Latest Ratios: P/E Ratio -33.0x · EV/EBITDA 15.8x · 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 | $412M | $334M | $390M | $516M | $634M | $1.0B | $326M | $254M | $178M | $162M | $112M |
| Enterprise Value | $923M | $845M | $899M | $1.1B | $1.2B | $1.7B | $941M | $722M | $499M | $460M | $317M |
| P/E Ratio → | -32.97 | — | — | — | — | — | — | — | 67.53 | — | 281.00 |
| P/S Ratio | 4.67 | 3.78 | 4.57 | 5.71 | 7.11 | 13.61 | 5.71 | 6.25 | 4.85 | 6.44 | 6.50 |
| P/B Ratio | 0.52 | 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 | 58.97 | 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 | 15.77 | 14.43 | 13.52 | 15.15 | 17.08 | 28.40 | 21.21 | 22.51 | 13.21 | 18.31 | 18.33 |
| EV / EBIT | 38.48 | 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 | 1.02 | — | 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 | 5.9% | 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 | 5.9% | 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 |
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 -33.0x. The historical average is 95.6x.
Gladstone Land Corporation's current EV/EBITDA is 15.8x. 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 -33.0x. Compare with industry peers and growth rates for a complete picture.
Gladstone Land Corporation's current dividend yield is 5.86% 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.
Key Metrics
Top Statement Risk
Distribution sustainability under severe stress
Metrics are mathematically derived from official filings.
NOI Margin Collapse Signals Portfolio Stress
Gladstone Land's NOI margin has deteriorated from a consistent 93-96% range through mid-2024 to negative 50.2% in Q2 2026, representing a catastrophic inversion that suggests significant property-level impairments or non-cash charges are overwhelming the company's rental income base, based on reported financial data.
The brief recovery to a 19.9% NOI margin in Q2 2025 proved to be an aberration rather than a trend reversal, as margins immediately re-collapsed to negative 48.9% and negative 50.2% in the subsequent two quarters. FFO per share has correspondingly deteriorated from $0.62 in Q1 2025 to negative $0.01 in Q2 2026, suggesting that the farmland portfolio's rental income is insufficient to offset operating expenses and non-cash charges. This raises fundamental questions about whether the current asset base can support recovery without portfolio restructuring.
5.9% Yield Funded by Capital Return, Not Income
At a 5.9% current yield, Gladstone Land's distributions appear fundamentally unsupported by property income, as the company posted negative AFFO per share of $0.02 in Q2 2026 and has distributed $112.3 million in dividends against only $89.3 million in cumulative AFFO over the past ten quarters per reported financials.
The FFO payout ratio, typically the central dividend sustainability metric for REITs, becomes undefined when FFO itself turns negative, as occurred in Q2 2026. The 10-quarter cumulative deficit of approximately $23 million between dividends paid and AFFO generated implies distributions are being funded through asset sales or balance sheet drawdowns. This structural mismatch warrants close monitoring, as sustained distributions above AFFO inevitably erode the per-share asset base and further compress the P/B multiple.
Negative Interest Coverage Amid Equity Erosion
Gladstone Land's interest coverage ratio deteriorated to negative 0.81 in Q2 2026, indicating operating income no longer services debt obligations, while the debt-to-equity ratio of 0.73 reflects an equity base that has contracted faster than the $60.1 million in debt reduced since early 2024 based on the company's filings.
The D/E ratio of 0.73 has only modestly improved from 0.76 a year ago despite $60 million in absolute debt reduction, revealing that equity erosion is offsetting deleveraging efforts. The cash position of $22.6 million against $492.1 million in outstanding debt suggests a minimal liquidity cushion, which may constrain the company's ability to weather continued negative operating income without seeking external capital or accelerating asset sales. The interest coverage falling below zero is particularly concerning, as it implies the company cannot meet debt service obligations from operating cash flow alone.
P/B Discount Reflects Value Trap Risk
Gladstone Land trades at 0.52 times book value, a significant discount that might suggest deep value but instead appears to reflect market skepticism about asset realizability, given negative NOI margins and FFO losses that indicate the portfolio cannot generate sufficient returns to support stated book values based on reported data.
The P/FFO ratio of 15.69 appears superficially moderate but is computed against a near-zero FFO base of negative $0.01 per share, making it an unreliable valuation anchor. The EV/EBITDA of 15.75 may similarly overstate relative cheapness if EBITDA is inflated by non-cash items or one-time gains. The current 5.9% yield, up sharply from 1.0% a year ago, reflects severe price depreciation rather than income growth, which is a classic hallmark of a yield trap where the market is pricing in an eventual distribution cut.
P/E Ratio Obscures REIT Operating Reality
The P/E ratio of negative 32.86 is the metric most commonly misapplied to Gladstone Land, as it yields a meaningless figure due to GAAP depreciation and non-cash impairments that mask the REIT's true cash-generating capacity and should be replaced by P/FFO or P/AFFO for meaningful valuation comparison.
However, even the preferred REIT metrics of P/FFO and P/AFFO are unreliable for Gladstone Land at present, as FFO itself may include non-recurring property disposition gains that inflate the figure above true recurring operating income, suggested by the persistent disconnect between negative NOI margins and intermittently positive FFO. The implied cap rate, typically the most dependable REIT valuation crosscheck, becomes uncalculable when NOI is negative, leaving investors without a reliable anchor for assessing whether the 52% discount to book value represents genuine deep value or appropriately reflects a portfolio in structural decline.