A Business at a Glance
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We are an externally-managed, agricultural real estate investment trust (“REIT”) that is primarily in the business of owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent. We are not generally a grower of crops, nor do we typically farm the properties we own, though from time to time, and on a temporary basis, we may also directly operate certain of our farms via management agreements with third-party operators and/or through a taxable REIT subsidiary (“TRS”). We currently own 144 farms totaling 98,688 acres across 14 states in the U.S. and 55,532 acre-feet of water assets in California. In addition, as of December 31, 2025, two of our properties (comprising four farms) were directly operated by us. We also own several farm-related facilities that are necessary to the farming operations on the underlying farmland.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 88M | 88M | 85M | 90M | 89M | 75M |
| Net Income | -10M | -10M | -10M | -9.9M | -15M | -8.8M |
| EPS | $-0.29 | $-0.29 | $-0.29 | $-0.28 | $-0.43 | $-0.29 |
| Free Cash Flow | 7.0M | 7.0M | 30M | 40M | 44M | -254M |
| ROIC | 0.7% | 0.8% | 1.0% | 1.1% | 0.9% | 0.2% |
| Gross Margin | 89.1% | 89.1% | 100.0% | - | - | - |
| Debt/Equity | 0.71 | 0.71 | 0.77 | 0.80 | 0.86 | 1.14 |
| Dividends/Share | $0.57 | $0.57 | $0.56 | $0.56 | $0.54 | $0.55 |
| Operating Income | 9.5M | 9.5M | 11M | 14M | 11M | 2.3M |
| Operating Margin | 10.8% | 10.8% | 13.4% | 15.3% | 12.0% | 3.0% |
| ROE | -1.6% | -1.5% | -1.5% | -1.4% | -2.1% | -1.5% |
| Shares Outstanding | 36M | 36M | 36M | 35M | 35M | 30M |
GLADSTONE LAND Corp passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 107.5x vs a median of 19.0x. The company's 5-year average ROIC is 0.8% with a gross margin of 94.6%. Total shareholder yield (dividends) is 2.7%. At current prices, the estimated annualized return to fair value is -13.3%.
GLADSTONE LAND Corp (LANDO) has a 5-year average return on invested capital (ROIC) of 0.8%. This is below average and may indicate limited pricing power.
GLADSTONE LAND Corp (LANDO) has a market capitalization of $752M. It is classified as a small-cap stock.
Yes, GLADSTONE LAND Corp (LANDO) pays a dividend with a trailing twelve-month yield of 2.72%.
GLADSTONE LAND Corp (LANDO) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
GLADSTONE LAND Corp (LANDO) reported annual revenue of $88 million in its most recent fiscal year, based on SEC EDGAR filings.
GLADSTONE LAND Corp (LANDO) has a net profit margin of -11.9%. The company is currently unprofitable.
GLADSTONE LAND Corp (LANDO) generated $7 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GLADSTONE LAND Corp (LANDO) has a debt-to-equity ratio of 0.71. This indicates moderate leverage.
GLADSTONE LAND Corp (LANDO) reported earnings per share (EPS) of $-0.29 in its most recent fiscal year.
GLADSTONE LAND Corp (LANDO) has a return on equity (ROE) of -1.5%. A negative ROE may indicate losses or negative equity.
GLADSTONE LAND Corp (LANDO) has a 5-year average gross margin of 94.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for GLADSTONE LAND Corp (LANDO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GLADSTONE LAND Corp (LANDO) has a book value per share of $18.54, based on its most recent annual SEC filing.
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