olivLaw · US equity research
BrasilAgro - Brazilian Agricultural Real Estate Co LND
Agricultural Production-Crops · SIC 0100 · Vertical: Agricultural Production-Crops (SIC 0100)
BrasilAgro acquires, develops and operates agricultural land in Brazil, Bolivia and Paraguay, growing soybean, corn, sugarcane and cattle, with the aim of realizing capital gains by selling developed farms. For fiscal 2025 the company reported net revenue of R$877.4 million, and its land holdings total 252,796 hectares.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, BrasilAgro - Brazilian Agricultural Real Estate Co (LND) stock was 3.29 USD (+6.13% on the day), with beta 0.41, 52-week range 3.10–4.37 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.3
- weak (30–45)
- Bollinger (20, 2)
- 3.02 – 3.96
- in the lower half of the band · %B 0.29 · band width 27.0%
- SMA 50 / 200
- 3.59 / 3.79
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.12 / -0.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.1% | −1.1% | −10.0 pp | — |
| 3 months | −8.9% | −0.5% | −8.4 pp | — |
| 6 months | −14.3% | +4.4% | −18.7 pp | — |
| Year to date | −8.1% | +12.3% | −20.4 pp | — |
| 1 year | −10.8% | +13.5% | −24.4 pp | −26.0% |
| 3 years | −35.7% | +76.4% | −112.2 pp | −25.1% |
| 5 years | −33.1% | +63.7% | −96.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 244.3 m | 357.9 m | 487.6 m | 663.0 m | 1.2 bn | 903.4 m | 771.1 m | 877.4 m |
| Revenue YoY | +66.3% | +46.5% | +36.2% | +36.0% | +76.2% | −22.7% | −14.6% | +13.8% |
| Net income | 126.3 m | 177.1 m | 119.6 m | 317.6 m | 520.1 m | 268.5 m | 226.9 m | 138.0 m |
| Net income YoY | +362.6% | +40.2% | −32.5% | +165.7% | +63.7% | −48.4% | −15.5% | −39.2% |
| Diluted EPS | 2.35 | 3.27 | 2.09 | 4.45 | 5.23 | 2.70 | 2.27 | 1.38 |
| Diluted EPS YoY | +395.1% | +39.4% | −36.0% | +112.4% | +17.7% | −48.4% | −16.1% | −39.2% |
| net % | 51.7% | 49.5% | 24.5% | 47.9% | 44.5% | 29.7% | 29.4% | 15.7% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 142.9 m BRL
- Financial debt
- 529.7 m BRL
- Net debt
- 386.8 m BRL
- Equity
- 2.2 bn BRL
- Total assets
- 3.8 bn BRL
- Debt / equity
- 0.24x
- Current ratio
- unavailable
- ROE
- 6.3%
- ROA
- 3.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (BRL)
Margins
Income statement · BRL
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 487.6 m | 663.0 m | 1.2 bn | 903.4 m | 771.1 m | 877.4 m | SEC (XBRL)· 30 Oct 2025verified |
| Cost of revenue | 483.8 m | 729.1 m | 1.1 bn | 886.2 m | 747.0 m | 833.9 m | SEC (XBRL)· 30 Oct 2025verified |
| Gross profit | 221.4 m | 491.5 m | 775.9 m | 393.7 m | 311.9 m | 338.2 m | SEC (XBRL)· 30 Oct 2025verified |
| Operating income | 164.3 m | 394.1 m | 690.2 m | 275.9 m | 185.9 m | 206.5 m | SEC (XBRL)· 30 Oct 2025verified |
| Depreciation & amortisation | 60.2 m | 110.0 m | 82.6 m | 20.9 m | 29.6 m | — | SEC (XBRL)· 31 Oct 2024verified |
| EBITDA | 224.5 m ≈ | 504.1 m ≈ | 772.8 m ≈ | 296.8 m ≈ | 215.5 m ≈ | — | SEC (XBRL)· 30 Oct 2025derived |
| Interest expense | 25.2 m | 945.6 m | 373.0 m | 324.6 m | 307.2 m | 417.9 m | SEC (XBRL)· 30 Oct 2025verified |
| Pre-tax income | 133.5 m | 298.1 m | 637.3 m | 281.7 m | 191.5 m | — | SEC (XBRL)· 31 Oct 2024verified |
| Net income | 119.6 m | 317.6 m | 520.1 m | 268.5 m | 226.9 m | 138.0 m | SEC (XBRL)· 30 Oct 2025verified |
| Diluted EPS | 2.09 | 4.45 | 5.23 | 2.70 | 2.27 | 1.38 | SEC (XBRL)· 30 Oct 2025verified |
| Weighted average diluted shares | 57.1 k | 71.4 k | 99.4 k | 99.4 k | 100.1 k | 100.2 k | SEC (XBRL)· 30 Oct 2025verified |
| Dividend per share | 0.81 | 0.41 | — | 3.13 | 3.11 | 1.52 | SEC (XBRL)· 30 Oct 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · BRL
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | — | — | — | 383.8 m | 171.0 m | 142.9 m | SEC (XBRL)· 30 Oct 2025verified |
| Receivables | — | — | — | 430.0 m | 415.0 m | 429.5 m | SEC (XBRL)· 30 Oct 2025verified |
| Inventories | — | — | — | 213.7 m | 233.5 m | 293.5 m | SEC (XBRL)· 30 Oct 2025verified |
| Current assets | — | — | — | 1.3 bn | — | — | SEC (XBRL)· 31 Oct 2023verified |
| Property, plant & equipment, net | — | — | — | 155.1 m | 202.1 m | 232.7 m | SEC (XBRL)· 30 Oct 2025verified |
| Intangibles (excl. goodwill) | — | — | — | 1.9 m | 4.5 m | 5.1 m | SEC (XBRL)· 30 Oct 2025verified |
| Total assets | — | — | — | 3.5 bn | 3.6 bn | 3.8 bn | SEC (XBRL)· 30 Oct 2025verified |
| Accounts payable | — | — | — | 176.1 m | 174.3 m | 176.0 m | SEC (XBRL)· 30 Oct 2025verified |
| Long-term debt | — | — | — | 356.4 m | 504.6 m | 529.7 m | SEC (XBRL)· 30 Oct 2025verified |
| Current liabilities | — | — | — | 631.9 m | 527.3 m | 658.3 m | SEC (XBRL)· 30 Oct 2025verified |
| Total liabilities | — | — | — | 1.3 bn | 1.4 bn | 1.7 bn | SEC (XBRL)· 30 Oct 2025verified |
| Equity | — | — | — | 2.2 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 30 Oct 2025verified |
| Shares outstanding at year end | — | — | — | 102.4 m | 102.7 m | 102.7 m | SEC (XBRL)· 30 Oct 2025verified |
Cash flow · BRL
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 60.4 m | 117.4 m | 205.2 m | 155.7 m | 79.4 m | 71.5 m | SEC (XBRL)· 30 Oct 2025verified |
| Investing cash flow | -20.7 m | -180.2 m | -89.7 m | 55.0 m | -27.8 m | -38.9 m | SEC (XBRL)· 30 Oct 2025verified |
| Financing cash flow | 18.5 m | 954.9 m | -737.8 m | -261.1 m | -265.8 m | -60.7 m | SEC (XBRL)· 30 Oct 2025verified |
| Dividends paid | 50.0 m | 42.0 m | 460.0 m | 320.0 m | 319.1 m | 156.0 m | SEC (XBRL)· 30 Oct 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
50% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.8% | 71 (vs peers) | 21% |
| Net margin · Quality | 15.7% | 100 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -9.1% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | -35.9% | 0 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | 1.6x | 67 (on a fixed band) | 21% |
| Interest coverage · Balance sheet | 0.5x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet42/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BrasilAgro – Brazilian Agricultural Real Estate Company (LND). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 877.4 m BRL in 2025; YoY growth 13.8%; net margin 15.7%; ROE 6.3%; net debt/EBITDA 1.6x.
The estimated value range is 14.20–21.25 BRL per share (median of 3 methods, agreement: medium); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 6.8%
- Net margin: 15.7%
What contradicts it
- Revenue CAGR 3Y: -9.1%
- EPS CAGR 3Y: -35.9%
- Interest coverage: 0.5x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Agricultural Production-Crops (SIC 0100) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CTVACorteva, Inc. | 8.2 bn | 8.1 | 4.0% | 5.7% | +2.9% | +21% / +81% |
| DMCDel Monte Corporation | 1.4 bn | 16.8 | 4.0% | 1.9% | +1.0% | −21% / +26% |
| AGROAdecoagro S.A. | 1.3 bn | 10.3 | 7.1% | 6.1% | +16.9% | +14% / −19% |
| DOLEDole plc | 1.3 bn | 21.9 | 4.5% | 0.6% | +8.2% | −4% / +20% |
| VFFVillage Farms International, Inc. | 358.3 m | 16.4 | 7.6% | 9.8% | +10.2% | −26% / +271% |
| LMNRLimoneira Company | 190.7 m | — | -25.7% | -33.0% | −16.6% | −24% / −31% |
| AGRZAgroz Inc. | 42.0 m | 48.0 | 25.6% | 8.6% | unavailable | −98% / unavailable |
| LOCLLocal Bounti Corporation | 22.1 m | — | — | -130.5% | +26.8% | −61% / −73% |
| TULPBloomia Holdings, Inc. | 10.9 m | — | -87.9% | -23.2% | unavailable | −40% / −54% |
| SEEDOrigin Agritech Limited | 8.6 m | — | — | -58.4% | −20.6% | −49% / −64% |
| EDBLEdible Garden AG Incorporated | 1.4 m | — | -197.1% | -51.0% | −7.6% | −100% / −100% |
| LNDBrasilAgro – Brazilian Agricultural Real Estate Company | — | — | 6.3% | 15.7% | +13.8% | −11% / −36% |
1- and 3-year price returns: for LND from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Oct 2025; since then the company filed 6-K (04 Nov 2026), 20-F (30 Oct 2026), 6-K (22 Oct 2026), 6-K (21 Oct 2026), 6-K (30 Sept 2026).
In brief
BrasilAgro acquires, develops and operates agricultural land in Brazil, Bolivia and Paraguay, growing soybean, corn, sugarcane and cattle, with the aim of realizing capital gains by selling developed farms. For fiscal 2025 the company reported net revenue of R$877.4 million 1, and its land holdings total 252,796 hectares 1.
SWOT
Strengths
- A diversified land portfolio across several Brazilian states, with appraised values well above acquisition cost 1.
- A flexible operating model combining own production, leasing contracts and farming partnerships 1.
- The ability to realize capital gains by selling developed farms, which produced significant gains in fiscal 2025 1.
Weaknesses
Opportunities
- Continued development of land through infrastructure and technology investment, including financing from government development banks 1.
- Expansion through new leases, such as the Mato Grosso lease signed in August 2025 1.
- Diversification of revenue by entering the sugar market alongside ethanol production 1.
Risks
- Restrictions on land acquisitionshigh
Brazilian rules on farmland held by foreigners may limit acquisitions and complicate transactions, and the final Supreme Court decision is still pending 1.
- Land liquiditymedium
Agricultural assets are illiquid and volatile, which may make it hard to sell farms in a timely manner at favorable prices 1.
- Commodity priceshigh
Lack of complete hedging exposes the company to falls in grain and sugar prices, which could reduce land values 1.
- Climate and harvestsmedium
Unfavorable weather or natural disasters in growing regions can affect production and revenue 1.
- Macroeconomics and exchange ratesmedium
Inflation, interest rates and the real-dollar rate affect costs and financial results, and inflation-indexed debt can raise financing costs 1.
Investment thesis
What would need to be true (bull case)
- If demand for Brazilian farmland stays strong, property values could rise and the company could realize gains from farm sales 1.
- Diversifying production across grains, sugarcane and cattle could reduce dependence on any single crop 1.
- Expansion through new leases and partnerships could support growth in production volume 1.
What would break the thesis
- Falling grain and sugar prices could reduce both revenue and the value of the land portfolio 1.
- If restrictions on foreign acquisitions are upheld, the company could face delays and extra costs on new transactions 1.
- Low land liquidity could prevent rapid and profitable sales during difficult economic conditions 1.
What to watch
- Supreme Court decision on the application of Law No. 5,709/71next 10-K
- Trend in soybean, sugar and ethanol prices2027
- Capital gains from farm sales and fair value of landnext 10-K
- Movements in the real-dollar exchange rate and interest rates2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Oct 2025; since then the company filed 6-K (04 Nov 2026), 20-F (30 Oct 2026), 6-K (22 Oct 2026), 6-K (21 Oct 2026), 6-K (30 Sept 2026).
The business
BrasilAgro – Companhia Brasileira de Propriedades Agrícolas is a corporation organized under Brazilian law, focused on acquiring, developing and exploring agricultural properties with significant potential for cash flow generation and value appreciation. The company transforms its land through investments in infrastructure and technology, cultivating high value-added crops and raising cattle, and then sells developed properties to realize capital gains 1. As of June 30, 2025 it operated its entire portfolio, including leased farms, and sells a substantial portion of its production to a small number of import/export companies 1.
The company reported that as of June 30, 2025 it owned 21 agricultural properties with 188,727 arable hectares, located in the states of Mato Grosso, Minas Gerais, Maranhão, Bahia and Piauí, and in Bolivia and Paraguay 1. The net book value of its investment properties was R$1,323.8 million at the same date 1. Gains on farm sales were R$180.0 million in fiscal 2025 1.
The operating model combines independent production with leasing. For leases, the company noted that terms generally run three to ten years and that lessees have a right of first refusal under Brazilian law 1. Operations rely on short-term contracts with third-party contractors for services, equipment and infrastructure, which the company believes allows it to adapt more quickly to market conditions 1.
Segments
Market context
The relevant market is agricultural real estate in Brazil, where investment in agriculture has risen substantially in recent years, lifting demand and valuations for properties 1. Prices for grains, sugar and ethanol are influenced by global markets, and the company links land value to the prices of its agricultural products 1.
Soybean closed at R$137.77 per bag in fiscal 2025 at Paranaguá 1, and the average exchange rate was 5.70 R$ per US$ 1. The real value of land also depends on Brazil's macroeconomic conditions, including inflation and interest rates 1.
Trends
- Rising investment in agricultural landmixed
Demand for Brazilian agricultural land has risen considerably, and the company expects prices to keep increasing in the medium and long term, which could limit acquisition opportunities 1.
- Volatility of agricultural pricesheadwind
The company cannot hedge its entire production, which exposes it to swings in grain and sugar prices; if prices fell below current levels for a sustained period, land values could decline 1.
- Restrictions on foreign land acquisitionheadwind
Law No. 5,709/71 limits land acquisitions by foreigners and foreign-controlled companies, and the Supreme Court case has not been finally decided; if these restrictions are upheld, the company could have to change its strategy 1.
Competitive position
The company competes for land with local and foreign investors, many of them larger and with greater financial resources; such investors may accept lower returns or hold investments longer, allowing them to pay higher prices 1.
On the sales side, the company delivers a substantial portion of its production to a small number of import/export companies, which have strong bargaining power 1. The source does not identify US-listed competitors.
- Local and foreign agricultural land investors
Larger investors with greater financial resources competing for the same Brazilian farmland 1.
- Agribusiness import/export companies
Buyers with strong bargaining power that take a substantial share of the company's sales 1.
- Sugar and ethanol producers
Supply partners for the sugarcane business, which also operate in the same value chain 1.
- Other Brazilian agricultural companies
Rivals for land, labor and specialized services in the regions where the company operates 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Brasilagro Cia Brasileira De Propriedades Agricolas Q4 Earnings Call HighlightsYahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)04 Nov 2026
- Annual report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)21 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)21 Sept 2026
- Current report (foreign issuer)21 Sept 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)04 Sept 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-06-30 · SEC / BrasilAgro - Brazilian Agricultural Real Estate Co · 30 Oct 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.