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what it is
Maui Land & Pineapple develops, leases, and manages Maui real estate, utilities, and resort services.
how it gets paid
Last year Maui Ld & Pineapple made $12M in revenue. Leasing was the main engine at $5.0M, or 42% of sales.
what just happened
The quarter was ugly: -$0.48 EPS on $15M of revenue.
At a glance
B+ balance sheet — decent shape, but not bulletproof
25/100 earnings predictability — expect surprises
5.3% return on capital — nothing to write home about
-$0.38 fy2024 eps est
$12M fy2024 rev est
xvary composite: 50/100 — below average
What they do
Maui Land & Pineapple develops, leases, and manages Maui real estate, utilities, and resort services.
You are not buying a normal property company. You are buying 22,000 acres on Maui and 3,000 acres at Kapalua. That is land bank → owned land waiting for a use → future options, with 15 employees doing the work.
How they make money
$12M
annual revenue
Leasing
$5.0M
Utilities
$3.0M
Real estate development
$2.0M
Resort amenities
$2.0M
The products that matter
owns and holds land
Land Bank
23,000 acres · ~$13,650 per acre implied
the market's $314M valuation spread across 23,000 acres works out to roughly $13,650 per acre. that's the whole story in one number.
core asset
sells and develops parcels
Real Estate Sales
$8.4M · 70% of revenue
this segment supplies $8.4M of the company's estimated $12M revenue. if land monetization slows, most of the revenue base goes with it.
main revenue source
manages existing properties
Property Management
$2.4M · 20% of revenue
property management brings in $2.4M, or 20% of revenue. that's the closest thing you have to recurring income here, and it is still small.
recurring but small
Key numbers
$314M
market cap
You are paying $314M for a business with about $12M in annual revenue. That is a big price tag for a tiny top line.
63.6%
operating margin
The company loses 63.6 cents on each revenue dollar. That is not a margin problem. That is the business model talking.
$0M
long-term debt
No long-term debt means no lender pressure. For a $12M business, that matters when cash gets thin.
0.8
beta
A 0.8 beta says the stock has moved less than the market. You get a calmer ride, not a bigger business.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 50 / 100
- long-term debt $0M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MLP right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter was ugly: -$0.48 EPS on $15M of revenue.
EDGAR shows revenue of $15M in the latest quarter, up 230% vs. prior year. EPS was -$0.48, which means growth did not translate into profit.
$15M
revenue
-$0.48
eps
?
gross margin
the number that mattered
The key number was -$0.48 EPS. Revenue rose, but the company still lost money.
source: company earnings report, 2026
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What could go wrong
the top risk is 23,000 acres of concentration on a single island with only $12M of annual revenue to carry the story.
high
single-island concentration
100% of the land thesis sits on Maui. if local real estate values weaken, there is no second geography to bail you out.
one market drives the whole asset case.
high
monetization gap
23,000 acres are producing only $12M in estimated annual revenue. that is roughly $522 per acre, which leaves very little room for the operating business to carry the valuation.
scarce land does not automatically become shareholder returns.
med
persistent unprofitability
fy2024 estimates call for a -$0.38 loss per share. when a company is losing money, there is no P/E safety net and sentiment can swing fast.
you are underwriting asset value while current earnings stay negative.
med
thin coverage and thin liquidity
price targets are unavailable in this snapshot, and institutional ownership data remains incomplete outside a small BlackRock increase. that usually means wider gaps between value and price.
the stock can stay mispriced longer than you expect.
a $314M valuation rests on 23,000 Maui acres while the operating business is expected to lose money on just $12M of revenue. that's a narrow bridge between asset value and realized value.
source: institutional data · regulatory filings · risk analysis
Pay attention to
valuation test
the implied land value is ~$13,650 per acre
that is the market's working assumption based on $314M spread across 23,000 acres. every land sale either confirms it or weakens it.
operating trend
revenue per acre is only about $522
$12M of estimated revenue against 23,000 acres is a very low monetization rate. if that figure does not improve, you still own dormant value more than operating momentum.
catalyst calendar
any meaningful parcel sale matters more than a routine quarter
a clean transaction on a large parcel would give you a real market datapoint on acreage value. that's more useful here than small swings in quarterly revenue.
ownership
BlackRock added 0.75% in q2 2025, but the rest of the picture is still thin
one increase is a signal, not a trend. if broader institutional data stays sparse, expect a stock that can wander away from fundamental value.
Analyst rankings
earnings predictability
25 / 100
in human-speak, analysts do not trust near-term earnings to show up smoothly.
risk rank
3
middle-of-the-pack overall risk. the balance sheet helps, but the business model is still highly concentrated.
balance sheet
B+
financially respectable. not a fortress, but the $0M debt load gives the company room to wait.
source: institutional data
Institutional activity
institutional ownership data for MLP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$17
current price
n/a
target midpoint · n/a from current
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