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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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: LANDP) has experienced a mixed financial performance over the last four years, with notable fluctuations in revenue streams, expenses, and cash flow trends.
Key Positive Developments:
- Strong non-interest income: Other non-interest income consistently contributes significantly to total revenue, ranging from about $19 million to $25 million quarterly, supporting overall top-line stability.
- Depreciation expense remains relatively stable, reflecting consistent investment in premises and equipment, which totaled approximately $1.2 billion in recent quarters, indicative of asset base stability.
- Operating cash flow improved significantly in recent quarters, with Q4 2024 showing net cash from operating activities of $11.6 million compared to a negative $1.3 million in Q3 2024, indicating better cash generation.
- Substantial repayments of long-term debt over time, with $6.75 million repaid in Q4 2024 and larger repayments in earlier quarters, signaling reductions in financial leverage.
- Adequate liquidity is maintained, with cash and equivalents fluctuating but staying above $13 million as of Q3 2024, and reaching $51.5 million in Q1 2024, supporting operational needs.
Neutral Factors:
- Preferred stock dividends declared remain consistently high (around $5.9 million to $6.6 million quarterly), which impacts net income available to common shareholders but is typical for Gladstone Land's capital structure.
- The company's share count remains stable, with approximately 35.5 to 36 million weighted average shares outstanding, limiting dilution concerns but indicating no recent stock issuances or buybacks.
- The total assets remain steady near $1.3 to $1.4 billion, with modest fluctuations in total equity and liabilities, suggesting a stable asset base and capital structure.
- Regular depreciation and amortization expenses affect earnings but align with the company's asset maintenance strategy.
Challenges and Negative Trends:
- Net income attributable to common shareholders has been negative or low in recent quarters. For instance, Q4 2024 showed a net loss of approximately $5.46 million, reflecting continued profitability challenges.
- Total interest expense has increased markedly in recent quarters, reaching $16.5 million in Q4 2024 from around $11.9 million in Q4 2023, increasing financial costs and pressuring net income.
- Impairment charges occurred notably in Q3 2024 ($2.1 million), reducing earnings and indicating potential asset value concerns.
- Volatile net cash from financing activities, including significant dividend payments (around $11 million quarterly) and debt repayments, contribute to cash outflows, which might impact financial flexibility.
- Other operating expenses have fluctuated, with a reversal noted in Q1 2024 showing negative $6.9 million, which may indicate reporting adjustments or cost allocation issues.
Summary: Gladstone Land's financials reveal a company with a solid asset base and stable non-interest income but facing profitability pressures largely due to rising interest expenses and consistent preferred dividends. Improving operating cash flow in Q4 2024 is a positive sign, but net losses to common shareholders highlight ongoing earnings challenges. Investors should monitor interest costs, dividend obligations, and asset impairment risks when considering the stock.
10/04/25 10:33 PM ETAI Generated. May Contain Errors.