Cash flow conversion is highly erratic, characterized by a massive $115.0 million outflow in 2026Q2 and a reliance on non-recurring land divestment gains to fund operations.
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) cash flow statement — 19-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 86.65M | 139.31M | 79.42M | 155.73M | 205.18M | 151.23M | 69.02M | 51.34M | -2.26M | 65.05M | -17.78M | -11.18M | 22.88M | 35.46M | -10.69M | -32.63M | -52.64M | 16.64M | -35.18M | 31.66M |
| Operating CF Margin % | - | 91.71% | 7.8% | 12.96% | 14.99% | 21.12% | 12.67% | 9.63% | -0.76% | 37.83% | -12.03% | -3.06% | 14.04% | 14.65% | -6.85% | -41.03% | -143.26% | 47.15% | -77.5% | 4804.55% |
| Operating CF Growth % | 3292.96% | 75.4% | -49% | -24.1% | 35.67% | 119.1% | 34.45% | 2367.58% | -103.48% | 465.91% | -59.09% | -148.84% | -35.48% | 431.71% | 67.24% | 38.01% | -416.39% | 147.3% | -211.1% | - |
| Net Income | -25.97M | 138.02M | 226.87M | 268.54M | 520.1M | 317.65M | 119.55M | 177.08M | 126.34M | 27.31M | 10.57M | 180.81M | -13.36M | 28.73M | -6.6M | 14.66M | -16.87M | 950K | 5.54M | 17.16M |
| Depreciation & Amortization | 79.55M | 74.95M | 80.17M | 88.49M | 82.61M | 110M | 60.25M | 23.08M | 23.22M | 15.03M | 21.96M | 22.22M | 21.43M | 28M | 27.4M | 14.13M | -3.88M | 540K | 542K | 401K |
| Stock-Based Compensation | 0 | 1.39M | 1.8M | 5.93M | 3.17M | 2.55M | 1.51M | 1.65M | 844K | 0 | 0 | 82K | 816K | 1.25M | 1.14M | 996K | 0 | 0 | 0 | 0 |
| Deferred Taxes | -68.48M | 0 | -58.83M | -40.05M | 76.19M | -50.54M | 3.53M | 12.23M | 21.04M | 1.81M | -13.22M | 417K | -18.34M | -10.26M | -14.69M | 4.21M | -11.32M | 1.44M | -608K | 1.4M |
| Other Non-Cash Items | -21.91M | -286.99M | -186.7M | -390.26M | -687.36M | -594.47M | -223.23M | -193.58M | -180.44M | -42.2M | -38.46M | -196.06M | -23.65M | 52.8M | 2.02M | -17.02M | 51.3M | 10.72M | -9.63M | -5.21M |
| Working Capital Changes | 187.21M | 211.93M | 16.11M | 223.09M | 210.47M | 366.04M | 107.42M | 30.88M | 6.73M | 63.09M | 1.37M | -18.64M | 55.99M | -65.05M | -19.96M | -49.61M | -71.87M | 3M | -31.02M | 17.9M |
| Change in Receivables | -744.61K | -35.9M | -26.77M | 44.74M | -25.71M | 127.38M | 50.69M | 3.4M | -6.75M | -7.3M | 46.9M | 12.3M | 65.23M | -81.94M | -24.97M | -4.06M | 0 | 0 | 0 | 0 |
| Change in Inventory | -49.11M | -4.09M | -59.45M | 141.85M | 392.14M | 233.15M | 114.09M | 3.53M | 1.87M | -753K | -19.38M | 12.38M | -12.73M | 28.56M | -3.4M | -44.4M | -46.93M | 911K | -24.61M | 3.06M |
| Change in Payables | -8.17M | 0 | -28.7M | -17.38M | -57.89M | 4.14M | -35.7M | 13.6M | 11.18M | 25M | 6.54M | -4.52M | -237K | 3.72M | 2.07M | 1.49M | 0 | 0 | 0 | 0 |
| Cash from Investing | -108.58M | -106.68M | -27.85M | 55.04M | -89.73M | -214.01M | -29.3M | -21.27M | -65.7M | -13.53M | 161.11M | 19.95M | -9.85M | -27.85M | -24.38M | -34M | -54.58M | -105.27M | -138.88M | -67.47M |
| Capital Expenditures | -63.49M | -79.97M | -68.41M | -60.78M | -50.84M | -18.71M | -25.09M | -43.67M | -43.1M | -25.48M | -1.1M | -1.8M | -2.41M | -3.38M | -4.34M | -4.15M | -57.75M | -108.62M | -128.14M | -61.84M |
| CapEx % of Revenue | 12.02% | 52.65% | 6.72% | 5.06% | 3.71% | 2.61% | 4.6% | 8.19% | 14.49% | 14.82% | 0.75% | 0.49% | 1.48% | 1.4% | 2.78% | 5.22% | 157.17% | 307.83% | 282.32% | 9383.92% |
| Acquisitions | 0 | 12K | 0 | 4.87M | 0 | -164.25M | 12.48M | 28.93M | 5.27M | 6.01M | 0 | 105.77M | 12.2M | 86.46M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5.69M | -26.72M | 102.62M | 110.96M | 0 | -33.83M | 4.13M | -49K | -27.86M | 5.94M | 162.22M | -30.63M | -19.64M | -106.89M | 9.77M | -35.15M | 437K | 3.34M | -10.73M | -5.63M |
| Cash from Financing | 38.86M | -60.7M | -265.8M | -261.06M | -737.8M | 954.86M | 18.45M | -27.62M | 125.41M | -61.93M | -164.75M | -19.9M | -1.98M | 617K | -33.09M | -3.95M | 49.05M | 21.24M | 4.08M | -13K |
| Debt Issued (Net) | 116.83M | 443.6M | 97.12M | 89.6M | -236.12M | 142.36M | 157.04M | 17.42M | 164.9M | -8.84M | -10.7M | -4M | 12.62M | 3.71M | -5.7M | 6.87M | 50.59M | 21.49M | 1.67M | 0 |
| Equity Issued (Net) | 0 | 0 | 3K | 0 | 0 | 870.99M | 0 | 0 | -610K | -14.72M | -39.65M | -224K | -1.93M | 0 | 0 | 0 | 0 | 883K | 0 | 0 |
| Dividends Paid | -77.97M | -155.98M | -319.05M | -319.98M | -459.98M | -42M | -50M | -41M | -12.97M | -32.04M | -80.67M | 0 | -5.88M | 0 | 0 | 0 | 0 | -1.13M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -610K | -14.72M | -39.65M | -224K | -1.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -11 | -348.31M | -43.87M | -30.68M | -41.7M | -16.49M | -88.59M | -4.04M | -25.91M | -6.33M | -33.72M | -15.68M | -6.79M | -3.1M | -27.39M | -10.83M | -9.06M | 0 | 2.42M | -13K |
| Net Change in Cash | 19.2M | -28.05M | -212.88M | -51.66M | -623.61M | 888.06M | 64.42M | 2.31M | 60.52M | -10.41M | -21.42M | -11.13M | 11.05M | 8.23M | -68.15M | -70.58M | -58.17M | -67.39M | -169.97M | -35.82M |
| Free Cash Flow | 23.16M | 59.33M | 11.02M | 94.95M | 154.34M | 132.52M | 43.94M | 7.67M | -45.37M | 39.57M | -18.88M | -12.97M | 20.47M | 32.08M | -15.03M | -36.78M | -110.39M | -91.98M | -163.32M | -30.18M |
| FCF Margin % | 4.38% | 39.06% | 1.08% | 7.9% | 11.27% | 18.51% | 8.06% | 1.44% | -15.25% | 23.01% | -12.78% | -3.56% | 12.56% | 13.25% | -9.63% | -46.24% | -300.43% | -260.68% | -359.82% | -4579.36% |
| FCF Growth % | -75.84% | 438.57% | -88.4% | -38.48% | 16.46% | 201.61% | 472.99% | 116.9% | -214.65% | 309.58% | -45.53% | -163.39% | -36.2% | 313.45% | 59.14% | 66.68% | -20.02% | 43.68% | -441.19% | - |
| FCF per Share | 0.23 | 0.59 | 0.11 | 0.93 | 1.55 | 1.86 | 0.74 | 0.14 | -0.80 | 0.69 | -0.34 | -0.22 | 0.35 | 0.55 | -0.26 | -0.63 | -1.89 | -1.57 | -2.80 | -0.52 |
| FCF Conversion (FCF/Net Income) | -0.89x | 5.78x | 0.35x | 0.58x | 0.39x | 0.48x | 0.58x | 0.29x | -0.02x | 2.38x | -1.68x | -0.06x | -1.71x | 1.23x | 1.92x | -2.21x | 3.12x | 17.51x | -6.35x | 1.85x |
| Interest Paid | 0 | 348.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying LND stock.
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) generated $139.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) generated $59.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) spent $80.0M 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, BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) returned $156.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Cyclical land divestment dependency
Earnings Quality Masked by Volatility
As reported in recent financial filings, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -60.51 in 2026Q2 to 42.62 in 2025Q3, reflecting the inherent difficulty in reconciling accounting profits with the timing of cash-heavy land transactions.
The extreme variance in the conversion ratio suggests that net income is a poor proxy for the company's actual cash-generating capacity. Investors should monitor these swings as they indicate that reported earnings are heavily influenced by non-cash fair value adjustments rather than consistent operational cash inflows.
FCF Volatility Reflects Asset Cycles
Based on the provided quarterly data, free cash flow trajectory remains highly unstable, oscillating between a peak of $180.1 million in 2025Q4 and a trough of -$182.6 million in 2024Q2, which underscores the company's dependence on lumpy, non-recurring land divestment events to fund operations.
The negative FCF margins observed in multiple quarters suggest that the core agricultural business is frequently unable to self-fund its operations. This pattern implies that the company's cash position is highly sensitive to the timing of property sales, creating significant periods of cash burn when divestment activity stalls.
Working Capital Swings Drive Liquidity
According to the cash flow statements, working capital changes are the primary driver of cash flow volatility, evidenced by a massive $358.6 million inflow in 2025Q4 followed by a $115.0 million outflow in 2026Q2, highlighting the impact of seasonal crop cycles and land sale receivables.
These dramatic shifts in working capital suggest that the company's liquidity is tied to the timing of harvest cycles and the collection of proceeds from land buyers. The lack of stability in these flows warrants further investigation into the company's credit terms and inventory management practices.
Capital Allocation Prioritizes Cash Preservation
As indicated by the financial data, management has maintained a conservative capital deployment strategy, with significant dividend payments of $75.8 million in 2026Q2 occurring despite negative operating cash flows, suggesting a reliance on existing cash reserves rather than current operational earnings to reward shareholders.
The decision to pay dividends during periods of negative cash flow may indicate management's confidence in the long-term value of the land bank. However, investors should monitor whether this strategy risks depleting the cash reserves necessary to fund future land transformation projects during market downturns.