Gladstone LAND
Through the investors’ lenses
0 of 2 cleared1 of 4 criteria
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 1/3
| Measure | LAND | Checked against | |
|---|---|---|---|
| Owner earnings | $40.92m | positive | ✓ |
| Return on equity | 2.0% | US median 2.8% | ✗ |
| Debt to equity | 0.71x | US median 0.57x | ✗ |
| Operating margin | — | US median 3.1% | — |
Passes 1 of 3. These are the measures Warren Buffett published, applied to Gladstone LAND’s own figures — their criteria, not their view of this company. What he looks at, and why →
Benjamin Graham 0/1
| Measure | LAND | Checked against | |
|---|---|---|---|
| Current ratio | — | 2.00x published | — |
| Long-term debt to working capital | — | 1.00x published | — |
| Positive earnings, ten years running | 8 yrs | 10 published | ✗ |
Passes 0 of 1. These are the measures Benjamin Graham published, applied to Gladstone LAND’s own figures — their criteria, not their view of this company. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | negative | whyLost $0.290 per share — no earnings to pay from. |
| Operating cash flow | 292.7% | whyBefore capital spending. |
| Free cash flow | negative | whyOperating cash flow was $168k short of capital spending, so no ratio exists. The dividend was not funded from free cash flow this year. |
| Funds from operations | 59.8% | whyThe industry's basis — adds that depreciation back. |
Spread between highest and lowest: 232.8 percentage points. Same filings, different denominators.
Coverage rating 63 / 100 — Adequate. ? Peer standing 40/50Direction 4/30Stability 18/20
Funds from operations payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 59.8% |
| 2024-12-31 | 47.3% |
| 2023-12-31 | 42.5% |
| 2022-12-31 | 43.1% |
| 2021-12-31 | 49.6% |
| 2020-12-31 | 50.6% |
Coverage worsened sharply this year, 47.3% to 59.8%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.
81% of the 47 real estate here pay out more — comfortable for the sector.
The arithmetic
- GAAP earnings — dividends declared per share $0.561 ÷ diluted EPS $-0.290
- Operating cash flow — dividends paid $20.5m ÷ operating cash flow $6.99m
- Free cash flow — dividends paid $20.5m ÷ (operating cash flow $6.99m − capex $7.16m)
- Funds from operations — dividends declared per share $0.561 ÷ derived FFO $0.937 per share
- FFO built NAREIT-style: net income, plus real-estate depreciation, less gains on sale, over weighted-average diluted shares
- This is an approximation. Every REIT defines its own adjusted variant in the filing text, so it will not match the earnings release exactly
Where the figures came from
- 10-K/A filed 2026-04-07 · accession 0001495240-26-000011
Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.
Caveats on this company
- ebitda built from net income (no operating income reported)
- DPS derived from dividends paid ($0.56); no per-share tag filed
- FFO derived (NAREIT approximation)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.
What the funds from operations payout ratio measures, and where every company here sits on it.
Also on: rated adequate · when it files.
Who else looks like this
Every figure above is computed from Gladstone LAND’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules two investors published — free, and nothing you screen leaves your browser.
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