Cadiz Inc.
- Open
- 3.96
- Day high
- 3.96
- Day low
- 3.84
- Prev close
- 3.97
- Volume
- 96K
- Mkt cap
- $328M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 70.3
- P/S
- 27.7
- Yield
- —
- Per share
- —
Cadiz Inc. (CDZI) is a Utilities company listed on NASDAQ. The stock is up 11% over the past year. Drillr has 1 published research article covering CDZI.
Cadiz Inc. (CDZI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CDZI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-0.13 | $-0.15 | -20.0% | $979000 | -68.1% |
| May 14, 2026 | $-0.10 | $-0.12 | -20.0% | $2M | -51.8% |
| Mar 31, 2026 | $-0.11 | $-0.13 | -18.2% | $5M | +6.3% |
| Nov 13, 2025 | $-0.09 | $-0.10 | -11.1% | $4M | -13.6% |
| Aug 13, 2025 | $-0.09 | $-0.11 | -22.2% | $4M | +5.8% |
| May 14, 2025 | $-0.11 | $-0.14 | -27.3% | $3M | -29.2% |
| Mar 28, 2025 | $-0.08 | $-0.14 | -75.0% | $5M | +3.9% |
| Nov 13, 2023 | $-0.06 | $-0.12 | -100.0% | $368000 | -54.5% |
| Aug 10, 2023 | $-0.06 | $-0.13 | -116.7% | $809000 | +137.9% |
| May 15, 2023 | $-0.10 | $-0.19 | -90.0% | $130000 | -69.0% |
| Nov 14, 2022 | $-0.14 | $-0.15 | -7.1% | $599000 | +36.1% |
| Aug 12, 2022 | $-0.10 | $-0.13 | -30.0% | $185000 | +32.1% |
CDZI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Lloyd Barbara Adirector | Grant | 1,116 | $4.20 |
| Jul 2, 2026 | Lloyd Barbara Adirector | Grant | 6,103 | $4.10 |
| Jul 2, 2026 | Lombard Kenneth Tdirector | Grant | 6,103 | $4.10 |
| Jul 2, 2026 | Hickox Winston Hdirector | Grant | 6,103 | $4.10 |
| Jul 2, 2026 | O'Hara David Markdirector | Grant | 3,052 | $4.10 |
| Jul 2, 2026 | Dreyfus Maria S.director | Grant | 4,464 | $4.20 |
| Jul 2, 2026 | Dreyfus Maria S.director | Grant | 6,103 | $4.10 |
| Jul 2, 2026 | Polanco Richard Garciadirector | Grant | 6,103 | $4.10 |
| Jul 2, 2026 | Echaveste Mariadirector | Grant | 6,103 | $4.10 |
| Jul 2, 2026 | COURTER STEPHEN Edirector | Grant | 6,103 | $4.10 |
| Jul 2, 2026 | O'Hara David Markdirector | Grant | 4,464 | $4.20 |
| Jun 3, 2026 | Rivera Cathrynofficer: Chief Operating Officer | Sell | 2,500 | $4.33 |
| May 28, 2026 | O'Hara David Markdirector | Buy | 110,865 | $4.58 |
| Apr 10, 2026 | SPEER STANLEY Eofficer: Chief Financial Officer | Option | 25,000 | — |
| Apr 10, 2026 | SPEER STANLEY Eofficer: Chief Financial Officer | Grant | 25,075 | — |
Source: CDZI SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full CDZI insider & 13F page →Cadiz Inc. company profile
Overview
Cadiz Inc. (NASDAQ:CDZI) is a natural resources development company founded in 1983 and headquartered in Los Angeles, California. The company went public in 1989 and operates primarily in the regulated water utility sector, focusing on water resource development and agricultural activities in California's Mojave Desert region. Cadiz owns approximately 46,000 acres of land across the Cadiz and Fenner valleys in eastern San Bernardino County, positioning itself as a significant landowner in one of the most water-scarce regions of the United States.
Business
Cadiz operates in the regulated water utility sector, which involves the development, management, and distribution of water resources under government oversight. The company's core business revolves around two primary segments: water resource development and agricultural operations. The water resource development segment represents Cadiz's primary strategic focus and involves extracting groundwater from aquifers beneath its desert properties. Groundwater aquifers are underground layers of rock and sediment that hold water, often accumulated over thousands of years. Cadiz's plan involves pumping this groundwater and transporting it to water-scarce urban areas, particularly in Southern California where water demand consistently exceeds local supply. This business model essentially transforms the company into a wholesale water supplier, capitalizing on the growing water scarcity issues in the region. The agricultural operations segment involves cultivating crops on the company's land holdings, primarily focusing on lemon cultivation and seasonal plantings of vegetables and grains. This segment currently generates the majority of the company's revenue, though it represents a much smaller scale operation compared to the potential water development business. The agricultural activities serve both as a current revenue source and as a way to maintain productive use of the company's extensive land holdings while water development projects are being developed and approved. The water development segment is expected to become the dominant revenue driver once regulatory approvals are obtained and infrastructure is constructed, though this transition has been ongoing for many years due to complex environmental and regulatory challenges.
Revenue model
Cadiz generates revenue through two distinct business models. Currently, the company primarily makes money through agricultural product sales, selling lemons, vegetables, and grains grown on its desert properties. The agricultural customers include wholesale distributors and food processors who purchase these crops at market prices. The company's long-term business model centers on water sales to municipal water agencies and utilities in Southern California. Once operational, this would involve selling groundwater extracted from aquifers beneath its properties at wholesale rates to water-scarce urban areas. The paying customers would be municipal water districts, private utilities, and potentially large commercial users who need reliable water supplies. Several factors significantly impact Cadiz's potential margins and profitability. Regulatory approval processes represent the most critical factor, as water development projects require extensive environmental review and permitting from multiple agencies. Environmental concerns about groundwater depletion and desert ecosystem impacts can delay or prevent project approvals, directly affecting the company's ability to generate water revenue. Infrastructure costs for pipelines, pumping stations, and treatment facilities require substantial capital investment before any water revenue can be generated. Water market dynamics in Southern California, including drought conditions, population growth, and competing water sources, influence the potential pricing and demand for Cadiz's water. Agricultural commodity prices affect the company's current revenue stream, with lemon and vegetable prices subject to weather, supply chain, and market demand fluctuations. Interest rates and capital access impact the company's ability to finance the expensive infrastructure required for water development projects.
Competitive moat
Cadiz's competitive position is built primarily on its land ownership of approximately 46,000 acres in the Mojave Desert, which provides exclusive access to underlying groundwater aquifers. This represents a significant natural resource moat, as the company controls both the surface rights and water rights to these properties. The desert location, while challenging for most business activities, provides a strategic advantage for groundwater extraction since there are fewer competing uses and environmental constraints compared to more populated areas. However, the strength of this moat is significantly limited by regulatory and environmental challenges. The company has faced years of regulatory delays and environmental opposition to its water development projects, demonstrating that land ownership alone does not guarantee the ability to monetize water resources. Environmental groups and regulatory agencies have raised concerns about the sustainability of large-scale groundwater extraction in desert ecosystems, creating ongoing uncertainty about project viability. Competition comes from alternative water sources including desalination plants, water recycling facilities, and other groundwater projects throughout Southern California. Large-scale desalination projects, while expensive, offer potentially more reliable regulatory pathways and don't face the same environmental concerns about groundwater depletion. Additionally, advances in water recycling technology and conservation measures could reduce demand for new water sources. The company's agricultural operations face standard commodity market competition with minimal differentiation. The moat strength is therefore heavily dependent on successfully navigating the regulatory process for water development, which remains uncertain after decades of effort.
Risks & safety
Cadiz presents significant financial risk with limited margin of safety based on current financial metrics and cash burn patterns. • Cash burn and solvency: The company burned $22.5 million in free cash flow during 2024 with only $17.3 million in cash, indicating approximately 9-12 months of runway at current burn rates • Debt levels: Debt-to-equity ratio of 2.53 indicates highly leveraged capital structure with total liabilities of $100.5 million against $34.0 million in equity • Operating losses: Consistent negative EBITDA of -$21.4 million in 2024, with no clear path to profitability without major water project development • Valuation metrics: Trading at 10.5x book value despite negative earnings and cash flows; enterprise value metrics are distorted by negative EBITDA • Revenue generation: Only $9.6 million in annual revenue against $145.6 million in total assets, indicating poor asset utilization • Other considerations: Current ratio of 1.79 provides some short-term liquidity cushion, but quick ratio concerns given working capital constraints and ongoing capital requirements for project development
Recent development
Based on the available financial data, Cadiz has maintained its dual focus on agricultural operations and water resource development over recent years. The company's agricultural revenue has shown some variability, ranging from $1.5 million in 2022 to $9.6 million in 2024, suggesting either expanded cultivation or improved market conditions for its crops. The most significant development appears to be the company's continued investment in its water development projects, as evidenced by sustained high levels of capital expenditure and operating losses. The company has maintained its extensive land holdings while continuing to invest in the regulatory and development processes required for its water projects. Financial management has become increasingly challenging, with the company's cash position declining from $10.0 million in 2022 to $17.3 million in 2024, despite what appears to be additional financing activities given the fluctuating debt levels. The debt-to-equity ratio has increased significantly from 2.06 in 2022 to 2.53 in 2024, indicating increased leverage to fund operations and development activities. The company appears to be in a critical phase where it must either achieve regulatory approval and begin generating water revenue, or face potential financial distress given the current cash burn rate and limited revenue from agricultural operations.
CDZI company profile · for informational purposes only — not investment advice.
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