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 varied financial performance over the last several quarters and years based on the quarters analyzed from 2022 through Q4 2024. Below is a summary of key financial trends and notable points for retail investors to consider:
- Q4 2024 showed positive net income continuing operations of $1.33 million, improving from prior quarters such as Q3 2024 where net income from continuing operations was only $0.6 million.
- Cash flow from operating activities was strong in Q4 2024 at approximately $11.58 million, an improvement from negative cash flow of -$1.37 million in Q3 2024, indicating better cash generation ability.
- The company reduced its long-term debt from $639.65 million in Q3 2022 to $530.48 million by Q3 2024, which lowers financial leverage and interest expense risk over time.
- Depreciation expense has been consistently high (~$9 million per quarter), reflecting ongoing investment in physical assets which may support future revenue growth.
- Total common equity rose from $707 million in Q3 2022 to $691 million in Q3 2024, indicating a relatively stable equity base over this period.
- Revenue has fluctuated quarter to quarter with total revenue declining in Q4 2024 to $4.7 million, down from $17.5 million in Q3 2024 and higher levels in 2023, reflecting some variability in operations.
- Net interest expense remains a recurring cost, with $16.5 million recorded in Q4 2024 and notable expenses in prior quarters, influencing profitability.
- Preferred stock dividends are significant and consistently reduce income attributable to common shareholders, costing over $5 million quarterly.
- Net income attributable to common shareholders has been negative in recent quarters (e.g., -$5.46 million in Q4 2024), impacted by preferred dividends and interest expense.
- The company holds significant cash and marketable securities, fluctuating between roughly $13 million to $50 million across quarters, supporting liquidity needs.
- Gladstone Land shows a pattern of net losses attributable to common shareholders in most recent quarters, including Q4 2024, which may signal ongoing profitability challenges.
- Total non-interest expenses remain high, reaching $17.3 million in Q4 2024, which weigh on the bottom line despite fluctuations in revenue.
- Large repayments of debt and sizeable dividend payments, such as $11 million in Q4 2024 dividends and $6.75 million in debt repayments, have pressured cash outflows.
- Net change in cash has shown significant volatility, including a large cash outflow of $33.5 million in Q3 2024, reflecting financing and investing cash outflows that may weigh on flexibility.
- The company’s earnings per share have been negative in most quarters across 2023 and 2024, ranging approximately from -$0.08 to -$0.19, which could concern shareholders focused on near-term profitability.
Summary: Gladstone Land is showing some operational improvement with positive net income from continuing operations and cash flow gains in Q4 2024, alongside reductions in debt. However, consistent losses attributable to common shareholders due to preferred dividends, interest expense, and high operating costs remain challenges. Investors should consider the company's liquidity position and capital structure alongside these earnings trends when evaluating Gladstone Land’s stock.
10/13/25 03:23 PM ETAI Generated. May Contain Errors.