MeritValue

MAUI LAND & PINEAPPLE CO INC

MLPdata completeness 88%16 fiscal years on file
The thesis, from the filings

MAUI LAND & PINEAPPLE CO INC earns about -14% on equity, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.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$12.4M1$21M2$9.29M3$11.6M4$19.5M4
Net income−$3.42M5$1.79M6−$3.08M7−$7.39M8−$10.6M8
Operating cash flow$1.39M9$6.26M10−$1.37M11$370,00012$2.08M12
Capital expenditure$103,00013$33,00014$819,00015$1.87M16$2.56M16
Free cash flow (derived)$1.28M9$6.23M10−$2.19M11−$1.5M12−$484,00012
Total debt$017————
Cash & equivalents$5.6M18$8.5M19$5.7M20$6.84M21$5.3M21
Diluted shares19.4M19.4M19.7M19.6M19.7M

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
$16.78
your share of equity
Profit it earned you last year
−$5.37
Free cash flow it threw off
−$0.25
Debt you’d be carrying
—

10 shares is a claim on $16.78 of net worth that earned you −$5.37 and generated −$0.25 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-14% avg · 5y
FY21 -14%FY22 5%FY23 -9%FY24 -22%FY25 -32%

It earned an average -14% 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
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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 0001437749-23-007690 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001437749-25-004460 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-010266 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010765 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-007690 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001437749-25-004460 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-010266 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010765 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-007690 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001437749-25-004460 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-010266 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010765 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-007690 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001437749-25-004460 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-24-009834 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-010765 (PaymentsToAcquireProductiveAssets)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-22-004848 (LongTermDebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001437749-23-007690 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2022-12-31 · accession 0001437749-25-004460 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001437749-25-010266 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001437749-26-010765 (CashAndCashEquivalentsAtCarryingValue)