MeritValue

GLADSTONE LAND Corp

LANDdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

GLADSTONE LAND Corp earns about 1% on equity, but has diluted owners by 20% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $3.77 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$75.3M1$89.2M2$03$03$12.2M3
Net income$3.5M4$4.71M5$14.6M6$13.3M6$13.5M6
Operating cash flow$32.4M7$43.8M8$40.1M9$29.5M9$6.99M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$668M10$626.5M11$574.1M12$527.5M13$473.6M13
Cash & equivalents$16.7M14$61.1M15$18.6M16$18.3M17$27.2M17
Diluted shares30.4M34.6M35.7M35.9M36.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$183.61
your share of equity
Profit it earned you last year
$3.71
Free cash flow it threw off
—
Debt you’d be carrying
$129.74

10 shares is a claim on $183.61 of net worth that earned you $3.71 last year, against $129.74 of debt.

iii. Is this a good business?
Moat signal · return on equity
1% avg · 5y
FY21 1%FY22 1%FY23 2%FY24 2%FY25 2%

It earned an average 1% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+20% shares · 5y

Share count is up 20% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 29% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$3.77
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$13.3M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001495240-24-000004 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001495240-25-000005 (Revenues)
  3. 10-K/A · period ending 2023-12-31 · accession 0001495240-26-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001495240-24-000004 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001495240-25-000005 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-12-31 · accession 0001495240-26-000011 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001495240-24-000004 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001495240-25-000005 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2023-12-31 · accession 0001495240-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001495240-23-000005 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001495240-24-000004 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001495240-25-000005 (LongTermDebt)
  13. 10-K/A · period ending 2024-12-31 · accession 0001495240-26-000011 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001495240-23-000005 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001495240-24-000004 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001495240-25-000005 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A · period ending 2024-12-31 · accession 0001495240-26-000011 (CashAndCashEquivalentsAtCarryingValue)