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MLP

Maui Land & Pineapple Company, Inc.

MLP

Maui Land & Pineapple Company, Inc. • NYSE
$15.85 ▲ 0.51% (+0.08)
Market Cap $312.92 M
52w High $24.48
52w Low $13.84
Dividend Yield 0%
P/E -27.33
Volume 22.07K
Outstanding Shares 19.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.525M ▼ $2.107M ▼ $240K ▲ 5.304% ▲ $0.012 ▲ $588K ▲
Q2-2025 $4.602M ▼ $2.124M ▼ $-999K ▲ -21.708% ▲ $-0.05 ▲ $-589K ▲
Q1-2025 $5.804M ▲ $3.284M ▲ $-8.64M ▼ -148.863% ▼ $-0.44 ▼ $-8.406M ▼
Q4-2024 $3.412M ▲ $2.789M ▼ $-1.907M ▲ -55.891% ▲ $-0.097 ▲ $-924K ▲
Q3-2024 $3.028M $3.439M $-2.237M -73.877% $-0.11 $-2.048M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.046M ▼ $45.839M ▲ $12.117M ▼ $33.722M ▲
Q2-2025 $7.028M ▼ $45.739M ▼ $19.445M ▼ $26.294M ▼
Q1-2025 $9.455M ▼ $47.232M ▼ $20.516M ▲ $26.716M ▼
Q4-2024 $9.522M ▲ $50.139M ▲ $16.958M ▲ $33.181M ▼
Q3-2024 $9.12M $45.916M $11.926M $33.99M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.64M ▲ $-932K ▼ $-657K ▼ $-21K ▲ $-1.61M ▼ $1.172M ▲
Q2-2025 $0 ▲ $-871K ▼ $-444K ▼ $-31K ▲ $-1.346M ▼ $-2.396M ▼
Q1-2025 $-8.64M ▼ $813K ▲ $535K ▲ $-301K ▼ $1.047M ▲ $234K ▼
Q4-2024 $-1.907M ▲ $223K ▼ $517K ▲ $-43K ▼ $697K ▼ $987K ▲
Q3-2024 $-2.237M $690K $-1.274M $2.989M $2.405M $-710K

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Resort Amenities and Other
Resort Amenities and Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Club Membership
Club Membership
 $0 ▲$0 ▲$0 ▲$0 ▲
License
License
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement MLP’s income statement shows a very small business with revenue that barely moves year to year and depends heavily on one‑off activity rather than steady, recurring sales. Profitability is fragile: results swing between small profits and small losses, with the most recent year slipping back into a loss. Operating performance doesn’t show a clear upward trend, and earnings per share have been quite volatile, suggesting that the business model is still not consistently monetizing its land and resort assets through the income statement.

Balance Sheet

Balance Sheet The balance sheet is asset‑light for a real estate company, reflecting a relatively small financial footprint despite large underlying land holdings. Cash levels are modest but steady, and the company carries essentially no financial debt, which reduces balance‑sheet risk but also limits leverage‑driven growth. Equity has inched up only slowly over time, indicating limited buildup of retained value from profits. Overall, the financial position looks conservative but also constrained, with little visible expansion of the reported asset base.

Cash Flow

Cash Flow Cash flow from operations has been minimal and only occasionally positive, which underscores how little cash the core operations are currently generating. Free cash flow has followed the same pattern: small and only intermittently positive, helped by very low capital spending. This suggests a business in preservation mode rather than aggressive growth, relying on tight spending and occasional cash inflows rather than a strong, recurring cash engine.

Competitive Edge

Competitive Edge MLP’s competitive strength is based much more on its unique land and water assets than on the size of its income statement. It controls large, irreplaceable parcels on Maui, including the Kapalua Resort area and significant water infrastructure, in a location where new large‑scale development is difficult. Its long history on the island and its stewardship of conservation land give it community and branding advantages. At the same time, it is a very small player in financial terms, highly concentrated in one geography, and exposed to legal, regulatory, and tourism‑driven real‑estate cycles, which keeps its practical competitive position quite narrow and specialized.

Innovation and R&D

Innovation and R&D MLP does not run a traditional R&D program, but it is innovating in how it uses and manages its land. The shift into drought‑tolerant agave farming on former pineapple fields is an example of trying to pair sustainability with new revenue opportunities. Its management of a large watershed preserve and emphasis on environmentally sensitive development at Kapalua point to a differentiated, conservation‑oriented approach rather than pure maximization of build‑out. Future innovation seems likely to center on creative land use, sustainable agriculture, and possibly integrating tourism, distilling, and agri‑tourism, rather than on technology in the usual sense.

Summary

Overall, MLP looks like an asset‑rich but income‑poor company: it holds valuable and scarce real estate and water assets on Maui, yet its reported revenue, profits, and cash flows remain very small and uneven. The balance sheet is conservative, with little debt and steady but limited cash, suggesting restrained risk but also modest financial firepower. The company’s real story lies in long‑term optionality around land development, water rights, and new agricultural ventures, offset by regulatory, legal, environmental, and concentration risks. Future outcomes will likely depend more on how effectively management unlocks value from these land and water assets, and less on any near‑term trends visible in the recent financial statements.

NEWS

November 17, 2025 · 8:00 AM UTC

RETRANSMISSION: Millennial Potash Reports Significant Increase In Resource Estimates: Measured + Indicated Resource is up by 275% and Inferred Resource is increased by 210% at its Flagship Banio Potash Project: Measured + Indicated Mineral Resources of 2.45 Billion Tonnes at 15.6% KCl and Inferred Mineral Resources of 3.56 Billion Tonnes at 15.6% KCl

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November 17, 2025 · 12:01 AM UTC

Millennial Potash Reports Significant Increase In Resource Estimates: Measured + Indicated Resource is up by 275% and Inferred Resource is increased by 210% at its Flagship Banio Potash Project: Measured + Indicated Mineral Resources of 2.45 Billion Tonnes at 15.6% KCl and Inferred Mineral Resources of 3.56 Billion Tonnes at 15.6% KCl

Read more

November 14, 2025 · 4:39 PM UTC

Maui Land & Pineapple Company, Inc. Reports Fiscal Third Quarter 2025 Results

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November 12, 2025 · 9:30 AM UTC

Alerian MLP ETF Declares Fourth Quarter Distribution of $1.00

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November 4, 2025 · 5:00 PM UTC

Millennial Potash Announces Update to September 19, 2025 News Release

Read more