Cadiz (FRA:2ZC) Cyclically Adjusted PB Ratio: (As of Sep. 21, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

FRA:2ZC Cadiz Inc FRA:2ZC
53 GF Score
Price €2.90
GF Value €5.03
Valuation Possible Value Trap
! 4 Warning Signs
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What is Cadiz Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Cadiz  (FRA:2ZC) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Cadiz Cyclically Adjusted PB Ratio Related Terms


Cadiz Cyclically Adjusted PB Ratio Historical Data

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The historical data trend for Cadiz's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Cadiz Cyclically Adjusted PB Ratio Chart

Cadiz Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
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Cadiz Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
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FRA:2ZC vs ARTNA, PCYO, GWRS: Cyclically Adjusted PB Ratio Comparison

For the Pollution & Treatment Controls subindustry, Cadiz's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Cadiz Cyclically Adjusted PB Ratio vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Cadiz's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Cadiz's Cyclically Adjusted PB Ratio falls into.


FRA:2ZC
53GF Score
Cadiz Inc FRA:2ZC
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Cadiz Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Cadiz's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Cadiz's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=0.048/333.9520*333.9520
=0.048

Current CPI (Jun. 2026) = 333.9520.

Cadiz Quarterly Data

Book Value per Share CPI Adj_Book
201609 -3.286 241.428 -4.545
201612 -2.366 241.432 -3.273
201703 -2.428 243.801 -3.326
201706 -2.756 244.955 -3.757
201709 -2.864 246.819 -3.875
201712 -2.851 246.524 -3.862
201803 -2.903 249.554 -3.885
201806 -2.593 251.989 -3.436
201809 -2.813 252.439 -3.721
201812 -3.060 251.233 -4.068
201903 -2.795 254.202 -3.672
201906 -2.600 256.143 -3.390
201909 -2.944 256.759 -3.829
201912 -2.569 256.974 -3.339
202003 -0.516 258.115 -0.668
202006 -0.619 257.797 -0.802
202009 -0.542 260.280 -0.695
202012 -0.560 260.474 -0.718
202103 -0.290 264.877 -0.366
202106 -0.105 271.696 -0.129
202109 0.956 274.310 1.164
202112 0.818 278.802 0.980
202203 0.808 287.504 0.939
202206 0.740 296.311 0.834
202209 0.642 296.808 0.722
202212 0.574 296.797 0.646
202303 0.841 301.836 0.930
202306 0.724 305.109 0.792
202309 0.676 307.789 0.733
202312 0.542 306.746 0.590
202403 0.504 312.332 0.539
202406 0.379 314.175 0.403
202409 0.272 315.301 0.288
202412 0.435 315.605 0.460
202503 0.498 319.799 0.520
202506 0.370 322.561 0.383
202509 0.288 324.800 0.296
202512 0.238 324.054 0.245
202603 0.162 330.213 0.164
202606 0.048 333.952 0.048

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Cadiz (FRA:2ZC) Overvalued in 2026?

Based on GuruFocus' analysis, Cadiz stock appears to be undervalued. The current stock price of €2.90 is trading 42.3% below its estimated GF Value™ of €5.03. GuruFocus considers Cadiz to be Possible Value Trap.

Key valuation signals for FRA:2ZC:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: €5.03 vs. price of €2.90 (42.3% below fair value)
  • GF Score™: 53/100 with 4 warning signs

No single metric tells the full story. See the FRA:2ZC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Cadiz Business Description

Other Exchanges CDZI:USA0HS4:UK2ZC:Germany
Address 550 South Hope Street, Suite 2850, Los Angeles, CA, USA, 90071
Cadiz Inc is a water solutions provider, dedicated to delivering clean, reliable, and affordable water for people. It provides water solutions with a combination of land, water, pipeline, and water filtration assets located in Southern California between key water systems serving population centers in the Southwestern United States. The company operates in two reportable segments; Land and Water Resources segment, comprises all activities regarding its properties in the eastern Mojave Desert, pre-revenue development of the Mojave Groundwater Bank (supply, storage, and conveyance), and agricultural operations; and the Water Filtration Technology segment, generating maximum revenue engaged in providing water filtration solutions for impaired or contaminated groundwater sources.
53GF Score

Get the complete analysis for FRA:2ZC

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€2.90
Price
€5.03
GF Value