Revenue remains highly volatile with a 51% year-over-year contraction in 2026Q1, despite the company maintaining a robust 97.8% gross margin due to minimal direct costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 661.02K | 838.54K | 1.52M | 1.49M | 1.11M | 744.54K | 671.94K | 811.27K | 1.19M | 1.14M | 863.4K | 1.06M | 2.62M | 2.11M | 3.26M | 1.98M | 1.67M | 1.72M | 3.34M | 3.26M | 2.69M | 2.65M | 2.72M | 2.11M | 1.45M | 1.62M | 2.5M | 2.65M | 897.03K | 967.63K | 672.29K |
| Revenue Growth % | -61.73% | -44.87% | 2.39% | 34.38% | 48.48% | 10.8% | -17.17% | -32.1% | 4.38% | 32.57% | -18.71% | -59.44% | 23.89% | -35.22% | 64.39% | 18.76% | -2.95% | -48.38% | 2.39% | 21.07% | 1.55% | -2.58% | 28.85% | 45.15% | -10.14% | -35.18% | -5.64% | 195.03% | -7.3% | 43.93% | -17.22% |
| Cost of Goods Sold | 28.32K | 67.81K | 69.61K | 63.47K | 91.29K | 55.4K | 42.24K | 81.62K | 134.53K | 143.13K | 62.04K | 82.6K | 189.45K | 241.91K | 271.23K | 190.59K | 137.5K | 213.25K | 290.27K | 324.49K | 209.55K | 188.76K | 203.11K | 255.47K | 153.91K | 103.72K | 78.18K | 84.61K | 50.51K | 59.5K | 33.03K |
| COGS % of Revenue | - | 8.09% | 4.58% | 4.27% | 8.26% | 7.44% | 6.29% | 10.06% | 11.26% | 12.5% | 7.19% | 7.78% | 7.23% | 11.44% | 8.31% | 9.6% | 8.23% | 12.38% | 8.7% | 9.96% | 7.79% | 7.12% | 7.47% | 12.1% | 10.58% | 6.41% | 3.13% | 3.2% | 5.63% | 6.15% | 4.91% |
| Gross Profit | 632.7K | 770.74K | 1.45M | 1.42M | 1.01M | 689.15K | 629.7K | 729.65K | 1.06M | 1M | 801.36K | 979.5K | 2.43M | 1.87M | 2.99M | 1.79M | 1.53M | 1.51M | 3.05M | 2.93M | 2.48M | 2.46M | 2.52M | 1.86M | 1.3M | 1.51M | 2.42M | 2.56M | 846.52K | 908.13K | 639.27K |
| Gross Margin % | 95.72% | 91.91% | 95.42% | 95.73% | 91.74% | 92.56% | 93.71% | 89.94% | 88.74% | 87.5% | 92.81% | 92.22% | 92.77% | 88.56% | 91.69% | 90.4% | 91.77% | 87.62% | 91.3% | 90.04% | 92.21% | 92.88% | 92.53% | 87.9% | 89.42% | 93.59% | 96.87% | 96.8% | 94.37% | 93.85% | 95.09% |
| Gross Profit Growth % | - | -46.9% | 2.07% | 40.22% | 47.17% | 9.44% | -13.7% | -31.18% | 5.87% | 24.97% | -18.19% | -59.68% | 29.78% | -37.43% | 66.73% | 16.98% | 1.65% | -50.46% | 3.82% | 18.22% | 0.82% | -2.22% | 35.65% | 42.68% | -14.14% | -37.37% | -5.58% | 202.64% | -6.78% | 42.06% | -17.46% |
| Operating Expenses | 460.99K | 687.44K | 1.33M | 1.3M | 2.86M | -374.16K | 250.65K | 538.04K | 573.53K | 495.04K | 614K | 501.16K | 520.54K | 503.28K | 480.9K | 483.64K | 474.96K | 427.72K | 418.59K | 501.23K | 425.1K | 374.8K | 371.74K | 330.7K | 38.89K | 319.26K | 110.45K | 79.02K | 45.08K | 44.84K | 60.41K |
| OpEx % of Revenue | - | 81.98% | 87.73% | 87.53% | 258.41% | -50.25% | 37.3% | 66.32% | 48% | 43.25% | 71.11% | 47.19% | 19.88% | 23.81% | 14.74% | 24.37% | 28.42% | 24.84% | 12.55% | 15.38% | 15.8% | 14.14% | 13.67% | 15.66% | 2.67% | 19.72% | 4.42% | 2.99% | 5.03% | 4.63% | 8.99% |
| Selling, General & Admin | 476.76K | 687.44K | 1.42M | 1.45M | 2.88M | 651.57K | 605.22K | 618.92K | 573.53K | 495.04K | 614K | 501.16K | 520.54K | 503.28K | 480.9K | 417.3K | 411.01K | 378.25K | 397.02K | 442.69K | 355.99K | 331.7K | 332.84K | 296.3K | 245.79K | 290.7K | 214.39K | 207.96K | 180.38K | 161.74K | 138.93K |
| SG&A % of Revenue | - | 81.98% | 93.36% | 97.62% | 260.13% | 87.51% | 90.07% | 76.29% | 48% | 43.25% | 71.11% | 47.19% | 19.88% | 23.81% | 14.74% | 21.02% | 24.59% | 21.96% | 11.9% | 13.59% | 13.23% | 12.52% | 12.24% | 14.03% | 16.9% | 17.96% | 8.59% | 7.86% | 20.11% | 16.71% | 20.66% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0% | 0% | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -15.77K | 0 | -85.64K | -149.99K | -18.97K | -1.03M | -354.58K | -80.88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66.34K | 63.94K | 49.47K | 21.58K | 58.54K | 69.11K | 43.1K | 38.9K | 34.4K | -206.9K | 28.57K | -103.94K | -128.94K | -135.31K | -116.89K | -78.52K |
| Operating Income | 171.71K | 83.3K | 116.99K | 121.82K | -1.84M | 1.06M | 379.05K | 191.61K | 1.37M | 541.13K | 187.36K | 650.7K | 1.91M | 1.37M | 2.51M | 1.31M | 1.06M | 1.08M | 2.63M | 2.43M | 2.06M | 2.09M | 2.15M | 1.52M | 1.26M | 1.2M | 2.31M | 2.48M | 801.44K | 863.29K | 578.86K |
| Operating Margin % | 25.98% | 9.93% | 7.69% | 8.2% | -166.67% | 142.81% | 56.41% | 23.62% | 114.53% | 47.28% | 21.7% | 61.27% | 72.89% | 64.75% | 76.95% | 66.03% | 63.36% | 62.78% | 78.75% | 74.66% | 76.42% | 78.73% | 78.87% | 72.23% | 86.74% | 73.87% | 92.45% | 93.82% | 89.34% | 89.22% | 86.1% |
| Operating Income Growth % | - | -28.8% | -3.97% | 106.61% | -273.28% | 180.52% | 97.83% | -86% | 152.87% | 188.82% | -71.21% | -65.91% | 39.46% | -45.49% | 91.57% | 23.78% | -2.06% | -58.84% | 8% | 18.28% | -1.44% | -2.75% | 40.69% | 20.87% | 5.53% | -48.21% | -7.02% | 209.8% | -7.16% | 49.14% | -6.99% |
| EBITDA | 174.46K | 86.53K | 121.34K | 126.77K | -1.84M | 1.07M | 382.33K | 193.97K | 2.08M | 1.18M | 863.4K | 653.57K | 1.98M | 1.47M | 2.53M | 1.38M | 1.12M | 1.13M | 2.65M | 2.49M | 2.13M | 2.13M | 2.18M | 1.56M | 1.3M | 1.23M | 2.35M | 2.5M | 818.26K | 877.65K | 591.18K |
| EBITDA Margin % | 26.39% | 10.32% | 7.98% | 8.53% | -166.14% | 143.16% | 56.9% | 23.91% | 173.79% | 103.03% | 100% | 61.54% | 75.45% | 69.56% | 77.43% | 69.37% | 67.18% | 65.65% | 79.4% | 76.45% | 78.99% | 80.36% | 80.3% | 73.86% | 89.42% | 75.69% | 94.02% | 94.59% | 91.22% | 90.7% | 87.93% |
| EBITDA Growth % | -73.96% | -28.69% | -4.28% | 106.9% | -272.31% | 178.79% | 97.11% | -90.66% | 76.07% | 36.59% | 32.11% | -66.92% | 34.37% | -41.8% | 83.49% | 22.64% | -0.69% | -57.31% | 6.33% | 17.19% | -0.19% | -2.51% | 40.08% | 19.9% | 6.16% | -47.82% | -6.21% | 205.94% | -6.77% | 48.46% | -18.37% |
| D&A (Non-Cash Add-back) | 2.76K | 3.23K | 4.35K | 4.95K | 5.92K | 2.59K | 3.28K | 2.36K | 708.07K | 638.17K | 676.04K | 2.87K | 67.18K | 101.84K | 15.81K | 66.34K | 63.94K | 49.47K | 21.58K | 58.54K | 69.11K | 43.1K | 38.9K | 34.4K | 38.89K | 29.57K | 39.28K | 20.48K | 16.82K | 14.36K | 12.32K |
| EBIT | 3.58M | 83.3K | 31.36K | -28.17K | -1.86M | 37.58K | 24.48K | 110.73K | 486.7K | 506.42K | 187.36K | 478.35K | 1.91M | 1.37M | 2.51M | 1.31M | 1.06M | 1.08M | 2.63M | 2.43M | 2.06M | 2.09M | 2.15M | 1.52M | 1.26M | 1.2M | 2.31M | 2.48M | 801.44K | 863.29K | 578.86K |
| Net Interest Income | 376.32K | 335.54K | 206.95K | 160.3K | 35.34K | 15.63K | 44.18K | 109.58K | 97.5K | 44.96K | 34.95K | 23.11K | 16.91K | 16.97K | 14.97K | 41.94K | 39.31K | 23.48K | 123.6K | 140.18K | 144.65K | 77.52K | 59.69K | 10.65K | 23.76K | 28.24K | 38.91K | 0 | -50.85K | 0 | 26.83K |
| Interest Income | 376.32K | 335.54K | 206.95K | 160.3K | 35.34K | 15.63K | 44.18K | 109.58K | 97.5K | 44.96K | 34.95K | 23.11K | 16.91K | 16.97K | 14.97K | 41.94K | 39.31K | 23.48K | 123.6K | 140.18K | 144.65K | 77.52K | 59.69K | 10.65K | 23.76K | 28.24K | 38.91K | 0 | 17.02K | 0 | 29.05K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67.87K | 0 | 2.23K |
| Other Income/Expense | 3.67M | 3.89M | 220.73K | 160.38K | 37.11K | 20.01K | 59.17K | 109.58K | 97.5K | 44.96K | 34.95K | 23.11K | 17.26K | 16.97K | 138.97K | 66.03K | 236.89K | 73.38K | 100.07K | 1.93M | 186.61K | 217.29K | 163.03K | 56.37K | -192.26K | -779.74K | -163.67K | -203.05K | -216.26K | -86.84K | 665.73K |
| Pretax Income | 3.84M | 3.98M | 337.72K | 282.2K | -1.81M | 1.08M | 438.22K | 301.19K | 1.47M | 586.09K | 222.31K | 673.81K | 1.93M | 1.39M | 2.65M | 1.38M | 1.3M | 1.15M | 2.73M | 4.36M | 2.24M | 2.3M | 2.31M | 1.58M | 1.07M | 415.86K | 2.14M | 2.28M | 585.18K | 776.45K | 1.24M |
| Pretax Margin % | 580.86% | 474.25% | 22.2% | 19% | -163.31% | 145.5% | 65.22% | 37.13% | 122.69% | 51.21% | 25.75% | 63.44% | 73.55% | 65.55% | 81.21% | 69.36% | 77.53% | 67.04% | 81.75% | 133.86% | 83.35% | 86.93% | 84.86% | 74.9% | 73.53% | 25.69% | 85.89% | 86.14% | 65.24% | 80.24% | 185.12% |
| Income Tax | 889.93K | 966.8K | 87.5K | 139.24K | -487.71K | 263.97K | 98.84K | 51.26K | 350.79K | 63.22K | 51.64K | 210.78K | 641.13K | 415.84K | 844.77K | 424.94K | 378.9K | 307.65K | 758.1K | 1.53M | 710.17K | 742.49K | 732.14K | 488.33K | 332.87K | 411.5K | 708.79K | 734.75K | 181.25K | 263.53K | 439.49K |
| Effective Tax Rate % | 23.18% | 24.31% | 25.91% | 49.34% | 27.01% | 24.37% | 22.55% | 17.02% | 23.93% | 10.79% | 23.23% | 31.28% | 33.29% | 30.01% | 31.88% | 30.87% | 29.24% | 26.65% | 27.8% | 35.11% | 31.66% | 32.23% | 31.72% | 30.88% | 31.13% | 98.95% | 33.05% | 32.23% | 30.97% | 33.94% | 35.31% |
| Net Income | 2.95M | 3.01M | 250.22K | 142.96K | -1.32M | 819.35K | 339.38K | 249.93K | 1.12M | 522.86K | 170.67K | 463.03K | 1.28M | 969.77K | 2.24M | 951.78K | 916.88K | 846.89K | 1.97M | 2.83M | 1.53M | 1.56M | 1.58M | 1.09M | 736.57K | 872.61K | 1.44M | 1.55M | 403.93K | 512.92K | 805.09K |
| Net Margin % | 446.23% | 358.95% | 16.45% | 9.62% | -119.2% | 110.05% | 50.51% | 30.81% | 93.33% | 45.68% | 19.77% | 43.6% | 49.06% | 45.88% | 68.54% | 47.95% | 54.86% | 49.18% | 59.02% | 86.86% | 56.96% | 58.92% | 57.95% | 51.77% | 50.64% | 53.91% | 57.51% | 58.38% | 45.03% | 53.01% | 119.75% |
| Net Income Growth % | 284.51% | 1102.91% | 75.03% | 110.85% | -260.82% | 141.42% | 35.79% | -77.59% | 113.26% | 206.35% | -63.14% | -63.96% | 32.49% | -56.64% | 134.99% | 3.81% | 8.26% | -56.99% | -30.42% | 84.61% | -1.82% | -0.95% | 44.22% | 48.39% | -15.59% | -39.23% | -7.06% | 282.51% | -21.25% | -36.29% | 130.83% |
| Net Income (Continuing) | 2.95M | 3.01M | 250.22K | 142.96K | -1.32M | 819.35K | 339.38K | 249.93K | 1.12M | 522.86K | 170.67K | 463.03K | 1.28M | 969.77K | 1.81M | 951.78K | 916.88K | 846.89K | 1.97M | 2.83M | 1.53M | 1.56M | 1.58M | 1.09M | 736.57K | 872.61K | 1.44M | 1.55M | 403.93K | 512.92K | 805.09K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.48M | -4.32M | -4.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.44 | 1.47 | 0.12 | 0.07 | -0.67 | 0.42 | 0.17 | 0.13 | 0.57 | 0.27 | 0.09 | 0.24 | 0.66 | 0.50 | 1.15 | 0.49 | 0.47 | 0.44 | 1.01 | 1.46 | 0.79 | 0.80 | 0.81 | 0.56 | 0.38 | 0.45 | 0.73 | 0.78 | 0.20 | 0.26 | 0.40 |
| EPS Growth % | 290.14% | 1125% | 71.43% | 110.45% | -259.52% | 147.06% | 30.77% | -77.19% | 111.11% | 200% | -62.5% | -63.64% | 32% | -56.52% | 134.69% | 4.26% | 6.82% | -56.44% | -30.82% | 84.81% | -1.25% | -1.23% | 44.64% | 47.37% | -15.56% | -38.36% | -6.41% | 290% | -23.08% | -35% | 135.29% |
| EPS (Basic) | - | 1.47 | 0.12 | 0.07 | -0.67 | 0.42 | 0.17 | 0.13 | 0.57 | 0.27 | 0.09 | 0.24 | 0.66 | 0.50 | 1.15 | 0.49 | 0.47 | 0.44 | 1.01 | 1.46 | 0.79 | 0.80 | 0.81 | 0.56 | 0.38 | 0.45 | 0.73 | 0.78 | 0.20 | 0.26 | 0.40 |
| Diluted Shares Outstanding | 2.05M | 2.05M | 2.05M | 2.01M | 1.96M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.95M | 1.95M | 1.95M | 1.94M | 1.94M | 1.97M | 1.98M | 2.02M | 1.97M | 2.01M |
| Basic Shares Outstanding | 2.05M | 2.05M | 2.02M | 1.97M | 1.96M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.94M | 1.95M | 1.95M | 1.95M | 1.94M | 1.94M | 1.97M | 1.98M | 2.02M | 1.97M | 2.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 20.9% | 37.15% | - | 41.95% | 42.33% | 56.09% | 24.32% | 57.15% | 59.32% | 64.22% | 123.32% | 87.86% | 48.17% | 47.32% | 33.36% | 57.22% | 65.36% | 56.12% | 27.47% | 10.01% | 44.5% | 45.35% | 22.33% |
High Revenue Volatility
As reported in recent financial filings, CKX experienced a 51% year-over-year revenue decline in 2026Q1, highlighting the extreme sensitivity of its top-line to transactional timber harvests and mineral lease bonuses rather than consistent, recurring operational growth across its Louisiana land portfolio.
The erratic revenue trajectory suggests that the company lacks a stable base of recurring income, making quarterly performance highly unpredictable for investors. This volatility implies that the business model is currently more dependent on opportunistic asset monetization than on steady-state land management.
Based on the provided income statements, CKX maintains a robust 97.8% gross margin as of 2026Q1, reflecting the minimal direct costs associated with its legacy land holdings, though this efficiency is frequently undermined by the company's inability to achieve consistent operational scale.
While the high gross margin confirms the low-cost nature of the underlying assets, the lack of revenue volume suggests that these margins are not being leveraged effectively. Investors should monitor whether the company can transition from a passive holding model to one that generates more consistent, high-margin cash flows.
According to historical income statements, CKX's net income frequently decouples from operating performance, as evidenced by a 358.95% net margin in certain periods, which appears driven by non-operating gains and interest income rather than core land-based business activities.
The significant divergence between operating income and net income warrants caution, as it suggests that reported earnings may not reflect the underlying health of the land management business. Analysts should adjust for these non-recurring items to determine the true, sustainable earnings power of the entity.
Financial data indicates that CKX's cost structure is heavily weighted toward administrative expenses required to maintain land titles, which, when combined with declining revenue, creates significant pressure on operating margins during periods of low transactional activity in the timber and energy segments.
The company's expense discipline appears to be tested by its fixed-cost base, which remains a drag on profitability when revenue fails to materialize. This structure implies that the company is highly vulnerable to prolonged downturns in regional commodity markets, as it lacks the ability to rapidly scale down costs.
While the company maintains a debt-free balance sheet with an $18 million cash position, the persistent revenue contraction suggests that the market may be overvaluing the entity as an operating business rather than a collection of assets awaiting eventual liquidation or strategic repurposing.
Short-term investors should consider that the current valuation may be supported more by the cash pile than by the income-generating potential of the land. If management fails to deploy this capital into higher-yielding opportunities, the equity may continue to trade at a discount to its potential net asset value.
Quick answers to the most common questions about buying CKX stock.
For fiscal year 2025, CKX Lands, Inc. (CKX) reported total revenue of $0.8M. This represents a 24.7% increase compared to $0.7M in 1996.
CKX Lands, Inc. (CKX) is profitable, generating $3.0M in net income for the fiscal year ending 2025 with a net profit margin of 359.0%.
CKX Lands, Inc. (CKX) reported an operating income of $0.1M, resulting in an operating profit margin of 9.9%. This margin reflects the operational efficiency of the business before interest and taxes.
CKX Lands, Inc. (CKX) generated $0.8M in gross profit for the year, representing a gross profit margin of 91.9%. This demonstrates the company's core pricing power and production efficiency.