Gladstone Land Corporation Financial Ratios — LANDM Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	0.08	7.66	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	0.02	1.63	-1.82	-0.1	0.3	0.16	-0.01	0.51	0.25	0.52	0.29	0.34	1.02	0.98	1.06
Return on Capital (%)	1.24	3.6	-14.8	- -	4.42	3.81	- -	4.84	4.75	5.03	4.9	5.52	8.11	8.98	10.8
Return on Invested Capital (%)	2.03	3.87	-9.6	- -	2.75	2.84	- -	2.59	3.02	3.13	2.8	2.66	2.53	2.5	2.08
Gross Margin (%)	97.15	96.53	97.04	93.95	93.25	95.46	94.73	94.43	93.92	96.76	96.63	96.84	95.35	93.74	81.57
EBITDA Margin (%)	62.48	74.61	55.31	53.67	68.47	72.12	74.09	58.57	78.88	77.77	78.35	78.7	78.25	78.03	67
Operating Margin (%)	45.42	60.61	37.42	29.51	42.32	42.17	45.28	33.01	47.44	48.48	42.09	38.97	37.04	36.82	27.78
Incremental Operating Margin (%)	-39.98	166.18	-84	19.36	61.82	41.84	52.2	6.36	179.63	51.07	22.16	22.06	-111.1	40.58	-219.05
Pretax Margin (%)	0.46	26.56	7.31	-1.37	4.78	2.73	-0.14	7.54	4.33	8.69	4.67	5.28	16.11	15.6	15.31
Profit Margin (%)	0.21	17.71	-30.33	-1.74	4.78	2.59	-0.12	7.17	4.28	8.64	4.64	5.28	16.11	15.6	15.31
Net Income to Common Margin (%)	0.21	17.71	-30.33	-1.74	4.78	2.59	-0.12	6.13	-6.14	-7.63	-11.6	-16.79	-10.85	-12.86	-11.86
Effective Tax Rate (%)	54.71	33.34	515.08	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	16,361.14	- -	-794.5	-1,964.95	713.36	994.98	-17,213.51	327.81	-401.55	-273.33	-194.61	-115.36	-211.29	-183.33	-195.3
Sustainable Growth Rate (%)	-12.57	7.66	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	24	31	43	86	142	207	301	336	482	624	668	626	574	528	474
ST Debt	1	- -	- -	4	- -	17	10	- -	- -	- -	- -	- -	- -	4	- -
LT Debt	23	31	43	82	142	191	291	336	482	624	668	626	574	524	473
Total Debt/EBITDA	13.03	12.18	19.32	22.41	17.39	16.6	16.17	15.63	15.02	14.07	11.32	8.92	8.12	7.93	8
Net Debt/EBITDA	11.95	11.84	12.04	21.73	17.08	16.41	16.01	14.95	14.59	13.86	11.04	8.05	7.85	7.66	7.54
Total Debt/EBIT	17.93	15	28.56	40.76	28.13	28.4	26.46	27.73	24.96	22.57	21.07	18.02	17.15	16.81	19.3
Net Debt/EBIT	16.44	14.57	17.79	39.52	27.63	28.06	26.2	26.52	24.25	22.24	20.54	16.26	16.59	16.23	18.19
EBITDA to Interest Expense	2.3	2.51	2	1.92	1.96	2.08	1.91	1.77	1.97	2.15	2.37	2.73	2.99	3.04	2.96
EBITDA-CapEx/Interest Expense	2.3	2.51	2	1.92	1.96	2.08	1.91	1.77	1.97	2.15	2.37	2.73	2.99	3.04	2.96
EBIT to Interest Expense	1.67	2.04	1.35	1.06	1.21	1.21	1.17	1	1.18	1.34	1.27	1.35	1.41	1.43	1.23
Interest Expense	1	1	1	2	4	6	10	12	16	21	25	26	24	22	20
Common Equity/Total Assets	23	19.85	-3	-3.56	-3.89	-4.01	-4.28	-4.57	-4.75	-5.17	-5.95	-7.85	-10.38	-13.3	-16.58
Long-Term Debt/Equity (%)	304.23	377.52	88.75	137.43	181.5	217.37	246.71	185.46	172.72	162.58	113.38	85.65	79.75	76.24	70.63
Long-Term Debt/Capital (%)	72.4	78.86	106.73	101.72	106.62	93.05	100.61	106.64	108.15	109.68	113.24	122.3	133.42	148.41	176.54
Long-Term Debt/Total Assets (%)	69.97	74.95	45.96	54.33	61.91	57.13	62.95	59.42	58.99	58.46	49.42	42.99	41.37	39.93	38.21
Total Debt/Equity (%)	320.22	378.75	88.96	144.1	181.62	236.22	255.19	185.52	172.75	162.6	113.4	85.66	79.78	76.77	70.66
Total Debt/Capital (%)	76.2	79.11	106.98	106.66	106.69	101.12	104.06	106.67	108.17	109.7	113.25	122.32	133.47	149.43	176.61
Total Debt/Total Assets (%)	73.65	75.19	46.07	56.96	61.95	62.08	65.11	59.44	59	58.47	49.42	42.99	41.38	40.2	38.22
Net Debt to Equity	293.63	368.02	55.41	139.73	178.38	233.44	252.7	177.38	167.85	160.2	110.56	77.3	77.2	74.11	66.61
Net Debt/Capital (%)	74.6	78.63	111.69	106.88	106.82	101.14	104.11	107	108.43	109.86	113.64	125.35	134.98	152.13	185.25
EBITDA	2	3	2	4	8	12	19	21	32	44	59	70	71	66	59
EBITDA-CapEx	2	3	2	4	8	12	19	21	32	44	59	70	71	66	59
Operating Income (Loss)	1	2	2	2	5	7	11	12	19	28	32	35	33	31	25

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	1.2	1.39	12.48	0.52	0.61	0.12	0.16	1.44	1.1	0.79	1.1	2.95	1.29	0.73	1.08
Current Ratio	1.2	1.39	12.48	0.43	0.61	0.12	0.24	1.44	1.1	0.79	1.1	2.95	5.02	2.59	1.15
Quick Ratio	1.2	1.39	12.48	0.52	0.61	0.12	0.16	1.44	1.1	0.79	1.1	2.95	1.29	0.73	1.08
CFO/Avg Current Liab	0.75	0.82	-0.37	0.91	0.9	0.69	0.34	0.73	1.89	2.08	2.41	2.44	2.28	1.5	0.28
Common Equity/Total Assets	23	19.85	-3	-3.56	-3.89	-4.01	-4.28	-4.57	-4.75	-5.17	-5.95	-7.85	-10.38	-13.3	-16.58
Long-Term Debt/Equity (%)	304.23	377.52	88.75	137.43	181.5	217.37	246.71	185.46	172.72	162.58	113.38	85.65	79.75	76.24	70.63
Long-Term Debt/Capital (%)	72.4	78.86	106.73	101.72	106.62	93.05	100.61	106.64	108.15	109.68	113.24	122.3	133.42	148.41	176.54
Long-Term Debt/Total Assets (%)	69.97	74.95	45.96	54.33	61.91	57.13	62.95	59.42	58.99	58.46	49.42	42.99	41.37	39.93	38.21
Total Debt/Equity (%)	320.22	378.75	88.96	144.1	181.62	236.22	255.19	185.52	172.75	162.6	113.4	85.66	79.78	76.77	70.66
Total Debt/Capital (%)	76.2	79.11	106.98	106.66	106.69	101.12	104.06	106.67	108.17	109.7	113.25	122.32	133.47	149.43	176.61
Total Debt/Total Assets (%)	73.65	75.19	46.07	56.96	61.95	62.08	65.11	59.44	59	58.47	49.42	42.99	41.38	40.2	38.22
CFO/Total Liabilities	7.52	3.46	-1.02	3.86	3.15	3.41	1.89	2.71	3.97	3.66	4.25	6.03	6	4.73	1.23
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.56	0.54	0.25	0.01	0.06	- -	0.04	0.08	0.06	0.06	0.05	0.06	0.05	-0.01	-0.09

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	1.73	2.67	- -	- -	- -	- -	0.16	0.11	0.68
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	210.78	136.5	- -	- -	- -	- -	2,329.62	3,419.39	537.69
Accounts Payable Turnover	0.23	0.18	0.12	0.29	0.3	0.25	0.56	0.06	0.26	0.19	0.25	0.21	4.35	-0.14	-1.4
Accounts Payable Turnover Days	1,583.45	2,054.29	3,072.02	1,269.49	1,231.95	1,460.08	652.86	5,864.81	1,423.1	1,897.39	1,436.04	1,757.02	83.84	-2,648.19	-259.97
Cash Conversion Cycle	-1,583.45	-2,054.29	-3,072.02	-1,269.49	-1,231.95	-1,460.08	-442.09	-5,728.31	-1,423.1	-1,897.39	-1,436.04	-1,757.02	2,245.79	6,067.58	797.67
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	-210.78	-136.5	- -	- -	- -	- -	-2,329.62	-3,419.39	-537.69
Inventories	- -	- -	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	54	46	2
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	54	46	- -
Other Inventory	- -	- -	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	2

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	2	1	16	3	3	2	3	15	14	9	17	61	19	18	27
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	11	8	5	2	- -	2	- -	- -	- -	- -
+ Total Debt	24	31	43	86	142	207	301	336	482	624	668	626	574	528	474
Enterprise Value	22	29	26	83	139	216	306	326	471	615	654	565	556	509	446
Total Capital	32	39	40	81	133	205	289	315	446	569	590	512	430	353	268
Total Debt/Capital (%)	76.2	79.11	106.98	106.66	106.69	101.12	104.06	106.67	108.17	109.7	113.25	122.32	133.47	149.43	176.61
Total Debt / EV	1.09	1.05	1.65	1.04	1.02	0.96	0.98	1.03	1.02	1.01	1.02	1.11	1.03	1.04	1.06
EV/Sales	7.47	8.63	6.49	11.57	11.69	12.47	12.18	8.89	11.56	10.78	8.68	6.34	6.15	5.98	5.05
EV/EBITDA	11.95	11.57	11.73	21.56	17.08	17.29	16.45	15.17	14.66	13.86	11.08	8.05	7.85	7.66	7.54
EV/EBIT	16.44	14.24	17.34	39.2	27.63	29.58	26.91	26.91	24.38	22.24	20.61	16.26	16.59	16.23	18.19
EV/Cash Flow to Firm	9.78	16.18	- -	13.64	15.63	14.98	18.81	14.46	12.48	13.48	11.41	8.13	8.72	9.9	16.53
EV/Free Cash Flow to Firm	9.78	16.18	- -	13.64	15.63	14.98	18.81	14.46	12.48	13.48	11.41	8.13	8.72	9.9	16.53
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	22	30	27	84	139	216	306	326	471	615	654	565	556	509	446
EV per Share	8.05	4.81	4.22	12.13	16.11	21.58	25.39	21.03	24.01	- -	- -	- -	- -	- -	- -
TTM Sales	3	3	4	7	12	17	25	37	41	57	75	89	90	85	88
TTM EBITDA	2	3	2	4	8	12	19	21	32	44	59	70	71	66	59
TTM Operating Income	1	2	2	2	5	7	11	12	19	28	32	35	33	31	25
TTM Cash Flow to Firm	2	2	-5	6	9	14	16	23	38	46	57	70	64	51	27
TTM Free Cash Flow to Firm	2	2	-5	6	9	14	16	23	38	46	57	70	64	51	27

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	16.44	14.24	17.34	39.2	27.63	29.58	26.91	26.91	24.38	22.24	20.61	16.26	16.59	16.23	18.19
Enterprise Value	22	29	26	83	139	216	306	326	471	615	654	565	556	509	446
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.81	23	22.57	23.55	24.35
EV/Sales	7.47	8.63	6.49	11.57	11.69	12.47	12.18	8.89	11.56	10.78	8.68	6.34	6.15	5.98	5.05
EV/EBITDA	11.95	11.57	11.73	21.56	17.08	17.29	16.45	15.17	14.66	13.86	11.08	8.05	7.85	7.66	7.54
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	7.47	8.83	6.66	11.66	11.69	12.47	12.18	8.89	11.56	10.78	8.68	6.34	6.15	5.98	5.05
EV/Sales High	7.47	8.83	6.66	11.66	11.69	12.47	12.18	8.89	11.56	10.78	8.68	6.34	6.15	5.98	5.05
EV/Sales Low	7.47	8.83	6.66	11.66	11.69	12.47	12.18	8.89	11.56	10.78	8.68	6.34	6.15	5.98	5.05
EV/EBITDA Average	11.95	11.84	12.04	21.73	17.08	17.29	16.45	15.17	14.66	13.86	11.08	8.05	7.85	7.66	7.54
EV/EBITDA High	11.95	11.84	12.04	21.73	17.08	17.29	16.45	15.17	14.66	13.86	11.08	8.05	7.85	7.66	7.54
EV/EBITDA Low	11.95	11.84	12.04	21.73	17.08	17.29	16.45	15.17	14.66	13.86	11.08	8.05	7.85	7.66	7.54
EV/EBIT Average	16.44	14.57	17.79	39.52	27.63	29.58	26.91	26.91	24.38	22.24	20.61	16.26	16.59	16.23	18.19
EV/EBIT High	16.44	14.57	17.79	39.52	27.63	29.58	26.91	26.91	24.38	22.24	20.61	16.26	16.59	16.23	18.19
EV/EBIT Low	16.44	14.57	17.79	39.52	27.63	29.58	26.91	26.91	24.38	22.24	20.61	16.26	16.59	16.23	18.19
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.64	23.41	23.75	24.64	24.9
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	27.18	25.92	24.5	25.06	25.01
Enterprise Value Average	22	30	27	84	139	216	306	326	471	615	654	565	556	509	446
Enterprise Value High	22	30	27	84	139	216	306	326	471	615	654	565	556	509	446
Enterprise Value Low	22	30	27	84	139	216	306	326	471	615	654	565	556	509	446

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	6	6	7	8	10	10	14	18	21	26	34	35	36	36	38
Diluted Weighted Avg Shares	3	6	6	7	9	10	12	16	20	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	3	6	6	7	9	10	12	16	20	- -	- -	- -	- -	- -	- -
Revenue per Share	1.08	0.56	0.65	1.05	1.38	1.73	2.08	2.37	2.08	- -	- -	- -	- -	- -	- -
EBITDA per Share	0.67	0.42	0.36	0.56	0.94	1.25	1.54	1.39	1.64	- -	- -	- -	- -	- -	- -
Operating Income per Share	0.49	0.34	0.24	0.31	0.58	0.73	0.94	0.78	0.98	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	0.1	-0.2	-0.02	0.07	0.04	- -	0.15	-0.13	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	0.1	-0.2	-0.02	0.07	0.05	- -	0.18	0.09	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	0.1	-0.2	-0.02	0.07	0.04	- -	0.15	-0.13	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	0.1	-0.2	-0.02	0.07	0.05	- -	0.18	0.09	- -	- -	- -	- -	- -	- -
Dividend per Share	0.37	- -	1.57	0.36	0.47	0.5	0.53	0.56	0.72	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.69	0.19	-0.07	0.52	0.55	0.84	0.54	0.67	1.09	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	0.69	0.19	-0.07	0.52	0.55	0.84	0.54	0.67	1.09	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	0.73	0.26	2.73	0.48	0.29	0.24	0.24	0.95	0.7	- -	- -	- -	- -	- -	- -
Book Value per Share	2.74	1.34	-0.45	-0.79	-1.03	-1.34	-1.64	-1.66	-1.98	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	2.72	1.3	7.76	8.56	8.83	8.57	9.33	11.31	13.98	- -	- -	- -	- -	- -	- -

Gladstone Land Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)