The company maintains a strained capital structure with a debt-to-equity ratio of 0.71 and a shrinking liquidity buffer, as cash balances fell to $8.6 million in 2026Q1 from $51.6 million in 2024Q1.
Gladstone Land Corporation (LAND) balance sheet — 16-year assets, liabilities & shareholders' equity history
| 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 |
|---|
| Total Assets | 1.19B | 1.24B | 1.31B | 1.39B | 1.46B | 1.35B | 1.07B | 816.79M | 565.12M | 462.28M | 333.99M | 229.74M | 151.7M | 93.67M | 40.5M | 32.77M | 29.03M |
| Asset Growth % | -23.92% | -5.56% | -5.42% | -4.8% | 7.82% | 26.63% | 30.67% | 44.53% | 22.25% | 38.41% | 45.38% | 51.44% | 61.95% | 131.29% | 23.6% | 12.86% | - |
| Real Estate & Other Assets | -1.13B | -1.15B | 1.24B | 1.31B | 1.39B | 1.33B | 1.05B | 798.27M | 5.75M | 2.83M | 3.24M | 3.66M | 3.01M | 76.41M | 39.42M | 437.64K | 18.7M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 34.67M | 136K | 0 | 538.95M | 449.49M | 326.31M | 221.78M | 143.94M | 75.31M | 37.14M | 30.28M | 0 |
| Investment Securities | 1000K | 1000K | 0 | 0 | 0 | 1000K | 1000K | 0 | -1000K | -1000K | -1000K | 0 | 0 | 680.44K | 679.72K | 0 | 0 |
| Total Current Assets | 29.09M | 28.84M | 64.59M | 72.2M | 61.14M | 16.71M | 9.22M | 13.69M | 14.73M | 4.47M | 2.44M | 2.53M | 3.43M | 16.95M | 873.47K | 2M | 10.34M |
| Cash & Equivalents | 22.55M | 27.18M | 18.27M | 18.57M | 61.14M | 16.71M | 9.22M | 13.69M | 14.73M | 2.94M | 2.44M | 2.53M | 2.62M | 16.27M | 873.47K | 2M | 1.97M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 132.74K | 0 | 0 | 0 | 8.37M |
| Intangible Assets | 2.93M | 3.13M | 3.59M | 4.78M | 5.7M | 4.46M | 3.73M | 4.83M | 5.69M | 5.49M | 2M | 1.76M | 1.32M | 311.06K | 208.06K | 49.88K | 0 |
| Total Liabilities | 519.09M | 568.89M | 625.01M | 667.71M | 725.89M | 762.48M | 683.5M | 537.82M | 384.07M | 344.33M | 246.21M | 151.73M | 91.73M | 45.16M | 32.36M | 25.23M | 20.49M |
| Total Debt | 492.06M | 537.91M | 527.52M | 574.11M | 626.5M | 667.98M | 624.06M | 481.93M | 335.89M | 301M | 207.35M | 142.73M | 86.42M | 43.15M | 30.82M | 24.13M | 19.76M |
| Net Debt | 469.51M | 510.73M | 509.25M | 555.54M | 565.36M | 651.27M | 614.84M | 468.24M | 321.16M | 298.06M | 204.91M | 140.2M | 83.8M | 26.88M | 29.94M | 22.13M | 17.78M |
| Long-Term Debt | 474.74M | 518.72M | 523.92M | 573.91M | 626.4M | 667.88M | 623.96M | 481.83M | 335.79M | 291M | 190.8M | 142.63M | 82.42M | 43.05M | 30.72M | 23.22M | 16.75M |
| Short-Term Borrowings | 11.33M | 17.25M | 3.6M | 200K | 100K | 100K | 100K | 100K | 100K | 10M | 16.55M | 100K | 4M | 100K | 100K | 917.12K | 3.01M |
| Capital Lease Obligations | 11.89M | 1.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 11.33M | 17.25M | 24.98M | 14.37M | 20.74M | 15.2M | 11.66M | 12.4M | 10.2M | 18.34M | 20.1M | 4.16M | 6.4M | 1.36M | 1.12M | 1.67M | 3.39M |
| Accounts Payable | 17.5M | 0 | 18.4M | 10.3M | 16.27M | 10.87M | 9.08M | 10.13M | 9.15M | 7.4M | 2.8M | 3.5M | 1.93M | 1.1M | 913.65K | 409.75K | 322.51K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 10M | 16.55M | 100K | 4M | 100K | 100K | 1.21M | 3.01M |
| Other Liabilities | 27.03M | 30.98M | 76.11M | 79.43M | 78.75M | 79.4M | 47.87M | 43.59M | 38.18M | 34.99M | 35.31M | 9M | 5.32M | 2.01M | 1.29M | 172.44K | 0 |
| Total Equity | 673.11M | 670.29M | 687.18M | 719.61M | 731.36M | 589.07M | 383.79M | 278.97M | 181.05M | 117.95M | 87.78M | 78.01M | 59.97M | 48.51M | 8.14M | 7.54M | 8.55M |
| Equity Growth % | -6.49% | -2.46% | -4.51% | -1.61% | 24.16% | 53.49% | 37.57% | 54.08% | 53.5% | 34.38% | 12.53% | 30.08% | 23.62% | 496.21% | 7.97% | -11.83% | - |
| Shareholders Equity | 673.11M | 670.29M | 687.18M | 719.61M | 731.36M | 586.82M | 383.79M | 276.62M | 176.25M | 109.92M | 76.69M | 78.01M | 59.97M | 48.51M | 8.14M | 7.54M | 8.55M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 2.25M | 0 | 2.35M | 4.81M | 8.03M | 11.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 43K | 38K | 36K | 36K | 35K | 34K | 26K | 21K | 18K | 14K | 10.03K | 9.99K | 7.75K | 6.53K | 2.75K | 2.75K | 2.75K |
| Additional Paid-in Capital | 908.54M | 870.85M | 854.06M | 856.21M | 836.67M | 668.27M | 440.47M | 315.77M | 202.05M | 129.71M | 90.08M | 86.89M | 65.37M | 51.33M | 0 | 0 | 0 |
| Retained Earnings | -240.81M | -205.51M | -174.56M | -144.01M | -114.37M | -80.47M | -55.21M | -38.78M | -25.83M | -19.8M | -13.4M | -8.9M | -5.4M | -2.82M | 8.13M | 7.53M | 8.54M |
| Preferred Stock | 16K | 16K | 16K | 16K | 16K | 9K | 7K | 5K | 1K | 27.89M | 27.66M | 8.9M | 5.4M | 2.82M | 0 | 0 | 0 |
| Return on Assets (ROA) | -0.53% | 1.06% | 0.98% | 1.02% | 0.34% | 0.29% | 0.52% | 0.25% | 0.51% | -0.01% | 0.16% | 0.3% | -0.1% | -1.83% | 1.64% | 0.02% | 1.93% |
| Return on Equity (ROE) | -0.96% | 1.99% | 1.89% | 2.01% | 0.71% | 0.72% | 1.49% | 0.76% | 1.76% | -0.03% | 0.54% | 0.82% | -0.23% | -4.32% | 7.66% | 0.08% | 6.56% |
| Debt / Assets | 41.27% | 43.41% | 40.2% | 41.38% | 42.99% | 49.42% | 58.47% | 59% | 59.44% | 65.11% | 62.08% | 62.13% | 56.96% | 46.07% | 76.09% | 73.65% | 68.04% |
| Debt / Equity | 0.73x | 0.80x | 0.77x | 0.80x | 0.86x | 1.13x | 1.63x | 1.73x | 1.86x | 2.55x | 2.36x | 1.83x | 1.44x | 0.89x | 3.79x | 3.20x | 2.31x |
| Net Debt / EBITDA | 8.20x | 8.72x | 7.66x | 7.85x | 8.05x | 11.04x | 13.86x | 14.59x | 8.50x | 11.86x | 11.83x | 18.25x | 25.12x | 12.93x | 12.60x | 12.37x | 9.45x |
| Book Value per Share | 15.69 | 18.36 | 19.14 | 20.14 | 21.16 | 19.40 | 17.24 | 14.23 | 11.68 | 9.78 | 8.77 | 9.03 | 8.75 | 7.81 | 1.34 | 2.74 | 3.11 |
Quick answers to the most common questions about buying LAND stock.
As of 2025, Gladstone Land Corporation (LAND) had total assets of $1.24B including $28.8M in current assets.
Gladstone Land Corporation (LAND) carries total debt of $537.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gladstone Land Corporation (LAND) has total shareholders' equity (book value) of $670.3M ($18.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gladstone Land Corporation (LAND) reported a current ratio of 1.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
High Leverage and Liquidity
Metrics are mathematically derived from official filings.
Persistent Debt Burden Limits Flexibility
As reported in recent financial statements, Gladstone Land maintains a debt-to-equity ratio that has hovered near 0.80, suggesting that the company's reliance on property-level mortgage financing remains a significant structural constraint on its balance sheet flexibility during periods of income volatility.
The consistent debt-to-equity ratio indicates that the company has not successfully deleveraged despite the challenges in property-level profitability. Investors should monitor whether this leverage level, when combined with the observed volatility in NOI, creates a risk of covenant breaches on property-specific debt instruments.
Cash Reserves Remain Highly Variable
Based on the company's reported figures, cash balances have fluctuated significantly from a high of $51.6 million in 2024Q1 to a low of $8.6 million in 2026Q1, indicating a potential lack of liquidity buffer to manage unexpected operational disruptions or capital requirements.
The rapid depletion of cash reserves over the last two years suggests that the company may be struggling to maintain sufficient liquidity to fund its ongoing operations and dividend obligations. This trend warrants further investigation into the company's ability to access external capital markets under current market conditions.
Asset Base Stagnation Amidst Deleveraging
According to quarterly balance sheet data, total assets have contracted from $1.4 billion in 2024Q2 to $1.2 billion in 2026Q1, suggesting that the company's growth trajectory has shifted toward asset rationalization rather than the aggressive acquisition strategy seen in prior periods.
The reduction in total assets appears to reflect a strategic pivot or a forced response to the inability to accretively deploy capital in the current interest rate environment. This contraction may indicate that the company is prioritizing the preservation of its balance sheet over the expansion of its agricultural footprint.
Hidden Risks in Asset Valuation
As indicated by the company's financial disclosures, the reliance on fair value accounting for land holdings may mask underlying asset quality issues, as the reported $1.2 billion in total assets may not accurately reflect the liquidity of these specialized agricultural parcels in a distressed market.
The discrepancy between the book value of assets and the actual cash-generating capacity of the portfolio suggests that investors should be cautious of relying on reported NAV metrics. The potential for appraisal-based valuation to diverge from market reality represents a non-obvious risk that could lead to significant balance sheet adjustments if property values face downward pressure.