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Side-by-side financial comparison of PURE CYCLE CORP (PCYO) and Relay Therapeutics, Inc. (RLAY). Click either name above to swap in a different company.
PURE CYCLE CORP is the larger business by last-quarter revenue ($9.1M vs $7.0M, roughly 1.3× Relay Therapeutics, Inc.).
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.
Relay Therapeutics is a clinical-stage biotechnology company focused on developing precision oncology therapies. It leverages advanced computational modeling of protein dynamics, paired with cutting-edge experimental biology, to design targeted medicines for previously intractable cancer types, serving global oncology care markets and patient populations.
PCYO vs RLAY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1M | $7.0M |
| Net Profit | $4.6M | — |
| Gross Margin | 68.4% | — |
| Operating Margin | 48.0% | — |
| Net Margin | 50.0% | — |
| Revenue YoY | 58.8% | — |
| Net Profit YoY | 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 | $9.1M | $7.0M | ||
| Q3 25 | $11.2M | $0 | ||
| Q2 25 | $5.1M | — | ||
| Q1 25 | $4.0M | $7.7M | ||
| Q4 24 | $5.8M | $0 | ||
| Q3 24 | $12.6M | $0 | ||
| Q2 24 | $7.6M | $0 | ||
| Q1 24 | $3.2M | $10.0M |
| Q4 25 | $4.6M | — | ||
| Q3 25 | $6.1M | $-74.1M | ||
| Q2 25 | $2.3M | — | ||
| Q1 25 | $809.0K | $-77.1M | ||
| Q4 24 | $3.9M | — | ||
| Q3 24 | $6.6M | $-88.1M | ||
| Q2 24 | $2.8M | $-92.2M | ||
| Q1 24 | $118.0K | $-81.4M |
| 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 | 48.0% | — | ||
| Q3 25 | 53.1% | — | ||
| Q2 25 | 26.0% | — | ||
| Q1 25 | -33.2% | -1105.2% | ||
| Q4 24 | 29.9% | — | ||
| Q3 24 | 62.0% | — | ||
| Q2 24 | 40.3% | — | ||
| Q1 24 | -11.5% | -903.0% |
| Q4 25 | 50.0% | — | ||
| Q3 25 | 54.5% | — | ||
| Q2 25 | 43.9% | — | ||
| Q1 25 | 20.3% | -1003.6% | ||
| Q4 24 | 68.4% | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | 37.2% | — | ||
| Q1 24 | 3.7% | -813.3% |
| Q4 25 | $0.19 | — | ||
| Q3 25 | $0.26 | $-0.43 | ||
| Q2 25 | $0.09 | — | ||
| Q1 25 | $0.03 | $-0.46 | ||
| Q4 24 | $0.16 | — | ||
| Q3 24 | $0.27 | $-0.63 | ||
| Q2 24 | $0.12 | $-0.69 | ||
| Q1 24 | $0.00 | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $17.1M | $84.0M |
| Total DebtLower is stronger | $8.0M | — |
| Stockholders' EquityBook value | $147.5M | $567.1M |
| Total Assets | $168.1M | $621.3M |
| Debt / EquityLower = less leverage | 0.05× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.1M | $84.0M | ||
| Q3 25 | $21.9M | $91.6M | ||
| Q2 25 | $14.4M | — | ||
| Q1 25 | $16.5M | $93.5M | ||
| Q4 24 | $19.0M | $124.3M | ||
| Q3 24 | $22.1M | $152.4M | ||
| Q2 24 | $20.5M | $134.1M | ||
| Q1 24 | $20.6M | $152.9M |
| Q4 25 | $8.0M | — | ||
| Q3 25 | $6.8M | — | ||
| Q2 25 | $6.9M | — | ||
| Q1 25 | $6.9M | — | ||
| Q4 24 | $6.9M | — | ||
| Q3 24 | $6.9M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $147.5M | $567.1M | ||
| Q3 25 | $142.7M | $607.7M | ||
| Q2 25 | $136.7M | — | ||
| Q1 25 | $134.4M | $721.1M | ||
| Q4 24 | $133.6M | $777.8M | ||
| Q3 24 | $129.7M | $838.9M | ||
| Q2 24 | $123.2M | $681.7M | ||
| Q1 24 | $120.4M | $745.8M |
| Q4 25 | $168.1M | $621.3M | ||
| Q3 25 | $162.3M | $670.0M | ||
| Q2 25 | $151.7M | — | ||
| Q1 25 | $149.7M | $799.4M | ||
| Q4 24 | $149.7M | $871.3M | ||
| Q3 24 | $147.4M | $930.1M | ||
| Q2 24 | $140.4M | $772.5M | ||
| Q1 24 | $135.2M | $841.4M |
| Q4 25 | 0.05× | — | ||
| Q3 25 | 0.05× | — | ||
| Q2 25 | 0.05× | — | ||
| Q1 25 | 0.05× | — | ||
| Q4 24 | 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 | $-979.0K | $-235.5M |
| Free Cash FlowOCF − Capex | — | $-235.9M |
| FCF MarginFCF / Revenue | — | -3370.0% |
| Capex IntensityCapex / Revenue | — | 5.9% |
| Cash ConversionOCF / Net Profit | -0.21× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-622.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-979.0K | $-235.5M | ||
| Q3 25 | $9.4M | $-62.1M | ||
| Q2 25 | $-503.0K | — | ||
| Q1 25 | $-1.4M | $-73.2M | ||
| Q4 24 | $5.7M | $-249.1M | ||
| Q3 24 | $3.1M | $-75.1M | ||
| Q2 24 | $892.0K | $-65.8M | ||
| Q1 24 | $-457.0K | $-50.3M |
| Q4 25 | — | $-235.9M | ||
| Q3 25 | — | $-62.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-73.6M | ||
| Q4 24 | — | $-251.1M | ||
| Q3 24 | — | $-75.3M | ||
| Q2 24 | — | $-65.8M | ||
| Q1 24 | — | $-52.1M |
| Q4 25 | — | -3370.0% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -958.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -520.7% |
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 17.8% |
| Q4 25 | -0.21× | — | ||
| Q3 25 | 1.53× | — | ||
| Q2 25 | -0.22× | — | ||
| Q1 25 | -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
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
RLAY
Segment breakdown not available.
