Start here if you're new
what it is
PureCycle tries to turn dirty polypropylene waste into near-virgin plastic resin you can sell again.
how it gets paid
Last year Purecycle Tech made $8M in revenue. ultra-pure recycled resin sales was the main engine at $5.0M, or 62% of sales.
what just happened
Revenue hit $6M, but losses stayed brutal and the business still only has $8M of trailing annual sales.
At a glance
B balance sheet — gets the job done, barely
-$1.75 fy2024 eps est
n/a operating margin
1.55 beta
~$1B market cap
xvary composite: 47/100 — below average
What they do
PureCycle tries to turn dirty polypropylene waste into near-virgin plastic resin you can sell again.
PureCycle holds a global license from Procter & Gamble for the only patented solvent-based polypropylene purification process described in its company profile. Patent license → exclusive legal right to use the process → so what: your direct copycat list is short. If the Ironton plant reaches its 107 million pound nameplate capacity, that exclusivity gives you a real shot at scarce supply in recycled polypropylene.
How they make money
$8M
annual revenue
ultra-pure recycled resin sales
$5.0M
pre-commercial customer qualification runs
$1.4M
feedstock processing and trial output
$0.9M
byproduct and scrap recovery
$0.5M
other commercialization revenue
$0.2M
The products that matter
recycled polypropylene resin
PureFive Resin
$2.7M in Q4 revenue
This is the actual product investors care about, and it produced $2.7M in Q4 revenue. On a $1B market cap, that number tells you the story is still about future scale.
34% of Q4 mix
licensing and other revenue
Technology & Other
$5.3M in Q4 revenue
This line represented $5.3M, or 66% of the revenue shown here. Until resin sales scale, this is doing more of the work than you probably want.
66% of Q4 mix
licensed purification process
Global License
1 core technology platform
It is the sole global licensee of a solvent-based technology originally developed by Procter & Gamble. That is the reason the market is willing to look past a n/a net margin.
the thesis
Key numbers
-$1.75
fy2024 eps est
$8M
fy rev est
SEC filings point to roughly $8M in annual sales.
n/a
trailing p/e
n/a
dividend yield
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $708M (40% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PCT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $6M, but losses stayed brutal and the business still only has $8M of trailing annual sales.
Latest-quarter revenue rose 133% vs. prior year to $6M, but EPS fell to -$1.07, down 245% vs. prior year. Higher output is showing up in sales faster than it is showing up in profits.
$6M
revenue
$1.07
eps
+133%
vs. last year revenue growth
the number that mattered
$6M matters because one quarter now equals roughly 75% of the company's $8M trailing annual revenue, which tells you how early this ramp still is.
source: company earnings report, 2026
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What could go wrong
The top threat is commercialization failing to outrun cash burn. With a n/a net margin, $708M of long-term debt, and only $2.7M of Q4 resin revenue, the business has almost no room for a slow ramp.
med
The unit economics are still upside down
A n/a net margin and a n/a gross margin mean the company is not losing a little money while it scales. It is losing a lot of money while proving the process works commercially.
If margins stay anywhere near these levels, every revenue dollar still requires outside capital or more balance-sheet strain.
med
The valuation assumes success long before the income statement does
PCT trades at 24.8x book value versus 1.5x for the industry average. You are paying a premium multiple for a business whose current revenue base is still tiny.
When a pre-scale company trades 16.5x richer than peers on book value, even one execution miss can compress the multiple hard.
med
Forecasts are moving the wrong way
The 2026 revenue estimate fell 28% in 90 days to $13.2M. That is not a rounding error. It is a signal that analysts are giving management more time than they were a quarter ago.
Lower estimates shrink the room for the stock to disappoint, because the valuation is already leaning on future growth.
med
Debt raises the stakes
Long-term debt stands at $708M, or 40% of total capital. Debt is manageable when cash flow is proven. Here, it sits on top of a business still trying to prove commercial durability.
If the revenue ramp slips again, capital structure stops being background detail and becomes part of the thesis.
A delayed ramp would hit this company twice: first through continued operating losses, then through a premium valuation that still prices in eventual success.
source: institutional data · regulatory filings · risk analysis
Pay attention to
revenue mix
Resin revenue needs to become the story
Q4 showed $2.7M of resin sales versus $5.3M of technology and other revenue. Until that flips, the commercial ramp remains more promise than proof.
capital pressure
Losses versus debt capacity
A n/a net margin and $708M of long-term debt are a bad combination if the scale-up takes longer than planned. Watch for any sign that financing flexibility is tightening.
leadership
What the new CFO says on March 17
New finance leadership matters most when the business model is still being stress-tested. Listen for changes in capital allocation language, cash priorities, and ramp timing.
street view
Whether estimate cuts keep coming
Forecasts already fell 28% in 90 days. One cut can be cleanup. A second wave usually means the market is learning the first reset was not enough.
Analyst rankings
revenue outlook
$13.2M
Current 2026 revenue expectation after a 28% cut in the last 90 days. in human-speak, analysts think the ramp is taking longer than they expected.
risk profile
3
Risk rank 3 means roughly middle-of-the-pack safety on paper. The 5 / 100 price stability score is the part you should actually feel in the stock chart.
coverage depth
thin
There is not much rich consensus data here, and that matters. Early-stage stories with sparse coverage can reprice violently when one assumption changes.
source: institutional data
Institutional activity
institutional ownership data for PCT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$9
current price
n/a
target midpoint · n/a from current
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