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Maui Land & Pineapple Company, Inc.NYSE:MLP Stock Report

Market Cap US$324.4m
Share Price
n/a
1Y-6.1%
7D-6.6%
1D-0.2%
Portfolio Value
​
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Maui Land & Pineapple Company, Inc.

NYSE:MLP Stock Report

Market Cap: US$324.4m

Maui Land & Pineapple Company (MLP) Stock Overview

Engages in the planning, managing, developing, and selling residential, resort, commercial, agricultural, and industrial real estate properties in the United States. More details

MLP fundamental analysis
Snowflake Score
Valuation0/6
Future Growth0/6
Past Performance0/6
Financial Health2/6
Dividends0/6

Risk Analysis

Earnings have declined by 43% per year over past 5 years


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Maui Land & Pineapple Company, Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Maui Land & Pineapple Company
Historical stock prices
Current Share PriceUS$16.29
52 Week HighUS$20.34
52 Week LowUS$13.84
Beta0.67
1 Month Change-10.89%
3 Month Change1.18%
1 Year Change-6.11%
3 Year Change9.40%
5 Year Change59.24%
Change since IPO466.61%

Recent News & Updates

Seeking Alpha • Apr 07

Maui Land & Pineapple: Reinflation Not Good For Real Estate Plays

Summary Maui Land & Pineapple Company remains in the planning phase for major developments, with current results driven by non-strategic land sales. Leasing revenue is up 33%, supported by new commercial leases and post-wildfire recovery, but interim relief developments seem paused. MLP's largest project, Kapalua Resort Mauka, is closest to fruition but still years from revenue generation; cash reserves and credit lines should sustain operations until then. A rising yield curve and higher capital costs challenge MLP's execution and diminish the immediate appeal of its theoretical asset value, despite sufficient liquidity. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Apr 07

Maui Land & Pineapple: Reinflation Not Good For Real Estate Plays

Summary Maui Land & Pineapple Company remains in the planning phase for major developments, with current results driven by non-strategic land sales. Leasing revenue is up 33%, supported by new commercial leases and post-wildfire recovery, but interim relief developments seem paused. MLP's largest project, Kapalua Resort Mauka, is closest to fruition but still years from revenue generation; cash reserves and credit lines should sustain operations until then. A rising yield curve and higher capital costs challenge MLP's execution and diminish the immediate appeal of its theoretical asset value, despite sufficient liquidity. Read the full article on Seeking Alpha
Analysis Article • Sep 14

Maui Land & Pineapple Company, Inc. (NYSE:MLP) Investors Are Less Pessimistic Than Expected

You may think that with a price-to-sales (or "P/S") ratio of 22x Maui Land & Pineapple Company, Inc. ( NYSE:MLP ) is a...
Analysis Article • Mar 12

Maui Land & Pineapple Company, Inc.'s (NYSE:MLP) Shares May Have Run Too Fast Too Soon

Maui Land & Pineapple Company, Inc.'s ( NYSE:MLP ) price-to-sales (or "P/S") ratio of 27.8x may look like a poor...
Seeking Alpha • Oct 22

Maui Land & Pineapple Outlook Remains Strong

Summary The land that MLP is currently in the process of developing could be worth up to 197.75% of the company's current share price of $23.53. MLP's share price could rise significantly if the company makes a turn around and begins to become profitable again. If in the future MLP is able to build on all of its land capable of having housing built on it MLP's share price could be worth up to $160. Read the full article on Seeking Alpha
Analysis Article • Aug 08

Maui Land & Pineapple Company (NYSE:MLP) Is In A Good Position To Deliver On Growth Plans

Just because a business does not make any money, does not mean that the stock will go down. For example, although...
Seeking Alpha • Mar 11

Maui Land & Pineapple Company Is Trading Far Below Its Asset Value

Summary Maui Land & Pineapple Company is undervalued, with the land it currently has entitled worth up to $79.33 a share, compared to its current trading price of $19.89. MLP's largest shareholder, Steve Case, has a 62% stake in the company and has a history of successful real estate and land development ventures. MLP is well-positioned to take advantage of increased demand for residential housing in Maui due to recent fires, and has a strong management team in place to unlock the value of its property. Read the full article on Seeking Alpha
Analysis Article • Apr 29

Estimating The Fair Value Of Maui Land & Pineapple Company, Inc. (NYSE:MLP)

Key Insights Using the 2 Stage Free Cash Flow to Equity, Maui Land & Pineapple Company fair value estimate is US$15.56...
Seeking Alpha • Feb 04

Maui Land & Pineapple: Hawaiian Real Estate Play Near 5-Year Lows

Summary Maui Land & Pineapple is a Hawaiian real estate company. The company is slightly profitable in ongoing operations; however, its real value is from its sizable Hawaiian land holdings. Shares are near 5-year lows even as we've seen inflation in land and asset prices more generally. I don't see any particular catalysts for Maui Land & Pineapple in 2023, but this should be a decent entry point over the longer term. Maui Land & Pineapple (MLP) is a Hawaiian real estate company. The company began in 1909 as an agricultural operation growing pineapples. It purchased most of its land in the early 1900s. In more recent years, however, agriculture has become less cost competitive in Hawaii as compared to other tropical regions. As such, Maui Land & Pineapple has transitioned from being an agriculture company to primarily being a resort operator and land development company. I find land bank stocks interesting. They offer a unique sort of investment, giving investors inflation protection while potentially giving significant right tail upside if the land in question experiences a catalyst which would transform its valuation. For example, Texas Pacific Land (TPL) shares enjoyed a parabolic run-up over the past decade as its rural Texan land became dramatically more valuable thanks to the fracking boom. Maui Land & Pineapple, by contrast, has not managed to enjoy any such hard catalyst in recent times. Shares exploded higher in 2017 amid a flurry of articles and discussion about the company in the value investing community. Since then, however, MLP stock has given up those gains and largely traded sideways. Shares have dipped a little bit more in recent months, and are now near a 5-year low in price: Data by YCharts As such, it's time to revisit Maui Land & Pineapple. After all, these sorts of land plays tend to be dormant for extended periods of time and then suddenly spring to life when new projects emerge, activists take a position, or other such catalysts emerge. The time to go hunting for these sorts of companies tends to be during these extended dormant periods before they start making headlines again. What Maui Land & Pineapple Owns Nowadays, the firm primarily operates as a real estate company and land bank. It operates the Kapalua Resort and club. It also seeks to develop and profit from its real estate holdings, along with operating leasing operations for its existing properties. As of Dec. 31, 2021, here is the land that Maui Land & Pineapple owns: MLP's land holdings (10-K) As you can see, the majority of the company's land holdings are in West Maui, with the balance in Upcountry Maui. On paper, the company owns 22,800 acres in total. However, 9,000 of this is unavailable for development due to being conservation or watershed land. In addition, another 12,900 acres are currently zoned for agriculture. Given Hawaii's development practices, it would take a long time, if ever, for much of this land to be converted to higher-value usages. That leaves the company with its crown jewels, the 900 acres of fully entitled urban land. These 900 acres are at the Kapalua Resort, where the company already has the proper zoning in places and plans to further develop this property between today and 2039. Given the gradual pace of planned development, it shouldn't have too much trouble coming up with funding for pushing this project forward. This land should be exceptionally valuable. Hawaii has among the most restrictive development laws in the country, and Maui County in particular has rigorous standards even in comparison to the rest of Hawaii. In Hawaii, the median single family home price is roughly two and a half times the national average. Given that Maul Land & Pineapple can sell lots next to its existing resort facilities, this should help power even higher land values. Based on prior comparable transactions in the area in the past, it's not hard to imagine this land being worth several hundred thousand dollars an acre if developed properly and sold in a strategic manner. Ongoing Results Near Break-Even Maui Land & Pineapple does have some ongoing operations, mainly in the form of its resort and associated leasing activities. The company's results are quite variable from year-to-year, with significant variation due to economic activity and one-off deals and opportunities. I'd note that the company's net income has generally been right around zero, and it wasn't significantly profitable on an operations basis even prior to the onset of COVID-19: Data by YCharts The company did generate more than $5 million in net income over the past year, which is a meaningful improvement from past results. Regardless, given the relatively small amount of income and the significant variability of it, I wouldn't assign too much value to the day-to-day operations of the company. The real value is in the underlying land. An Underfollowed & Off-The-Radar Stock Maui Land & Pineapple is not a widely followed company. It has minimal analyst coverage, little retail investor attention, and not much in the way of average trading volume either. In addition, management does little to market or shine light on the business. Speaking to this point, this is the entirety of the company's investor relations web page: MLP's Investor Relations site (Corporate website) There is no investor presentation or any sort of flashy information about the company. Just some .pdfs of routine documents, along with links to SEC filings. This lack of any focus on marketing the company could lead to a lower valuation, compared to other firms in the industry. In theory, this should be appealing for value investors, who care more about the underlying assets than and glitz and glamor around the investment. However, unless the company takes concrete steps to start getting its story more publicity, there is no reason to assume this valuation gap will close anytime soon. Some companies with a low profile are incredibly savvy, like Berkshire Hathaway (BRK.A) (BRK.B) which is known for its low-tech website. That said, Maui Land & Pineapple's management has not necessarily earned this same level of trust. The company's balance sheet management, historically, has left a lot to be desired. For example, the firm was carrying close to $100 million of debt, including $60 million of short-term debt, during the 2008 financial crisis. The combination of this large debt with a lack of cash or meaningful revenues led to the firm having a liquidity shortage and having to issue shares at depressed prices. MLP stock plunged from $30 to $5 during the crisis and has largely failed to recover subsequently. For another example, Maui Land & Pineapple ended up having $40 million of debt come due at one point in 2016. The company was able to navigate that maturity more successfully, however, in different economic conditions, that could have potentially impaired shareholder value as well. Finally, I'd note that insiders own 65% of the company's outstanding stock. This could be an obstacle to outside shareholders who seek to maximize total value of the company's assets, depending on how insiders decide to manage and develop the various land holdings at the company. MLP Stock Bottom Line Maui Land & Pineapple currently has a market cap of about $180 million. There's not much going on with the balance sheet to impact that number either. The company held $11 million in cash as of last report, and has minimal long-term liabilities. So, investors are paying around $175 million or so in total value for the company's land and operations. I believe the operations aren't worth all that much, as they tend to break even or generate a minimal profit on an annual basis. That said, it's enough to cover the company's operating costs and thus prevent the company from having to sell land or dilute shareholders to keep functioning. So there is some value from that. However, most of the valuation here comes from future land sales.
Seeking Alpha • Aug 11

Maui Land & Pineapple GAAP EPS of $0.54, revenue of $13.99M

Maui Land & Pineapple press release (NYSE:MLP): Q2 GAAP EPS of $0.54. Revenue of $13.99M (+182.6% Y/Y).
Analysis Article • Apr 23

Increases to CEO Compensation Might Be Put On Hold For Now at Maui Land & Pineapple Company, Inc. (NYSE:MLP)

Despite Maui Land & Pineapple Company, Inc.'s ( NYSE:MLP ) share price growing positively in the past few years, the...
Analysis Article • Mar 13

Announcing: Maui Land & Pineapple Company (NYSE:MLP) Stock Increased An Energizing 124% In The Last Five Years

The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But on the bright side, if...
Analysis Article • Jan 19

What Is The Ownership Structure Like For Maui Land & Pineapple Company, Inc. (NYSE:MLP)?

Every investor in Maui Land & Pineapple Company, Inc. ( NYSE:MLP ) should be aware of the most powerful shareholder...
Analysis Article • Nov 25

Maui Land & Pineapple Company (NYSE:MLP) Shareholders Have Enjoyed An Impressive 125% Share Price Gain

When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose...

Shareholder Returns

MLPUS Real EstateUS Market
7D-6.6%-2.1%-0.9%
1Y-6.1%-15.4%19.4%

Return vs Industry: MLP exceeded the US Real Estate industry which returned -15.5% over the past year.

Return vs Market: MLP underperformed the US Market which returned 20.3% over the past year.

Price Volatility

Is MLP's price volatile compared to industry and market?
MLP volatility
MLP Average Weekly Movement7.1%
Real Estate Industry Average Movement7.5%
Market Average Movement7.2%
10% most volatile stocks in US Market16.7%
10% least volatile stocks in US Market3.2%

Stable Share Price: MLP has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: MLP's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
190920Race Randlewww.mauiland.com

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.

Maui Land & Pineapple Company, Inc. Fundamentals Summary

How do Maui Land & Pineapple Company's earnings and revenue compare to its market cap?
MLP fundamental statistics
Market capUS$324.39m
Earnings (TTM)-US$4.00m
Revenue (TTM)US$17.06m
19.0x
P/S Ratio
-80.9x
P/E Ratio

Is MLP overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
MLP income statement (TTM)
RevenueUS$17.06m
Cost of RevenueUS$12.46m
Gross ProfitUS$4.60m
Other ExpensesUS$8.60m
Earnings-US$4.00m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)-0.20
Gross Margin26.97%
Net Profit Margin-23.44%
Debt/Equity Ratio20.8%

How did MLP perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/13 01:03
End of Day Share Price 2026/07/13 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Maui Land & Pineapple Company, Inc. is covered by 0 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.