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 notable financial developments over the last four years across its income, cash flow, and balance sheet statements.
Positive financial highlights:
- Gladstone Land shows solid non-interest income consistently, with Q4 2024 reporting $21.18 million, supporting total revenue despite negative net interest income.
- Consistent investment in premises and equipment, with net assets around $1.2 billion across recent quarters, demonstrating asset stability and growth focus.
- Q4 2024 operating activities generated strong positive net cash flow of $11.58 million, indicating healthy operational cash generation.
- Preferred dividends were consistently declared but manageable, reflecting steady income streams for preferred shareholders.
- Repayment of long-term debt observed over periods, e.g., $6.75 million in Q4 2024, indicating debt management focus and potential reduction in leverage.
Neutral financial observations:
- Net interest expense remains consistently negative due to interest expense on debt, with $16.48 million in Q4 2024, reflecting the cost of financing.
- Depreciation and amortization expenses remain high ($8.6 million and $2.4 million respectively in Q4 2024), which is typical for asset-intensive companies but impacts net income.
- Common stock equity remains around $690-$730 million over recent periods, stable but with some fluctuations due to adjustments.
- Cash and equivalents fluctuate significantly quarter-to-quarter, reflecting active cash management and capital transactions.
- Weighted average shares outstanding remain stable, indicating no major dilution or share buybacks over the analyzed periods.
Negative financial trends:
- The company reported net losses attributable to common shareholders in recent quarters, with Q4 2024 showing a net loss of $5.46 million, driven by dividend expenses exceeding net income.
- Total non-interest expenses continue to be substantial, for example $17.34 million in Q4 2024, squeezing profitability.
- Negative diluted earnings per share in the last four quarters with Q4 2024 at -$0.15, indicating ongoing challenges in generating profits for common shareholders.
- Negative total pre-tax income in some quarters, for instance Q2 2024 reported a slight loss of $101,000, reflecting operational or non-operating headwinds.
- Cash used in financing activities remains significant, such as $9.79 million in Q4 2024, mainly driven by dividend payments and debt repayment, potentially limiting liquidity for growth.
Summary: Over the past four years, Gladstone Land has maintained strong asset bases and non-interest income streams, but continues to carry high interest and operating expenses which have resulted in losses attributable to common shareholders. The company's ongoing repayments of debt and steady investment in property and equipment show sound balance sheet management, though profitability remains a concern due to consistently high expenses and dividend obligations. Investors should watch the company’s ability to grow revenue sources and reduce operational costs to improve net income and shareholder returns.
08/09/25 04:20 AMAI Generated. May Contain Errors.