Operational performance remains strained by the absence of major land sales, leading to a 26.2% negative operating margin in 2026Q3 and a sharp 84.2% decline in quarterly revenue.
| 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 |
|---|
| Sales/Revenue | 426.76M | 151.91M | 1.02B | 1.2B | 1.37B | 716.05M | 544.84M | 533.09M | 297.57M | 171.97M | 147.79M | 364.78M | 163.01M | 242.12M | 156.13M | 79.54M | 36.74M | 35.28M | 45.39M | 659K |
| Revenue Growth % | -72.78% | -85.08% | -15.25% | -12.21% | 91.17% | 31.42% | 2.2% | 79.15% | 73.03% | 16.36% | -59.49% | 123.78% | -32.67% | 55.08% | 96.28% | 116.48% | 4.14% | -22.26% | 6787.56% | - |
| Cost of Goods Sold | 319.81M | 96.07M | 706.52M | 807.99M | 592.92M | 201.8M | 323.44M | 296.9M | 141.82M | 124.1M | 143.43M | 160.7M | 149.34M | 168.35M | 136.45M | 39.73M | 48.45M | 35.91M | 30.06M | 0 |
| COGS % of Revenue | - | 63.24% | 69.37% | 67.24% | 43.32% | 28.18% | 59.37% | 55.69% | 47.66% | 72.16% | 97.05% | 44.05% | 91.61% | 69.53% | 87.4% | 49.94% | 131.85% | 101.76% | 66.23% | - |
| Gross Profit | 106.95M | 55.84M | 311.89M | 393.74M | 775.92M | -35.82M | 221.39M | 236.19M | 155.74M | 47.88M | 4.36M | 204.08M | 13.67M | 73.77M | 19.68M | 39.82M | -11.7M | -621K | 15.33M | 659K |
| Gross Margin % | 25.06% | 36.76% | 30.63% | 32.76% | 56.68% | -5% | 40.63% | 44.3% | 52.34% | 27.84% | 2.95% | 55.95% | 8.39% | 30.47% | 12.6% | 50.06% | -31.85% | -1.76% | 33.77% | 100% |
| Gross Profit Growth % | - | -82.1% | -20.79% | -49.26% | 2265.94% | -116.18% | -6.26% | 51.65% | 225.3% | 999.33% | -97.87% | 1392.55% | -81.46% | 274.87% | -50.58% | 440.28% | -1784.38% | -104.05% | 2225.95% | - |
| Operating Expenses | 87.84M | 50.91M | 126.08M | 117.92M | 85.75M | 97.41M | 57.11M | 50.35M | 44.93M | 43.19M | 28.86M | 39.58M | 40.33M | 46.8M | 32.91M | 29.25M | 31.66M | 22.93M | 20.32M | 12.79M |
| OpEx % of Revenue | - | 33.51% | 12.38% | 9.81% | 6.26% | 13.6% | 10.48% | 9.44% | 15.1% | 25.12% | 19.53% | 10.85% | 24.74% | 19.33% | 21.08% | 36.77% | 86.17% | 64.98% | 44.78% | 1941.58% |
| Selling, General & Admin | 67.97M | 19.16M | 101.72M | 92.3M | 81.82M | 74.8M | 58.19M | 43.47M | 39.19M | 32.38M | 25.63M | 33.34M | 35.37M | 38.08M | 31.78M | 28.33M | 24.61M | 22.39M | 19.78M | 12.39M |
| SG&A % of Revenue | - | 12.61% | 9.99% | 7.68% | 5.98% | 10.45% | 10.68% | 8.15% | 13.17% | 18.83% | 17.34% | 9.14% | 21.7% | 15.73% | 20.36% | 35.62% | 66.96% | 63.45% | 43.58% | 1880.73% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.78M | 31.75M | 24.36M | 25.62M | 3.93M | 22.6M | -1.08M | 1M | -98K | 10.82M | 5.04M | 6.24M | 4.96M | 8.72M | 1.13M | 918K | 7.06M | 540K | 542K | 401K |
| Operating Income | 19.11M | 4.93M | 185.81M | 275.82M | 690.18M | -110.63M | 164.28M | 186.88M | 160.81M | -185K | -25.02M | 157.93M | -27.36M | 26.97M | -13.22M | 10.57M | -27.59M | 4.11M | 18.55M | 26.79M |
| Operating Margin % | 4.48% | 3.24% | 18.24% | 22.95% | 50.42% | -15.45% | 30.15% | 35.06% | 54.04% | -0.11% | -16.93% | 43.3% | -16.79% | 11.14% | -8.47% | 13.29% | -75.07% | 11.63% | 40.87% | 4065.25% |
| Operating Income Growth % | - | -97.35% | -32.64% | -60.04% | 723.88% | -167.34% | -12.09% | 16.21% | 87025.95% | 99.26% | -115.84% | 677.18% | -201.47% | 304% | -225.05% | 138.32% | -772.01% | -77.87% | -30.75% | - |
| EBITDA | 37.76M | 18.03M | 265.98M | 364.31M | 772.79M | -623K | 224.53M | 209.95M | 184.03M | 14.84M | -3.06M | 180.16M | -26.25M | 54.96M | 14.18M | 24.7M | -31.47M | 8.74M | 21.38M | 27.19M |
| EBITDA Margin % | 8.85% | 11.87% | 26.12% | 30.32% | 56.46% | -0.09% | 41.21% | 39.38% | 61.85% | 8.63% | -2.07% | 49.39% | -16.1% | 22.7% | 9.08% | 31.05% | -85.63% | 24.78% | 47.1% | 4126.1% |
| EBITDA Growth % | -94.89% | -93.22% | -26.99% | -52.86% | 124143.5% | -100.28% | 6.94% | 14.08% | 1139.96% | 584.56% | -101.7% | 786.44% | -147.75% | 287.64% | -42.59% | 178.49% | -459.86% | -59.1% | -21.37% | - |
| D&A (Non-Cash Add-back) | 18.65M | 13.1M | 80.17M | 88.49M | 82.61M | 110M | 60.25M | 23.08M | 23.22M | 15.03M | 21.96M | 22.22M | 1.12M | 28M | 27.4M | 14.13M | -3.88M | 4.64M | 2.83M | 401K |
| EBIT | 58.65M | 4.93M | 258.74M | 333.24M | 705.36M | 326.82M | 158.78M | 217.97M | 181.03M | 42.22M | 17.64M | 211.65M | -19.36M | 34.83M | -11.48M | 28.14M | -21.23M | -24.04M | 25.27M | 30.34M |
| Net Interest Income | 13.7M | -20.67M | -36M | -1.25M | 1.7M | -18.76M | -12.17M | -3.54M | -2.12M | 18.32M | 42.09M | 13.72M | 3.88M | 3.46M | 12.95M | 13.06M | 15.78M | 27.64M | 35.99M | 56.63M |
| Interest Income | 151.88M | 3.62M | 31.22M | 50.27M | 69.74M | 1.74M | 2.01M | 1.59M | 14.8M | 20.26M | 192.64M | 4.64M | 40.05M | 16.63M | 38.07M | 25.74M | 21.97M | 2.22M | 330K | 286K |
| Interest Expense | 138.18M | 24.29M | 67.22M | 51.53M | 68.04M | 20.49M | 14.18M | 5.13M | 30.14M | 8.96M | 154.27M | 13.89M | 41.61M | 9.54M | 44.3M | 16.46M | 8.37M | 4.67M | 6.72M | 3.55M |
| Other Income/Expense | -99.45M | 16.85M | 5.71M | 5.89M | -52.86M | 408.76M | -30.75M | 12.92M | 42.08M | 33.44M | 42.29M | 30.01M | -1.56M | -591K | -6.23M | 9.28M | 17.79M | 0 | 0 | 0 |
| Pretax Income | -80.34M | 21.78M | 191.51M | 281.71M | 637.32M | 298.13M | 133.53M | 199.8M | 152.26M | 33.26M | 13.35M | 190.57M | -28.92M | 26.38M | -19.45M | 19.85M | -27.59M | 3.6M | 18.55M | 26.79M |
| Pretax Margin % | -18.83% | 14.34% | 18.81% | 23.44% | 46.56% | 41.64% | 24.51% | 37.48% | 51.17% | 19.34% | 9.04% | 52.24% | -17.74% | 10.89% | -12.45% | 24.95% | -75.07% | 10.19% | 40.87% | 4065.25% |
| Income Tax | -48.71M | -2.34M | -35.35M | 13.17M | 117.22M | -19.52M | 13.97M | 22.72M | 25.92M | 5.95M | 2.78M | 9.76M | -15.56M | -2.35M | -12.85M | 5.19M | 605K | 3.18M | 13.29M | 9.62M |
| Effective Tax Rate % | 60.63% | -10.73% | -18.46% | 4.68% | 18.39% | -6.55% | 10.47% | 11.37% | 17.02% | 17.89% | 20.83% | 5.12% | 53.8% | -8.91% | 66.06% | 26.13% | -2.19% | 88.52% | 71.63% | 35.91% |
| Net Income | -31.63M | 24.12M | 226.87M | 268.54M | 520.1M | 317.65M | 119.55M | 177.08M | 126.34M | 27.31M | 10.57M | 180.81M | -13.36M | 28.73M | -5.57M | 14.74M | -16.87M | 950K | 5.54M | 17.16M |
| Net Margin % | -7.41% | 15.88% | 22.28% | 22.35% | 38% | 44.36% | 21.94% | 33.22% | 42.46% | 15.88% | 7.15% | 49.57% | -8.2% | 11.86% | -3.57% | 18.53% | -45.91% | 2.69% | 12.21% | 2603.79% |
| Net Income Growth % | -105.63% | -89.37% | -15.52% | -48.37% | 63.74% | 165.69% | -32.49% | 40.16% | 362.61% | 158.32% | -94.15% | 1453.17% | -146.51% | 615.56% | -137.79% | 187.4% | -1875.58% | -82.86% | -67.71% | - |
| Net Income (Continuing) | -31.63M | 24.12M | 226.87M | 268.54M | 520.1M | 317.65M | 119.55M | 177.08M | 126.34M | 27.31M | 7.99M | 186.36M | -13.36M | 28.73M | -6.6M | 14.66M | -19.49M | 950K | 5.26M | 17.17M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | -0.32 | 1.38 | 2.27 | 2.62 | 5.23 | 4.45 | 2.01 | 3.27 | 2.22 | 0.47 | 0.19 | 3.10 | -0.23 | 0.49 | -0.10 | 0.25 | -0.29 | 0.02 | 0.09 | 0.29 |
| EPS Growth % | -117.42% | -39.21% | -13.36% | -49.9% | 17.53% | 121.39% | -38.53% | 47.3% | 372.34% | 147.37% | -93.87% | 1447.83% | -146.94% | 613.63% | -138.16% | 186.21% | -1879.14% | -82.81% | -67.31% | - |
| EPS (Basic) | - | 1.39 | 2.28 | 2.62 | 5.26 | 4.56 | 2.03 | 3.29 | 2.22 | 0.48 | 0.19 | 3.10 | -0.23 | 0.49 | -0.10 | 0.25 | -0.29 | 0.02 | 0.09 | 0.29 |
| Diluted Shares Outstanding | 99.62M | 100.16M | 100.07M | 102.38M | 99.36M | 71.42M | 59.34M | 54.11M | 56.91M | 57.59M | 54.88M | 58.26M | 58.42M | 58.45M | 58.42M | 58.42M | 58.42M | 58.42M | 58.42M | 58.42M |
| Basic Shares Outstanding | 99.62M | 100.16M | 99.61M | 102.38M | 98.84M | 69.64M | 58.81M | 53.8M | 56.91M | 57.24M | 54.88M | 58.23M | 58.1M | 58.42M | 58.42M | 58.42M | 58.42M | 58.42M | 58.42M | 58.42M |
| Dividend Payout Ratio | - | 646.8% | 140.63% | 119.16% | 88.44% | 13.22% | 41.82% | 23.15% | 10.27% | 117.33% | 763.04% | - | - | - | - | - | - | 118.74% | - | - |
Cyclical land divestment dependency
As reported in recent financial statements, LND experienced a significant 85.08% year-over-year revenue decline, a trend that highlights the company's reliance on opportunistic land sales rather than consistent agricultural output to drive top-line growth during periods where no major property divestments are successfully executed.
The extreme volatility in quarterly revenue suggests that investors should view the top line as a function of real estate liquidity rather than operational scale. This pattern implies that the company's growth trajectory is inherently non-linear and tied to the timing of asset monetization.
According to the latest income statement data, the company's operating margin has compressed to 3.24%, indicating that the core agricultural business struggles to maintain profitability when the high-margin land divestment segment is inactive, leaving the firm vulnerable to rising input costs and commodity price fluctuations.
The sharp contraction in gross margins from historical highs suggests that the current agricultural cost structure is not sufficiently optimized to support the firm during non-divestment quarters. This warrants further investigation into whether the company's farming operations are merely a holding strategy rather than a primary profit center.
Based on the provided figures, LND's operating income has failed to scale with gross profit, as evidenced by the negative operating margins observed in recent quarters, suggesting that administrative overhead remains a persistent burden that is not easily adjusted in response to the cyclical nature of revenue.
The inability to maintain positive operating leverage during periods of lower revenue suggests that the company's SG&A structure is relatively rigid. Investors should monitor whether management can implement more flexible cost controls to protect the bottom line during the inevitable troughs of the land-sale cycle.
As indicated by the recent shift to negative net income, the company's reliance on lumpy capital gains may mask underlying operational inefficiencies, raising concerns that the current business model could face liquidity risks if the land market in the Brazilian Cerrado experiences a prolonged period of stagnation.
Short-sellers might focus on the fact that the core farming operations appear to be a net drain on cash flow without the periodic boost from land sales. This suggests that the company's long-term value proposition is entirely dependent on its ability to continue identifying and divesting land at a premium.
Quick answers to the most common questions about buying LND stock.
For fiscal year 2025, BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) reported total revenue of $151.9M. This represents a 22951.0% increase compared to $0.7M in 2007.
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) is profitable, generating $24.1M in net income for the fiscal year ending 2025 with a net profit margin of 15.9%.
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) reported an operating income of $4.9M, resulting in an operating profit margin of 3.2%. This margin reflects the operational efficiency of the business before interest and taxes.
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) generated $55.8M in gross profit for the year, representing a gross profit margin of 36.8%. This demonstrates the company's core pricing power and production efficiency.