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CADIZ INC

CDZI Clue Score51
United States Fiscal year ends December CIK 0000727273
$3.42 -2.84% Close, 9 Oct 2026
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Price $3.42 −49.78% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue0.4Operating income−9.2Net income−26.3Fiscal year 2017Revenue0.4 +6.1%Operating income−12.6Net income−33.9Fiscal year 2018Revenue0.4 +0.7%Operating income−11.2Net income−26.3Fiscal year 2019Revenue0.4 +0.2%Operating income−12.0Net income−29.5Fiscal year 2020Revenue0.5 +22.7%Operating income−11.8Net income−37.8Fiscal year 2021Revenue0.6 +4.3%Operating income−17.5Net income−31.2Fiscal year 2022Revenue1.5 +166.1%Operating income−16.6Net income−24.8Fiscal year 2023Revenue2.0 +32.6%Operating income−20.9Net income−31.4Fiscal year 2024Revenue9.6 +382.6%Operating income−23.2Net income−31.1Fiscal year 2025Revenue16.3 +69.8%Operating income−25.6Net income−34.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.4 0.4 0.4 0.4 0.5 0.6 1.5 2.0 9.6 16.3
Growth +6.1% +0.7% +0.2% +22.7% +4.3% +166.1% +32.6% +382.6% +69.8%
Operating income −9.2 −12.6 −11.2 −12.0 −11.8 −17.5 −16.6 −20.9 −23.2 −25.6
Net income −26.3 −33.9 −26.3 −29.5 −37.8 −31.2 −24.8 −31.4 −31.1 −34.2
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin−2,235.4%Net margin−6,393.0%Fiscal year 2017Operating margin−2,892.4%Net margin−7,749.2%Free cash flow margin−2,625.2%Fiscal year 2018Operating margin−2,550.0%Net margin−5,971.1%Free cash flow margin−3,163.4%Fiscal year 2019Operating margin−2,718.6%Net margin−6,695.7%Free cash flow margin−3,471.0%Fiscal year 2020Operating margin−2,172.6%Net margin−6,990.2%Free cash flow margin−3,541.0%Fiscal year 2021Operating margin−3,105.0%Net margin−5,540.6%Free cash flow margin−6,769.9%Fiscal year 2022Operating margin−1,103.4%Net margin−1,651.7%Free cash flow margin−1,464.0%Fiscal year 2023Operating margin−1,051.7%Net margin−1,579.4%Free cash flow margin−1,341.6%Fiscal year 2024Operating margin−242.0%Net margin−324.1%Free cash flow margin−233.8%Fiscal year 2025Operating margin−156.9%Net margin−209.3%Free cash flow margin−162.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −2,235.4% −2,892.4% −2,550.0% −2,718.6% −2,172.6% −3,105.0% −1,103.4% −1,051.7% −242.0% −156.9%
Net margin −6,393.0% −7,749.2% −5,971.1% −6,695.7% −6,990.2% −5,540.6% −1,651.7% −1,579.4% −324.1% −209.3%
Free cash flow margin n/a −2,625.2% −3,163.4% −3,471.0% −3,541.0% −6,769.9% −1,464.0% −1,341.6% −233.8% −162.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−9.5Fiscal year 2017Operating cash flow−10.5Capital expenditure−1.0Free cash flow−11.5Fiscal year 2018Operating cash flow−12.2Capital expenditure−1.7Free cash flow−13.9Fiscal year 2019Operating cash flow−13.7Capital expenditure−1.6Free cash flow−15.3Fiscal year 2020Operating cash flow−13.4Capital expenditure−5.7Free cash flow−19.2Dividends paid0.0Fiscal year 2021Operating cash flow−15.3Capital expenditure−22.9Free cash flow−38.2Dividends paid−1.4Fiscal year 2022Operating cash flow−18.6Capital expenditure−3.4Free cash flow−22.0Dividends paid−5.1Fiscal year 2023Operating cash flow−20.9Capital expenditure−5.8Free cash flow−26.7Dividends paid−5.1Fiscal year 2024Operating cash flow−21.5Capital expenditure−0.9Free cash flow−22.5Dividends paid−5.1Fiscal year 2025Operating cash flow−18.9Capital expenditure−7.6Free cash flow−26.5Dividends paid−5.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −9.5 −10.5 −12.2 −13.7 −13.4 −15.3 −18.6 −20.9 −21.5 −18.9
Capital expenditure n/a −1.0 −1.7 −1.6 −5.7 −22.9 −3.4 −5.8 −0.9 −7.6
Free cash flow n/a −11.5 −13.9 −15.3 −19.2 −38.2 −22.0 −26.7 −22.5 −26.5
Growth
Dividends paid n/a n/a n/a n/a 0.0 −1.4 −5.1 −5.1 −5.1 −5.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash12.2Total debt102.5Net cash (debt)−90.4Shareholders’ equity−54.3Fiscal year 2017Cash13.0Total debt125.2Net cash (debt)−112.1Shareholders’ equity−78.7Fiscal year 2018Cash12.6Total debt136.3Net cash (debt)−123.7Shareholders’ equity−86.2Fiscal year 2019Cash15.7Total debt137.6Net cash (debt)−121.9Shareholders’ equity−82.1Fiscal year 2020Cash7.3Total debt78.6Net cash (debt)−71.4Shareholders’ equity−25.3Fiscal year 2021Cash11.0Total debt46.6Net cash (debt)−35.6Shareholders’ equity40.6Debt to equity1.15Fiscal year 2022Cash10.0Total debt49.1Net cash (debt)−39.1Shareholders’ equity34.2Debt to equity1.43Fiscal year 2023Cash4.5Total debt37.9Net cash (debt)−33.4Shareholders’ equity40.0Debt to equity0.95Fiscal year 2024Cash17.3Total debt56.8Net cash (debt)−39.5Shareholders’ equity34.0Debt to equity1.67Fiscal year 2025Cash8.6Total debt72.8Net cash (debt)−64.2Shareholders’ equity23.3Debt to equity3.13
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 12.2 13.0 12.6 15.7 7.3 11.0 10.0 4.5 17.3 8.6
Total debt 102.5 125.2 136.3 137.6 78.6 46.6 49.1 37.9 56.8 72.8
Net cash (debt) −90.4 −112.1 −123.7 −121.9 −71.4 −35.6 −39.1 −33.4 −39.5 −64.2
Shareholders’ equity −54.3 −78.7 −86.2 −82.1 −25.3 40.6 34.2 40.0 34.0 23.3
Debt to equity n/a n/a n/a n/a n/a 1.15 1.43 0.95 1.67 3.13

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
−2,235.4% −2,892.4% −2,550.0% −2,718.6% −2,172.6% −3,105.0% −1,103.4% −1,051.7% −242.0% −156.9%
−6,392.0% −7,748.3% −5,969.8% −6,583.2% −6,588.0% −5,371.8% −1,653.9% −1,578.9% −324.0% −209.3%
−6,393.0% −7,749.2% −5,971.1% −6,695.7% −6,990.2% −5,540.6% −1,651.7% −1,579.4% −324.1% −209.3%
n/a −2,625.2% −3,163.4% −3,471.0% −3,541.0% −6,769.9% −1,464.0% −1,341.6% −233.8% −162.5%
Spending
2,264.6% 2,929.7% 2,591.4% 2,758.5% 2,202.2% 3,130.0% 1,022.1% 944.1% 253.4% 180.7%
n/a 230.2% 392.3% 362.6% 1,059.0% 4,061.7% 224.9% 290.7% 9.7% 46.4%
Returns
n/a n/a n/a n/a n/a −77.0% −72.4% −78.7% −91.7% −146.8%
−39.3% −50.9% −37.9% −38.5% −50.9% −27.8% −22.4% −29.3% −23.2% −24.2%
Balance and payout
n/a n/a n/a n/a n/a 1.15 1.43 0.95 1.67 3.13
181.0% 218.3% 224.4% 207.0% 134.0% 63.9% 69.1% 62.8% 74.7% 83.5%