Stock

Cadiz

CDZI

Regulated Water · Utilities

Also trades as: 0HS4.L GBP 0.04 (+1.61%)

Price

$4.06

+0.09 (+2.27%)

after-hours:$3.98-1.97%

Market Cap

$343.8M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

1/30

Growth

Weak

3/20

Cash Flow

Weak

0/10

Stability

Weak

0/10

Valuation

Data not available

0/10

Ownership

Good

10/15

Dividends

Not counted

n/a

14 of 95 counted points = Winston Score 15. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+99.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 40.6M (2021) → 81.1M (2025)

§Winston Score History

The full picture

Cadiz Inc. is a water resource and infrastructure company based in California. It owns roughly 45,000 acres of land in the Mojave Desert sitting above a large underground aquifer, and its main plan is to supply that groundwater to cities and water agencies across Southern California. The company also owns pipeline infrastructure and has a water storage business that lets utilities bank water for dry periods.

Cadiz makes money by selling water supply contracts and water storage services to municipal water agencies and utilities. It operates entirely in California, making it highly dependent on the state's regulatory and political environment. The company is small, currently unprofitable, and carries significant debt, which shows up in its deeply negative operating margin. The key growth driver is finally getting its long-delayed Cadiz Water Project fully permitted and operational, but regulatory hurdles and opposition from environmental groups remain the central risk to that timeline.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-76.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-36.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

33.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

$5M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Cadiz has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-2.5%

Thin — -2.5% gross margin

Profit after running costs

Operating Margin

-902.5%

Losing money on operations — -902.5%

Return on the money invested

ROCE

-22.4%

Weak — -22.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-21.3%

Shrinking sales (-21.3% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-263.6%

Burning cash (-263.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

25.72

Heavy debt load (25.72)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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