GLADSTONE LAND Corp

LAND
About the company

Gladstone Land is a publicly traded real estate investment trust that owns farmland and farm-related properties located in major agricultural markets in the U.S. The Company currently owns 142 farms, comprised of approximately 98,000 acres in 14 different states and nearly 56,000 acre-feet (or over 18.1 billion gallons) of water assets in California.

Country: United StatesPrice: $6.88Market Cap: $297.9M

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

4

BUY / PASS

Neutral / negative

3 / 9

NEUTRAL / FAIL

Median fair value

$15.95

+131.8% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

LAND undervalued: all 2 models price fair value above $6.88 (median $15.95)

Key risk

No clean pass — all 8 investors flag at least one efficiency criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedPASSFAILPASSNEUTRALFAILFAILPASSNEUTRALFAILFAILFAILBUYNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/A+66.7%+38.7%N/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-24

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-10

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Where It Passes

  • Valuation models100% pass✓ 2▾

    LAND undervalued: all 2 models price fair value above $6.88 (median $15.95)

    Pabrai fair value$20.68
    ✓Pabrai+66.7% margin vs $6.88
    Akre fair value$11.22
    ✓Akre+38.7% margin vs $6.88

Where It Falls Short

  • Efficiency0% pass✓ 1✗ 10▾

    No clean pass — all 8 investors flag at least one efficiency criterion

    Current Ratio
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)1.6%
    ✗Buffett> 10%
    ROIC - WACC-8.4%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    Current Ratio Change YoY
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.06x -> 0.07x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗SleepROIC > 12% in a majority of years
  • Profitability6% pass✓ 5✗ 30▾

    15 of 16 flag LAND's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)4/16 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)12/16 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)1.4%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE0.4%
    ✗Lynch> 15%
    EBIT / Enterprise Value
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=None, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets1.09%
    ✓PiotroskiROA > 0
    ROA Change YoY1.01% -> 1.09% (delta: +0.08%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=0.56%, ROA=1.09%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY100.0% -> 89.1%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity0.4%
    ✗Dreman> 12%
    Margin of SafetyP/FFO=5.4x
    ✓PabraiP/FFO < 15
    Return on Equity2.0% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency12/15 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity0.4%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+0.83%; #3024/6340 (top 47.7%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+6.36%; #3031/3702 (top 81.9%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+0.37%; #2876/5226 (top 55.0%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0037; #390/5884 (top 6.6%)
    ✓AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years2/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth13% pass✓ 3✗ 10▾

    7 of 8 flag LAND's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency12/15 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth1.3%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency1/5 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR9.1%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Cash Flow17% pass✓ 2✗ 5▾

    5 of 6 flag LAND's cash flow — Buffett, Piotroski, Dreman +2 more

    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Operating Cash Flow$7.0M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=0.56%, ROA=1.09%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)37.4x
    ✗Dreman< 8x
    Positive Operating Cash Flow frequency14/15 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
  • Debt & Leverage25% pass✓ 5✗ 10▾

    9 of 12 flag LAND's debt & leverage — Graham, Buffett, Lynch +6 more

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.71, IC: N/A
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.74
    ✗Lynch< 0.33
    Cash - Long-term Debt$-486.1M
    ✗LynchPositive preferred
    LT Debt / Total Assets Change40.20% -> 38.22%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.74
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.74
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.74
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.7385; #2907/4210 (top 69.0%)
    ✗AsnessTop 30% of eligible cross-section
  • Verdicts31% pass✓ 4✗ 9▾

    Split decision: 9 FAIL · 3 PASS · 3 NEUTRAL · 1 BUY

    Overall verdict
    ✗GrahamFAIL (2/7)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✗DremanFAIL (3/10)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (0/6)✗MarksFAIL (3/5)✓AckmanPASS (4/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1175/2370 (Top 49.6%))✗NeffFAIL (2/6)✓SchlossBUY (5/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation38% pass✓ 12✗ 13▾

    8 of 13 flag LAND's valuation — Lynch, Greenblatt, Dreman +5 more

    Price / FFO per Share5.4x
    ✓Graham<= 15x✓Dreman< 12x✓Ackman<= 25
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=None, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / (CFO / Shares)37.4x
    ✗Dreman< 8x
    Valuation ReasonablenessOE Yield=18.4%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/FFO or FFO YieldP/FFO=5.4x, FFO Yield=16.1%
    ✓PabraiP/FFO < 15 or FFO Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.4x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / EPS
    ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price vs. Trailing Low100% of trailing low ($6.88)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Price / Book Value per Share0.4x
    ✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Net income / market capitalization+0.83%; #3024/6340 (top 47.7%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+2.2328; #609/6449 (top 9.4%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.39x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+22.9%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.3430; #3132/5247 (top 59.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-27.43%; #4300/6202 (top 69.3%)
    ✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Trading
SIC Sector: Holding & Investment Offices
Size: Micro Cap($297.9M)
Revenue: $88.3M+3.7% YoY
Net Income: $13.5M+1.8% YoY

Financial Snapshot

Operating Margin--
Return on Equity2.0%
Debt / Equity0.71
Current Ratio--
EPS (Diluted)$-0.29
Shares Retired−5.1% / −6.1% 2y

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Sector-adjusted criteria: REIT

Depreciation distorts REIT earnings and book value, so FFO-based criteria replace P/E and free-cash-flow tests, and P/B tests are omitted.

Shareholder Return

Fiscal 2025

Issued 5.1% of shares last year, 6.1% issued over two.

Buybacks
—
Dividends
$20.5M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, interest expense, operating cash flow, depreciation amortization, dividends paid.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, dividends paid.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, dividends paid.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-02-24
FY 2024
Sources
  • 10-K · 2025-02-19
FY 2023
Sources
  • 10-K · 2024-02-20
FY 2022
Sources
  • 10-K · 2023-02-21
FY 2021
Sources
  • 10-K · 2022-02-22
Market Cap$297.9Mcurrent------$423.9Mest.$393.0Mest.$444.9Mest.$590.5Mest.$862.0Mest.
Revenue$102.2M↑50%$31.5M↑77%$12.7M↑3%$16.6M↓1%$88.3M↑4%$85.2M↓6%$90.4M↑1%$89.2M↑18%$75.3M
Operating Income------------------
Net Income$2.5M↓75%$11.0M↑428%-$8.5M↓7%-$4.3M↓128%$13.5M↑2%$13.3M↓9%$14.6M↑209%$4.7M↑35%$3.5M
EPS (Diluted)--$0.14↑227%$-0.32↑16%$-0.24↓196%$-0.29$-0.29↓4%$-0.28↑35%$-0.43↓48%$-0.29
Gross Margin————89.1%↓11%100.0%100.0%——
Operating Margin—————————
ROE0.4%↓75%———2.0%↑4%1.9%↓4%2.0%↑214%0.6%↑8%0.6%
Total Debt$491.1M↑2%$491.1M↑2%$486.0M↓2%$484.2M↓3%$473.6M↓10%$527.5M↓8%$574.1M↓8%$626.5M↓6%$668.0M
Shareholders' Equity$665.0M$665.0M$673.1M$688.3M$670.3M↓2%$687.2M↓5%$719.6M↓2%$731.4M↑25%$586.8M
Current Ratio—————————
Debt / Equity0.74↑2%0.74↑2%0.72↓3%0.70↓3%0.71↓8%0.77↓4%0.80↓7%0.86↓25%1.14
Operating Cash Flow$34.2M↑330%-$5.6M↑53%$19.9M↑405%$9.3M↑108%$7.0M↓76%$29.5M↓26%$40.1M↓8%$43.8M↑35%$32.4M
Free Cash Flow------------------

Score history

Historical Score Timeline

Industry peers

Industry Peers

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Revenue$88.3MBottom 25%
Net Income$13.5MBottom 25%
ROE2.0%Bottom 25%
D/E0.71Median
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