One-glance verdict
Within fair range
$7.67 our estimate vs market $16.09
110% above our estimate
Fundamentals snapshot
Maui Land & Pineapple Company, Inc.
MLP · NYQ · Real Estate · Real Estate Services
Current price
$16.09
52-week range
$13.84 - $19.92
Market cap
$319.53M
Balance sheet
Distressed
-8.22x Concerning
Net debt $6.02M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Free cash flow was positive in 7/10 years.
- Risk Operating margin compressed from 45.8% to -49.1% over 3 years.
- Risk Return on equity was -16.1% last year — the company lost money on shareholders' equity.
What this company does
Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple is a major real estate company that owns and develops land on the Hawaiian island of Maui. The company makes money in a few key ways: selling developed plots of land, leasing commercial and agricultural properties to tenants, and running a private resort club. Because a significant part of its business comes from leasing, it benefits from recurring revenue (predictable income that comes in regularly, like a subscription), which can be more stable than one-time land sales.
How the company got here
Maui Land & Pineapple began in 1909 and for most of its history, it was one of Hawaii's largest pineapple growers. For a century, the company's identity was tied to cultivating pineapples on the island of Maui. However, facing financial losses in its agriculture business, the company made a major shift and shut down its pineapple operations in 2009. This marked a huge turning point, forcing the company to reinvent itself and focus on its most valuable asset: its vast land holdings on Maui.
What it actually does
Today, the company is a real estate business that owns and manages approximately 22,300 acres of land on Maui. Instead of growing pineapples, it now focuses on planning, developing, and selling residential, resort, and commercial properties. It also leases its land to other businesses and manages the Kapalua Resort, a well-known luxury destination. Think of them as a master planner for a large portion of the island, deciding how to best use the land for housing, business, and conservation.
Leasing
This is the company's largest business segment, making up the vast majority of its revenue (the total money it brings in). It makes money by renting out its land and buildings to a variety of tenants, including commercial, industrial, and agricultural businesses. This segment also includes managing water systems that provide water to parts of Maui and licensing (selling the rights to use) its brand names. This part of the business provides a steady and predictable stream of income for the company.
Land Development and Sales
This part of the company focuses on the long-term process of preparing and selling its land for new uses. This involves land planning, getting the necessary government approvals for new projects, and then selling parcels of land to be developed. A major focus is the Kapalua Resort, a master-planned community with luxury homes and hotels. This segment is where the company can generate large, but less frequent, amounts of money as big land deals are completed.
Resort Amenities
This is a smaller segment of the company that manages the operations of the Kapalua Club. The Kapalua Club is a private club for members that offers special access and privileges at the Kapalua Resort. While it doesn't bring in as much money as the other segments, it helps to enhance the appeal and exclusivity of the Kapalua Resort, which in turn can make the land around it more valuable.
What management is betting on now
The company's leadership is focused on thoughtfully developing its land to meet Maui's needs for housing and economic stability. They are also exploring new ways to use their agricultural lands, such as a new project to cultivate agave, a drought-tolerant plant. Additionally, management is looking into selling or leasing its water assets, which could provide a significant source of cash for future projects. The overall strategy is to create long-term value from its land while also being a responsible steward of Maui's resources.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-1.65M
FY2025 Q4
$1.16M
Revenue
$3.70M
Net income
$-1.63M
Diluted EPS
—
Operating cash flow
$-418.00K
Free cash flow
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Sources
Revenue
$3.40M
Net income
$-2.06M
Diluted EPS
—
Operating cash flow
$-2.02M
Free cash flow
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Sources
Revenue
$4.53M
Net income
$-1.18M
Diluted EPS
—
Operating cash flow
$3.72M
Free cash flow
$1.16M
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Sources
Revenue
$4.53M
Net income
$240.00K
Diluted EPS
-0.48
Operating cash flow
$-932.00K
Free cash flow
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Sources
Revenue
$4.60M
Net income
$-999.00K
Diluted EPS
—
Operating cash flow
$-871.00K
Free cash flow
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Sources
Revenue
$5.80M
Net income
$-8.64M
Diluted EPS
—
Operating cash flow
$157.00K
Free cash flow
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Sources
Revenue
$3.41M
Net income
$-1.91M
Diluted EPS
-0.11
Operating cash flow
$223.00K
Free cash flow
$-1.65M
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Sources
Revenue
$3.03M
Net income
$-2.24M
Diluted EPS
-0.27
Operating cash flow
$690.00K
Free cash flow
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Sources
Is it cheap or expensive?
Fair value $7.67 vs current price $16.09
Our most-likely fair value is $7.67 a share — about 52.4% away from today's price of $16.09, so the stock currently looks fairly priced.
Is it drowning in debt?
Distressed
Net debt $6.0M. Interest coverage -8.2x.
Net debt
$6.02M
Interest coverage
-8.22x
Maui Land & Pineapple Company, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here.
Distressed
Worse cushion
Baseline
Better cushion
MLP
BASELINE
Maui Land & Pineapple Company, Inc.
Total debt $9.30M Interest coverage -8.22x This is the baseline the peer rows are being compared against.
Total debt $551.48M Interest coverage 4.80x This peer still has a real interest-payment cushion, while MLP does not.
Total debt $810.20M Interest coverage 33.19x This peer still has a real interest-payment cushion, while MLP does not.
Total debt $486.76M Interest coverage 1.23x This peer still has a real interest-payment cushion, while MLP does not.
Total debt $658.88M Interest coverage 1.29x This peer still has a real interest-payment cushion, while MLP does not.
What you should know
The case for and against MLP
1 Reward
2 Risks
Rewards
-
Free cash flow was positive in 7/10 years.
Risks
-
Operating margin compressed from 45.8% to -49.1% over 3 years.
-
Return on equity was -16.1% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
—
P/B
10.29x
P/S
19.79x
EV/EBITDA
-76.87x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
27.0%
Operating margin
-49.1%
Net margin
-28.7%
ROE
-16.1%
ROA
-7.0%
Health
Liquidity and balance-sheet strength
Debt / equity
0.30x
Current ratio
1.17x
Quick ratio
0.76x
Total debt
$9.30M
Total cash
$3.28M
Growth
How the business has been compounding
Revenue TTM
$16.15M
Revenue 5Y CAGR
11.8%
EPS TTM
-0.24
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$356.00K
Free CF TTM
$-484.00K
FCF margin
-3.0%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
2000-03-08