Revenue growth remains highly erratic, characterized by a 133.7% surge in 2025Q1 followed by a 41.3% contraction in 2026Q1, while gross margins have struggled to remain positive, hitting a low of -0.3% in 2026Q1.
| 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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 17.06M | 19.46M | 11.56M | 9.29M | 20.96M | 12.44M | 7.54M | 10.04M | 11.04M | 24.38M | 47.36M | 22.79M | 33.01M | 15.21M | 16.16M | 14.54M | 41.95M | 50.35M | 78.83M | 154.07M | 178.9M | 186.68M | 153.25M | 168.67M | 155.47M | 172.58M | 140.1M | 146.2M | 142.5M | 130.5M | 136.34M |
| Revenue Growth % | 14.56% | 68.24% | 24.5% | -55.68% | 68.45% | 65.03% | -24.94% | -8.99% | -54.72% | -48.53% | 107.86% | -30.97% | 116.98% | -5.89% | 11.15% | -65.34% | -16.68% | -36.13% | -48.83% | -13.88% | -4.17% | 21.81% | -9.14% | 8.49% | -9.92% | 23.18% | -4.17% | 2.6% | 9.2% | -4.28% | 8.57% |
| Cost of Goods Sold | 12.92M | 13.81M | 7.59M | 6.55M | 6.17M | 5.6M | 4.93M | 5.44M | 6.92M | 7.03M | 13.2M | 7.91M | 8.34M | 10.36M | 8.04M | 10.56M | 29.72M | 47.88M | 80.88M | 92.56M | 104.74M | 109.95M | 107.4M | 109.35M | 116.58M | 118.69M | 93.97M | 93.5M | 94M | 90.2M | 75.28M |
| COGS % of Revenue | - | 70.96% | 65.6% | 70.48% | 29.44% | 45.01% | 65.33% | 54.19% | 62.66% | 28.84% | 27.88% | 34.71% | 25.26% | 68.1% | 49.74% | 72.59% | 70.84% | 95.09% | 102.59% | 60.08% | 58.55% | 58.9% | 70.08% | 64.83% | 74.99% | 68.77% | 67.07% | 63.95% | 65.96% | 69.12% | 55.22% |
| Gross Profit | 4.13M | 5.65M | 3.98M | 2.74M | 14.79M | 6.84M | 2.61M | 4.6M | 4.12M | 17.35M | 34.16M | 14.88M | 24.67M | 4.85M | 8.12M | 3.99M | 12.23M | 2.47M | -2.04M | 61.51M | 74.16M | 76.72M | 45.85M | 59.32M | 38.89M | 53.89M | 46.13M | 52.7M | 48.5M | 40.3M | 61.06M |
| Gross Margin % | 24.24% | 29.04% | 34.4% | 29.52% | 70.56% | 54.99% | 34.67% | 45.81% | 37.34% | 71.16% | 72.12% | 65.29% | 74.74% | 31.9% | 50.26% | 27.41% | 29.16% | 4.91% | -2.59% | 39.92% | 41.45% | 41.1% | 29.92% | 35.17% | 25.01% | 31.23% | 32.93% | 36.05% | 34.04% | 30.88% | 44.78% |
| Gross Profit Growth % | - | 42.03% | 45.08% | -81.46% | 116.12% | 161.78% | -43.2% | 11.67% | -76.24% | -49.22% | 129.61% | -39.69% | 408.43% | -40.28% | 103.81% | -67.42% | 394.86% | 221% | -103.32% | -17.05% | -3.35% | 67.35% | -22.71% | 52.54% | -27.84% | 16.81% | -12.46% | 8.66% | 20.35% | -33.99% | 11.74% |
| Operating Expenses | 8.92M | 10.2M | 11.33M | 7.71M | 5.18M | 5.21M | 5.17M | 5.4M | 6.44M | 6.46M | 10.69M | 5.55M | 5.02M | 5.39M | 6.78M | 11.61M | -12.09M | 38.34M | 58.91M | 54.45M | 58.47M | 52.87M | 44.97M | 50.29M | 44.41M | 38.52M | 43.12M | 43.3M | 40M | 40.7M | 58.6M |
| OpEx % of Revenue | - | 52.41% | 97.99% | 83.03% | 24.72% | 41.84% | 68.51% | 53.74% | 58.35% | 26.5% | 22.57% | 24.34% | 15.21% | 35.45% | 41.96% | 79.84% | -28.81% | 76.14% | 74.73% | 35.34% | 32.68% | 28.32% | 29.34% | 29.82% | 28.57% | 22.32% | 30.77% | 29.62% | 28.07% | 31.19% | 42.99% |
| Selling, General & Admin | 6.16M | 4.74M | 10.61M | 7.28M | 4.07M | 8.75M | 4.55M | 5M | 4.95M | 4.71M | 8.71M | 3.43M | 2.72M | 3.88M | 3.07M | 7.06M | 11.09M | 24.05M | 58.91M | 54.45M | 58.47M | 52.87M | 44.97M | 50.29M | 44.41M | 38.52M | 34.11M | 34.9M | 31.8M | 32.7M | 33.69M |
| SG&A % of Revenue | - | 24.38% | 91.73% | 78.37% | 19.43% | 70.32% | 60.37% | 49.8% | 44.85% | 19.3% | 18.38% | 15.06% | 8.24% | 25.51% | 19.01% | 48.57% | 26.44% | 47.77% | 74.73% | 35.34% | 32.68% | 28.32% | 29.34% | 29.82% | 28.57% | 22.32% | 24.35% | 23.87% | 22.32% | 25.06% | 24.71% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -4.78M | -4.55M | -7.35M | -4.97M | 9.61M | 1.64M | -2.55M | -796K | -4.5M | 11.09M | 23.47M | 9.33M | 19.91M | -1.58M | -1.48M | -7.28M | 21.77M | -35.87M | -71.59M | -1.39M | 15.69M | 23.85M | 878K | 9.02M | -5.53M | 15.36M | 3.02M | 9.4M | 8.5M | -400K | 2.45M |
| Operating Margin % | -28.04% | -23.37% | -63.59% | -53.51% | 45.83% | 13.16% | -33.85% | -7.92% | -40.74% | 45.49% | 49.55% | 40.96% | 60.31% | -10.37% | -9.18% | -50.08% | 51.89% | -71.23% | -90.81% | -0.9% | 8.77% | 12.78% | 0.57% | 5.35% | -3.55% | 8.9% | 2.15% | 6.43% | 5.96% | -0.31% | 1.8% |
| Operating Income Growth % | - | 38.17% | -47.94% | -151.74% | 486.87% | 164.15% | -220.6% | 82.3% | -140.54% | -52.75% | 151.5% | -53.12% | 1361.41% | -6.33% | 79.62% | -133.45% | 160.7% | 49.9% | -5042.96% | -108.87% | -34.23% | 2616.86% | -90.27% | 263.3% | -135.97% | 409.42% | -67.91% | 10.59% | 2225% | -116.31% | -38.64% |
| EBITDA | -3.6M | -3.41M | -6.63M | -4.19M | 10.72M | 2.94M | -1.15M | 700K | 8.5M | 23.9M | 49.02M | 11.64M | 22.42M | 1.29M | 1.74M | -3.25M | 30.26M | -10.84M | -58.46M | 10.48M | 28.06M | 38.12M | 10.92M | 21.21M | 5.55M | 25.59M | 12.02M | 17.8M | 16.7M | 7.6M | 11.06M |
| EBITDA Margin % | -21.11% | -17.54% | -57.34% | -45.06% | 51.16% | 23.61% | -15.25% | 6.97% | 77.03% | 98.05% | 103.5% | 51.08% | 67.92% | 8.49% | 10.73% | -22.38% | 72.12% | -21.53% | -74.16% | 6.8% | 15.69% | 20.42% | 7.12% | 12.57% | 3.57% | 14.83% | 8.58% | 12.18% | 11.72% | 5.82% | 8.11% |
| EBITDA Growth % | 48.51% | 48.54% | -58.41% | -139.04% | 264.98% | 355.48% | -264.29% | -91.77% | -64.43% | -51.24% | 321.13% | -48.08% | 1635.22% | -25.53% | 153.32% | -110.75% | 379.12% | 81.46% | -658.03% | -62.67% | -26.38% | 249.12% | -48.52% | 282.4% | -78.33% | 112.93% | -32.48% | 6.59% | 119.74% | -31.27% | -22.12% |
| D&A (Non-Cash Add-back) | 1.18M | 1.14M | 723K | 785K | 1.12M | 1.3M | 1.4M | 1.5M | 13M | 12.81M | 25.55M | 2.31M | 2.51M | 2.87M | 3.22M | 4.03M | 8.49M | 25.03M | 13.13M | 11.87M | 12.37M | 14.26M | 10.04M | 12.18M | 11.07M | 10.23M | 9M | 8.4M | 8.2M | 8M | 8.61M |
| EBIT | -3.43M | -10.03M | -6.59M | -2.29M | 2.83M | -3.1M | -3.23M | -1.81M | -4.5M | 11.09M | 23.47M | 9.33M | 19.91M | -540K | -1.24M | -7.25M | -4.29M | -82.56M | -62.85M | 7.06M | 15.69M | 23.85M | 878K | -6.6M | -6.27M | 15.5M | 3.02M | 9.4M | 8.5M | -400K | 2.45M |
| Net Interest Income | -529K | -553K | -796K | -789K | -6K | -122K | -134K | -198K | -156K | -190K | -1.66M | -2.52M | -2.27M | -2.49M | -2.56M | -2.4M | -7.35M | -9.96M | -1.88M | 985K | 1.37M | 443K | 23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.49M | 14K | 27K | 44K | 492K | 553K | 985K | 1.37M | 443K | 23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -4M | -10.58M | -7.39M | -3.08M | 1.79M | -3.2M | -2.27M | -2.01M | -4.65M | 10.9M | 21.81M | 6.81M | 17.64M | -3.03M | -3.81M | -9.68M | 12.41M | -93.01M | -92.31M | 13.78M | 10.94M | 23.29M | -985K | 6.48M | -9.21M | 11.01M | 364K | 7.4M | 5.5M | 1.4M | -1.12M |
| Pretax Margin % | -23.44% | -54.37% | -63.91% | -33.16% | 8.53% | -25.75% | -30.07% | -20.01% | -42.15% | 44.71% | 46.06% | 29.9% | 53.43% | -19.93% | -23.6% | -66.59% | 29.58% | -184.72% | -117.1% | 8.94% | 6.12% | 12.48% | -0.64% | 3.84% | -5.93% | 6.38% | 0.26% | 5.06% | 3.86% | 1.07% | -0.82% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | -5M | 0 | 0 | 0 | 0 | -1.87M | -354K | -134K | -251K | -4.58M | -12.92M | 5.77M | 3.72M | 8.72M | -528K | 2.61M | -3.51M | 3.44M | -88K | 2.7M | 1.2M | 500K | -376K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -248.71% | 107.46% | 0% | 0% | 0% | 0% | 61.6% | 9.28% | 1.38% | -2.02% | 4.93% | 13.99% | 41.86% | 33.96% | 37.45% | 53.6% | 40.32% | 38.05% | 31.25% | -24.18% | 36.49% | 21.82% | 35.71% | 33.48% |
| Net Income | -4M | -10.58M | -7.39M | -3.08M | 1.79M | -3.42M | -2.6M | -10.37M | 347K | 10.9M | 21.81M | 6.81M | 17.64M | -3.03M | -3.81M | 5.08M | 24.75M | -123.28M | -79.4M | 8.01M | 7.22M | 14.57M | -383K | 6M | -5.71M | 7.57M | 452K | 4.7M | 3.6M | 900K | -747K |
| Net Margin % | -23.44% | -54.37% | -63.91% | -33.16% | 8.53% | -27.49% | -34.54% | -103.2% | 3.14% | 44.71% | 46.06% | 29.9% | 53.43% | -19.93% | -23.6% | 34.92% | 59% | -244.83% | -100.71% | 5.2% | 4.04% | 7.8% | -0.25% | 3.56% | -3.67% | 4.39% | 0.32% | 3.21% | 2.53% | 0.69% | -0.55% |
| Net Income Growth % | 72.72% | -43.13% | -139.97% | -272.36% | 152.25% | -31.34% | 74.88% | -3087.32% | -96.82% | -50.03% | 220.18% | -61.37% | 681.82% | 20.55% | -175.13% | -79.48% | 120.08% | -55.27% | -1091.09% | 10.88% | -50.41% | 3903.92% | -106.39% | 205.04% | -175.44% | 1574.34% | -90.38% | 30.56% | 300% | 220.48% | 52.08% |
| Net Income (Continuing) | -4M | -10.58M | -7.39M | -3.08M | 1.79M | -3.2M | -2.27M | -7.01M | 347K | 10.9M | 21.81M | 6.81M | 17.64M | -3.03M | -3.81M | -9.55M | 12.66M | -88.43M | -79.4M | 8.01M | 7.22M | 14.57M | -457K | 2.22M | -6.02M | 7.72M | 452K | 4.7M | 4.3M | 900K | -747K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -216K | -337K | -3.36M | 151K | 0 | 0 | 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 | 611K | 206K | 6.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 538K | 517K | 504K | 5.33M | 1.19M | 570K | 404K | 400K | 0 | 0 | 0 |
| EPS (Diluted) | -0.20 | -0.54 | -0.38 | -0.16 | 0.09 | -0.17 | -0.12 | -0.37 | 0.02 | 0.57 | 1.15 | 0.36 | 0.94 | -0.16 | -0.20 | 0.27 | 1.99 | -15.33 | -9.98 | 1.02 | 0.98 | 1.99 | -0.05 | 0.83 | -0.79 | 1.05 | 0.06 | 0.65 | 0.50 | 0.12 | -0.10 |
| EPS Growth % | 73.33% | -42.11% | -137.5% | -277.78% | 152.94% | -41.67% | 67.57% | -2132.97% | -96.81% | -50.43% | 219.44% | -61.7% | 687.5% | 20% | -174.07% | -86.43% | 112.98% | -53.61% | -1078.43% | 4.08% | -50.75% | 3840.6% | -106.41% | 205.06% | -175.24% | 1650% | -90.77% | 30% | 316.67% | 220% | 54.55% |
| EPS (Basic) | - | -0.54 | -0.38 | -0.16 | 0.09 | -0.17 | -0.12 | -0.37 | 0.02 | 0.57 | 1.15 | 0.36 | 0.94 | -0.16 | -0.20 | 0.27 | 1.99 | -15.33 | -9.98 | 1.03 | 1.00 | 2.02 | -0.05 | 0.83 | -0.79 | 1.05 | 0.06 | 0.65 | 0.50 | 0.12 | -0.10 |
| Diluted Shares Outstanding | 19.98M | 19.98M | 19.6M | 19.7M | 19.4M | 19.4M | 19.28M | 19.2M | 19.09M | 19.02M | 18.95M | 18.84M | 18.77M | 18.7M | 18.62M | 18.54M | 12.43M | 8.04M | 7.96M | 7.86M | 7.35M | 7.31M | 7.2M | 7.2M | 7.2M | 7.2M | 7.2M | 5.85M | 7.19M | 7.5M | 7.11M |
| Basic Shares Outstanding | 19.98M | 19.98M | 19.6M | 19.6M | 19.86M | 19.4M | 19.28M | 19.2M | 19.09M | 19.12M | 18.97M | 18.84M | 18.77M | 18.7M | 18.62M | 18.54M | 12.43M | 8.04M | 7.96M | 7.8M | 7.26M | 7.23M | 7.2M | 7.2M | 7.2M | 7.2M | 7.2M | 5.85M | 7.19M | 7.5M | 7.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 198.89% | 19.15% | - | - | - |
Geographic concentration and regulatory
As indicated by recent quarterly filings, MLP experienced significant revenue volatility, including a 133.7% year-over-year surge in 2025Q1 followed by a 41.3% contraction in 2026Q1, highlighting the inherent unpredictability of project-based real estate sales versus the company's more stable, albeit smaller, recurring leasing and amenity revenue streams.
The erratic revenue trajectory suggests that MLP remains heavily reliant on the timing of discrete land transactions rather than a predictable operational cadence. Investors should monitor whether the recent contraction reflects a strategic pause in land sales or an inability to secure new entitlements in the current regulatory environment.
Based on reported financial statements, MLP's gross margins have fluctuated significantly, reaching a low of -0.3% in 2026Q1, which underscores the difficulty of maintaining profitability while managing extensive landholdings and utility infrastructure amidst rising operational costs and the absence of consistent high-margin real estate development activity.
The inability to maintain positive gross margins consistently suggests that the company's cost of stewardship and utility operations may be structurally misaligned with current revenue generation. This margin profile implies that the company is currently functioning more as a land custodian than a profitable real estate developer.
According to historical income statements, MLP consistently reports negative operating margins, with a peak deficit of -73.7% in 2024Q3, demonstrating that administrative and operating expenses frequently outpace gross profit, thereby preventing the realization of any meaningful operating leverage despite periodic spikes in top-line revenue growth.
The persistent gap between gross profit and operating income suggests that the company's fixed cost base is disproportionately high relative to its current operational scale. This indicates that management may struggle to achieve break-even status without a fundamental shift in either revenue volume or a significant reduction in administrative overhead.
As evidenced by the data, MLP's net income is highly erratic, swinging from a $240,000 profit in 2025Q3 to an $8.6 million loss in 2025Q1, a trend that appears driven by non-operating items and the lumpy nature of real estate accounting rather than sustainable core operational performance.
The presence of significant stock-based compensation in prior periods, such as the $3.0 million recorded in 2024Q4, further complicates the assessment of true earnings power. Investors should view reported net income with caution, as it likely masks the underlying cash-burn reality of the company's current business model.
While the company maintains a low debt-to-equity ratio of 0.14%, the persistent negative net margins, which reached -148.9% in 2025Q1, suggest that the market's focus on asset-backed valuation may be ignoring the significant cash-burn risks inherent in maintaining 23,000 acres of land without consistent income.
Short-sellers might argue that the company's reliance on land sales to fund operations is an unsustainable strategy that could lead to the depletion of cash reserves. The lack of operational profitability warrants investigation into whether the land bank's latent value can be unlocked before the current cash position is exhausted.
Quick answers to the most common questions about buying MLP stock.
For fiscal year 2025, Maui Land & Pineapple Company, Inc. (MLP) reported total revenue of $19.5M. This represents a 85.7% decline compared to $136.3M in 1996.
Maui Land & Pineapple Company, Inc. (MLP) reported a net loss of $10.6M for the fiscal year ending 2025.
Maui Land & Pineapple Company, Inc. (MLP) reported an operating income of $-4.5M, resulting in an operating profit margin of -23.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Maui Land & Pineapple Company, Inc. (MLP) generated $5.7M in gross profit for the year, representing a gross profit margin of 29.0%. This demonstrates the company's core pricing power and production efficiency.