# Gladstone Land Corporation (LAND)

> Source: Nexqual · https://nexqual.com/LAND · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Gladstone Land Corporation (LAND), nexqual.com/LAND" · informational, not investment advice.

**Price:** USD 8.8 (+2.56% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 8.58 · day 8.58–8.91 · 52w 7.92–13 · market cap $380M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $88.5M, net income -$6.5M (-7.3% margin) (SEC filings).
- Analysts: Hold (mean 2.80 on a 1–5 scale) (5 analysts), mean target USD 9.33 (range 8.5–10.5).
- Total return with dividends: 1Y +3.7% vs S&P 500 +14.9%; 5Y -53.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.1, revenue estimate $17.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $75.3M | $89.2M | $90.4M | $85.2M | $88.3M | $88.5M |
| Gross profit | — | — | $90.4M | $85.2M | $78.8M | — |
| Net income | $3.5M | $4.7M | $14.6M | $13.3M | $13.5M | -$6.5M |
| EPS (diluted) | -$0.29 | -$0.43 | -$0.28 | -$0.29 | -$0.29 | — |
| Gross margin | — | — | 100.0% | 100.0% | 89.1% | — |
| Net margin | 4.6% | 5.3% | 16.1% | 15.6% | 15.3% | -7.3% |
| Revenue growth | +32.1% | +18.5% | +1.3% | -5.7% | +3.7% | — |
| Cash + short-term investments | $16.7M | $61.1M | $18.6M | $18.3M | $27.2M | — |
| Total debt | $668M | $627M | $574M | $528M | $474M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 4.3x · EV/Sales 9.5x · P/B 0.6x · Earnings yield -1.70% · Dividend yield (paid, TTM) 5.83% · Net debt $463M · EV $843M
P/E at fiscal year-ends: Dec 2025 24.7x, Dec 2024 29.3x, Dec 2023 35.5x.

## Analysts
Consensus Hold (mean 2.80 on a 1–5 scale), 5 analysts; mean target USD 9.33 (low 8.5, high 10.5).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.7% | -53.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.8% | -14.1% |
| Volatility (annualized) | 28.0% | 32.6% |
| Max drawdown | -33.9% (Feb 2026→Aug 2026) | -75.8% (Apr 2022→Jul 2026) |

## Peers (REIT - Specialty)
FPI (Farmland Partners Inc.) USD 10 +1.63% · UNIT (Uniti Group Inc.) USD 5.19 -2.99% · BXDC (Blackstone Digital Infrastructu) USD 15.88 -1.49% · FRMI (Fermi Inc.) USD 2.65 -7.34% · EPR (EPR Properties) USD 56.36 +3.34% · OUT (OUTFRONT Media Inc.) USD 31.4 +1.29%

## More
Full page: https://nexqual.com/LAND · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LAND's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1495240/000149524026000007/land-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Gladstone Securities | "On April 11, 2017, we entered into an agreement with Gladstone Securities for it to act as our non-exclusive agent to assist us with arranging financing for our properties (the "Financing Arrangement Agreement")." |
| Partner | FEDERAL AGRICULTURAL MORTGAGE CORP (AGM) | "As amended, our agreement with Federal Agricultural Mortgage Corporation ("Farmer Mac") currently provides for bond issuances up to an aggregate amount of $225.0 million (the "Farmer Mac Facility") by December 31, 2026, …" |

## Company outlook (8-K filed 2026-08-11)

- "Comments from David Gladstone, President and CEO of Gladstone Land: "We had a successful 2025 harvest, with yields on the farms where we oversee growing operations exceeding our internal expectations."
- "However, the full financial benefit has not yet been reflected in our results, as a significant portion of the revenue from the 2025 pistachio harvest is expected to be recognized later in 2026 following the conclusion of the marketing period."
- "While the 2026 pistachio crop was already expected to be an "off" year due to the crop's alternate-bearing nature, yields are expected to be further impacted by a March heat event in California that affected pollination across the state."
- "Despite the expected decline in production, market pricing has continued to strengthen, as our primary processor recently announced a 67% increase in the initial base price for split in-shell pistachios for the 2026 crop, which should help offset the impact from lower yields."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.10 | $-0.18 | -43.4% | $17.6M | 2 |
| Next quarter (ends 2026-12-31) | $0.17 | $0.12 | +41.7% | $36.9M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.50 | $-0.59 | -14.2% | $83.8M | 3 |
| Next fiscal year (ends 2027-12-31) | $-0.30 | $-0.48 | -36.0% | $87.3M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±15.9%; last 8 reports averaged ±3.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 30.5% | ±15.9% |
| 2027-02-19 | 119 | 33.2% | ±19.9% |
| 2027-05-21 | 210 | 33.9% | ±24.5% |