PureCycle Technologies, Inc. (PCT)

Price$6.39Cached quoteAs of 2026-09-05 11:48 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because the discount is useful but not unusually wide.

Net asset value—the listed holdings minus liabilities—was 715.85 pence per share on 10 September. The observed market price sits about 9.1% below that value. This discount is close to the 9.45% average during the latest financial year and narrower than the 10.5% five-year average. The gap therefore offers some protection but no clear bargain. A fair-priced verdict assumes the portfolio valuations are broadly reliable and the discount does not close completely.

Big pictureRecent gains were exceptional, but they came mostly from rising investments rather than recurring cash.

Net income reached £3.75 billion in FY 2026, versus £118 million in FY 2025 and a £105 million loss in FY 2023. Most of the latest profit was unrealised or realised appreciation in investments, so it should not be treated like dependable business earnings. Operating cash flow rose to £638 million, but trading activity heavily influences that figure. Dividend and interest income remained below expenses, producing a £9.5 million revenue loss, and the trust paid no dividend.

Business strengthLarge cash reserves and discounted share buybacks help protect value when markets weaken.

At April 2026, cash was £572.9 million against £70.4 million of debt, leaving roughly £502 million of net cash. Equity of £7.32 billion greatly exceeded total liabilities of £187.5 million. The trust repurchased 55.8 million shares for about £232.5 million during FY 2026, reducing shares outstanding by 4.8% without issuing dilutive new shares. Purchases averaged a 10.1% discount to asset value, increasing value per remaining share. Annual running costs also fell from 0.77% to 0.69% of assets.

What could change the storyFurther artificial intelligence growth could lift assets, while a chip downturn could erase the discount.

Semiconductor companies represented 41.5% of assets in the latest disclosure, while Nvidia alone represented 10.1%; the ten largest holdings formed 44.5%. The bull case requires artificial intelligence infrastructure spending to keep supporting these companies’ profits and the managers to preserve their recent advantage over the technology index. The bear case is a broad chip valuation or spending correction: a decline exceeding roughly 9% could consume today’s entire asset discount. Sustained outperformance would strengthen the thesis; weakening chip orders would undermine it.

AI: News

Record annual performanceAnnual results showed extraordinary gains and index outperformance, validating the trust’s aggressive artificial intelligence positioning.

Results released on 10 July showed net asset value per share rising 102.2% during the year ended 30 April 2026, compared with a 55.0% return from its technology index. Total net assets grew 92.5% to £7.32 billion. Management attributed much of the relative gain to holdings benefiting from accelerating artificial intelligence adoption. This was a major positive result, although the dependence on portfolio price appreciation makes repetition uncertain.

Chip concentration increasedThe latest holdings update showed greater semiconductor exposure, increasing both artificial intelligence upside and downturn risk.

The 4 September portfolio disclosure, covering 28 August, showed semiconductors at 41.5% of assets, up from 38.5% at April’s year-end. Nvidia’s weight rose from 8.9% to 10.1%, while the ten largest positions represented 44.5%. This routine disclosure did not establish a specific market-price reaction, but it showed that future asset values had become more sensitive to chip demand, artificial intelligence spending and the largest holding’s valuation.

Discount buybacks continuedFresh share purchases modestly increased each remaining investor’s claim on assets bought below stated value.

On 9 September, the trust bought 500,000 shares for roughly £3.3 million and placed them in treasury. The purchase occurred about 9% below the subsequently reported same-day net asset value, making it modestly beneficial to asset value per remaining share. Voting shares fell to 1.105 billion. This continued a programme that retired 55.8 million shares during FY 2026. The effect is supportive but small relative to the trust’s £7 billion-plus asset base.

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Revenue

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2025

Net income

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$8.4M	$0	$0	$0	—	—
Research & development	$5.9M	$6.5M	$6.6M	$4.3M	$3.7M	$648,000
Operating expenses	$189.8M	$145.4M	$113.9M	$81.3M	$69.6M	$37.2M
Operating income	−$181.4M	−$145.4M	−$113.9M	−$81.3M	—	—
Operating margin	−2,171.59%	—	—	—	—	—
EBITDA	−$152.3M	−$114.1M	−$98.0M	−$77.2M	—	—
EBITDA margin	−1,823.05%	—	—	—	—	—
Net income	−$182.6M	−$289.1M	−$101.7M	−$84.7M	−$77.5M	−$53.0M
Net profit margin	−2,185.10%	—	—	—	—	—
Basic EPSper basic share	-$1.08	-$1.75	-$0.62	-$0.54	-$0.75	-$1.96
Diluted EPSper diluted share	-$1.21	-$1.75	-$0.63	-$0.55	-$0.79	-$1.96

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

16.96%of listed shares

SYLEBRA CAPITAL LLC34.08M shares · Jun 30, 2026

View holders

Top 20 reported holders of PCT
Holder	% owned
SYLEBRA CAPITAL LLC	16.96%34.08M shares
Abundance Wealth Counselors	12.60%25.31M shares
BlackRock, Inc.	5.53%11.1M shares
LONGVIEW ASSET MANAGEMENT, LLC	4.84%9.72M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.95%7.94M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.74%7.51M shares
Alyeska Investment Group, L.P.	2.84%5.71M shares
Rokos Capital Management LLP	2.45%4.93M shares
Shay Capital LLC	2.31%4.64M shares
GEODE CAPITAL MANAGEMENT, LLC	1.91%3.83M shares
Gladstone Institutional Advisory LLC	1.79%3.6M shares
STATE STREET CORP	1.66%3.33M shares
Point72 Asset Management, L.P.	1.63%3.28M shares
Simplify Asset Management Inc.	1.52%3.05M shares
Duquesne Family Office LLC	1.33%2.68M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	1.32%2.65M shares
SAMLYN CAPITAL, LLC	1.26%2.53M shares
MORGAN STANLEY	1.17%2.35M shares
Fieler Jeffrey Richard	≈0.98%1.97M shares
PNC Financial Services Group, Inc.	0.82%1.65M shares

Percentages use 200.91M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys5$67.50M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 12, 2026Form 4	SYLEBRA CAPITAL LLCDirector,TenPercentOwner	BuyCommon Stock · indirect	16.6K	$0.00	$0.00	34.11M
Jun 20, 2025Form 4	SYLEBRA CAPITAL LLC +1TenPercentOwner	BuySeries B Convertible Preferred Stock · derivative · indirect	40.0K	$1.0K	$40.00M	40.0K
Feb 6, 2025Form 4	SYLEBRA CAPITAL LLC +1TenPercentOwner	BuyCommon Stock · indirect	619.9K	$8.06	$5.00M	34.08M
Sep 13, 2024Form 4	SYLEBRA CAPITAL LLC +2TenPercentOwner	BuyCommon Stock · indirect	4.26M	$4.69	$20.00M	33.05M
Sep 13, 2024Form 4	SYLEBRA CAPITAL LLC +2TenPercentOwner	BuyWarrants to Purchase Common Stock · derivative · indirect	2.50M	$1.00	$2.50M	2.50M

Review ownership filings at SEC.gov ↗

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PureCycle Technologies, Inc. (PCT)

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