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 reported mixed financial results over the past four years, including the most recent quarters into 2024. Here are the key financial trends and metrics from the consolidated income statements, cash flow statements, and balance sheets:
- The company’s total non-interest income remained relatively stable and strong across quarters, generally between $21 million and $24 million, supporting revenue generation independently of interest income.
- Depreciation expense steadily rises but is consistent with Gladstone Land’s sizable asset base in premises and equipment, reflecting controlled capital asset usage and ongoing investments.
- Net cash from operating activities fluctuated but showed solid positive cash flow in recent quarters, with $11.6 million in Q4 2024 and notably $15.9 million in Q2 2024, indicating operational cash strength.
- The company significantly reduced long-term debt from $639.6 million in Q3 2022 to $530.5 million by Q3 2024, strengthening the balance sheet and lowering leverage.
- Net income attributable to common shareholders fluctuated and was negative in many recent quarters, including a loss of $5.46 million in Q4 2024, reflecting ongoing profitability challenges due in part to dividends on preferred stock.
- Preferred stock dividends have been sizeable and consistent, approximately $5.2 million to $6.1 million quarterly, representing a significant cash obligation impacting earnings available to common shareholders.
- Basic and diluted earnings per share have been negative in most recent quarters, with -$0.15 in Q4 2024 and -$0.16 in Q3 2024, influenced by preferred dividends and expense structure.
- Total non-interest expenses are substantial and growing, ranging from $6.9 million in Q1 2024 to $17.3 million in Q4 2024, pressuring operating margins.
- Net interest expense increased sharply to $16.5 million in Q4 2024 from about $5.4 million in Q3 2024, suggesting increased borrowing costs or higher interest-bearing liabilities temporarily.
- Negative net income attributable to common shareholders coupled with high preferred dividends and rising interest expense suggests ongoing profit margin pressure and possible earnings dilution for common shareholders.
Overall, Gladstone Land maintains a robust asset base anchored by its premises and equipment, while generating stable non-interest revenue streams. However, profitability is challenged by high financing costs, including preferred dividends and interest expense, along with rising operating expenses. Debt reduction efforts in recent years have been positive, but the company’s ability to return to sustained profitability and improve earnings per share will be key for investors.
08/06/25 05:29 AMAI Generated. May Contain Errors.