CADIZ INC
CDZI, CDZIP · Water Supply · 84.1M shares · +13%/yr ↑ shares · EDGAR filings ↗
Reference price $4.58 · est. market cap ~$385M — last insider purchase, 2026-05-26 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D42Pre-cash-flow water-resource developer with deeply negative margins, extreme leverage and a cash runway near one quarter.
Strengths
- Revenue growth strong off a tiny base (+70%) and current ratio adequate (1.22)
- Net income growth positive directionally (83rd pct, off losses)
Risks
- Cash runway only ~1.3 quarters (18.8th pct) — acute funding/dilution risk
- Deeply negative profitability (net margin -209%, ROE -147%) and top-sector leverage (D/E 3.13, 100th)
Notable findings
- No interest coverageInterest coverage -2.98 (cannot cover interest)
- High leverageHigh leverage (debt/equity 3.13)
- Net lossNet loss (net margin -209.3%)
- Cash burnNegative free cash flow (-26.5M)
- Chronic dilutionShare count +13%/yr over 4y (dilution)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$507,762, last 6mo) Form 4 ↗
- Revenue declineRevenue -67.9% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
31.6%
Operating margin
-156.9%
Net margin
-209.3%
Return on equity
-146.8%
Return on assets
-24.2%
ROIC
-21.1%
Revenue growth (QoQ)
-67.9%
Debt / equity
3.1×
Interest coverage
-3.0×
Current ratio
1.2×
Free cash flow
-$27M
Tangible book value
$18M
Cash & investments
$9M
Cash runway
1q
Stock comp / revenue
32.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-26 | O'Hara David Mark | Buy | 111K | $4.58 |
| 2026-05-20 | Rivera Cathryn | Sell | 2.5K | $4.33 |
| 2026-04-08 | SPEER STANLEY E | Grant | 25K | — |
| 2026-04-08 | Rivera Cathryn | Grant | 10K | — |
| 2026-04-08 | Kennedy Susan P | Grant | 125K | — |
| 2026-04-01 | O'Hara David Mark | Grant | 3.3K | $5.74 |
| 2026-04-01 | O'Hara David Mark | Grant | 3.7K | $5.05 |
| 2026-04-01 | Dreyfus Maria S. | Grant | 3.7K | $5.05 |
| 2026-04-01 | Lloyd Barbara A | Grant | 927 | $5.05 |
| 2026-01-02 | Lloyd Barbara A | Grant | 817 | $5.74 |
| 2026-01-02 | Dreyfus Maria S. | Grant | 3.3K | $5.74 |
| 2025-10-31 | SPEER STANLEY E | Option exercise | 13K | — |
| 2025-10-31 | Kennedy Susan P | Option exercise | 50K | — |
| 2025-10-06 | SPEER STANLEY E | Grant | 142K | — |
| 2025-10-01 | Lloyd Barbara A | Grant | 1.1K | $4.44 |
| 2025-10-01 | Dreyfus Maria S. | Grant | 4.2K | $4.44 |
| 2025-07-01 | Dreyfus Maria S. | Grant | 6.2K | $3.02 |
| 2025-07-01 | Lloyd Barbara A | Grant | 1.6K | $3.02 |
| 2025-06-30 | Polanco Richard Garcia | Grant | 8.2K | $3.04 |
| 2025-06-30 | Lombard Kenneth T | Grant | 8.2K | $3.04 |
| 2025-06-30 | Hickox Winston H | Grant | 8.2K | $3.04 |
| 2025-06-30 | COURTER STEPHEN E | Grant | 8.2K | $3.04 |
| 2025-06-30 | Echaveste Maria | Grant | 8.2K | $3.04 |
| 2025-06-30 | Lloyd Barbara A | Grant | 8.2K | $3.04 |
| 2025-06-30 | Dreyfus Maria S. | Grant | 8.2K | $3.04 |
| 2025-04-01 | Dreyfus Maria S. | Grant | 6.6K | $2.92 |
| 2025-04-01 | Lloyd Barbara A | Grant | 1.6K | $2.92 |
| 2025-02-24 | SPEER STANLEY E | Grant | 37K | — |
| 2025-01-02 | Dreyfus Maria S. | Grant | 3.6K | $5.23 |
| 2025-01-02 | Lloyd Barbara A | Grant | 896 | $5.23 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-05-20 | Reg FDExhibits | filing ↗ |
| 2026-02-04 | Exec/director change | filing ↗ |
| 2025-10-28 | Material agreementDebt obligationReg FDOtherExhibits | filing ↗ |
| 2025-09-26 | OtherExhibits | filing ↗ |
| 2025-08-07 | Other | filing ↗ |
| 2025-06-20 | Reg FDOtherExhibits | filing ↗ |
| 2025-06-13 | Shareholder voteExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-18 | 0001437749-26-021420 ↗ |
| 8-K | 2026-05-20 | 2026-05-20 | 0001437749-26-017950 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001437749-26-017051 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001437749-26-010517 ↗ |
| 8-K | 2026-02-04 | 2026-02-03 | 0001213900-26-012370 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001437749-25-034647 ↗ |
| 8-K | 2025-10-28 | 2025-10-27 | 0001213900-25-102822 ↗ |
| 8-K | 2025-09-26 | 2025-09-25 | 0001213900-25-092126 ↗ |
| 10-Q | 2025-08-13 | 2025-06-30 | 0001437749-25-026581 ↗ |
| 8-K | 2025-08-07 | 2025-08-01 | 0001213900-25-072849 ↗ |
| 8-K | 2025-06-20 | 2025-06-17 | 0001213900-25-055863 ↗ |
| 8-K | 2025-06-13 | 2025-06-12 | 0001437749-25-020303 ↗ |