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Side-by-side financial comparison of Ares Commercial Real Estate Corp (ACRE) and PURE CYCLE CORP (PCYO). Click either name above to swap in a different company.
Ares Commercial Real Estate Corp is the larger business by last-quarter revenue ($13.2M vs $9.1M, roughly 1.4× PURE CYCLE CORP). PURE CYCLE CORP runs the higher net margin — 50.0% vs -29.2%, a 79.2% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs -24.5%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% CAGR vs -15.9%).
Ares Commercial Real Estate Corp is a specialty finance company focused on the commercial real estate sector. It offers a full suite of customized financing solutions including senior mortgage loans, subordinated debt and preferred equity, primarily serving middle-market commercial property owners and operators across the United States.
Pure Cycles, is a bicycle company based in Los Angeles, California that was founded by Michael Fishman, Jordan Schau, Zachary Schau and Austin Stoffers in 2010, as Pure Fix Cycles.
ACRE vs PCYO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $13.2M | $9.1M |
| Net Profit | $-3.9M | $4.6M |
| Gross Margin | — | 68.4% |
| Operating Margin | -29.2% | 48.0% |
| Net Margin | -29.2% | 50.0% |
| Revenue YoY | -24.5% | 58.8% |
| Net Profit YoY | 63.8% | 16.0% |
| EPS (diluted) | — | $0.19 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $13.2M | $9.1M | ||
| Q3 25 | $14.1M | $11.2M | ||
| Q2 25 | $12.6M | $5.1M | ||
| Q1 25 | $14.9M | $4.0M | ||
| Q4 24 | $17.5M | $5.8M | ||
| Q3 24 | $16.7M | $12.6M | ||
| Q2 24 | $16.8M | $7.6M | ||
| Q1 24 | $18.7M | $3.2M |
| Q4 25 | $-3.9M | $4.6M | ||
| Q3 25 | $4.7M | $6.1M | ||
| Q2 25 | $-11.0M | $2.3M | ||
| Q1 25 | $9.3M | $809.0K | ||
| Q4 24 | $-10.7M | $3.9M | ||
| Q3 24 | $-5.9M | $6.6M | ||
| Q2 24 | $-6.1M | $2.8M | ||
| Q1 24 | $-12.3M | $118.0K |
| Q4 25 | — | 68.4% | ||
| Q3 25 | — | 67.7% | ||
| Q2 25 | — | 63.4% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 63.8% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 64.0% | ||
| Q1 24 | — | 55.6% |
| Q4 25 | -29.2% | 48.0% | ||
| Q3 25 | 33.0% | 53.1% | ||
| Q2 25 | -87.8% | 26.0% | ||
| Q1 25 | 64.4% | -33.2% | ||
| Q4 24 | -61.0% | 29.9% | ||
| Q3 24 | -35.3% | 62.0% | ||
| Q2 24 | -36.5% | 40.3% | ||
| Q1 24 | -65.9% | -11.5% |
| Q4 25 | -29.2% | 50.0% | ||
| Q3 25 | 33.0% | 54.5% | ||
| Q2 25 | -87.8% | 43.9% | ||
| Q1 25 | 62.5% | 20.3% | ||
| Q4 24 | -60.9% | 68.4% | ||
| Q3 24 | -35.3% | 52.6% | ||
| Q2 24 | -36.5% | 37.2% | ||
| Q1 24 | -65.9% | 3.7% |
| Q4 25 | — | $0.19 | ||
| Q3 25 | — | $0.26 | ||
| Q2 25 | — | $0.09 | ||
| Q1 25 | — | $0.03 | ||
| Q4 24 | — | $0.16 | ||
| Q3 24 | — | $0.27 | ||
| Q2 24 | — | $0.12 | ||
| Q1 24 | — | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $29.3M | $17.1M |
| Total DebtLower is stronger | $948.2M | $8.0M |
| Stockholders' EquityBook value | $509.6M | $147.5M |
| Total Assets | $1.6B | $168.1M |
| Debt / EquityLower = less leverage | 1.86× | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.3M | $17.1M | ||
| Q3 25 | $84.9M | $21.9M | ||
| Q2 25 | $90.0M | $14.4M | ||
| Q1 25 | $125.5M | $16.5M | ||
| Q4 24 | $63.8M | $19.0M | ||
| Q3 24 | $68.9M | $22.1M | ||
| Q2 24 | $70.6M | $20.5M | ||
| Q1 24 | $99.5M | $20.6M |
| Q4 25 | $948.2M | $8.0M | ||
| Q3 25 | — | $6.8M | ||
| Q2 25 | — | $6.9M | ||
| Q1 25 | — | $6.9M | ||
| Q4 24 | $718.5M | $6.9M | ||
| Q3 24 | — | $6.9M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $509.6M | $147.5M | ||
| Q3 25 | $521.0M | $142.7M | ||
| Q2 25 | $523.7M | $136.7M | ||
| Q1 25 | $542.1M | $134.4M | ||
| Q4 24 | $540.1M | $133.6M | ||
| Q3 24 | $563.8M | $129.7M | ||
| Q2 24 | $582.3M | $123.2M | ||
| Q1 24 | $601.1M | $120.4M |
| Q4 25 | $1.6B | $168.1M | ||
| Q3 25 | $1.4B | $162.3M | ||
| Q2 25 | $1.4B | $151.7M | ||
| Q1 25 | $1.5B | $149.7M | ||
| Q4 24 | $1.8B | $149.7M | ||
| Q3 24 | $1.9B | $147.4M | ||
| Q2 24 | $2.1B | $140.4M | ||
| Q1 24 | $2.1B | $135.2M |
| Q4 25 | 1.86× | 0.05× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | — | 0.05× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | 1.33× | 0.05× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $21.4M | $-979.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -0.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.4M | $-979.0K | ||
| Q3 25 | $3.8M | $9.4M | ||
| Q2 25 | $4.9M | $-503.0K | ||
| Q1 25 | $8.0M | $-1.4M | ||
| Q4 24 | $35.5M | $5.7M | ||
| Q3 24 | $8.4M | $3.1M | ||
| Q2 24 | $8.7M | $892.0K | ||
| Q1 24 | $11.4M | $-457.0K |
| Q4 25 | — | -0.21× | ||
| Q3 25 | 0.82× | 1.53× | ||
| Q2 25 | — | -0.22× | ||
| Q1 25 | 0.86× | -1.70× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | -3.87× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ACRE
Segment breakdown not available.
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
