GLADSTONE LAND Corp LAND

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived Nasdaq

We are an externally-managed, agricultural real estate investment trust ("REIT") that is primarily in the business of owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent. We are not generally a grower of crops, nor do we typically farm the properties we own, though from time to time, and on a temporary basis, we may also directly operate certain of our farms via management agreements with third-party operators and/or through a taxable REIT subsidiary ("TRS"). We currently own 144 farms totaling 98,688 acres across 14 states in the U.S. and 55,532 acre-feet of water assets in California. In addition, as of December 31, 2025, two of our properties (comprising four farms) were directly operated by us. We also own several farm-related facilities that are necessary to the farming operations on the underlying farmland.

Last close 8.87 2026-10-23
Market cap $382.6M 2026-06-30 share count
52-week range 7.92 - 13.00

Valuation FY2025 figures against the last close

P/S31.5x
P/E—
P/FCF54.7x
EV/EBITDA—
Dividend yield5.3%
Diluted EPS-0.29

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $12.2M$0$0$89.2M$75.3M$57.0M$40.7M$36.7M$25.1M—
Cost of revenue $9.6M$0$0———————
Gross profit $2.6M$0$0———————
SG&A $2.3M$2.6M$2.9M$2.7M$2.1M$2.1M$2.0M$1.8M$1.6M$1.4M
Total operating expenses $68.3M$55.9M$56.9M$55.3M$43.6M$29.4M$21.4M$24.6M$13.7M—
Operating income ————————$11.4M$7.1M
Interest expense $20.0M$21.9M$23.7M$25.7M$24.9M$20.6M$16.3M$12.1M$9.8M$6.0M
Pre-tax income —————————$473.5K
Income tax —————————$0
Net income $13.5M$13.3M$14.6M$4.7M$3.5M$4.9M$1.7M$2.6M-$31.0K$448.0K
EPS, basic -0.29-0.29-0.28-0.43-0.29-0.20————
EPS, diluted -0.29-0.29-0.28-0.43-0.29-0.20-0.130.150.000.04
Shares, diluted (wtd. avg.) 36.5M35.9M35.7M34.6M30.4M22.3M————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $27.2M$18.3M$18.6M$61.1M$16.7M$9.2M$13.7M$14.7M$2.9M$2.4M
Other intangibles $3.1M$3.6M$4.8M$5.7M$4.5M$3.7M$4.8M$5.7M$5.5M$2.0M
Total assets $1.24B$1.31B$1.39B$1.46B$1.35B$1.07B$816.8M$565.1M$462.3M$334.0M
Long-term debt $473.6M$527.5M$574.1M$626.5M$668.0M$624.1M$481.9M$335.9M$301.0M$207.3M
Total liabilities $568.9M$625.0M$667.7M$725.9M$762.5M$683.5M$537.8M$384.1M$344.3M$246.2M
Total equity $670.3M$687.2M$719.6M$731.4M$589.1M$383.8M$279.0M$181.1M$118.0M$76.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $7.0M$29.5M$40.1M$43.8M$32.4M$25.0M$21.4M$10.4M$6.5M$8.4M
Depreciation and amortisation $34.5M$35.1M$37.2M$35.4M$27.2M$16.7M$12.8M$9.4M$7.2M$5.2M
Investing cash flow $84.1M$63.3M-$3.8M-$85.5M-$295.0M-$272.9M-$262.6M-$93.8M-$129.6M-$95.5M
Financing cash flow -$82.2M-$93.2M-$78.9M$86.1M$270.1M$243.4M$240.2M$95.2M$123.6M$87.0M
Dividends paid $20.5M$20.1M$19.8M$18.9M$16.5M$12.0M$10.5M$8.3M$6.4M$5.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001495240-26-000011.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -25M 0 25M 50M 75M 100M Net income, FY2016: 448K Revenue, FY2017: 25.1M Net income, FY2017: -31K Revenue, FY2018: 36.7M Net income, FY2018: 2.6M Revenue, FY2019: 40.7M Net income, FY2019: 1.7M Revenue, FY2020: 57M Net income, FY2020: 4.9M Revenue, FY2021: 75.3M Net income, FY2021: 3.5M Revenue, FY2022: 89.2M Net income, FY2022: 4.7M Revenue, FY2023: 0 Gross profit, FY2023: 0 Net income, FY2023: 14.6M Revenue, FY2024: 0 Gross profit, FY2024: 0 Net income, FY2024: 13.3M Revenue, FY2025: 12.2M Gross profit, FY2025: 2.6M Net income, FY2025: 13.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $25.1M $36.7M $40.7M $57.0M $75.3M $89.2M $0 $0 $12.2M
Gross profit — — — — — — — $0 $0 $2.6M
Net income $448.0K -$31.0K $2.6M $1.7M $4.9M $3.5M $4.7M $14.6M $13.3M $13.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Officer or director change Item 5.02
  • Charter or fiscal year changed Item 5.03
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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