Gladstone Land (LAND) AI Stock Analysis

• Market Cap: $436.35M
• Dividend Yield: 6.36%
• Average Volume (3M): 675.86K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.42
• Revenue Growth: -23.25%
• EPS Growth: -51.02%
• Country: US
• Employees: 70
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Industrial
• EPS (TTM): -0.05
• Shares Outstanding: 41,438,408
• 10 Day Avg. Volume: 476,035
• 30 Day Avg. Volume: 675,864
• PEG Ratio: 0.00
• Price to Book (P/B): 0.50
• Price to Sales (P/S): 4.39
• P/FCF Ratio: -1.99K
• Enterprise Value/Market Cap: 2.19
• Enterprise Value/Revenue: 10.82
• Enterprise Value/Gross Profit: 14.36
• Enterprise Value/Ebitda: 16.15
• 1Y Price Target: $11.83
• Price Target Upside: 12.35% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): -0.45
• Revenue Forecast (FY): $76.76M

• Rating: 57 Neutral
• Price Target: $11.50 ▲(9.21% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is held back primarily by weaker financial performance (2025 net loss and sharply lower operating cash flow) and earnings-call risks (AFFO decline, rent restructuring, vacancies, and loan reset exposure). These are partly offset by strong technical uptrend signals and a supportive dividend yield alongside improved balance-sheet flexibility.

Positive Factors

Scale of farmland portfolio

Large, diversified acreage and material water holdings give Gladstone Land durable operating scale and structural exposure to farmland fundamentals. Owning 99k acres across 14 states spreads production and tenant risk, supports recurring rent streams, and creates optionality via water sales/banking over multiple years.

Strengthened balance sheet

Material equity and a reported zero debt position in 2025 materially improve financial flexibility. With a sizable asset base, the company can fund operations, absorb crop timing variability, pursue opportunistic sales, or redeploy capital without immediate refinancing pressure.

Ample liquidity and active capital management

Significant available liquidity and unpledged collateral plus recent ATM issuance to manage preferred obligations demonstrate proactive capital stewardship. This cushion supports dividend continuity, funds near-term working capital needs tied to crop timing, and allows selective balance-sheet actions.

Negative Factors

Net loss to common shareholders (2025)

A meaningful net loss to common holders signals that reported GAAP results did not translate into shareholder profitability in 2025. Persistent or recurring GAAP losses can constrain retained capital, pressure dividends over time, and weaken confidence in long-run earnings quality.

Sharp drop in operating cash flow

Operating cash flow declined materially year-over-year, reducing the company's internal funding capacity. Lower cash generation increases dependence on asset sales or equity issuance to fund obligations and limits the ability to absorb timing mismatches between farming costs and crop receipts.

Reduced fixed base rents from lease restructuring

Shifting leases from fixed base rents to participation structures materially lowers predictable cash rents and raises revenue volatility tied to crop prices and yield timing. This structural change can compress stable income, complicate cash flow forecasting, and increase earnings sensitivity to agricultural cycles.

Gladstone Land Business Overview & Revenue Model

Company Description

Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 127 farms, comprised of approximately 94,000 acres in 13 different states, valued at approximately $1.0 billion. Gladstone Land's farms are predominantly located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually. The Company also owns farms growing permanent crops, such as almonds, apples, figs, olives, pistachios, and other orchards, as well as blueberry groves and vineyards, which are generally planted every 10 to 20-plus years and harvested annually. The Company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. The Company pays monthly distributions to its stockholders and has paid 93 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The Company has increased its common distributions 20 times over the prior 23 quarters, and the current per-share distribution on its common stock is $0.0449 per month, or $0.5388 per year.

How the Company Makes Money

Gladstone Land makes money primarily by generating rental income from leasing its farmland and related agricultural real estate to tenant farmers and operators. Its core revenue stream is base rent paid under lease contracts (often structured as long-term leases), which provides recurring cash flow tied to the tenants’ right to use the land for agricultural production. In some cases, leases may include variable or participation components (for example, rent adjustments or revenue-sharing features tied to crop economics), but specific prevalence and terms vary by property and are not uniformly disclosed. Beyond rental income, the company can generate additional earnings through farmland value appreciation realized via property sales (capital gains), though this is typically opportunistic rather than the primary ongoing revenue engine for a farmland REIT. As a REIT, the company’s ability to pay dividends and grow is influenced by its cost of capital and access to financing (equity issuance and debt), which affects how profitably it can acquire new farmland and expand its rent-producing asset base. Specific significant partnerships: null.

Gladstone Land Financial Statement Overview

Summary

Mixed fundamentals: uneven revenue with a 2025 rebound, but profitability deteriorated as net income turned into a 2025 net loss (-$10.5M) and operating cash flow fell sharply ($7.0M vs $29.5M in 2024). Balance sheet leverage improved materially (including zero reported debt in 2025), but returns weakened and financial consistency is a concern.

Income Statement

Revenue growth has been uneven: strong gains in 2020–2022, modest in 2023, a decline in 2024, and a rebound in 2025 (+11.98%). Profitability is a key concern—despite consistently high gross profit margins, net income swung from solidly positive in 2023–2024 to a net loss in 2025 (-$10.5M), pushing net margin negative. EBITDA remains sizable, but the earnings volatility and the 2025 loss weigh on overall quality.

Balance Sheet

Leverage improved materially over time, with debt-to-equity declining from 1.63 (2020) to ~0.77–0.80 (2023–2024), and 2025 showing zero reported debt, which strengthens financial flexibility if accurate. Equity is substantial ($670M in 2025) against a $1.24B asset base. The main weakness is returns: return on equity was modestly positive in 2023–2024 but turned negative in 2025 alongside the loss, highlighting that balance-sheet strength isn’t consistently translating into shareholder profitability.

Cash Flow

Cash generation weakened sharply in 2025, with operating cash flow falling to $7.0M from $29.5M in 2024, and free cash flow also only $7.0M. While free cash flow growth appears extremely high in 2025, that’s largely a rebound effect from a low prior base and doesn’t offset the absolute cash flow drop. Historically, operating cash flow generally exceeded net income (2022–2024), but 2025’s cash flow is low while earnings turned negative, signaling reduced cash cushion and higher sensitivity to operating conditions.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	76.13M	85.22M	90.40M	89.24M	75.32M
Gross Profit	66.54M	79.88M	86.20M	86.42M	72.78M
EBITDA	44.09M	70.29M	75.48M	65.91M	55.70M
Net Income	-10.48M	13.29M	14.56M	4.71M	3.50M
Balance Sheet
Total Assets	1.24B	1.31B	1.39B	1.46B	1.35B
Cash, Cash Equivalents and Short-Term Investments	27.18M	18.27M	18.57M	61.14M	16.71M
Total Debt	537.91M	527.52M	574.11M	626.50M	667.98M
Total Liabilities	568.89M	625.01M	667.71M	725.89M	762.48M
Stockholders Equity	670.29M	687.18M	719.61M	731.36M	586.82M
Cash Flow
Free Cash Flow	-168.00K	24.35M	27.28M	23.66M	26.26M
Operating Cash Flow	6.99M	29.55M	40.08M	43.79M	32.38M
Investing Cash Flow	84.07M	63.31M	-3.77M	-85.48M	-295.00M
Financing Cash Flow	-82.16M	-93.15M	-78.88M	86.13M	270.11M

Gladstone Land Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 10.53
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LAND, the sentiment is Neutral. The current price of 10.53 is below the 20-day moving average (MA) of 11.76, below the 50-day MA of 10.91, and above the 200-day MA of 9.59, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 36.71 is Neutral, neither overbought nor oversold. The STOCH value of 8.95 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for LAND.

Gladstone Land Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IIPR	78 Outperform	$1.45B	11.59	6.29%	13.07%	-11.22%	-24.64%
STAG	71 Outperform	$7.00B	25.24	7.85%	4.02%	9.62%	31.08%
LXP	68 Neutral	$2.75B	25.58	5.49%	5.33%	6.98%	465.32%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
LAND	57 Neutral	$436.35M	-31.86	2.01%	6.36%	-23.25%	-51.02%
ILPT	51 Neutral	$384.59M	-5.52	-12.96%	2.20%	1.08%	14.30%

Gladstone Land Corporate Events

Gladstone Land Reclassifies Preferred Stock to Common Shares

On March 12, 2026, Gladstone Land Corporation reclassified 1,185,000 authorized but unissued shares of its 5.00% Series D Cumulative Term Preferred Stock into additional shares of common stock. Following this move, the company’s authorized capital consisted of 52,017,888 common shares and specified amounts of its remaining Series B, Series C, and Series E preferred shares.

The reclassification did not increase the company’s total authorized capital but shifted the mix toward common equity, which may give Gladstone Land more flexibility in issuing common shares for future corporate needs. This capital structure adjustment refines the balance between common and preferred stock without expanding overall authorization, potentially affecting how the company finances growth and manages shareholder interests.

The most recent analyst rating on (LAND) stock is a Hold with a $12.00 price target. To see the full list of analyst forecasts on Gladstone Land stock, see the LAND Stock Forecast page.

Gladstone Land Redeeming and Delisting Series D Preferred

On January 6, 2026, Gladstone Land Corporation announced it would redeem all outstanding shares of its 5.00% Series D Cumulative Term Preferred Stock at a redemption price of $25.100695 per share, including accrued and unpaid dividends through but excluding January 30, 2026, which has been set as the redemption date. Following the redemption, the Series D preferred shares will cease to be outstanding, all associated rights will terminate other than the right to receive the redemption payment, and the issue will be delisted from trading on the Nasdaq Global Market, marking a clean exit of this preferred series from the company’s capital structure and affecting holders who will be cashed out of the security.

The most recent analyst rating on (LAND) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Gladstone Land stock, see the LAND Stock Forecast page.