Maui Land & Pineapple Company, Inc. (MLP)

Over the past six months, MLP reported significant operational improvement for fiscal year 2025, with operating revenues growing and Adjusted EBITDA increasing, driven by higher leasing revenue and land sales; however, the GAAP net loss widened due to pension funding. Leasing and operating revenues surged in Q3 2025, but pension costs drove a net loss. The company sold six non-strategic land parcels in 2025, generating sales revenues to fund planning and development. MLP funded its pension plan, impacting the net loss. The company launched a new agricultural venture by planting blue weber agave. As of May 4, 2026, MLP's stock price was $15.11, with a market cap of $300 million; the stock's price decreased by 7.02% over the last 12 months, but had a year-to-date return of 3.32%.

Maui Land & Pineapple Co., Inc.'s business segments suggest potential seasonality. The Kapalua Resort is likely subject to seasonal fluctuations in tourism. Demand for luxury residential properties can be influenced by economic cycles and consumer confidence. Commercial and land leases might offer more stable revenue, but some commercial activities could experience seasonal variations. The agave venture would have its own agricultural seasonality related to planting, growth, and harvesting cycles.

Maui Land & Pineapple Co., Inc. (MLP) is a landholding and operating company based in Kapalua, Hawaii, founded in 1909. The company operates through three segments: Land Development and Sales, Leasing, and Resort Amenities. MLP is involved in land planning, development, and sales of its landholdings, focusing on residential, resort, commercial, and industrial real estate. The Resort Amenities segment operates the Kapalua Resort, featuring accommodations, golf courses, tennis courts, and recreational amenities. The Leasing segment generates revenue from real property leasing, license fees, and royalties, and includes the maintenance of real estate assets, conservation activities, and the management of water systems. While MLP formerly grew pineapples, it closed its pineapple business in 2009 but has recently launched a new drought-tolerant agricultural venture, planting blue weber agave.

Maui Land & Pineapple Co., Inc. owns approximately 22,000 to 24,300 acres of land on Maui, Hawaii. Around 20,400 acres are in West Maui, including the 9,000-acre Puʻu Kukui Watershed Preserve. The Kapalua Resort spans about 1,000 to 1,650 acres within West Maui. The company also manages approximately 260,000 square feet of commercial properties.

In the past year, Maui Land & Pineapple Co., Inc.'s reputation has been impacted by a significant event concerning water management. In October 2025, the Hawai'i Department of Land and Natural Resources' Commission on Water Resource Management issued a notice of alleged violations to MLP for allegedly mismanaging water resources, potentially leading to substantial fines. MLP is also facing a lawsuit from neighbors accusing it of misusing water resources and exacerbating drought conditions.

Individual insiders hold a significant majority of Maui Land & Pineapple Co., Inc. with 62% ownership. Stephen Case, a director and co-founder of AOL, is the largest individual shareholder, holding a 61% stake. Major institutional owners and shareholders include BlackRock, Inc., Vanguard Group Inc, Dimensional Fund Advisors Lp, Oppenheimer & Co Inc, Geode Capital Management, Llc, Nokomis Capital, L.L.C., State Street Corp, Renaissance Technologies Llc, Crawford Fund Management, LLC, Raymond James Financial Inc, ValueWorks LLC and TSP Capital Management Group, LLC. The general public holds a 13% stake in the company.