CDZI
Cadiz Inc.
NasdaqGMUSDEQUITY
Utilities
DELAYED
Last price
3.66
▲ 0.11 (3.10%)
MARKET · —
Price
Too many bars for candle bodies at this width — showing high/low range per bar. Zoom in or pick a shorter range.
Open
3.53
Prev close
3.55
Day high
3.77
Day low
3.48
Volume
1.02M
Market cap
$309.92M
P/E (TTM)
—
52W range
2.87 – 6.96
Insider net activity
Net shares
+399.29K
Net buying
Buy transactions
17
401.79K shares
Sell transactions
1
2.50K shares
Net transactions
+18
Buys less sells
Sell : buy shares
0.0 : 1
Mixed
Insider-held shares
28.08M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jul 1, 26 | LLOYD BARBARA A Director |
STOCK | 7.22K | $29.71K | Direct |
| Jul 1, 26 | O'HARA DAVID MARK Director |
STOCK | 7.52K | $31.26K | Direct |
| Jul 1, 26 | DREYFUS MARIA S Director |
STOCK | 10.57K | $43.77K | Direct |
| Jun 30, 26 | COURTER STEPHEN E Director |
STOCK | 6.10K | $25.02K | Direct |
| Jun 30, 26 | ECHAVESTE MARIA Director |
STOCK | 6.10K | $25.02K | Direct |
| Jun 30, 26 | HICKOX WINSTON H Director |
STOCK | 6.10K | $25.02K | Direct |
| Jun 30, 26 | LOMBARD KENNETH T. Director |
STOCK | 6.10K | $25.02K | Direct |
| Jun 30, 26 | POLANCO RICHARD GARCIA Director |
STOCK | 6.10K | $25.02K | Direct |
| May 26, 26 | O'HARA DAVID MARK Director |
BUY | 110.86K | $507.76K | Direct |
| May 20, 26 | RIVERA CATHRYN R. Chief Operating Officer |
SELL | 2.50K | $10.82K | Direct |
| Apr 8, 26 | KENNEDY SUSAN P Chief Executive Officer |
STOCK | 125.00K | $0 | Direct |
| Apr 8, 26 | RIVERA CATHRYN R. Chief Operating Officer |
STOCK | 10.00K | $0 | Direct |
| Apr 8, 26 | SPEER STANLEY E Chief Financial Officer |
STOCK | 25.07K | $0 | Direct |
| Apr 1, 26 | DREYFUS MARIA S Director |
STOCK | 3.71K | $18.75K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
COURTER STEPHEN E |
Director | 81.59K | Stock Award(Grant) |
DREYFUS MARIA S |
Director | 196.57K | Stock Award(Grant) |
ECHAVESTE MARIA |
Director | 45.73K | Stock Award(Grant) |
HEEREMA INTERNATIONAL GROUP SERVICES SA |
Beneficial Owner of more than 10% of a Class of Security | — | Purchase |
HICKOX WINSTON H |
Director | 269.93K | Stock Award(Grant) |
KENNEDY SUSAN P |
Chief Executive Officer | 1.17M | Stock Award(Grant) |
LOMBARD KENNETH T. |
Director | 30.99K | Stock Award(Grant) |
O'HARA DAVID MARK |
Director | 125.36K | Stock Award(Grant) |
RIVERA CATHRYN R. |
Chief Operating Officer | 145.00K | Sale |
SPEER STANLEY E |
Chief Financial Officer | 297.29K | Stock Award(Grant) |
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Options analytics
Put / call volume
0.01
Call-heavy session
Put / call open interest
0.04
Positioning, not flow
Max pain
2.50
-31.7% from spot
ATM implied vol
121.9%
Nearest strike to spot
Skew (10% OTM)
+40.6%
Puts bid over calls
Call volume
295
Contracts, this expiry
Put volume
2
Contracts, this expiry
Heaviest call OI
5.00
151 contracts
Heaviest put OI
5.00
12 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Trailing performance
Returnvs SPY
1W
+5.48%
+6.8%
1M
+14.38%
+10.6%
3M
-12.65%
-15.7%
6M
-31.07%
-42.1%
YTD
-34.76%
-47.0%
1Y
+9.25%
-10.7%
3Y
-4.19%
-78.4%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Fundamentals
Market cap$309.92M
Enterprise value$424.56M
Revenue (TTM)$11.84M
Gross profit$3.21M
EBITDA$-26.53M
Net income$-41.92M
EPS (TTM)$-0.50
Free cash flow$-20.94M
Total cash$5.32M
Total debt$119.96M
Book value / share$0.06
Shares outstanding84.68M
Float56.91M
Short % of float15.73%
Dividend yield—
Beta (5Y)1.87
Short interest
Shares short
8.88M
Prior 7.64M
Change vs prior
+16.2%
Shorts adding
% of float
15.73%
Elevated
% of shares out
10.56%
Against total outstanding
Days to cover
6.8
Crowded exit
Float
56.91M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Valuation & profitability ratios
Trailing P/E—
Forward P/E-7.39
PEG ratio1.51
Price / sales—
Price / book66.55
EV / revenue35.85
EV / EBITDA-16.00
Gross margin27.14%
Operating margin-902.45%
Profit margin0.00%
Return on equity-183.13%
Return on assets-12.89%
Debt / equity2,571.51
Current ratio1.16
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $16.31M | $9.61M | $1.99M | $1.50M | +69.8% |
| Operating revenue | $16.31M | $9.61M | $1.99M | $1.50M | +69.8% |
| Cost of revenue | $11.16M | $7.30M | $2.89M | $2.07M | +53.0% |
| Gross profit | $5.15M | $2.31M | -$896.00K | -$566.00K | +122.9% |
| Selling, general & admin | $29.48M | $24.34M | $18.80M | $15.34M | +21.1% |
| Total operating expense | $30.75M | $25.56M | $20.04M | $16.00M | +20.3% |
| Operating income | -$25.60M | -$23.25M | -$20.94M | -$16.56M | -10.1% |
| Net interest income | -$8.58M | -$7.88M | -$4.94M | -$8.26M | -8.9% |
| Pre-tax income | -$34.14M | -$31.13M | -$31.43M | -$24.82M | -9.7% |
| Tax provision | $11.00K | $11.00K | $11.00K | $7.00K | 0.0% |
| Net income | -$34.15M | -$31.14M | -$31.45M | -$24.79M | -9.7% |
| Net income to common | -$39.23M | -$36.25M | -$36.55M | -$29.90M | -8.2% |
| Basic EPS | -0.48 | -0.53 | -0.56 | -0.60 | +9.4% |
| Diluted EPS | -0.48 | -0.53 | -0.56 | -0.60 | +9.4% |
| EBIT | -$25.03M | -$23.13M | -$25.86M | -$16.56M | -8.2% |
| EBITDA | -$23.41M | -$21.75M | -$24.49M | -$15.89M | -7.6% |
| Basic shares | 81.06M | 68.85M | 65.66M | 49.87M | +17.7% |
| Diluted shares | 81.06M | 68.85M | 65.66M | 49.87M | +17.7% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $8.60M | $17.29M | $4.50M | $10.00M | -50.3% |
| Cash & short-term investments | $8.60M | $17.29M | $4.50M | $10.00M | -50.3% |
| Accounts receivable | $5.61M | $4.59M | $904.00K | $454.00K | +22.4% |
| Inventory | $1.14M | $3.02M | $2.11M | $316.00K | -62.3% |
| Total current assets | $16.05M | $25.79M | $8.02M | $12.44M | -37.8% |
| Property, plant & equipment | $98.78M | $92.11M | $87.65M | $84.69M | +7.2% |
| Goodwill & intangibles | $5.71M | $5.71M | $5.71M | $5.71M | 0.0% |
| Total assets | $140.91M | $134.49M | $107.37M | $110.79M | +4.8% |
| Total current liabilities | $13.19M | $14.41M | $5.83M | $5.64M | -8.5% |
| Current debt | $51.00K | $120.00K | $182.00K | $140.00K | -57.5% |
| Long-term debt | $72.70M | $56.71M | $37.71M | $48.95M | +28.2% |
| Total debt | $104.21M | $85.89M | $61.22M | $70.39M | +21.3% |
| Total liabilities | $117.66M | $100.53M | $67.41M | $76.56M | +17.0% |
| Retained earnings | -$692.19M | -$676.10M | -$639.85M | -$603.30M | -2.4% |
| Shareholder equity | $23.26M | $33.96M | $39.97M | $34.22M | -31.5% |
| Working capital | $2.86M | $11.38M | $2.19M | $6.80M | -74.8% |
| Net tangible assets | $17.54M | $28.25M | $34.25M | $28.51M | -37.9% |
| Shares issued | 83.21M | 75.35M | 66.71M | 55.82M | +10.4% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | -$34.15M | -$31.14M | -$31.45M | -$24.79M | -9.7% |
| Depreciation & amortisation | $1.62M | $1.38M | $1.37M | $672.00K | +17.4% |
| Stock-based compensation | $5.30M | $4.61M | $1.50M | $1.88M | +15.1% |
| Change in working capital | $1.15M | -$2.73M | -$1.41M | -$595.00K | +141.9% |
| Operating cash flow | -$18.93M | -$21.53M | -$20.92M | -$18.60M | +12.1% |
| Capital expenditure | -$7.58M | -$934.00K | -$5.79M | -$3.38M | -711.1% |
| Investing cash flow | -$12.58M | -$1.18M | -$5.79M | -$4.12M | -962.2% |
| Dividends paid | -$5.11M | -$5.11M | -$5.11M | -$5.11M | 0.0% |
| Financing cash flow | $25.44M | $35.51M | $17.57M | $16.65M | -28.4% |
| Free cash flow | -$26.51M | -$22.47M | -$26.71M | -$21.98M | -18.0% |
| End cash position | $11.36M | $17.43M | $4.64M | $13.78M | -34.8% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $1.63M | $5.08M | $4.15M | $4.13M | $2.95M | -67.9% |
| Operating revenue | $1.63M | $5.08M | $4.15M | $4.13M | $2.95M | -67.9% |
| Cost of revenue | $1.21M | $3.40M | $3.02M | $2.67M | $2.08M | -64.6% |
| Gross profit | $425.00K | $1.68M | $1.13M | $1.46M | $876.00K | -74.7% |
| Selling, general & admin | $6.88M | $8.72M | $5.73M | $6.93M | $8.11M | -21.1% |
| Total operating expense | $7.26M | $9.07M | $6.03M | $7.24M | $8.41M | -20.0% |
| Operating income | -$6.83M | -$7.39M | -$4.90M | -$5.78M | -$7.53M | +7.5% |
| Net interest income | -$2.46M | -$2.40M | -$2.17M | -$1.95M | -$2.06M | -2.8% |
| Pre-tax income | -$8.63M | -$9.75M | -$7.07M | -$7.73M | -$9.59M | +11.5% |
| Tax provision | $3.00K | $3.00K | $3.00K | $2.00K | $3.00K | 0.0% |
| Net income | -$8.64M | -$9.76M | -$7.07M | -$7.73M | -$9.59M | +11.5% |
| Net income to common | -$9.92M | -$11.02M | -$8.34M | -$9.02M | -$10.86M | +10.0% |
| Basic EPS | -0.12 | — | -0.10 | -0.11 | -0.14 | — |
| Diluted EPS | -0.12 | — | -0.10 | -0.11 | -0.14 | — |
| EBIT | -$6.06M | -$7.28M | -$4.80M | -$5.50M | -$7.44M | +16.8% |
| EBITDA | -$5.58M | -$6.84M | -$4.40M | -$5.12M | -$7.05M | +18.3% |
| Basic shares | 83.52M | — | 82.13M | 81.94M | 77.21M | — |
| Diluted shares | 83.52M | — | 82.13M | 81.94M | 77.21M | — |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $16.54M | $8.60M | $4.43M | $13.21M | $21.57M | +92.3% |
| Cash & short-term investments | $16.54M | $8.60M | $4.43M | $13.21M | $21.57M | +92.3% |
| Accounts receivable | $4.74M | $5.61M | $3.65M | $4.09M | $4.97M | -15.6% |
| Inventory | $1.47M | $1.14M | $2.79M | $3.01M | $3.05M | +29.0% |
| Total current assets | $23.72M | $16.05M | $11.72M | $21.04M | $30.59M | +47.8% |
| Property, plant & equipment | $99.68M | $98.78M | $97.16M | $96.18M | $95.77M | +0.9% |
| Goodwill & intangibles | $5.71M | $5.71M | $5.71M | $5.71M | $5.71M | 0.0% |
| Total assets | $146.12M | $140.91M | $128.01M | $136.38M | $145.58M | +3.7% |
| Total current liabilities | $12.63M | $13.19M | $9.33M | $11.59M | $13.99M | -4.2% |
| Current debt | $29.00K | $51.00K | $71.00K | $92.00K | $101.00K | -43.1% |
| Long-term debt | $85.60M | $72.70M | $59.84M | $58.75M | $57.71M | +17.7% |
| Total debt | $117.56M | $104.21M | $90.72M | $89.01M | $87.32M | +12.8% |
| Total liabilities | $130.51M | $117.66M | $100.27M | $100.81M | $101.54M | +10.9% |
| Retained earnings | -$700.83M | -$692.19M | -$682.44M | -$675.36M | -$686.95M | -1.2% |
| Shareholder equity | $15.61M | $23.26M | $27.73M | $35.57M | $44.03M | -32.9% |
| Working capital | $11.08M | $2.86M | $2.39M | $9.45M | $16.60M | +287.1% |
| Net tangible assets | $9.90M | $17.54M | $22.02M | $29.85M | $38.32M | -43.6% |
| Shares issued | 83.80M | 83.21M | 82.03M | 81.90M | 81.79M | +0.7% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$8.64M | -$9.76M | -$7.07M | -$7.73M | -$9.59M | +11.5% |
| Depreciation & amortisation | $478.00K | $446.00K | $394.00K | $388.00K | $388.00K | +7.2% |
| Stock-based compensation | $479.00K | $1.48M | $503.00K | $550.00K | $2.77M | -67.6% |
| Change in working capital | $896.00K | -$1.06M | -$2.62M | $3.70M | $1.13M | +184.5% |
| Operating cash flow | -$5.51M | -$6.92M | -$7.01M | -$1.36M | -$3.64M | +20.4% |
| Capital expenditure | -$242.00K | -$1.33M | -$450.00K | -$4.51M | -$1.29M | +81.7% |
| Investing cash flow | -$242.00K | -$1.33M | -$450.00K | -$4.51M | -$6.29M | +81.7% |
| Dividends paid | -$1.26M | -$1.26M | -$1.29M | -$1.26M | -$1.29M | 0.0% |
| Financing cash flow | $13.69M | $12.41M | -$1.31M | -$2.50M | $16.84M | +10.3% |
| Free cash flow | -$5.75M | -$8.25M | -$7.46M | -$5.87M | -$4.93M | +30.2% |
| End cash position | $19.29M | $11.36M | $7.19M | $15.96M | $24.33M | +69.9% |
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.11 | -0.15 | -40.6% |
| Mar 2026 | -0.11 | -0.12 | -12.5% |
| Dec 2025 | -0.11 | -0.13 | -18.2% |
| Sep 2025 | -0.09 | -0.10 | -11.1% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -0.13 | 1 | $1.80M | -56.6% |
| Next quarter | -0.15 | 1 | $2.40M | -52.8% |
| Current year | -0.56 | 1 | $6.80M | -58.3% |
| Next year | -0.50 | 2 | $26.71M | +292.8% |
Analyst targets & ownership
Mean target$10.33
High target$15.00
Low target$6.00
Implied upside182.33%
Analyst count3
ConsensusSTRONG BUY
Strong buy / Buy1 / 2
Hold0
Sell / Strong sell0 / 0
Held by insiders33.17%
Held by institutions49.84%
Institutions holding159
Price targets, consensus spread, insider and institutional ownership.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jan 3, 17 | B. Riley Securities | INITIATED | — | Buy |
Moving averages & technicals
SMA 10
3.44
+6.46% from price
SMA 20
3.30
+11.08% from price
SMA 50
3.62
+1.17% from price
SMA 100
4.11
-10.93% from price
SMA 200
4.79
-23.55% from price
EMA 12
3.42
+6.95% from price
EMA 26
3.44
+6.27% from price
EMA 50
3.63
+0.72% from price
RSI (14)
56.6
Neutral
MACD (12,26,9)
-0.02
Hist 0.06
ATR (14)
0.20
5.60% of price
Realised vol 30D
72.6%
Annualised
Bollinger upper
3.69
20, 2σ
Bollinger lower
2.90
20, 2σ
50 / 200 cross
Death
3.62 vs 4.79
Trend bias
Below 200
-23.55%
Risk profile
Beta vs SPY
1.58
More volatile than market
Correlation to SPY
0.32
Loosely linked
Realised vol 30D
72.6%
Annualised
Market vol 1Y
12.9%
SPY, annualised
Max drawdown 1Y
-56.9%
Peak to trough
Max drawdown 5Y
-88.8%
Peak to trough
ATR 14
0.20
5.60% of price
Beta (reported)
1.87
5Y monthly, from filing
Dividends & splits
Forward rate—
Forward yield—
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split1:25
Split dateDec 18, 2003
SEC filings
Offering Registrations
S-8 · 2026-08-14
Periodic Financial Reports
10-Q · 2026-08-13
Corporate Changes & Voting Matters
8-K · 2026-07-28
Corporate Changes & Voting Matters
8-K · 2026-07-27
Corporate Changes & Voting Matters
8-K · 2026-07-15
Corporate Changes & Voting Matters
8-K · 2026-06-23
Corporate Changes & Voting Matters
8-K · 2026-05-20
Periodic Financial Reports
10-Q · 2026-05-14
Headlines
Cadiz Issues Q2 2026 Letter to Shareholders
PR Newswire · 8d ago
Cadiz (CDZI) Reports Q2 Loss, Lags Revenue Estimates
Zacks · 9d ago
Cadiz: Q2 Earnings Snapshot
Associated Press · 9d ago
From Oman to Utah: When It RAINs, It Pours for Investors
IPO-Edge.com · 15d ago
Clean Energy Fuels (CLNE) Reports Q2 Loss, Beats Revenue Estimates
Zacks · 16d ago
Cadiz (CDZI) May Report Negative Earnings: Know the Trend Ahead of Q2 Release
Zacks · 17d ago
Weather Tech Meets Water Scarcity: Fireside with Rain Enhancement Technologies CEO Randy Seidl
IPO-Edge.com · 18d ago
Cadiz Executes Guaranteed Maximum Price Construction Contracts for Northern Pipeline Project
PR Newswire · 25d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.