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Side-by-side financial comparison of PURE CYCLE CORP (PCYO) and Terra Property Trust, Inc. (TPTA). Click either name above to swap in a different company.
PURE CYCLE CORP is the larger business by last-quarter revenue ($9.1M vs $7.1M, roughly 1.3× Terra Property Trust, Inc.). PURE CYCLE CORP runs the higher net margin — 50.0% vs -150.2%, a 200.2% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs -37.4%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% CAGR vs -31.3%).
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.
The National Savings and Trust Company is a historic bank building located at the corner of New York Avenue and 15th Street, NW in Downtown Washington, D.C. It has also been known as the National Safe Deposit Company and the National Safe Deposit Savings and Trust Company.
PCYO vs TPTA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1M | $7.1M |
| Net Profit | $4.6M | $-10.6M |
| Gross Margin | 68.4% | — |
| Operating Margin | 48.0% | -48.8% |
| Net Margin | 50.0% | -150.2% |
| Revenue YoY | 58.8% | -37.4% |
| Net Profit YoY | 16.0% | 32.0% |
| EPS (diluted) | $0.19 | $-0.43 |
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 | $7.1M | ||
| Q3 25 | $11.2M | $7.3M | ||
| Q2 25 | $5.1M | $8.6M | ||
| Q1 25 | $4.0M | $12.5M | ||
| Q4 24 | $5.8M | $11.3M | ||
| Q3 24 | $12.6M | $12.2M | ||
| Q2 24 | $7.6M | $11.2M | ||
| Q1 24 | $3.2M | $15.0M |
| Q4 25 | $4.6M | $-10.6M | ||
| Q3 25 | $6.1M | $-6.7M | ||
| Q2 25 | $2.3M | $-9.2M | ||
| Q1 25 | $809.0K | $-1.3M | ||
| Q4 24 | $3.9M | $-15.6M | ||
| Q3 24 | $6.6M | $-7.8M | ||
| Q2 24 | $2.8M | $-7.5M | ||
| Q1 24 | $118.0K | $-6.2M |
| 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% | -48.8% | ||
| Q3 25 | 53.1% | 6.7% | ||
| Q2 25 | 26.0% | -28.4% | ||
| Q1 25 | -33.2% | 32.8% | ||
| Q4 24 | 29.9% | -72.3% | ||
| Q3 24 | 62.0% | 54.1% | ||
| Q2 24 | 40.3% | 6.3% | ||
| Q1 24 | -11.5% | 32.0% |
| Q4 25 | 50.0% | -150.2% | ||
| Q3 25 | 54.5% | -92.4% | ||
| Q2 25 | 43.9% | -106.5% | ||
| Q1 25 | 20.3% | -10.3% | ||
| Q4 24 | 68.4% | -138.3% | ||
| Q3 24 | 52.6% | -63.9% | ||
| Q2 24 | 37.2% | -67.5% | ||
| Q1 24 | 3.7% | -41.2% |
| Q4 25 | $0.19 | $-0.43 | ||
| Q3 25 | $0.26 | $-0.28 | ||
| Q2 25 | $0.09 | $-0.38 | ||
| Q1 25 | $0.03 | $-0.05 | ||
| Q4 24 | $0.16 | $-0.65 | ||
| Q3 24 | $0.27 | $-0.32 | ||
| Q2 24 | $0.12 | $-0.31 | ||
| Q1 24 | $0.00 | $-0.25 |
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 | $33.2M |
| Total DebtLower is stronger | $8.0M | $178.9M |
| Stockholders' EquityBook value | $147.5M | $146.5M |
| Total Assets | $168.1M | $351.5M |
| Debt / EquityLower = less leverage | 0.05× | 1.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.1M | $33.2M | ||
| Q3 25 | $21.9M | $17.4M | ||
| Q2 25 | $14.4M | $5.9M | ||
| Q1 25 | $16.5M | $11.9M | ||
| Q4 24 | $19.0M | $8.6M | ||
| Q3 24 | $22.1M | $21.2M | ||
| Q2 24 | $20.5M | $18.9M | ||
| Q1 24 | $20.6M | $17.9M |
| Q4 25 | $8.0M | $178.9M | ||
| Q3 25 | $6.8M | $211.9M | ||
| Q2 25 | $6.9M | $260.2M | ||
| Q1 25 | $6.9M | $286.7M | ||
| Q4 24 | $6.9M | $326.1M | ||
| Q3 24 | $6.9M | $312.9M | ||
| Q2 24 | — | $383.8M | ||
| Q1 24 | — | $377.6M |
| Q4 25 | $147.5M | $146.5M | ||
| Q3 25 | $142.7M | $159.7M | ||
| Q2 25 | $136.7M | $168.5M | ||
| Q1 25 | $134.4M | $179.9M | ||
| Q4 24 | $133.6M | $185.7M | ||
| Q3 24 | $129.7M | $206.2M | ||
| Q2 24 | $123.2M | $218.6M | ||
| Q1 24 | $120.4M | $230.5M |
| Q4 25 | $168.1M | $351.5M | ||
| Q3 25 | $162.3M | $398.1M | ||
| Q2 25 | $151.7M | $459.3M | ||
| Q1 25 | $149.7M | $495.2M | ||
| Q4 24 | $149.7M | $542.8M | ||
| Q3 24 | $147.4M | $546.8M | ||
| Q2 24 | $140.4M | $634.4M | ||
| Q1 24 | $135.2M | $640.2M |
| Q4 25 | 0.05× | 1.22× | ||
| Q3 25 | 0.05× | 1.33× | ||
| Q2 25 | 0.05× | 1.54× | ||
| Q1 25 | 0.05× | 1.59× | ||
| Q4 24 | 0.05× | 1.76× | ||
| Q3 24 | 0.05× | 1.52× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.64× |
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 | $1.9M |
| 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 | $-979.0K | $1.9M | ||
| Q3 25 | $9.4M | $-4.3M | ||
| Q2 25 | $-503.0K | $1.2M | ||
| Q1 25 | $-1.4M | $861.6K | ||
| Q4 24 | $5.7M | $-3.3M | ||
| Q3 24 | $3.1M | $1.7M | ||
| Q2 24 | $892.0K | $-3.1M | ||
| Q1 24 | $-457.0K | $-4.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| 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% |
TPTA
Segment breakdown not available.
