Gladstone Land Corporation (LAND) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+280.7%

$28.25

vs $7.42 price

Levered DCF

-$0.90

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.22

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-31.55×	-37.41×	-51.61×	-42.67×	-116.41×	-73.2×	-99.77×	67.53×
P/B	0.5×	0.57×	0.72×	0.87×	1.75×	0.85×	0.92×	1.01×
P/S	3.78×	4.57×	5.71×	7.11×	13.61×	5.71×	6.25×	4.85×
EV / EBITDA	11.88×	12.79×	14.2×	18.2×	30.09×	22.25×	23.39×	20.57×
Gross margin	-5.7%	93.7%	95.4%	96.8%	96.6%	96.8%	93.9%	94.4%
Operating margin	27.2%	36.8%	37.0%	39.0%	42.1%	48.5%	47.4%	33.0%
Net margin	15.3%	15.6%	16.1%	5.3%	4.6%	8.6%	4.3%	7.2%
Current ratio	1.67×	2.59×	5.02×	2.95×	1.1×	0.79×	1.1×	1.44×
Debt / equity	0.8×	0.77×	0.8×	0.86×	1.14×	1.63×	1.74×	1.91×
Interest coverage	1.04×	1.43×	1.41×	1.35×	1.13×	0×	1.18×	1×
Dividend yield	13.3%	11.4%	8.7%	5.8%	2.8%	6.4%	5.5%	4.9%
Payout ratio	328.7%	333.7%	309.6%	785.1%	834.6%	426.6%	810.2%	329.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.0%	1.9%	2.0%	0.6%	0.6%	1.3%	0.6%	1.5%
Return on invested capital	75.0%	2.4%	2.4%	2.4%	2.4%	2.6%	2.4%	-0.0%
Return on assets	1.1%	1.0%	1.0%	0.3%	0.3%	0.5%	0.2%	0.5%
Free cash flow yield	-0.1%	6.2%	5.3%	3.7%	2.6%	2.6%	3.6%	-6.9%
Earnings yield	4.1%	3.4%	2.8%	0.7%	0.3%	1.5%	0.7%	1.5%
Enterprise value	$844.8M	$898.9M	$1.1B	$1.2B	$1.7B	$940.7M	$722.5M	$499.1M
Net debt / EBITDA	7.18×	7.25×	7.36×	8.58×	11.69×	14.54×	15.16×	13.23×
Cash conversion cycle (days)	6	1,910	3,765	-2,106	-1,565	-1,794	-1,495	-1,635