Share count
20Mpeak FY2023
← All companies ← MLM Manual MLR → ← JOE Real Estate Development & Services MMI →
MLP, Maui Land & Pineapple Company Inc.
Consists of a landholding and operating parent company, has a principal subsidiary, Kapalua Land Company, Ltd., and certain other subsidiaries.
Our leasing operations include commercial, agricultural, and industrial land and property leases, licensing of our registered trademarks and trade names, management of potable and non-potable water systems in West and Upcountry Maui, and stewardship of conservation areas.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$19M
+68.2% YoY · 21% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $3M −41.3% vs yr-ago qtr
Operating margin −59.2% yr-ago −30.7%
Net income ($2M) yr-ago ($9M)
Net margin −60.5% yr-ago −148.9%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on cyclicality & demand, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Funds from operations per share do not form a clean trend in the record. Debt is 92% of assets, heavy for a REIT. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $47M | $25M | $9M | $10M | $8M | $12M | $21M | $9M | $12M | $19M | $17M | RevenueRevenue |
| $22M | $11M | $498K | ($10M) | ($3M) | ($3M) | $2M | ($3M) | ($7M) | ($11M) | ($4M) | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| $25M | $13M | $2M | ($9M) | ($1M) | ($2M) | $3M | ($2M) | ($7M) | ($9M) | ($3M) | Funds from operationsFFO |
| Balance sheet | |||||||||||
| $39M | $45M | $48M | $39M | $38M | $38M | $42M | $42M | $50M | $48M | $48M | Total assetsAssets |
| $7M | $1M | $1M | $1M | $200K | $0 | — | — | $0 | $4M | $44M | Total debtDebt |
| $6M | $206K | $611K | $352K | ($669K) | ($6M) | — | — | ($7M) | ($1M) | $40M | Net debt / (cash)Net debt |
| $18M | $31M | $31M | $23M | $20M | $24M | $34M | $35M | $33M | $33M | $32M | Shareholders’ equityEquity |
| Per share | |||||||||||
| 18.9M | 19.0M | 19.1M | 19.2M | 19.3M | 19.4M | 19.4M | 19.7M | 19.6M | 19.7M | 19.8M | Shares out (diluted)Shares |
| $1.31 | $0.68 | $0.11 | $-0.46 | $-0.06 | $-0.11 | $0.15 | $-0.12 | $-0.34 | $-0.48 | $-0.14 | FFO / shareFFO/sh |
| $0.94 | $1.64 | $1.62 | $1.18 | $1.04 | $1.22 | $1.74 | $1.76 | $1.69 | $1.68 | $1.62 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | −9.8%/yr | +20.4%/yr |
| Capital spending / share | +27.9%/yr | +37.1%/yr |
| Book value / share | +6.7%/yr | +10.0%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$19Mlow FY2020
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- about $-0.48 per shareNet income ($11M) + depreciation $1M − gains on sale ($15K)
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- Not enough data
What this means
FFO or dividends missing.
Is it sound?
- Not cleanly capturedIndustry peers: median 25%
What this means
This REIT tags its borrowings in a way the pipeline could not fully total, so we decline to show a leverage figure rather than a misleadingly low one. The debt schedule in the 10-K is where to read its true leverage.
- Thin(operating income + depreciation) ÷ interest $3MIndustry peers: median 2.1×
What this means
How many times the property cash earnings cover the interest bill. Comfortable coverage is what lets a REIT refinance through a tight credit market instead of being forced to sell into one.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$8M
- Cash & short-term investments$4M
- Receivables$2M
- Inventory$352K
- Other current assets$2M
Current liabilities$6M
- Accounts payable$2M
- Other current liabilities$4M
Current ratio1.38×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.32×stricter: inventory excluded
Cash ratio0.67×strictest: cash alone against what's due
Working capital$2Mthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago−41.3%the freshest read on whether the business is still growing
Current ratio, recent quarters3.0× → 1.4×
Deeper floors
Tangible book value$32Mequity stripped of goodwill & intangibles
Net current asset value($8M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$396K$161K of it operating leases
Deferred revenue$4Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2023 | Race. A. Randle | $601k | $601k | ($2M) |
| 2023 | Warren H. Haruki | $1.8M | $1.8M | ($2M) |
| 2024 | Race. A. Randle | $2.9M | $2.9M | ($2M) |
| 2025 | Race. A. Randle | $1.4M | $1.0M | ($484K) |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership68.6%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$448K
The slice of the business handed to employees in shares this year, 2% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Pension & retirement, Income taxes, Credit & receivables as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Specialty REITs
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| MRPMillrose Properties Inc. | $600M | — | — | — | 23% |
| FPHFive Point Holdings LLC Class A | $110M | 15% | 1.0% | — | 21% |
| LANDGladstone Land Corporation | $88M | 43% | 2.3% | 50% | 54% |
| FPIFarmland Partners Inc. | $52M | 22% | 1.2% | 81% | 45% |
| TRCTejon Ranch Co | $50M | 18% | 1.3% | — | 12% |
| FRPHFRP Holdings Inc. | $43M | 40% | 3.2% | — | 25% |
| SKYHSky Harbour Group Corporation | $28M | -183% | -3.5% | — | 40% |
| MLPMaui Land & Pineapple Company Inc. | $19M | -16% | -4.3% | — | — |
| Group median | — | 18% | 1.2% | — | — |
The price
What a price has to assume.
What the price implies
reverse-DCFA reit / real estate isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Cite: Owner Scorecard, "Maui Land & Pineapple Company Inc. (MLP), the owner's record," https://ownerscorecard.com/c/MLP, data as of 2026-07-09.
Manual order: ← MLM its page in the Manual MLR →
Industry order: ← JOE the Real Estate Development & Services chapter MMI →