% | -1316.8% |
| Net margin | — | — | — | — | -2185.1% | -1618.8% |
| Cash + short-term investments | $201M | $162M | $122M | $15.7M | $170M | — |
| Total debt | $250M | $250M | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 40.4x · P/B 35.9x · FCF yield -38.14% · Earnings yield -40.04% · Buyback yield (TTM) 0.83%

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $99K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-04 | Musa Fernando | Director | 15,479 | $99K | 6.38 | Too little history (no open-market trades in 2025) |
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.

## Analysts
Consensus Hold (mean 2.60 on a 1–5 scale), 5 analysts; mean target USD 10.6 (low 6, high 17).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Cantor Fitzgerald | Target lowered | Overweight | $14 → $12 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -78.8% | -79.3% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -79.0% | -27.1% |
| Volatility (annualized) | 81.9% | 88.9% |
| Max drawdown | -80.1% (Jun 2026→Oct 2026) | -83.6% (Jul 2025→Oct 2026) |

## Peers (Pollution & Treatment Controls)
CDZI (Cadiz, Inc.) USD 4.34 +6.77% · ADUR (Aduro Clean Technologies Inc.) USD 9.77 -2.98% · ERII (Energy Recovery, Inc.) USD 6.68 +0.15% · 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/PCT · 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 PCT's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1830033/000119312526076801/pct-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | PCT | "From time to time, PCT may be involved in legal proceedings and investigations arising in the ordinary course of business, including those relating to employment matters, relationships with our feedstock suppliers and of…" |

Other companies that name PCT in their own reports (relationship from PCT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Innventure, Inc. (INV) | 10-K 2026-03-30 | "In March 2021, the Company entered into a purchase option agreement with the ESG Fund to sell 145,161 shares of PureCycle Technologies, Inc. ("PCT") common stock with an exercise price of $1." |

## Company outlook (8-K filed 2026-08-06)

- "Anticipated project debt is sized to fund remaining construction • Thailand feedstock and offtake: seven signed LOIs with Thai suppliers covering more than the plant's annual feedstock requirement (1.5-2.4x's coverage), and 14 signed sales offtake LOIs (0.8-1.4x's coverage) • Belgium Facility permits expected by 1H 2027;"
- "Project Spend Project spend in Q2 2026 totaled $20.9 million, bringing first-half 2026 project spend to approximately $35 million."
- "Fiscal year 2026 project spend expectations are $45 to $50 million, up from the prior range of $39 to $45 million."
- "Second-half 2026 spend of $10 to $12 million remains contingent on project gating decisions and the timing of project financing."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.25 | $-0.26 | -2.9% | $8.3M | 4 |
| Next quarter (ends 2026-12-31) | $-0.21 | $-0.22 | -2.3% | $14.0M | 4 |
| Current fiscal year (ends 2026-12-31) | $-1.38 | $-1.00 | +37.9% | $30.9M | 4 |
| Next fiscal year (ends 2027-12-31) | $-0.70 | $-0.80 | -12.2% | $112.1M | 4 |

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

Expected move by 2026-11-06 (includes earnings 2026-11-04): ±23.0%; earnings reaction alone ±15.6%; last 8 reports averaged ±11.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 6 | 100.4% | ±13.3% |
| 2026-11-06 | 13 | 138.5% | ±23.0% |
| 2026-11-13 | 20 | 141.8% | ±28.3% |
| 2026-11-20 | 27 | 135.2% | ±30.9% |
| 2026-11-27 | 34 | 125.0% | ±31.8% |
| 2026-12-04 | 41 | 124.0% | ±34.5% |
| 2026-12-18 | 55 | 119.1% | ±38.0% |
| 2027-01-15 | 83 | 119.1% | ±43.3% |