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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% | 43.1% |
| 2024 | $12M | $-6M | $-7M | $-2M | -22.3% | 24.5% | 140.0% |
| 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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 20.96 | 9.29 | 11.56 | 19.46 |
| Operating 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 |
| Selling General And Administration | - | 4.07 | 6.84 | 10.61 | 9.06 |
| Total Expenses | - | 11.35 | 14.26 | 18.92 | 24 |
| Operating Income | - | 9.61 | -4.97 | -7.35 | -4.55 |
| Total Operating Income As Reported | - | 9.61 | -4.97 | -7.35 | -4.55 |
| EBITDA | - | 3.94 | -1.42 | -5.87 | -8.89 |
| Normalized EBITDA | - | 3.94 | -3.05 | -5.92 | -8.88 |
| EBIT | - | 2.83 | -2.29 | -6.60 | -10.03 |
| Interest Expense | - | 1.04 | 0.79 | 0.80 | 0.55 |
| Net Interest Income | - | -1.04 | -0.79 | -0.80 | -0.55 |
| Other Non Operating Income Expenses | - | -6.78 | 1.05 | 0.71 | -5.46 |
| Other Income Expense | - | -6.78 | 2.68 | 0.76 | -5.48 |
| Interest Expense Non Operating | - | 1.04 | 0.79 | 0.80 | 0.55 |
| Net Non Operating Interest Income Expense | - | -1.04 | -0.79 | -0.80 | -0.55 |
| Pretax Income | - | 1.79 | -3.08 | -7.39 | -10.58 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 1.79 | -3.08 | -7.39 | -10.58 |
| Net Income From Continuing And Discontinued Operation | - | 1.79 | -3.08 | -7.39 | -10.58 |
| Net Income From Continuing Operation Net Minority Interest | - | 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 |
| Net Income Including Noncontrolling Interests | - | 1.79 | -3.08 | -7.39 | -10.58 |
| Normalized Income | - | 1.79 | -4.71 | -7.44 | -10.56 |
| Diluted NI Availto Com Stockholders | - | 1.79 | -3.08 | -7.39 | -10.58 |
| Basic Average Shares | - | 19.40 | 20.53 | 19.60 | 19.59 |
| Diluted Average Shares | - | 19.40 | 20.53 | 19.60 | 19.59 |
| Reconciled Depreciation | - | 1.12 | 0.78 | 0.72 | 1.14 |
| Reconciled Cost Of Revenue | - | 6.16 | 6.63 | 7.59 | 13.81 |
| Total Unusual Items | - | 0 | 1.63 | 0.05 | -0.02 |
| Total Unusual Items Excluding Goodwill | - | 0 | 1.63 | 0.05 | -0.02 |
| Net Income Discontinuous Operations | -0.22 | 0 | - | - | - |
| Special Income Charges | - | 0 | 1.63 | 0.05 | -0.02 |
| 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 |
| General And Administrative Expense | - | 4.07 | 6.84 | 10.61 | 9.06 |
| Other Gand A | - | 2.80 | 4 | 4.30 | 4.74 |
| Salaries And Wages | - | 1.28 | 2.85 | 6.31 | 4.32 |
| Gain On Sale Of Ppe | - | 0 | 1.63 | 0.05 | -0.02 |
| Rent Expense Supplemental | - | 3.60 | 4.42 | 5.01 | 8.46 |
| Depreciation Income Statement | - | 1.11 | 0.87 | 0.72 | 1.14 |
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 | $345M | -32.58 | 10.42 | -32.0% | -38.70 |
| Gladstone Land Corporation | LAND | $402M | 29.75 | 0.60 | 2.0% | 12.45 |
| NexPoint Real Estate Finance, Inc. | NREF | $364M | 3.46 | 0.94 | 27.1% | - |
| Claros Mortgage Trust, Inc. | CMTG | $355M | -0.73 | 0.23 | -31.9% | - |
| The RMR Group Inc. | RMR |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $348M |
| 19.78 |
| 1.53 |
| 7.7% |
| 7.87 |
| The Real Brokerage Inc. | REAX | $348M | -42.90 | 6.73 | -15.7% | - |
| Alpine Income Property Trust, Inc. | PINE | $342M | -128.59 | 1.22 | -0.9% | 18.09 |
| Transcontinental Realty Investors, Inc. | TCI | $325M | 23.53 | 0.38 | 1.6% | 12.78 |
| Seaport Entertainment Group Inc. | SEG | $306M | -2.62 | 0.67 | -25.6% | -5.13 |
| Peer Median | - | 1.37 | 0.80 | 0.3% | 12.45 | |