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Gladstone Land (LANDO) Financials

Gladstone Land logo
$19.31 +0.07 (+0.36%)
Closing price 03:59 PM Eastern
Extended Trading
$19.30 -0.01 (-0.08%)
As of 04:10 PM Eastern
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Annual Income Statements for Gladstone Land

Annual Income Statements for Gladstone Land

This table shows Gladstone Land's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -15 -9.85 -10
Consolidated Net Income / (Loss)		 4.72 15 13
Net Income / (Loss) Continuing Operations		 8.66 18 16
Total Pre-Tax Income 		8.66 18 16
Total Revenue		 67 70 67
Net Interest Income / (Expense)		 -26 -24 -22
Total Interest Income		 0.00 0.00 0.00
Total Interest Expense		 26 24 22
Long-Term Debt Interest Expense		 26 24 22
Total Non-Interest Income		 93 94 89
Other Service Charges		 3.44 3.71 3.83
Other Non-Interest Income		 89 90 85
Total Non-Interest Expense		 58 52 50
Net Occupancy & Equipment Expense		 2.82 4.20 5.33
Insurance Policy Acquisition Costs		 3.23 1.77 0.11
Other Operating Expenses		 17 8.57 7.56
Depreciation Expense		 35 37 35
Impairment Charge		 0.00 0.00 2.11
Nonoperating Income / (Expense), net		 -0.06 -1.02 -0.28
Other Adjustments to Consolidated Net Income / (Loss)		 -3.02 -3.02 -3.02
Preferred Stock Dividends Declared		 20 24 24
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.01 0.00 0.00
Basic Earnings per Share		 ($0.43) ($0.28) ($0.29)
Weighted Average Basic Shares Outstanding		 34.56M 35.73M 35.91M
Diluted Earnings per Share		 ($0.43) ($0.28) ($0.29)
Weighted Average Diluted Shares Outstanding		 34.56M 35.73M 35.91M
Weighted Average Basic & Diluted Shares Outstanding		 35.71M 35.84M 36.18M

Quarterly Income Statements for Gladstone Land

This table shows Gladstone Land's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -3.59 -4.81 -4.32 1.73 -2.96 -4.30 7.45 -6.65 -5.79 -5.46
Consolidated Net Income / (Loss)		 1.81 1.11 1.75 7.86 3.14 1.82 14 -0.82 0.01 0.54
Net Income / (Loss) Continuing Operations		 3.44 -2.06 2.53 8.64 3.92 2.55 14 -0.10 0.62 1.33
Total Pre-Tax Income 		3.44 -2.06 2.53 8.64 3.92 2.55 14 -0.10 0.62 1.33
Total Revenue		 24 2.19 24 16 18 13 23 22 18 4.70
Net Interest Income / (Expense)		 0.00 -26 0.00 -5.94 -5.86 -12 0.00 0.00 -5.40 -16
Total Interest Expense		 0.00 26 0.00 5.94 5.86 12 0.00 0.00 5.40 16
Total Non-Interest Income		 24 28 24 22 24 25 23 22 23 21
Other Service Charges		 0.24 - 2.62 0.36 0.38 0.35 2.85 0.52 0.37 0.08
Other Non-Interest Income		 24 25 21 21 24 24 20 21 23 21
Total Non-Interest Expense		 15 23 14 6.99 14 16 2.72 13 17 17
Net Occupancy & Equipment Expense		 0.71 0.72 1.13 0.89 0.73 1.46 0.88 1.22 1.38 1.86
Other Operating Expenses		 4.18 11 3.99 -2.94 3.38 4.15 -6.95 3.43 4.24 6.84
Depreciation Expense		 9.15 9.48 9.12 9.04 9.24 9.75 8.79 8.81 8.81 8.65
Nonoperating Income / (Expense), net		 -6.48 18 -7.05 0.00 0.00 6.04 -5.56 -8.43 -0.28 14
Preferred Stock Dividends Declared		 5.40 5.92 6.07 6.13 6.11 6.11 6.12 6.59 5.79 5.25
Basic Earnings per Share		 ($0.10) ($0.14) ($0.12) $0.05 ($0.08) ($0.13) $0.21 ($0.19) ($0.16) ($0.15)
Weighted Average Basic Shares Outstanding		 34.61M 34.56M 35.55M 35.72M 35.82M 35.73M 35.84M 35.84M 35.84M 35.91M
Diluted Earnings per Share		 ($0.10) ($0.14) ($0.12) $0.05 ($0.08) ($0.13) $0.21 ($0.19) ($0.16) ($0.15)
Weighted Average Diluted Shares Outstanding		 34.61M 34.56M 35.55M 35.72M 35.82M 35.73M 35.84M 35.84M 35.84M 35.91M
Weighted Average Basic & Diluted Shares Outstanding		 34.70M 35.71M 35.71M 35.84M 35.84M 35.84M 35.84M 35.84M 36.18M 36.18M

Annual Cash Flow Statements for Gladstone Land

This table details how cash moves in and out of Gladstone Land's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 44 -43 -0.30
Net Cash From Operating Activities		 44 40 30
Net Cash From Continuing Operating Activities		 44 40 30
Net Income / (Loss) Continuing Operations		 4.72 15 13
Consolidated Net Income / (Loss)		 4.72 15 13
Provision For Loan Losses		 0.08 0.15 0.37
Depreciation Expense		 35 37 35
Amortization Expense		 0.60 1.60 3.05
Non-Cash Adjustments to Reconcile Net Income		 4.78 -4.04 -3.38
Changes in Operating Assets and Liabilities, net		 -1.76 -9.35 -19
Net Cash From Investing Activities		 -85 -3.77 63
Net Cash From Continuing Investing Activities		 -85 -3.77 63
Acquisitions		 -0.55 0.00 0.00
Purchase of Investment Securities		 -82 -13 -5.20
Sale and/or Maturity of Investments		 0.00 9.04 69
Other Investing Activities, net		 -2.75 0.00 0.00
Net Cash From Financing Activities		 86 -79 -93
Net Cash From Continuing Financing Activities		 86 -79 -93
Issuance of Debt		 9.93 0.20 3.40
Repayment of Debt		 -52 -53 -51
Repurchase of Preferred Equity		 -0.90 -1.19 -6.63
Payment of Dividends		 -37 -45 -44
Other Financing Activities, Net		 166 20 4.94
Cash Interest Paid		 25 26 24

Quarterly Cash Flow Statements for Gladstone Land

This table details how cash moves in and out of Gladstone Land's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -11 24 -22 9.48 -23 -6.51 33 -1.80 -37 5.06
Net Cash From Operating Activities		 3.72 21 4.71 18 0.08 17 3.42 16 -1.37 12
Net Cash From Continuing Operating Activities		 3.72 21 4.71 18 0.08 17 3.42 16 -1.37 12
Net Income / (Loss) Continuing Operations		 1.81 1.11 1.75 7.86 3.14 1.82 14 -0.82 0.01 0.54
Consolidated Net Income / (Loss)		 1.81 1.11 1.75 7.86 3.14 1.82 14 -0.82 0.01 0.54
Provision For Loan Losses		 0.00 0.02 0.03 0.03 0.01 0.08 0.01 0.21 0.07 0.08
Depreciation Expense		 9.15 9.48 9.12 9.04 9.24 9.75 8.79 8.81 8.81 8.65
Amortization Expense		 0.25 -0.10 0.23 0.28 0.33 0.76 0.76 0.21 -0.35 2.42
Non-Cash Adjustments to Reconcile Net Income		 1.60 1.87 1.55 -6.34 -0.02 0.77 -10 2.94 3.14 0.73
Changes in Operating Assets and Liabilities, net		 -9.08 8.34 -7.96 7.00 -13 4.24 -9.52 4.56 -13 -0.84
Net Cash From Investing Activities		 -43 -6.86 -3.02 6.12 -4.19 -2.68 63 -0.84 -1.64 3.27
Net Cash From Continuing Investing Activities		 -43 -6.86 -3.02 6.12 -4.19 -2.68 63 -0.84 -1.64 3.27
Purchase of Investment Securities		 -41 -7.01 -2.87 -2.82 -4.29 -2.83 -1.48 -0.84 -1.64 -1.24
Sale and/or Maturity of Investments		 - - 0.00 9.04 - - 64 - - 4.51
Net Cash From Financing Activities		 28 10 -24 -15 -19 -21 -33 -17 -34 -9.79
Net Cash From Continuing Financing Activities		 28 10 -24 -15 -19 -21 -33 -17 -34 -9.79
Repayment of Debt		 -22 -13 -28 -5.42 -9.67 -10 -22 -2.88 -19 -6.75
Repurchase of Preferred Equity		 -0.42 -0.37 -0.23 -0.95 -0.02 0.00 0.00 -2.90 -3.74 0.00
Payment of Dividends		 -9.59 -10 -11 -11 -12 -11 -11 -11 -11 -11
Other Financing Activities, Net		 146 34 14 -15 21 0.11 0.23 -0.29 0.36 4.63

Annual Balance Sheets for Gladstone Land

This table presents Gladstone Land's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 1,457 1,387 1,312
Cash and Due from Banks		 61 19 18
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Premises and Equipment, Net		 1,325 1,242 1,157
Intangible Assets		 5.70 4.78 3.59
Other Assets		 65 122 133
Total Liabilities & Shareholders' Equity		 1,457 1,387 1,312
Total Liabilities		 726 668 625
Short-Term Debt		 0.10 0.20 3.60
Other Short-Term Payables		 - 10 18
Long-Term Debt		 626 574 524
Other Long-Term Liabilities		 99 83 79
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 731 720 687
Total Preferred & Common Equity		 731 720 687
Preferred Stock		 0.02 0.02 0.02
Total Common Equity		 731 720 687
Common Stock		 837 856 854
Accumulated Other Comprehensive Income / (Loss)		 9.01 7.37 7.63
Other Equity Adjustments		 -114 -144 -175
Noncontrolling Interest		 0.00 0.00 0.00

Quarterly Balance Sheets for Gladstone Land

This table presents Gladstone Land's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 1,438 1,426 1,429 1,406 1,364 1,353 1,318
Cash and Due from Banks		 37 39 48 25 52 50 13
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 1,329 1,316 1,309 1,304 1,235 1,225 1,215
Intangible Assets		 5.95 5.52 5.26 5.02 4.55 4.26 3.94
Other Assets		 66 66 66 72 73 73 86
Total Liabilities & Shareholders' Equity		 1,438 1,426 1,429 1,406 1,364 1,353 1,318
Total Liabilities		 731 692 694 675 640 644 627
Short-Term Debt		 0.10 0.10 0.10 0.10 0.20 0.20 0.20
Other Short-Term Payables		 3.25 3.03 - - - 11 19
Long-Term Debt		 640 599 594 584 552 549 530
Other Long-Term Liabilities		 88 89 100 90 88 83 77
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 707 735 735 731 723 708 691
Total Preferred & Common Equity		 707 735 735 731 723 708 691
Preferred Stock		 0.02 0.02 0.02 0.02 0.02 0.02 0.02
Total Common Equity		 707 735 735 731 723 708 691
Common Stock		 803 851 853 856 856 853 849
Accumulated Other Comprehensive Income / (Loss)		 9.46 7.36 8.71 10 8.37 8.34 5.78
Other Equity Adjustments		 -105 -124 -127 -135 -142 -153 -164
Noncontrolling Interest		 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Annual Metrics And Ratios for Gladstone Land

This table displays calculated financial ratios and metrics derived from Gladstone Land's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 -13.75% 5.12% -5.20%
EBITDA Growth		 -24.56% 28.49% -4.83%
EBIT Growth		 -72.29% 114.05% -11.34%
NOPAT Growth		 -72.29% 114.05% -11.34%
Net Income Growth		 34.21% 208.84% -8.75%
EPS Growth		 -48.28% 34.88% -3.57%
Operating Cash Flow Growth		 35.24% -8.47% -26.28%
Free Cash Flow Firm Growth		 57.21% 189.90% 15.42%
Invested Capital Growth		 8.02% -4.72% -6.11%
Revenue Q/Q Growth		 -25.45% -17.65% -32.30%
EBITDA Q/Q Growth		 -40.44% -11.82% -37.13%
EBIT Q/Q Growth		 -78.46% -32.12% -66.49%
NOPAT Q/Q Growth		 -80.38% -32.12% -66.49%
Net Income Q/Q Growth		 -15.70% 5.12% -8.78%
EPS Q/Q Growth		 -30.30% 3.45% -7.41%
Operating Cash Flow Q/Q Growth		 24.77% -7.59% -16.51%
Free Cash Flow Firm Q/Q Growth		 27.97% 40.86% -33.25%
Invested Capital Q/Q Growth		 0.81% -1.67% -0.59%
Profitability Metrics		 - - -
EBITDA Margin		 66.76% 81.60% 81.91%
EBIT Margin		 13.02% 26.52% 24.80%
Profit (Net Income) Margin		 7.05% 20.70% 19.92%
Tax Burden Percent		 54.45% 82.55% 81.73%
Interest Burden Percent		 99.36% 94.55% 98.28%
Effective Tax Rate		 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.67% 1.41% 1.32%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.05% 0.73% 0.73%
Return on Net Nonoperating Assets (RNNOA)		 0.05% 0.60% 0.57%
Return on Equity (ROE)		 0.71% 2.01% 1.89%
Cash Return on Invested Capital (CROIC)		 -7.04% 6.25% 7.62%
Operating Return on Assets (OROA)		 0.62% 1.31% 1.23%
Return on Assets (ROA)		 0.34% 1.02% 0.98%
Return on Common Equity (ROCE)		 0.71% 2.01% 1.89%
Return on Equity Simple (ROE_SIMPLE)		 0.64% 2.02% 1.93%
Net Operating Profit after Tax (NOPAT)		 8.72 19 17
NOPAT Margin		 13.02% 26.52% 24.80%
Net Nonoperating Expense Percent (NNEP)		 0.62% 0.68% 0.59%
SG&A Expenses to Revenue		 4.21% 5.97% 8.00%
Operating Expenses to Revenue		 86.98% 73.48% 75.20%
Earnings before Interest and Taxes (EBIT)		 8.72 19 17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 45 57 55
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.80 0.68 0.57
Price to Tangible Book Value (P/TBV)		 0.81 0.69 0.57
Price to Revenue (P/Rev)		 8.73 6.99 5.84
Price to Earnings (P/E)		 0.00 0.00 0.00
Dividend Yield		 3.24% 4.03% 5.20%
Earnings Yield		 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.85 0.81 0.74
Enterprise Value to Revenue (EV/Rev)		 17.18 14.89 13.47
Enterprise Value to EBITDA (EV/EBITDA)		 25.73 18.24 16.44
Enterprise Value to EBIT (EV/EBIT)		 131.90 56.14 54.31
Enterprise Value to NOPAT (EV/NOPAT)		 131.90 56.14 54.31
Enterprise Value to Operating Cash Flow (EV/OCF)		 26.26 26.13 30.41
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 12.65 9.40
Leverage & Solvency		 - - -
Debt to Equity		 0.86 0.80 0.77
Long-Term Debt to Equity		 0.86 0.80 0.76
Financial Leverage		 0.98 0.83 0.78
Leverage Ratio		 2.13 1.96 1.92
Compound Leverage Factor		 2.11 1.85 1.89
Debt to Total Capital		 46.14% 44.38% 43.43%
Short-Term Debt to Total Capital		 0.01% 0.02% 0.30%
Long-Term Debt to Total Capital		 46.13% 44.36% 43.13%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 53.86% 55.62% 56.57%
Debt to EBITDA		 14.02 10.00 9.65
Net Debt to EBITDA		 12.65 9.68 9.32
Long-Term Debt to EBITDA		 14.02 10.00 9.59
Debt to NOPAT		 71.87 30.77 31.89
Net Debt to NOPAT		 64.86 29.77 30.78
Long-Term Debt to NOPAT		 71.86 30.76 31.67
Noncontrolling Interest Sharing Ratio		 0.17% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -92 83 96
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -3.58 3.50 4.37
Operating Cash Flow to Interest Expense		 1.70 1.69 1.35
Operating Cash Flow Less CapEx to Interest Expense		 1.70 1.69 1.35
Efficiency Ratios		 - - -
Asset Turnover		 0.05 0.05 0.05
Fixed Asset Turnover		 0.05 0.05 0.06
Capital & Investment Metrics		 - - -
Invested Capital		 1,358 1,294 1,215
Invested Capital Turnover		 0.05 0.05 0.05
Increase / (Decrease) in Invested Capital		 101 -64 -79
Enterprise Value (EV)		 1,150 1,047 899
Market Capitalization		 584 492 389
Book Value per Share		 $21.07 $20.08 $18.99
Tangible Book Value per Share		 $20.91 $19.95 $18.89
Total Capital		 1,358 1,294 1,215
Total Debt		 627 574 528
Total Long-Term Debt		 626 574 524
Net Debt		 565 556 509
Capital Expenditures (CapEx)		 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 4.00 4.09 3.25
Net Nonoperating Obligations (NNO)		 627 574 528
Total Depreciation and Amortization (D&A)		 36 39 38
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 ($0.43) ($0.28) ($0.29)
Adjusted Weighted Average Basic Shares Outstanding		 34.56M 35.73M 35.91M
Adjusted Diluted Earnings per Share		 ($0.43) ($0.28) ($0.29)
Adjusted Weighted Average Diluted Shares Outstanding		 34.56M 35.73M 35.91M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 35.71M 35.84M 36.18M
Normalized Net Operating Profit after Tax (NOPAT)		 6.10 13 13
Normalized NOPAT Margin		 9.12% 18.56% 19.57%
Pre Tax Income Margin		 12.94% 25.07% 24.37%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 0.34 0.79 0.76
NOPAT to Interest Expense		 0.34 0.79 0.76
EBIT Less CapEx to Interest Expense		 0.34 0.79 0.76
NOPAT Less CapEx to Interest Expense		 0.34 0.79 0.76
Payout Ratios		 - - -
Dividend Payout Ratio		 783.74% 309.58% 333.66%
Augmented Payout Ratio		 783.74% 309.58% 333.66%

Quarterly Metrics And Ratios for Gladstone Land

This table displays calculated financial ratios and metrics derived from Gladstone Land's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 24.65% -91.24% 19.45% -23.21% -26.12% 485.78% -4.79% 39.42% -2.88% -63.46%
EBITDA Growth		 24.42% -157.00% -4.67% 8.65% -30.12% 163.82% 55.87% -3.40% -30.66% -122.39%
EBIT Growth		 17.96% -279.69% -15.25% 9.53% -60.45% 82.90% 108.28% -3.64% -77.07% -262.53%
NOPAT Growth		 17.96% -193.26% -15.25% 9.53% -60.45% 75.57% 108.28% -32.55% -77.07% -262.53%
Net Income Growth		 20.16% -44.17% 47.43% 1,181.40% 73.92% 63.87% 675.26% -110.48% -99.81% -70.31%
EPS Growth		 -100.00% -250.00% -50.00% 145.45% 20.00% 7.14% 275.00% -480.00% -100.00% -15.38%
Operating Cash Flow Growth		 9.64% 72.32% -37.59% 51.36% -97.85% -15.89% -27.45% -10.92% -1,808.75% -33.53%
Free Cash Flow Firm Growth		 53.00% 50.26% 87.91% 96.84% 121.68% 152.70% 376.17% 1,342.64% 168.98% 9.44%
Invested Capital Growth		 14.67% 8.02% 2.93% 1.13% -2.32% -4.72% -4.38% -5.33% -7.13% -6.11%
Revenue Q/Q Growth		 20.09% -91.03% -14.71% -34.38% 15.53% -28.84% -26.03% -3.91% -19.52% -73.23%
EBITDA Q/Q Growth		 16.78% -157.05% 28.59% -5.11% -24.89% -47.90% 18.80% -41.19% -46.08% -116.82%
EBIT Q/Q Growth		 25.61% -305.76% 79.37% -9.82% -54.65% -188.98% 39.39% -58.28% -89.21% -1,506.56%
NOPAT Q/Q Growth		 25.61% -244.03% 156.25% -9.82% -54.65% -188.98% 39.39% -70.80% -84.58% -1,506.56%
Net Income Q/Q Growth		 194.62% -38.54% 57.66% 348.86% -60.01% -42.09% 645.85% -106.07% 100.73% 8,900.00%
EPS Q/Q Growth		 9.09% -40.00% 14.29% 141.67% -260.00% -62.50% 261.54% -190.48% 15.79% 6.25%
Operating Cash Flow Q/Q Growth		 -68.50% 457.15% -77.24% 278.94% -99.55% 21,680.00% -80.37% 365.29% -108.59% 947.26%
Free Cash Flow Firm Q/Q Growth		 16.81% 29.12% 70.75% 78.28% 670.72% 72.26% -0.04% -2.25% 23.54% -29.91%
Invested Capital Q/Q Growth		 2.52% 0.81% -1.76% -0.39% -0.98% -1.67% -1.41% -1.38% -2.86% -0.59%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 78.98% -502.05% 79.47% 114.92% 74.71% 54.70% 130.11% 79.62% 53.34% -33.52%
EBIT Margin		 40.55% -929.58% 40.23% 55.29% 21.71% -27.14% 88.02% 38.21% 5.13% -269.27%
Profit (Net Income) Margin		 7.39% 50.59% 7.35% 50.25% 17.39% 14.15% 59.82% -3.78% 0.03% 11.50%
Tax Burden Percent		 52.56% -53.88% 69.12% 90.88% 80.13% 71.39% 94.17% 814.85% 0.96% 40.60%
Interest Burden Percent		 34.67% 10.10% 26.42% 100.00% 100.00% -73.05% 72.17% -1.21% 69.41% -10.52%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 2.89% -33.31% 2.95% 3.84% 1.39% -1.44% 6.27% 2.05% 0.40% -14.32%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.63% -30.94% 1.71% 3.72% 1.27% -0.56% 5.16% 0.88% 0.24% -11.93%
Return on Net Nonoperating Assets (RNNOA)		 1.70% -30.33% 1.58% 3.37% 1.08% -0.46% 4.07% 0.70% 0.19% -9.34%
Return on Equity (ROE)		 4.59% -63.64% 4.53% 7.21% 2.47% -1.90% 10.34% 2.75% 0.58% -23.66%
Cash Return on Invested Capital (CROIC)		 -10.14% -7.04% -0.40% 1.41% 4.42% 6.25% 8.52% 9.53% 11.28% 7.62%
Operating Return on Assets (OROA)		 2.70% -44.31% 2.76% 3.58% 1.30% -1.34% 5.86% 2.72% 0.37% -13.31%
Return on Assets (ROA)		 0.49% 2.41% 0.50% 3.25% 1.05% 0.70% 3.98% -0.27% 0.00% 0.57%
Return on Common Equity (ROCE)		 4.58% -63.53% 4.52% 7.21% 2.47% -1.90% 10.34% 2.75% 0.58% -23.66%
Return on Equity Simple (ROE_SIMPLE)		 0.79% 0.00% 0.72% 1.70% 1.89% 0.00% 3.65% 2.50% 2.11% 0.00%
Net Operating Profit after Tax (NOPAT)		 9.91 -14 9.58 8.64 3.92 -3.49 20 5.83 0.90 -13
NOPAT Margin		 40.55% -650.71% 40.23% 55.29% 21.71% -27.14% 88.02% 26.75% 5.13% -269.27%
Net Nonoperating Expense Percent (NNEP)		 1.26% -2.38% 1.24% 0.13% 0.13% -0.88% 1.11% 1.16% 0.16% -2.39%
SG&A Expenses to Revenue		 2.89% 32.59% 4.74% 5.67% 4.04% 11.34% 3.87% 5.59% 7.87% 39.57%
Operating Expenses to Revenue		 59.45% 1,029.58% 59.77% 44.71% 78.29% 127.14% 11.98% 61.79% 94.87% 369.27%
Earnings before Interest and Taxes (EBIT)		 9.91 -20 9.58 8.64 3.92 -3.49 20 8.33 0.90 -13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 19 -11 19 18 13 7.03 30 17 9.36 -1.57
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.82 0.80 0.77 0.75 0.67 0.68 0.65 0.69 0.72 0.57
Price to Tangible Book Value (P/TBV)		 0.82 0.81 0.77 0.76 0.67 0.69 0.65 0.69 0.72 0.57
Price to Revenue (P/Rev)		 6.43 8.73 5.83 6.04 5.71 6.99 5.06 4.92 5.04 5.84
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 245.13 0.00 0.00 0.00
Dividend Yield		 3.22% 3.24% 3.48% 3.54% 4.05% 4.03% 4.24% 4.10% 4.03% 5.20%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.41% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.88 0.85 0.84 0.83 0.80 0.81 0.76 0.78 0.83 0.74
Enterprise Value to Revenue (EV/Rev)		 13.15 17.18 11.63 11.98 12.25 14.89 10.45 9.97 10.29 13.47
Enterprise Value to EBITDA (EV/EBITDA)		 15.73 25.73 16.16 15.51 16.08 18.24 10.59 10.84 11.67 16.44
Enterprise Value to EBIT (EV/EBIT)		 29.18 131.90 34.32 32.86 38.09 56.14 18.42 18.84 20.54 54.31
Enterprise Value to NOPAT (EV/NOPAT)		 26.58 131.90 34.32 32.86 38.09 56.14 18.42 18.84 20.54 54.31
Enterprise Value to Operating Cash Flow (EV/OCF)		 33.64 26.26 27.43 23.41 24.14 26.13 25.02 26.80 28.65 30.41
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 58.94 17.81 12.65 8.73 8.01 7.08 9.40
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.90 0.86 0.82 0.81 0.80 0.80 0.76 0.78 0.77 0.77
Long-Term Debt to Equity		 0.90 0.86 0.82 0.81 0.80 0.80 0.76 0.78 0.77 0.76
Financial Leverage		 1.05 0.98 0.92 0.91 0.85 0.83 0.79 0.79 0.78 0.78
Leverage Ratio		 2.19 2.13 2.05 2.05 1.98 1.96 1.91 1.93 1.91 1.92
Compound Leverage Factor		 0.76 0.21 0.54 2.05 1.98 -1.43 1.38 -0.02 1.33 -0.20
Debt to Total Capital		 47.50% 46.14% 44.91% 44.69% 44.40% 44.38% 43.29% 43.68% 43.43% 43.43%
Short-Term Debt to Total Capital		 0.01% 0.01% 0.01% 0.01% 0.01% 0.02% 0.02% 0.02% 0.02% 0.30%
Long-Term Debt to Total Capital		 47.49% 46.13% 44.90% 44.68% 44.40% 44.36% 43.27% 43.66% 43.41% 43.13%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 52.50% 53.86% 55.09% 55.31% 55.60% 55.62% 56.71% 56.32% 56.57% 56.57%
Debt to EBITDA		 8.53 14.02 8.62 8.37 8.97 10.00 6.02 6.03 6.11 9.65
Net Debt to EBITDA		 8.03 12.65 8.06 7.69 8.59 9.68 5.46 5.49 5.95 9.32
Long-Term Debt to EBITDA		 8.53 14.02 8.62 8.37 8.97 10.00 6.02 6.03 6.10 9.59
Debt to NOPAT		 14.40 71.87 18.30 17.73 21.25 30.77 10.48 10.49 10.75 31.89
Net Debt to NOPAT		 13.57 64.86 17.12 16.29 20.34 29.77 9.50 9.54 10.48 30.78
Long-Term Debt to NOPAT		 14.40 71.86 18.30 17.73 21.25 30.76 10.47 10.48 10.75 31.67
Noncontrolling Interest Sharing Ratio		 0.17% 0.17% 0.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -162 -115 -28 -6.17 35 61 78 77 95 66
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -4.47 0.00 -1.04 6.01 5.11 0.00 0.00 17.53 4.03
Operating Cash Flow to Interest Expense		 0.00 0.80 0.00 3.01 0.01 1.47 0.00 0.00 -0.25 0.70
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.80 0.00 3.01 0.01 1.47 0.00 0.00 -0.25 0.70
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.07 0.05 0.07 0.06 0.06 0.05 0.07 0.07 0.07 0.05
Fixed Asset Turnover		 0.07 0.05 0.07 0.07 0.06 0.05 0.07 0.08 0.08 0.06
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 1,347 1,358 1,334 1,329 1,316 1,294 1,275 1,258 1,222 1,215
Invested Capital Turnover		 0.07 0.05 0.07 0.07 0.06 0.05 0.07 0.08 0.08 0.05
Increase / (Decrease) in Invested Capital		 172 101 38 15 -31 -64 -58 -71 -94 -79
Enterprise Value (EV)		 1,180 1,150 1,123 1,100 1,047 1,047 971 987 1,014 899
Market Capitalization		 578 584 563 555 488 492 470 487 496 389
Book Value per Share		 $20.67 $21.07 $20.58 $20.58 $20.41 $20.08 $20.18 $19.77 $19.29 $18.99
Tangible Book Value per Share		 $20.50 $20.91 $20.42 $20.43 $20.27 $19.95 $20.06 $19.65 $19.18 $18.89
Total Capital		 1,347 1,358 1,334 1,329 1,316 1,294 1,275 1,258 1,222 1,215
Total Debt		 640 627 599 594 584 574 552 549 531 528
Total Long-Term Debt		 640 626 599 594 584 574 552 549 530 524
Net Debt		 603 565 560 546 559 556 501 500 517 509
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 8.11 -15 7.83 0.79 0.78 -5.31 6.40 6.65 0.89 -13
Net Nonoperating Obligations (NNO)		 640 627 599 594 584 574 552 549 531 528
Total Depreciation and Amortization (D&A)		 9.40 9.38 9.35 9.32 9.57 11 9.55 9.03 8.46 11
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.10) ($0.14) ($0.12) $0.05 ($0.08) ($0.13) $0.21 ($0.19) ($0.16) ($0.15)
Adjusted Weighted Average Basic Shares Outstanding		 34.61M 34.56M 35.55M 35.72M 35.82M 35.73M 35.84M 35.84M 35.84M 35.91M
Adjusted Diluted Earnings per Share		 ($0.10) ($0.14) ($0.12) $0.05 ($0.08) ($0.13) $0.21 ($0.19) ($0.16) ($0.15)
Adjusted Weighted Average Diluted Shares Outstanding		 34.61M 34.56M 35.55M 35.72M 35.82M 35.73M 35.84M 35.84M 35.84M 35.91M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 34.70M 35.71M 35.71M 35.84M 35.84M 35.84M 35.84M 35.84M 36.18M 36.18M
Normalized Net Operating Profit after Tax (NOPAT)		 6.94 -14 6.71 6.05 2.74 -2.44 14 5.83 2.10 -8.85
Normalized NOPAT Margin		 28.38% -650.71% 28.16% 38.70% 15.19% -19.00% 61.61% 26.75% 11.99% -188.49%
Pre Tax Income Margin		 14.06% -93.89% 10.63% 55.29% 21.71% 19.83% 63.52% -0.46% 3.56% 28.32%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 -0.79 0.00 1.45 0.67 -0.29 0.00 0.00 0.17 -0.77
NOPAT to Interest Expense		 0.00 -0.55 0.00 1.45 0.67 -0.29 0.00 0.00 0.17 -0.77
EBIT Less CapEx to Interest Expense		 0.00 -0.79 0.00 1.45 0.67 -0.29 0.00 0.00 0.17 -0.77
NOPAT Less CapEx to Interest Expense		 0.00 -0.55 0.00 1.45 0.67 -0.29 0.00 0.00 0.17 -0.77
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 618.34% 783.74% 745.27% 331.65% 319.46% 309.58% 172.70% 257.94% 304.61% 333.66%
Augmented Payout Ratio		 618.34% 783.74% 745.27% 331.65% 319.46% 309.58% 172.70% 257.94% 304.61% 333.66%

Key Financial Trends

Gladstone Land (NASDAQ: LANDO) has exhibited varied financial performance over the past four years with data available through Q4 2024.

Positive highlights include:

  • Q4 2024 operating cash flow showed a strong positive net cash from continuing operating activities of $11.58 million, indicating solid cash generation from core operations.
  • Depreciation expense, a non-cash charge, remained stable around $8.6M to $9.7M quarterly, helping reduce taxable income without cash outflows.
  • Q1 2024 and Q4 2023 showed substantial consolidated net income of $13.6M and $1.8M respectively, indicating occasional profitability.
  • Total Assets have remained largely stable around $1.3-$1.4 billion, reflecting steady asset base primarily in premises and equipment (~$1.2B).
  • Preferred stock dividends expense stable near $5.9M to $6.1M per quarter, suggesting consistent dividend policy for preferred shareholders.
  • Repayment of debt indicates efforts to reduce leverage, e.g., Q4 2024 debt repayment of $6.75M, Q3 2024 repayment of $18.8M, showing financial discipline.

Neutral points to consider:

  • Total non-interest income fluctuated between approximately $21M to $25M quarterly, driven mainly by other non-interest income, providing vital revenue diversification.
  • Oil & Equipment expenses and other operating expenses ranged from roughly $1M to $7M per quarter, consistent with an asset-heavy company maintenance expense.
  • Total liabilities have trended moderately downward from about $730M in Q3 2022 to $626M in Q4 2024, reflecting some deleveraging.
  • Weighted average shares outstanding have remained stable, around 35.5 to 36 million shares, indicating minimal equity dilution.

Negative trends and concerns:

  • Gladstone Land consistently reported negative net income attributable to common shareholders in recent quarters, with Q4 2024 showing a loss of $5.46M and Q3 2024 a loss of $5.79M, signaling challenges in profitability for common equity holders.
  • Total interest expense is significant and increasing, from $11.9M in Q4 2023 to $16.5M in Q4 2024, detracting from net earnings.
  • Nonoperating income/expense fluctuated widely: a positive $13.9M in Q4 2024 but negative $8.4M in Q2 2024 and several million negatives in prior quarters, introducing variability and risk.
  • Dividends paid remain consistently high (~$11M quarterly), despite reported losses for common shareholders, which may pressure cash flow sustainability.
  • Negative earnings per share (EPS) in most recent quarters, with Q4 2024 diluted EPS at -$0.15 and Q3 2024 at -$0.16, reflecting weak profitability at the shareholder level.
  • Other equity adjustments have increased negatively over time (about -$164M in Q3 2024 from -$126M in Q2 2023), reducing total common equity.

Summary: Gladstone Land has a stable asset base heavily weighted in real estate (premises and equipment) and generates steady non-interest income. The company effectively manages its cash flow with positive operating cash flow and reducing debt levels. However, the ongoing negative net income to common shareholders, increasing interest expense, and sustained dividend payments amid losses suggest profitability challenges that investors should closely monitor. Earnings volatility and negative EPS may weigh on investor sentiment despite solid cash flow fundamentals.

08/14/25 05:59 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Gladstone Land's Financials

When does Gladstone Land's financial year end?

According to the most recent income statement we have on file, Gladstone Land's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Gladstone Land's net income changed over the last 2 years?

Gladstone Land's net income appears to be on an upward trend, with a most recent value of $13.29 million in 2024, rising from $4.72 million in 2022. The previous period was $14.57 million in 2023.

How has Gladstone Land's revenue changed over the last 2 years?

Over the last 2 years, Gladstone Land's total revenue changed from $66.94 million in 2022 to $66.71 million in 2024, a change of -0.3%.

How much debt does Gladstone Land have?

Gladstone Land's total liabilities were at $625.01 million at the end of 2024, a 6.4% decrease from 2023, and a 13.9% decrease since 2022.

How much cash does Gladstone Land have?

In the past 2 years, Gladstone Land's cash and equivalents has ranged from $18.28 million in 2024 to $61.14 million in 2022, and is currently $18.28 million as of their latest financial filing in 2024.

How has Gladstone Land's book value per share changed over the last 2 years?

Over the last 2 years, Gladstone Land's book value per share changed from 21.07 in 2022 to 18.99 in 2024, a change of -9.9%.


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This page (NASDAQ:LANDO) was last updated on 8/14/2025 by MarketBeat.com Staff
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