CDZI
Cadiz Inc.Utilities·Regulated Water
$4.88
$410M market cap
Revenue
$6.7M
Free Cash Flow
$-14.0M
Rev Growth
+0.0%
FCF Margin
-208.4%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Cadiz Inc., together with its subsidiaries, operates as a natural resources development company in the United States. It engages in the water resource and agricultural development activities in San Bernardino County properties. The company owns approximately 35,000 acres of land in the Cadiz and Fenner valleys of eastern San Bernardino County; and approximately 11,000 acres of land in the eastern Mojave Desert portion of San Bernardino County. It is also involved in the cultivation of lemons, an
2-Year Price History
$4.25+40.3%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 1.6 | -6.8 | -6.8 | -8.6 | -5.5 | -5.8 | -0.2 | 16.5 | 32.0 | 83.5 | -85.5% | -2.8x | -- |
| Act | 2025-Q4 | 5.1 | -6.8 | -7.4 | -9.8 | -6.9 | -8.3 | -1.3 | 8.6 | 104.2 | 81.1 | -26.5% | -2.8x | -- |
Valuation & Metrics
Market Stats
Price$4.88
Market Cap$410M
Enterprise Value$426M
P/S Ratio61.1x
P/FCF--
EV/FCF--
FCF Margin (TTM)-208.4%
FCF Yield-3.4%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$6.7M
Net Income$-18.4M
Free Cash Flow$-14.0M
Revenue Growth (YoY)+0.0%
EBITDA Margin-203.6%
Net Margin-273.8%
FCF Margin-208.4%
CapEx % of Revenue23.3%
SBC % of Revenue22.0%
ROIC-56.0%
WC Change % Rev31.3%
Interest Coverage-2734.4x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares6.8M
Days to Cover6.9
Change (vs Prior)-0.8%
Need at least 2 settlement dates for chart
Employees
Headcount25
Revenue / Employee$268,640
Gross Profit / Employee$84,160
Cash Runway
14.2months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
36.8%(+15.9% YoY)
124 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
13.9%(+7.3% YoY)
8 filers
Vanguard, iShares, SPDR
Market makers
1.0%(+0.8% YoY)
7 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Whitefort Capital Management, LP | $19.6M | $5.05 | +$0 | +$1.3M | -0.5% | $317M |
| BlackRock, Inc.Passive | $18.8M | $3.24 | −$0 | +$3.7M | -0.2% | $5.69T |
| LEVIN CAPITAL STRATEGIES, L.P. | $18.7M | $3.68 | +$736K | +$3.7M | +0.3% | $1.31B |
| BARCLAYS PLC | $18.3M | $3.78 | +$2.6M | +$13.1M | -0.1% | $279.69B |
| BANK OF AMERICA CORP /DE/ | $17.3M | $4.33 | +$47K | +$12.4M | -0.1% | $1.36T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $11.6M | $4.91 | +$11.6M | +$11.6M | — | $4.04T |
| STONEHILL CAPITAL MANAGEMENT LLC | $9.6M | $5.03 | +$7.9M | +$9.6M | -2.5% | $197M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $6.8M | $3.82 | +$328K | +$1.7M | +2.3% | $1.61T |
| STATE STREET CORPPassive | $6.6M | $3.98 | +$320K | +$1.9M | -0.2% | $2.89T |
| MORGAN STANLEY | $5.1M | $3.55 | −$1.1M | +$321K | -0.3% | $1.65T |
| ELKHORN PARTNERS LIMITED PARTNERSHIP | $3.2M | $3.17 | −$42K | +$32K | -3.6% | $157M |
| GRATIA CAPITAL, LLC | $2.5M | $4.46 | −$4.9M | −$2.4M | +1.4% | $106M |
| NORTHERN TRUST CORPPassive | $2.3M | $3.96 | +$31K | +$304K | -0.2% | $755.34B |
| JANE STREET GROUP, LLCMM | $2.2M | $4.88 | −$590K | +$2.0M | -0.1% | $92.10B |
| Permanent Capital Management, LP | $2.1M | $3.67 | −$110K | +$2.1M | +1.4% | $643M |
| VANGUARD FIDUCIARY TRUST COPassive | $2.0M | $4.91 | +$2.0M | +$2.0M | — | $395.83B |
| Potomac Capital Management, Inc. | $1.6M | $5.61 | +$0 | +$1.6M | +0.3% | $114M |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $1.6M | $4.91 | +$1.6M | +$1.6M | — | $1.91T |
| AQR CAPITAL MANAGEMENT LLC | $1.6M | $4.82 | +$1.4M | +$1.4M | -0.2% | $218.19B |
| GOLDMAN SACHS GROUP INC | $1.5M | $4.46 | −$208K | +$781K | -0.2% | $760.93B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-0.33%
avg per quarter
Holders (ex-self)
-0.31%
excl. this stock
Buyers (this Q)
-1.39%
64 buyers · $0.03B in
Sellers (this Q)
+0.38%
40 sellers · $0.02B out
alpha coverage: 92% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-0.2%
how holders react when this stock falls
On quiet Qs
-6.7%
−10% to +10% baseline
On rallies (+10%+)
+3.2%
how they react when this stock rises
Holders' portfolio flow this Q
+3.2%
inflows — adds are organic
Sellers' portfolio flow this Q
+4.8%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
+0.4%
Holder mid (any stock)
+0.2%
Holder rally (any stock)
-9.8%
Biggest decreases this quarter
GRATIA CAPITAL, LLC−$4.9Mα+1.4MORGAN STANLEY−$1.1Mα-0.3Diametric Capital, LPexited−$614KJANE STREET GROUP, LLC−$590Kα-0.1XTX Topco Ltdexited−$300KVerition Fund Management LLCexited−$254KGOLDMAN SACHS GROUP INC−$208Kα-0.2FourWorld Capital Management LLCexited−$158KPermanent Capital Management, LP−$110Kα+1.4PRELUDE CAPITAL MANAGEMENT, LLCexited−$98K
New buyers this quarter
Top-5 holders · 50.2%
Whitefort Capital Management, LP--
BlackRock, Inc.--
LEVIN CAPITAL STRATEGIES, L.P.--
BARCLAYS PLC--
BANK OF AMERICA CORP /DE/--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Odey Asset Management Group Ltd—Odey Asset Management LLP—Whitefort Capital Management, LP4.0MLEVIN CAPITAL STRATEGIES, L.P.3.8MBANK OF AMERICA CORP /DE/3.5MBARCLAYS PLC3.7MB. Riley Asset Management, LLC—American Assets Capital Advisers, LLC—STONEHILL CAPITAL MANAGEMENT LLC1.9MB. Riley Financial, Inc.—
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (1 analysts)$10.0010490.0%
Current Price$4.88
Analyst Ratings
2
Buy: 2Consensus: Buy
Corporate
Order Flow (FINRA, ~3w lag)
15.2%retail-0.6pp
13.4%dark-4.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Cadiz Inc: A Dehydrated Balance Sheet Sustained by Toxic Dilution and Insider Debt
Overall Risk
9/10
Fraud
5/10
Dilution
10/10
Insolvency
9/10
Earnings Overstated
4/10
Hidden Liabilities
8/10
Legal
6/10
Audit Warnings
8/10
Hidden Upside
3/10
Contextually Acceptable
2/10