Latest Ratios: P/E Ratio -29.5x · EV/EBITDA 15.0x · ROE 2.0%. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $369M | $334M | $390M | $516M | $634M | $1.0B | $326M | $254M | $178M | $162M | $112M |
| Enterprise Value | $880M | $845M | $899M | $1.1B | $1.2B | $1.7B | $941M | $722M | $499M | $460M | $317M |
| P/E Ratio → | -29.52 | — | — | — | — | — | — | — | 67.53 | — | 281.00 |
| P/S Ratio | 4.18 | 3.78 | 4.57 | 5.71 | 7.11 | 13.61 | 5.71 | 6.25 | 4.85 | 6.44 | 6.50 |
| P/B Ratio | 0.47 | 0.50 | 0.57 | 0.72 | 0.87 | 1.74 | 0.85 | 0.91 | 0.98 | 1.37 | 1.28 |
| P/FCF | — | — | 16.00 | 18.93 | 26.80 | 39.03 | 38.37 | 28.00 | — | 124.16 | — |
| P/OCF | 52.80 | 47.77 | 13.19 | 12.88 | 14.48 | 31.65 | 13.03 | 11.90 | 17.10 | 24.85 | 13.39 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.56 | 10.55 | 11.86 | 13.44 | 22.25 | 16.49 | 17.75 | 13.61 | 18.31 | 18.33 |
| EV / EBITDA | 15.03 | 14.43 | 13.52 | 15.15 | 17.08 | 28.40 | 21.21 | 22.51 | 13.21 | 18.31 | 18.33 |
| EV / EBIT | 36.68 | 23.10 | 25.55 | 28.04 | 39.39 | 59.03 | 36.78 | 39.93 | 33.51 | 47.28 | 44.98 |
| EV / FCF | — | — | 36.91 | 39.30 | 50.70 | 63.84 | 110.78 | 79.57 | — | 352.74 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -5.7% | -5.7% | 93.7% | 95.4% | 96.8% | 96.6% | 96.8% | 93.9% | 94.4% | 95.4% | 96.1% |
| Operating Margin | 27.2% | 27.2% | 36.8% | 37.0% | 39.0% | 42.1% | 48.5% | 47.4% | 33.0% | 45.3% | 40.8% |
| Net Profit Margin | 15.3% | 15.3% | 15.6% | 16.1% | 5.3% | 4.6% | 8.6% | 4.3% | 7.2% | -0.1% | 2.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.0% | 2.0% | 1.9% | 2.0% | 0.7% | 0.7% | 1.5% | 0.8% | 1.8% | -0.0% | 0.5% |
| ROA | 1.1% | 1.1% | 1.0% | 1.0% | 0.3% | 0.3% | 0.5% | 0.3% | 0.5% | -0.0% | 0.2% |
| ROIC | 1.5% | 1.5% | 1.9% | 2.0% | 2.1% | 2.1% | 2.4% | 2.3% | 2.0% | 2.4% | 2.1% |
| ROCE | 1.9% | 1.9% | 2.4% | 2.4% | 2.5% | 2.7% | 3.0% | 2.8% | 2.4% | 3.0% | 2.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.80 | 0.80 | 0.77 | 0.80 | 0.86 | 1.13 | 1.63 | 1.73 | 1.86 | 2.55 | 2.36 |
| Debt / EBITDA | 9.19 | 9.19 | 7.93 | 8.12 | 8.92 | 11.32 | 14.07 | 15.02 | 8.89 | 11.98 | 11.97 |
| Net Debt / Equity | — | 0.76 | 0.74 | 0.77 | 0.77 | 1.11 | 1.60 | 1.68 | 1.77 | 2.53 | 2.33 |
| Net Debt / EBITDA | 8.72 | 8.72 | 7.66 | 7.85 | 8.05 | 11.04 | 13.86 | 14.59 | 8.50 | 11.86 | 11.83 |
| Debt / FCF | — | — | 20.91 | 20.37 | 23.89 | 24.80 | 72.40 | 51.57 | — | 228.58 | — |
| Interest Coverage | 1.59 | 1.59 | 1.61 | 1.62 | 1.18 | — | — | 1.11 | 1.23 | 1.00 | 1.17 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.67 | 1.67 | 2.59 | 5.02 | 2.95 | 1.10 | 0.79 | 1.10 | 1.44 | 0.24 | 0.12 |
| Quick Ratio | 1.58 | 1.58 | 0.73 | 1.29 | 2.95 | 1.10 | 0.79 | 1.10 | 1.44 | 0.16 | 0.12 |
| Cash Ratio | 1.58 | 1.58 | 0.73 | 1.29 | 2.95 | 1.10 | 0.79 | 1.10 | 1.44 | 0.16 | 0.12 |
| Asset Turnover | — | 0.07 | 0.06 | 0.07 | 0.06 | 0.06 | 0.05 | 0.05 | 0.06 | 0.05 | 0.05 |
| Inventory Turnover | 56.16 | 56.16 | 0.12 | 0.08 | — | — | — | — | — | 0.76 | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.5% | 6.1% | 5.2% | 3.8% | 3.0% | 1.6% | 3.7% | 4.1% | 4.6% | 3.9% | 4.4% |
| Payout Ratio | 151.3% | 151.3% | 151.2% | 135.9% | 401.3% | 471.8% | 244.3% | 600.8% | 314.7% | — | 1105.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | 1.5% | — | 0.4% |
| FCF Yield | — | — | 6.2% | 5.3% | 3.7% | 2.6% | 2.6% | 3.6% | — | 0.8% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.3% | 1.6% | 0.0% |
| Total Shareholder Yield | 6.6% | 6.2% | 5.2% | 3.8% | 4.2% | 1.6% | 3.7% | 4.1% | 4.9% | 5.5% | 4.4% |
| Shares Outstanding | — | $37M | $36M | $36M | $35M | $30M | $22M | $20M | $16M | $12M | $10M |
Volatile Property-Level Profitability
As reported in recent financial filings, Gladstone Land's NOI margin has experienced extreme volatility, plummeting from a peak of 95.7% in 2024Q1 to a negative 48.9% in 2026Q1, suggesting that property-level operating expenses and depreciation charges are currently overwhelming the company's rental income generation capacity.
The dramatic swing in NOI margins indicates that the company's underlying agricultural assets are struggling to maintain consistent profitability after accounting for property-level costs. Investors should monitor whether this margin compression is a temporary result of biological asset maintenance or a more permanent shift in the cost structure of the portfolio.
Based on the company's reported quarterly figures, the FFO payout ratio has fluctuated significantly, reaching as high as 98.7% in 2026Q1, which suggests that the REIT's recurring cash flow provides a very thin margin of safety for its monthly distribution obligations to shareholders.
The high payout ratio in recent periods leaves little room for operational error or unexpected capital requirements. This trend warrants further investigation into whether the current dividend level is supported by sustainable cash flow or if it relies on external financing that may not be available in a higher-rate environment.
According to the company's reported financial statements, the debt-to-equity ratio has remained relatively stable near 0.80, yet the interest coverage ratio has deteriorated to 0.13 in 2026Q1, indicating that the company's ability to service its debt obligations is currently under significant pressure.
The low interest coverage ratio suggests that the REIT's reliance on property-level mortgage financing is becoming a structural constraint. Investors should be cautious, as this level of coverage may limit the company's capacity to refinance existing debt or fund necessary capital improvements on its specialized agricultural assets.
As indicated by the company's financial disclosures, the market's reliance on standard P/E ratios is deeply misleading for Gladstone Land, as the metric fails to account for the heavy non-cash depreciation charges inherent in the REIT's specialized agricultural portfolio and biological assets.
Using P/E obscures the true economic profitability of the land holdings by penalizing the company for non-cash accounting entries. Analysts should instead prioritize FFO and AFFO, which provide a more accurate representation of the cash-generating capacity of the underlying farmland and its ability to sustain distributions.
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying LAND stock.
Gladstone Land Corporation's current P/E ratio is -29.5x. The historical average is 95.6x.
Gladstone Land Corporation's current EV/EBITDA is 15.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.5x.
Gladstone Land Corporation's return on equity (ROE) is 2.0%. The historical average is 1.4%.
Based on historical data, Gladstone Land Corporation is trading at a P/E of -29.5x. Compare with industry peers and growth rates for a complete picture.
Gladstone Land Corporation's current dividend yield is 6.55% with a payout ratio of 151.3%.
Gladstone Land Corporation has -5.7% gross margin and 27.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Gladstone Land Corporation's Debt/EBITDA ratio is 9.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.