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Maui Land & Pineapple Company, Inc., together with its subsidiaries, engages in the planning, managing, developing, and selling residential, resort, commercial, agricultural, and industrial real estate properties in the United States. The company operates through three segments: Land Development and Sales; Leasing; and Resort Amenities. The Land Development and Sales segment is involved in the land planning, entitlement, development, and sales activities. The Leasing segment leases commercial, agricultural, and industrial land and properties; and licenses its registered trademarks and trade names, as well as provides stewardship and conservation services. This segment also manages ditches, reservoirs, and well systems that provide potable and non-potable water to West and Upcountry Maui areas. The Resort Amenities segment manages the operations of the Kapalua Club, a private non-equity club that provides its members special programs, access, and other privileges at certain amenities at the Kapalua Resort. Maui Land & Pineapple Company, Inc. was incorporated in 1909 and is based in Lahaina, Hawaii.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $19M | $-9M | $-11M | $-0M | -32.0% | 68.2% | - |
| 2024 | $12M | $-6M | $-7M | $-2M | -22.3% | 24.5% | - |
| 2023 | $9M | $-1M | $-3M | $-2M | -8.9% | -55.7% | -272.4% |
| 2022 | $21M | $4M | $2M | $6M | 5.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 20.96 | 9.29 | 11.56 | 19.46 |
| Cost Of Revenue | 6.17 | 6.55 | 7.59 | 13.81 |
| Gross Profit | 14.79 | 2.74 | 3.98 | 5.65 |
| Operating Expense | 5.18 | 7.71 | 11.33 | 10.20 |
| Operating Income | 9.61 | -4.97 | -7.35 | -4.55 |
| EBITDA | 3.94 | -1.42 | -5.87 | -8.89 |
| EBIT | 2.83 | -2.29 | -6.59 | -10.03 |
| Pretax Income | 1.79 | -3.08 | -7.39 | -10.58 |
| Net Income | 1.79 | -3.08 | -7.39 | -10.58 |
| Net Income Common Stockholders | 1.79 | -3.08 | -7.39 | -10.58 |
| Total Expenses | 11.35 | 14.26 | 18.92 | 24 |
| Interest Expense | 1.04 | 0.79 | 0.80 | 0.55 |
| Selling General And Administration | 4.07 | 6.84 | 10.61 | 9.06 |
| Normalized EBITDA | 3.94 | -3.05 | -5.92 | -8.88 |
| Normalized Income | 1.79 | -4.71 | -7.44 | -10.56 |
| Basic EPS | 0.09 | -0.15 | -0.38 | 0 |
| Diluted EPS | 0.09 | -0.15 | -0.38 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0 | 0 | 0 |
| Total Unusual Items | 0 | 1.63 | 0.05 | -0.01 |
| Total Unusual Items Excluding Goodwill | 0 | 1.63 | 0.05 | -0.01 |
| Net Income From Continuing Operation Net Minority Interest | 1.79 | -3.08 | -7.39 | -10.58 |
| Reconciled Depreciation | 1.12 | 0.79 | 0.72 | 1.14 |
| Reconciled Cost Of Revenue | 6.16 | 6.63 | 7.59 | 13.81 |
| Net Interest Income | -1.04 | -0.79 | -0.80 | -0.55 |
| Net Income From Continuing And Discontinued Operation | 1.79 | -3.08 | -7.39 | -10.58 |
| Rent Expense Supplemental | 3.60 | 4.42 | 5.01 | 8.46 |
| Total Operating Income As Reported | 9.61 | -4.97 | -7.35 | -4.55 |
| Diluted Average Shares | 19.40 | 20.53 | 19.60 | 0 |
| Basic Average Shares | 19.40 | 20.53 | 19.60 | 0 |
| Diluted NI Availto Com Stockholders | 1.79 | -3.08 | -7.39 | -10.58 |
| Net Income Including Noncontrolling Interests | 1.79 | -3.08 | -7.39 | -10.58 |
| Net Income Discontinuous Operations | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | 1.79 | -3.08 | -7.39 | -10.58 |
| Other Income Expense | -6.78 | 2.68 | 0.76 | -5.48 |
| Other Non Operating Income Expenses | -6.78 | 1.05 | 0.71 | -5.46 |
| Special Income Charges | 0 | 1.63 | 0.05 | -0.01 |
| Gain On Sale Of Ppe | 0 | 1.63 | 0.05 | -0.01 |
| Net Non Operating Interest Income Expense | -1.04 | -0.79 | -0.80 | -0.55 |
| Interest Expense Non Operating | 1.04 | 0.79 | 0.80 | 0.55 |
| Depreciation Amortization Depletion Income Statement | 1.11 | 0.87 | 0.72 | 1.14 |
| Depreciation And Amortization In Income Statement | 1.11 | 0.87 | 0.72 | 1.14 |
| Depreciation Income Statement | 1.11 | 0.87 | 0.72 | 1.14 |
| General And Administrative Expense | 4.07 | 6.84 | 10.61 | 9.06 |
| Other Gand A | 2.79 | 4 | 4.30 | 4.74 |
| Salaries And Wages | 1.28 | 2.85 | 6.31 | 4.32 |
| Operating Revenue | 20.96 | 9.29 | 11.56 | 19.46 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Maui Land & Pineapple Company, Inc.this co. | MLP | $302M | - | 9.09 | -32.0% | -29.23 |
| NexPoint Real Estate Finance, Inc. | NREF | $328M | 5.03 | 0.69 | 12.7% | - |
| Transcontinental Realty Investors, Inc. | TCI | $322M | 23.26 | 0.38 | 1.6% | 85.49 |
| Ready Capital Corporation | RC | $302M | - | 0.21 | -13.9% | - |
| The RMR Group Inc. | RMR |
| $296M |
| 12.76 |
| 1.27 |
| 4.4% |
| 6.01 |
| Ares Commercial Real Estate Corporation | ACRE | $287M | - | 0.56 | -0.2% | - |
| SITE Centers Corp. | SITC | $287M | 1.63 | 0.86 | 53.1% | 4.74 |
| Seaport Entertainment Group Inc. | SEG | $286M | - | 0.62 | -25.0% | -5.37 |
| BRT Apartments Corp. | BRT | $268M | - | 1.51 | -6.7% | 14.41 |
| Peer Median | - | 8.90 | 0.66 | 0.7% | 6.01 | |