Maui Land & Pineapple Company, Inc. (MLP)

In the past six months, MLP's stock price has been impacted by several events. The company reported a 134% year-over-year gain in operating revenue for the fiscal first-quarter 2025 and announced a new agriculture-based business venture. Operating revenues for the six months ended June 30, 2025, reached $10.4 million, a 103% increase from 2024, but the company reported a GAAP net loss of ($9.6 million) due to a pension-related expense. Director Stephen M. Case purchased 2,500 shares of MLP stock. MLP announced a strategic evaluation of its water assets, including a potential sale or lease. The PGA Tour canceled The Sentry at Kapalua due to water restrictions stemming from a dispute with the company in charge of the water delivery system, which is Maui Land & Pineapple. A lawsuit was filed against MLP by Kapalua homeowners and Hua Momona Farms, and MLP filed a countersuit. The Commissioner on Water Resource Management in Hawaii notified MLP of alleged violations with the water delivery system, with potential fines totaling $11 million. Analyst ratings have been mixed.

Maui Land & Pineapple Co., Inc.'s resort operations are tourism-dependent, implying a reliance on the broader US economy and potential seasonal fluctuations in visitor numbers. Real estate markets can experience seasonal trends. The Kapalua Resort hosts The Sentry in January, which historically drove demand, though the 2026 event has been canceled. The company's agricultural land leasing suggests a more consistent revenue stream, though agricultural cycles can have their own seasonal patterns.

Maui Land & Pineapple Co., Inc. (MLP) is a land holding and operating company in Kapalua, Hawaii, founded in 1909, primarily operating within the Real Estate sector. MLP owns approximately 22,000 to 24,300 acres of land on Maui, focusing on the development, sale, and management of real estate. It operates retail and utility services at the Kapalua Resort, offering residential lots, custom homes, and development parcels. MLP manages the Kapalua Resort, featuring accommodations, golf courses, tennis courts, and a spa, and engages in long-term land leases for agriculture, renewable energy, and conservation. The company provides water and wastewater transmission services through subsidiaries. While historically known for pineapple cultivation, MLP transitioned away from large-scale pineapple farming after the Maui Pineapple Company closed in 2009, remaining committed to land stewardship and sustainable agriculture.

Maui Land & Pineapple Co., Inc.'s geographic footprint is concentrated on the island of Maui, Hawaii. The company owns extensive landholdings, including the Kapalua Resort in West Maui, and manages nature and watershed preserves, such as the Puʻu Kukui Watershed Preserve. Its properties and operations span West Maui and Upcountry Maui, including areas like Lahaina and Haliimaile Town.

Maui Land & Pineapple Co., Inc.'s brand reputation has been significantly impacted by issues related to water management. The cancellation of the PGA Tour's Sentry tournament at Kapalua, due to water restrictions and a dispute over the water delivery system, has drawn negative attention. A lawsuit filed by Kapalua homeowners and Hua Momona Farms alleges that MLP has not maintained the water delivery system. The company has filed a countersuit, and the Commissioner on Water Resource Management in Hawaii has notified MLP of alleged violations with potential fines. These events have likely affected the company's reputation.

Insiders hold a significant portion of Maui Land & Pineapple Co., Inc. stock, with 65.88% held by insiders, while institutional ownership is considerably lower at 24.55%. Director Stephen M. Case is a notable individual owner, having purchased 2,500 shares in September 2025, bringing his direct ownership to 11,937,978 shares.