Pure Cycle is a Colorado water utility that owns the pipes and treatment plants supplying water to homes and businesses in certain master-planned communities. Think of it as a tollbooth for water in a desert state.
Money comes from recurring monthly water and wastewater service fees, plus occasional land sales and single-family home rentals. Gross margins around 58% and net margins near 44% show high profitability, though revenue is very small at roughly USD 0.03B annual
As a regulated water utility, Pure Cycle holds exclusive franchise rights to serve its service area, and building competing water infrastructure is practically impossible. No rival utility like American Water Works or California Water Service can legally dupli
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