Free cash flow generation is frequently pressured by capital expenditures, resulting in a negative $13.5 million FCF in 2025Q3 and highlighting the difficulty in covering dividend obligations.
| 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 |
|---|
| Cash from Operations | 11.82M | 6.99M | 29.55M | 40.08M | 43.79M | 32.38M | 25M | 21.37M | 10.41M | 6.51M | 8.4M | 4.75M | 3.54M | -460.35K | 1.14M | 1.9M | 665.26K |
| Operating CF Growth % | -755.94% | -76.33% | -26.28% | -8.47% | 35.24% | 29.5% | 17% | 105.32% | 59.75% | -22.46% | 76.75% | 34.15% | 869.76% | -140.46% | -40.06% | 185.32% | - |
| Operating CF / Revenue % | 13.42% | 7.92% | 34.67% | 44.34% | 49.07% | 42.99% | 43.84% | 52.52% | 28.37% | 25.93% | 48.52% | 39.94% | 49.32% | -11.4% | 33.56% | 64.04% | 27.51% |
| Net Income | -5.88M | 13.53M | 13.29M | 14.56M | 4.72M | 3.51M | 4.96M | 1.76M | 2.77M | -34K | 473.49K | 568.54K | -125.13K | -1.22M | 600.37K | 6.22K | 560.52K |
| Depreciation & Amortization | 40.71M | 34.65M | 35.11M | 37.25M | 35.46M | 27.3M | 16.7M | 12.79M | 9.38M | 7.24M | 5.19M | 3.11M | 1.74M | 722.46K | 474.48K | 505.57K | 317.24K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.76M | 2.95M | -19K | -2.38M | 5.37M | 3.13M | 2.67M | 625K | -3.91M | 417K | 134.36K | -171.03K | -314.26K | -38.59K | 13.62K | 26.37K | 10.17K |
| Working Capital Changes | -38.44M | -44.13M | -18.83M | -9.35M | -1.76M | -1.58M | 673K | 6.19M | 2.17M | -1.1M | 2.61M | 1.24M | 2.25M | 824.14K | -34.42K | 1.06M | -236.5K |
| Cash from Investing | 23.63M | 84.07M | 63.31M | -3.77M | -85.48M | -295M | -272.9M | -262.65M | -93.81M | -129.65M | -95.5M | -78.48M | -71.33M | -38.73M | -8.13M | -4.75M | -8.42M |
| Acquisitions (Net) | 0 | -68K | 0 | 0 | -2.75M | -2.05M | -573K | -587K | 0 | 0 | -500K | -50K | -350K | -200K | -150K | -50K | 0 |
| Purchase of Investments | -68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -71.44M | -127.83M | -85.56M | -74.45M | 0 | -19.99M | -679.72K | 0 | 0 |
| Sale of Investments | 62.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 132K | 682K | 155.8K | 0 | 0 | 811.61K | 0 | 0 | 0 |
| Other Investing | -29.21M | 91.3M | 68.5M | 9.04M | -62.61M | -286.83M | -255.82M | -249.77M | -71.2M | -125.12M | -85.2M | -75.18M | -68.37M | -18.53M | -7.3M | -4.7M | -8.42M |
| Cash from Financing | -69.75M | -82.16M | -93.15M | -78.88M | 86.13M | 270.11M | 243.43M | 240.24M | 95.19M | 123.63M | 87M | 73.63M | 54.14M | 54.59M | 5.86M | 2.89M | 7.92M |
| Dividends Paid | -39.39M | -44.47M | -44.34M | -45.09M | -36.96M | -29.17M | -21.02M | -14.11M | -8.65M | -6.37M | -4.96M | -4.06M | -2.46M | -9.73M | 0 | -1.02M | 0 |
| Common Dividends | -15.4M | -20.47M | -20.09M | -19.79M | -18.89M | -16.49M | -12.03M | -10.46M | -8.27M | -6.37M | -4.96M | -4.06M | -2.46M | -7.58M | 0 | -1.02M | 0 |
| Debt Issuance (Net) | -2M | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -63.16M | -102K | 0 | 0 | -7.67M | 0 | 0 | 0 | -523K | -2.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.9M | -192K | -154K | -955K | -14.73M | -9.47M | -7.86M | -10.5M | 68.61M | 35.77M | -3.18M | -5.81M | -1.69M | -4.72M | -823.68K | -48.53K | -152.43K |
| Net Change in Cash | -34.29M | 8.9M | -296K | -42.57M | 44.43M | 7.49M | -4.47M | -1.04M | 11.79M | 500K | -94.5K | -86.82K | -13.65M | 15.4M | -1.13M | 32.83K | 163.73K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 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 | 1.81M |
| Cash at End | 8.62M | 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 |
| Free Cash Flow | 6.24M | -168K | 24.35M | 27.28M | 23.66M | 26.26M | 8.49M | 9.08M | -12.2M | 1.3M | -1.39M | 1.51M | 924.54K | -1.27M | 1.14M | 1.9M | 665.26K |
| FCF Growth % | -75.13% | -100.69% | -10.72% | 15.27% | -9.88% | 209.2% | -6.48% | 174.44% | -1035.35% | 193.48% | -192.55% | 63.02% | 172.69% | -211.79% | -40.06% | 185.32% | - |
| FCF / Revenue % | 7.08% | -0.19% | 28.58% | 30.17% | 26.52% | 34.86% | 14.89% | 22.31% | -33.25% | 5.19% | -8.06% | 12.66% | 12.87% | -31.5% | 33.56% | 64.04% | 27.51% |
Dividend Coverage Sustainability
As reported in quarterly financial filings, Gladstone Land's dividend payout coverage has exhibited extreme volatility, with the Div/AFFO ratio spiking to 9.73 in 2025Q2, indicating that the company's recurring cash flow frequently fails to cover its distribution obligations to shareholders.
The wide variance in AFFO suggests that the company's ability to sustain its monthly dividend is highly sensitive to operational fluctuations rather than a stable, predictable cash stream. Investors should monitor the persistent gap between AFFO and dividend payments, as the reliance on non-operating cash sources to fund distributions appears to be a recurring structural challenge.
Based on the provided financial data, the relationship between GAAP operating cash flow and FFO is inconsistent, with FFO/NI ratios ranging from -227.83 to 21.45, suggesting that GAAP metrics provide little utility in assessing the true cash-generating capacity of the underlying agricultural portfolio.
The extreme divergence between GAAP net income and FFO highlights the significant impact of non-cash items and property-level accounting adjustments. This lack of correlation suggests that analysts should exercise caution when using standard GAAP metrics to evaluate the company's operational performance, as they appear to mask the underlying cash flow reality.
According to historical cash flow statements, the company's recurring capital expenditures, including tenant improvements and leasing commissions, have remained a consistent drag on free cash flow, occasionally resulting in negative quarterly FCF as seen in the -$13.5M reported in 2025Q3.
While the triple-net lease structure is intended to shift property expenses to tenants, the periodic need for significant capital investment in permanent crop infrastructure appears to create lumpy cash outflows. These expenditures may indicate that the long-term maintenance of specialized orchards is more capital-intensive than the base lease terms currently account for.
As indicated by the company's reported financial statements, the consistent gap between net income and FFO suggests that heavy depreciation charges on biological assets are significantly depressing GAAP earnings, which may lead to an inaccurate perception of the company's actual economic profitability.
The persistent negative net income figures, contrasted with positive FFO, imply that the company's accounting treatment of permanent crops creates a structural distortion. Investors should focus on AFFO as the primary indicator of performance, as GAAP net income appears to be an unreliable proxy for the cash-generating potential of the land holdings.
Quick answers to the most common questions about buying LAND stock.
Gladstone Land Corporation (LAND) generated $7.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gladstone Land Corporation (LAND) reported negative free cash flow of $0.2M in 2025, indicating capital requirements exceeded cash from operations.
Gladstone Land Corporation (LAND) spent $7.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Gladstone Land Corporation (LAND) returned $44.5M to shareholders via cash dividends and spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.