The company maintains a conservative capital structure with a debt-to-equity ratio of 0.71 as of 2026Q3, providing a necessary buffer against the inherent volatility of the agricultural sector.
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) balance sheet — 19-year assets, liabilities & shareholders' equity history
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 |
|---|
| Total Current Assets | 1.09B | 1.18B | 1.1B | 1.35B | 1.59B | 1.76B | 642.46M | 440.83M | 372.28M | 171.1M | 242.59M | 448.84M | 238.09M | 271.56M | 219.16M | 251.01M | 269.99M | 319.94M | 396.07M | 508.91M |
| Cash & Short-Term Investments | 184.56M | 159.82M | 193.89M | 412.04M | 530.36M | 1.06B | 171.04M | 110.67M | 115.53M | 50.77M | 167.76M | 348.88M | 108.28M | 84.94M | 67.46M | 135.62M | 206.2M | 279.05M | 331.76M | 501.73M |
| Cash Only | 168.24M | 159.82M | 170.95M | 383.84M | 435.49M | 1.06B | 171.04M | 106.63M | 104.31M | 43.8M | 54.2M | 75.62M | 86.75M | 75.69M | 67.46M | 135.62M | 206.2M | 264.37M | 331.76M | 501.73M |
| Short-Term Investments | 16.33M | 0 | 22.94M | 28.2M | 94.87M | 0 | 0 | 4.04M | 11.21M | 6.97M | 113.56M | 273.26M | 21.53M | 9.24M | 0 | 0 | 0 | 14.68M | 0 | 0 |
| Accounts Receivable | 327.82M | 385.06M | 379.02M | 410.62M | 388.06M | 164.63M | 163.44M | 113.58M | 78.99M | 45.03M | 19.18M | 46.41M | 69.48M | 131.1M | 69.99M | 30.28M | 21.13M | 22.41M | 32.39M | 7.09M |
| Days Sales Outstanding | 252.86 | 925.22 | 135.84 | 124.72 | 103.47 | 83.92 | 109.49 | 77.77 | 96.89 | 95.58 | 47.36 | 46.44 | 155.58 | 197.64 | 163.62 | 138.94 | 209.9 | 231.81 | 260.44 | 3.93K |
| Inventory | 562.13M | 558.96M | 443.88M | 430.61M | 554.88M | 476.35M | 254.33M | 196.95M | 131.62M | 60.92M | 18.2M | 29.03M | 41.63M | 24.58M | 72.56M | 77.48M | 23.63M | 18M | 30.24M | 0 |
| Days Inventory Outstanding | 544.12 | 2.12K | 229.31 | 194.52 | 341.58 | 861.59 | 287.01 | 242.12 | 338.72 | 179.18 | 46.31 | 65.94 | 101.75 | 53.29 | 194.09 | 711.89 | 178.02 | 183 | 367.16 | - |
| Other Current Assets | 15.14M | 74.02M | 31.72M | 76.81M | 61.01M | 41.79M | 33.04M | 5.91M | 28.3M | 4.09M | 24.5M | 13.5M | 18.7M | 25.51M | 5.04M | 6.31M | 2.2M | 3K | 1.54M | 0 |
| Total Non-Current Assets | 2.61B | 2.66B | 2.51B | 2.16B | 1.76B | 1.67B | 1.4B | 916.79M | 807.32M | 712.19M | 610.93M | 569M | 590.29M | 499.27M | 516.61M | 500.26M | 463.81M | 359.06M | 306.66M | 158.09M |
| Property, Plant & Equipment | 526.46M | 512.76M | 462.9M | 316.34M | 246.09M | 190.42M | 217.02M | 107.85M | 84.83M | 54.74M | 8.57M | 10.6M | 13.54M | 14.85M | 15.76M | 12.9M | 119.06M | 95.49M | 60.09M | 10.45M |
| Fixed Asset Turnover | 1.02x | 0.30x | 2.20x | 3.80x | 5.56x | 3.76x | 2.51x | 4.94x | 3.51x | 3.14x | 17.25x | 34.41x | 12.04x | 16.30x | 9.90x | 6.17x | 0.31x | 0.37x | 0.76x | 0.06x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 5.01M | 5.09M | 4.48M | 1.92M | 812K | 1.1M | 1.47M | 1.56M | 1.4M | 1.67M | 3.45M | 3.79M | 4.97M | 2.57M | 2.61M | 2.61M | 0 | 0 | 32.39M | 0 |
| Long-Term Investments | 7.19B | 1.33M | 1.89B | 2.59M | 7.64M | 5.61M | 5.74M | 1.26M | 86K | 101.43M | 102.95M | 99.73M | 50.37M | 70K | 23.61M | 28.79M | 410K | 6.98M | 6.92M | 4.75M |
| Other Non-Current Assets | 115.31M | 2.14B | 60.31M | 1.81B | 1.5B | 1.4B | 1.15B | 785.61M | 688.26M | 500.57M | 439.61M | 411.74M | 477.86M | 456.56M | 459.67M | 452.83M | 344.34M | 245.22M | 492K | 142.72M |
| Total Assets | 3.7B | 3.84B | 3.61B | 3.51B | 3.35B | 3.43B | 2.04B | 1.36B | 1.18B | 883.29M | 853.53M | 1.02B | 828.38M | 770.83M | 735.76M | 751.27M | 733.8M | 679M | 702.73M | 667M |
| Asset Turnover | 0.14x | 0.04x | 0.28x | 0.34x | 0.41x | 0.21x | 0.27x | 0.39x | 0.25x | 0.19x | 0.17x | 0.36x | 0.20x | 0.31x | 0.21x | 0.11x | 0.05x | 0.05x | 0.06x | 0.00x |
| Asset Growth % | -14.51% | 6.43% | 2.77% | 4.87% | -2.42% | 67.7% | 50.59% | 15.09% | 33.55% | 3.49% | -16.14% | 22.87% | 7.47% | 4.77% | -2.06% | 2.38% | 8.07% | -3.38% | 5.36% | - |
| Total Current Liabilities | 706.48M | 658.25M | 527.32M | 631.91M | 483.99M | 661.29M | 400.09M | 226.62M | 203.15M | 157.16M | 112.03M | 199.02M | 179.54M | 114.54M | 110.79M | 112.25M | 97.76M | 74.43M | 103.76M | 78.56M |
| Accounts Payable | 64.58M | 103.66M | 67.19M | 61.97M | 80.43M | 75.22M | 55.6M | 37.71M | 48.52M | 37.8M | 12.07M | 5.54M | 8.16M | 7.78M | 4.15M | 2.44M | 28.69M | 1.49M | 2.15M | 164K |
| Days Payables Outstanding | 108.68 | 393.83 | 34.71 | 28 | 49.51 | 136.06 | 62.75 | 46.36 | 124.87 | 111.19 | 30.72 | 12.59 | 19.94 | 16.86 | 11.1 | 22.37 | 216.14 | 15.15 | 26.04 | - |
| Short-Term Debt | 557.76M | 355.84M | 177.31M | 198.21M | 123.41M | 322.05M | 217.27M | 76.61M | 68.41M | 55M | 49.11M | 50.9M | 62.25M | 44.93M | 43.07M | 37.9M | 4.14M | 15.49M | 431K | 30K |
| Deferred Revenue (Current) | 123.04M | 0 | 34.29M | 23.41M | 21.95M | 19.14M | 10.25M | 5.71M | 21.2M | 5.63M | 278K | 8.15M | 15.62M | 2.12M | 14.4M | 8.83M | 1.47M | 55.97M | 100.59M | 78.26M |
| Other Current Liabilities | 27.49M | 86.65M | 80.06M | 179.27M | 64.54M | 117.07M | 47.48M | 28.18M | 25.36M | 15.95M | 16.46M | 18M | 8.93M | 11.61M | 15.12M | 7.53M | 64.69M | 52.9M | 5.28M | 1.39M |
| Current Ratio | 1.54x | 1.79x | 2.09x | 2.14x | 3.28x | 2.66x | 1.61x | 1.95x | 1.83x | 1.09x | 2.17x | 2.26x | 1.33x | 2.37x | 1.98x | 2.24x | 2.76x | 4.30x | 3.82x | 6.48x |
| Quick Ratio | 0.75x | 0.94x | 1.24x | 1.45x | 2.14x | 1.94x | 0.97x | 1.08x | 1.18x | 0.70x | 2.00x | 2.11x | 1.09x | 2.16x | 1.32x | 1.55x | 2.52x | 4.06x | 3.53x | 6.48x |
| Cash Conversion Cycle | 688.29 | 2.66K | 330.44 | 291.25 | 395.54 | 809.45 | 333.76 | 273.53 | 310.74 | 163.56 | 62.94 | 99.78 | 237.39 | 234.07 | 346.61 | 828.45 | 171.78 | 399.67 | 601.55 | - |
| Total Non-Current Liabilities | 972.43M | 1B | 898.08M | 679.03M | 645.22M | 584.42M | 522.71M | 250.46M | 220.58M | 58.67M | 55.48M | 66.71M | 64.93M | 69.3M | 66.01M | 62.1M | 68.85M | 27.82M | 24.09M | 17.97M |
| Long-Term Debt | 548.43M | 529.68M | 504.63M | 356.43M | 329.63M | 341.13M | 296.84M | 209.25M | 187.39M | 33.09M | 44.96M | 59.18M | 57.91M | 56.92M | 51.29M | 55.44M | 49.3M | 9.76M | 1.34M | 0 |
| Capital Lease Obligations | 1.38B | 343.45M | 284.6M | 261.83M | 230.57M | 168.45M | 126.51M | 20.94M | 18.54M | 22.46M | 3.27M | 4.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 135.74M | 0 | 19.72M | 20.65M | 34.92M | 0 | 34.03M | 58.45M | 21.04M | 17.59M | 17.33M | 0 | 0 | 0 | 3.32M | 6.17M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 68.37M | 127.89M | 89.13M | 40.12M | 50.1M | 34.01M | 65.32M | 20.27M | 14.65M | 3.11M | 7.25M | 3.33M | 7.02M | 12.38M | 1.18M | 492K | 19.55M | 18.06M | 22.75M | 17.97M |
| Total Liabilities | 1.68B | 1.66B | 1.43B | 1.31B | 1.13B | 1.25B | 922.8M | 477.08M | 423.74M | 215.82M | 167.51M | 265.73M | 244.48M | 183.84M | 176.79M | 174.35M | 166.61M | 102.24M | 127.85M | 96.53M |
| Total Debt | 1.43B | 1.31B | 1.04B | 871.97M | 702.19M | 862.18M | 666.48M | 307.05M | 276.02M | 112.17M | 99.84M | 110.08M | 120.16M | 101.85M | 94.36M | 60.24M | 77.99M | 25.25M | 1.77M | 30K |
| Net Debt | 1.26B | 1.15B | 873.04M | 488.13M | 266.7M | -196.93M | 495.43M | 200.42M | 171.71M | 68.38M | 45.64M | 34.46M | 33.42M | 26.16M | 26.9M | -75.38M | -128.21M | -239.12M | -329.99M | -501.7M |
| Debt / Equity | 0.71x | 0.60x | 0.48x | 0.40x | 0.32x | 0.40x | 0.59x | 0.35x | 0.37x | 0.17x | 0.15x | 0.15x | 0.21x | 0.17x | 0.17x | 0.10x | 0.14x | 0.04x | 0.00x | 0.00x |
| Debt / EBITDA | 45.38x | 72.75x | 3.93x | 2.39x | 0.91x | - | 2.97x | 1.46x | 1.50x | 7.56x | - | 0.61x | - | 1.85x | 6.65x | 2.44x | - | 2.89x | 0.08x | 0.00x |
| Net Debt / EBITDA | 40.04x | 63.88x | 3.28x | 1.34x | 0.35x | - | 2.21x | 0.95x | 0.93x | 4.61x | - | 0.19x | - | 0.48x | 1.90x | -3.05x | - | -27.35x | -15.43x | -18.45x |
| Interest Coverage | 0.53x | 0.20x | 3.85x | 6.47x | 10.37x | 15.95x | 11.20x | 42.52x | 6.01x | 4.71x | 0.11x | 15.23x | -0.47x | 3.65x | -0.26x | 1.71x | -2.54x | -5.15x | 3.76x | 8.55x |
| Total Equity | 2.02B | 2.18B | 2.18B | 2.2B | 2.22B | 2.18B | 1.12B | 880.53M | 755.86M | 667.47M | 686.01M | 752.11M | 583.91M | 586.99M | 558.97M | 576.92M | 567.19M | 576.75M | 574.88M | 570.47M |
| Equity Growth % | -27.27% | -0.09% | -0.79% | -0.85% | 1.53% | 94.6% | 27.37% | 16.49% | 13.24% | -2.7% | -8.79% | 28.81% | -0.52% | 5.01% | -3.11% | 1.72% | -1.66% | 0.33% | 0.77% | - |
| Book Value per Share | 20.30 | 21.74 | 21.78 | 21.46 | 22.30 | 30.56 | 18.90 | 16.27 | 13.28 | 11.59 | 12.50 | 12.91 | 9.99 | 10.04 | 9.57 | 9.88 | 9.71 | 9.87 | 9.84 | 9.76 |
| Total Shareholders' Equity | 2.02B | 2.18B | 2.18B | 2.2B | 2.22B | 2.18B | 1.12B | 880.53M | 755.86M | 667.47M | 686.01M | 752.11M | 583.91M | 586.99M | 558.97M | 570.32M | 560.92M | 576.75M | 574.88M | 570.47M |
| Common Stock | 1.59B | 1.59B | 1.59B | 1.59B | 1.59B | 1.59B | 699.81M | 584.22M | 584.22M | 584.22M | 584.22M | 584.22M | 584.22M | 584.22M | 0 | 584.22M | 584.22M | 0 | 0 | 0 |
| Retained Earnings | 409.13M | 542M | 537.88M | 621.11M | 0 | 600.81M | 372.21M | 289M | 164.97M | 68.61M | 91.16M | 129.49M | -10.99M | 6.3M | -20.47M | -14.9M | -23.31M | -7.47M | -12.97M | -13.76M |
| Treasury Stock | -43.58M | -43.65M | -43.65M | -50.81M | -49.76M | -40.09M | -31.5M | -35.21M | -35.21M | -36.8M | -37.2M | -224K | -1.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 71.09M | 91.39M | 97.46M | 38.85M | 689.17M | 646.04M | 453.26M | 42.52M | 166.97M | 120.04M | 138.99M | 131.84M | 4.2M | 9.68M | -6.92M | 996K | -17.63M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.6M | 6.27M | 0 | 0 | 0 |
Quick answers to the most common questions about buying LND stock.
As of 2025, BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) had total assets of $3.84B including $1.18B in current assets.
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) carries total debt of $1.31B, offset by $159.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) has total shareholders' equity (book value) of $2.18B ($21.74 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) reported a current ratio of 1.79x. 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
Cyclical land divestment dependency
Asset Base Stability Amidst Divestment
As reported in recent financial statements, LND's total assets have remained relatively stable at approximately $3.8 billion, suggesting that the company is successfully maintaining its land bank value despite the cyclical nature of its divestment-driven revenue model and the recent 85.08% decline in top-line growth.
The stability in total assets indicates that the company is not aggressively liquidating its core land holdings to cover operational shortfalls. This suggests a disciplined approach to asset management where land is held until optimal market conditions emerge, rather than being sold under duress.
Conservative Leverage Supports Strategic Flexibility
Based on the provided figures, LND maintains a highly conservative capital structure with a debt-to-equity ratio of 0.71 as of 2026Q3, which, according to historical data, has consistently remained below levels that would threaten the company's long-term solvency during periods of agricultural market volatility.
The low leverage profile provides the company with significant optionality to navigate commodity price cycles without the pressure of mandatory debt service. This financial cushion appears to be a deliberate strategic choice, allowing management to wait for favorable land sale opportunities rather than forcing liquidity events.
Cash Reserves Buffer Operational Swings
According to the latest quarterly filings, LND holds $72.3 million in cash, which, while down from previous peaks, continues to provide a necessary buffer against the inherent volatility of the agricultural sector and the lumpy cash inflows characteristic of the company's land transformation business model.
The current ratio of 1.47 suggests that the company maintains sufficient short-term liquidity to meet its immediate obligations. Investors should monitor whether this cash position is sufficient to sustain operations if the current land-sale drought persists into future fiscal periods.
Retained Earnings Reflect Cyclical Profitability
As indicated by the financial data, retained earnings have fluctuated significantly, reaching $418.5 million in 2026Q3, which highlights the impact of lumpy capital gains from land sales on the company's overall equity quality and its ability to reinvest in future land transformation projects.
The volatility in retained earnings is a direct consequence of the company's business model, which relies on periodic, high-margin divestments. This suggests that equity growth is not linear and should be evaluated over a multi-year horizon rather than on a quarterly basis.
Historical Cost Masks Asset Value
Based on the provided balance sheet, the reported PPE of $501.0 million likely significantly understates the true market value of the company's 223,551 hectares, as historical cost accounting fails to capture the appreciation inherent in the company's land transformation and development activities.
This discrepancy suggests that the book value of equity may be a conservative estimate of the company's intrinsic worth. Investors should be aware that the balance sheet does not reflect the potential 'scarcity premium' of the land bank, which could be a material source of hidden value.