PureCycle Technologies
PCT on Nasdaq. PureCycle Technologies sells recycled polypropylene to plastic product manufacturers and brands. Market value $822m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-26.38 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$4.01 a share, 4% above its 1-year low
Over the past year the price has ranged from $3.85 to $15.49.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | $0 | $0 | $8m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | -2171.6% |
| Debt to equity | |||||
| Debt to equity | 0.65 | 0.49 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.16bn | 0.16bn | 0.17bn | 0.18bn | 0.20bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 23% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $5 million last quarter, up 173% on a year ago.
- A loss of $142 million, compared with a loss of $144 million a year ago.
- It loses 1317 cents on each $1 of sales, compared with 4638 cents a year earlier.
- Over the past 12 months it spent $212 million more cash than it brought in, compared with $195 million a year earlier.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $0 |
| December 2024 | $0 |
| March 2025 | $2m |
| June 2025 | $2m |
| September 2025 | $2m |
| December 2025 | $3m |
| March 2026 | $4m |
| June 2026 | $5m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$91m |
| December 2024 | -$65m |
| March 2025 | $9m |
| June 2025 | -$144m |
| September 2025 | -$28m |
| December 2025 | -$19m |
| March 2026 | -$33m |
| June 2026 | -$142m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 310 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | Added |
Largest holders overall
- Sylebra Capital$276m
- Abundance Wealth Counselors$205mAdded
- BlackRock$90mAdded
- Longview Asset Management$79m
- Vanguard Portfolio Management$64mAdded
- Vanguard Capital Management$61mAdded
- Alyeska Investment Group, L.P.$46mNew
- Rokos Capital Management LLP$40mAdded
- Shay Capital$38mAdded
- Geode Capital Management$31mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Gibson Daniel Patrickat least 19.3%−0.1 pts(filed with 3 related holders)Since 10 June 2026
What they said
Item 4 of the Schedule 13D is hereby amended to add the following: On June 10, 2026, the Issuer announced concurrent underwritten public offerings (collectively, the "Offerings") of $145.0 million of shares of Common Stock (the "Common Stock Offering") and $250.0 million…
Read the filing - Since 17 March 2022
What they said
The securities reported hereunder were acquired and are held by the Reporting Person for investment purposes. In connection with the Merger, Pure Crown entered into a letter agreement with the Predecessor LLC, pursuant to which Pure Crown is entitled to one seat on the Issuer's…
Read the filing - SAMLYN CAPITAL, LLCPassive investorat least 4.2%−3.0 pts(filed with 2 related holders)Since 31 March 2026
- SK Geo Centric Co., Ltd.Passive investorSold down below 5%Since 30 October 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Pure Crown LLCPassive investorSold down below 5%Since 17 March 2022
| Holder | Stake | Since | |
|---|---|---|---|
Gibson Daniel Patrick | at least 19.3%−0.1 pts (filed with 3 related holders) | 10 June 2026 | What they saidItem 4 of the Schedule 13D is hereby amended to add the following: On June 10, 2026, the Issuer announced concurrent underwritten public offerings (collectively, the "Offerings") of $145.0 million of shares of Common Stock (the "Common Stock Offering") and $250.0 million… Read the filing |
6.2% | 17 March 2022 | What they saidThe securities reported hereunder were acquired and are held by the Reporting Person for investment purposes. In connection with the Merger, Pure Crown entered into a letter agreement with the Predecessor LLC, pursuant to which Pure Crown is entitled to one seat on the Issuer's… Read the filing | |
SAMLYN CAPITAL, LLC Passive investor | at least 4.2%−3.0 pts (filed with 2 related holders) | 31 March 2026 | |
SK Geo Centric Co., Ltd. Passive investor | Sold down below 5% | 30 October 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Pure Crown LLC Passive investor | Sold down below 5% | 17 March 2022 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $98,756 of shares on the open market.
- Musa FernandoDirectorBought
- Date
- 4 September 2026
- Shares
- 15,479
- Price
- $6.38
- Value
- $98,756
- SYLEBRA CAPITAL LLCDirectorBought
- Date
- 12 May 2026
- Shares
- 16,622
- Price
- $0.00
- Value
- $0
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 4 September 2026 | Musa Fernando Director | Bought | 15,479 | $6.38 | $98,756 |
| 12 May 2026 | SYLEBRA CAPITAL LLC Director | Bought | 16,622 | $0.00 | $0 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.