Gladstone Land Corporation Common Stock (LAND)

FairStock Score: 76/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Gladstone Land as a farmland landlord and an asset play. It owns 142 farms, roughly 98,000 acres across 14 states, plus nearly 56,000 acre-feet of California water assets. That can be a durable asset base with a narrow local moat where water rights and soil are scarce, but the filed numbers are messy. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $333,000 and net loss was $8.5 million, or diluted EPS -$0.32. Fiscal Q1 2026, ended 2026-03-31, showed revenue of $1.7 million and a net loss of $4.3 million. Fiscal Q3 2025, ended 2025-09-30, had revenue of $17.8 million, net income of $2.1 million, but diluted EPS still -$0.11. For FY2025, the year ended 2025-12-31, filed revenue was $12.2 million with net income of $13.5 million and diluted EPS -$0.29. I cannot properly judge a REIT without FFO/AFFO, which are not in the data. Using what is available, at the 2026-10-13 close of $9.67, FairStock calculates P/B at 0.62 and a dividend yield of 5.93%. Trailing free cash flow is $24.8 million, a 5.9% yield. But leverage is D/E 0.72, Altman Z-score is 0.20, ROCE is 1.11%, and the negative P/E of -13.43 reflects losses. FairStock calls it an ASSET PLAY because it trades at 0.62 times book value. The asset discount may offer protection, yet the earnings trend and balance sheet demand caution.

In plain English: Gladstone Land owns farms and water rights and rents them to farmers. The business looks weak right now because recent reports show losses, but the stock is priced below the stated value of its assets and pays a high dividend. So the price looks cheap compared with its assets, though earnings are not strong.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K/A (period ended 2025-12-31) · FY2024 10-K/A (period ended 2024-12-31) · FY2023 10-K/A (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer