Maui Land & Pineapple Company, Inc. (MLP) Stock

Maui Land & Pineapple Company, Inc. (MLP) is a Real Estate stock trading at $15.70 (as of 2026-08-24), with a market capitalization of $311.79M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Maui Land & Pineapple Company, Inc. develops, manages, and sells real estate properties in the United States, and also operates leasing and resort amenities activities. Its segments include Real Estate (planning, development, sales, and brokerage), Leasing (property leasing, water systems stewardship, and trademark/trade name licensing), and Resort Amenities for Kapalua Club.

Understand Maui Land & Pineapple Company, Inc.: how it makes money

Maui Land & Pineapple develops, manages, and sells real estate in Hawaii and also leases commercial, agricultural, and industrial lands, earning money from land planning, entitlement, development, and property sales (Real Estate segment), plus recurring leasing revenues (Leasing segment) and resort amenities and other revenues (Resort Amenities segment).

The profit engine is converting its land pipeline into sales (tracked by Contracted Land Sales and Binding Land Sales in Escrow) while using leasing occupancy and commenced leases to support steadier revenue from its land holdings.

Revenue by segment (latest quarter)
Real Estate	$0.0B
Leasing	$0.0B
Resort Amenities	$0.0B

Business quality (Weak): For the latest quarter, reported revenue is effectively near zero and the operating margin is deeply negative (-59.2%), so near-term results appear highly dependent on whether land sales progress from contracting to escrow.

Bull case

Leasing portfolio occupancy is reported at 93%: Higher occupancy can support more stable leasing revenue compared with project-based sales.
Some land is tracked as contracted sales (Contracted Land Sales is 0.01 USD_B): If contracted transactions move forward, Real Estate sales can contribute to revenue.

Bear case

Reported revenue is 0.0 USD_B for the quarter ended 2026-03-31: This limits the visibility of near-term operating progress and can make results swing with timing of land transactions.
Operating margin is -59.2%: Costs are high relative to operating profit in the period, increasing sensitivity to project execution and sale timing.
Land sales progress signals are very low in the provided metrics (Binding Land Sales in Escrow - Land Development and Sales is 0.0 USD_B, Land in Contract Negotiations is 0.0 USD_B, Parcels Publicly Listed for Active Sale is 0.0 USD_B): A slower pipeline could delay realizations from land development and sales.
Resort Amenities and Other Operating Revenues are reported as 0.0 USD_B: Near-term contribution from that segment appears minimal based on the provided quarter figures.

Valuation — source: SEC EDGAR (first-party)
Price	$15.70
Market Cap	$311.79M
Price / Book	10.04
Price / Sales	20.74
DCF Value (model)	$1.66
DCF Upside vs Price	-89.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$19.46M
Net Margin	-54.4%
Revenue Growth (YoY)	-41.3%
EPS Growth (YoY)	-77.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	10.60 (safe)

Valuation vs Sector & Industry
Sector P/E (Real Estate)	27.3
Industry P/E (Real Estate)	29.6

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VALUEWORKS LLC ($18.43M)
Institutional Holders Tracked	10

Company
Sector	Real Estate
Industry	Real Estate
CEO	Race A. Randle
Employees	15
Country	US
IPO Date	1994-04-25

Related Companies (Real Estate; 8 comparable real estate companies)

Data as of 2026-08-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.