olivLaw · US equity research
Maui Land & Pineapple Company, Inc. MLP
Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)
Maui Land & Pineapple manages a land portfolio of roughly 22,300 acres on Maui, which it is gradually turning into residential projects, resort property and commercial space, in a context of housing shortage after the 2023 wildfires. The company reports stable recurring rental revenue but continuing net losses as it invests in development and its agave venture. The key question now is whether land sales in the pipeline will convert into revenue, a process that could take years.
At the close of 04 Nov 2026, Maui Land & Pineapple Company, Inc. (MLP) stock was 14.58 USD (+5.19% on the day), with market capitalisation 289.5 m USD, beta 0.94, 52-week range 13.86–19.92 USD. Latest reported quarter (Q2 2026): revenue of 3.7 m USD (−19.6% YoY), net income of -1.6 m USD, diluted EPS -0.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 46.6
- neutral
- Bollinger (20, 2)
- 13.81 – 15.20
- in the upper half of the band · %B 0.56 · band width 9.6%
- SMA 50 / 200
- 15.41 / 16.30
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.36 / -0.40
- MACD above 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 | −7.1% | −1.1% | −6.0 pp | — |
| 3 months | −15.6% | −0.5% | −15.1 pp | — |
| 6 months | −6.9% | +4.4% | −11.3 pp | — |
| Year to date | −13.9% | +12.3% | −26.2 pp | — |
| 1 year | −2.5% | +13.5% | −16.1 pp | −12.2% |
| 3 years | −1.5% | +76.4% | −77.9 pp | −5.4% |
| 5 years | +39.0% | +63.7% | −24.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.0 m | 3.4 m | 5.8 m | 4.6 m | 4.5 m | 4.5 m | 3.4 m | 3.7 m |
| Operating income | -2.2 m | -1.8 m | -1.8 m | -711.0 k | -360.0 k | -1.7 m | -2.0 m | -1.8 m |
| Net income | -2.2 m | -1.9 m | -8.6 m | -999.0 k | 240.0 k | -1.2 m | -2.1 m | -1.6 m |
| Diluted EPS | -0.11 | — | -0.44 | -0.05 | 0.01 | — | -0.10 | -0.08 |
| Operating cash flow | 690.0 k ≈ | 223.0 k | 157.0 k | -871.0 k ≈ | -932.0 k ≈ | 3.7 m | -2.0 m | -418.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
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 | 8.9 m | 10.0 m | 7.5 m | 12.4 m | 21.0 m | 9.3 m | 11.6 m | 19.5 m |
| Revenue YoY | −64.0% | +13.4% | −24.9% | +65.0% | +68.4% | — | +24.5% | +68.2% |
| Net income | 498.0 k | -10.4 m | -2.6 m | -3.4 m | 1.8 m | -3.1 m | -7.4 m | -10.6 m |
| Net income YoY | −95.4% | −2,181.5% | unavailable | unavailable | unavailable | — | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -0.18 | 0.09 | -0.15 | -0.38 | -0.54 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | — | unavailable | unavailable |
| net % | 5.6% | -103.2% | -34.5% | -27.5% | 8.5% | -33.2% | -63.9% | -54.4% |
| Free cash flow | 571.0 k | 782.0 k | 1.7 m | 1.3 m | 6.2 m | -2.2 m | -1.5 m | -484.0 k |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 33.1 m USD
- Total assets
- 48.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.24x
- ROE
- -31.9%
- ROA
- -21.6%
- FCF margin
- -2.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.5 m | 12.4 m | 21.0 m | 9.3 m | 11.6 m | 19.5 m | SEC (XBRL)· 01 Apr 2026verified |
| Operating income | -2.6 m | 1.6 m | 9.6 m | -5.0 m | -7.4 m | -4.5 m | SEC (XBRL)· 01 Apr 2026verified |
| Depreciation & amortisation | 1.4 m | 1.3 m | 1.1 m | 785.0 k | 723.0 k | 1.1 m | SEC (XBRL)· 01 Apr 2026verified |
| EBITDA | -1.2 m ≈ | 2.9 m ≈ | 10.7 m ≈ | -4.2 m ≈ | -6.6 m ≈ | -3.4 m ≈ | SEC (XBRL)· 01 Apr 2026derived |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 01 Apr 2026verified |
| Net income | -2.6 m | -3.4 m | 1.8 m | -3.1 m | -7.4 m | -10.6 m | SEC (XBRL)· 01 Apr 2026verified |
| Diluted EPS | — | -0.18 | 0.09 | -0.15 | -0.38 | -0.54 | SEC (XBRL)· 01 Apr 2026verified |
| Weighted average diluted shares | — | — | 19.4 m | 19.7 m | — | — | SEC (XBRL)· 28 Mar 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 869.0 k | 5.6 m | 8.5 m | 5.7 m | 6.8 m | 5.3 m | SEC (XBRL)· 01 Apr 2026verified |
| Receivables | 1.4 m | 1.1 m | 892.0 k | 1.2 m | 5.0 m | 1.4 m | SEC (XBRL)· 01 Apr 2026verified |
| Current assets | 9.8 m | 10.2 m | 15.2 m | 10.0 m | 15.1 m | 9.1 m | SEC (XBRL)· 01 Apr 2026verified |
| Property, plant & equipment, net | 18.5 m | 17.0 m | 15.9 m | 16.1 m | 17.4 m | 18.2 m | SEC (XBRL)· 01 Apr 2026verified |
| Total assets | 38.5 m | 37.9 m | 42.4 m | 42.2 m | 50.1 m | 48.0 m | SEC (XBRL)· 01 Apr 2026verified |
| Short-term debt | 200.0 k | 0 | — | — | — | — | SEC (XBRL)· 01 Mar 2022verified |
| Current liabilities | 2.9 m | 2.4 m | 2.3 m | 2.5 m | 11.2 m | 7.4 m | SEC (XBRL)· 01 Apr 2026verified |
| Total liabilities | 18.4 m | 14.3 m | 8.6 m | 7.5 m | 17.0 m | 14.9 m | SEC (XBRL)· 01 Apr 2026verified |
| Equity | 20.1 m † | 23.6 m † | 33.8 m † | 34.7 m † | 33.2 m † | 33.1 m † | SEC (XBRL)· 01 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.2 m | 1.4 m | 6.3 m | -1.4 m | 370.0 k | 2.1 m | SEC (XBRL)· 01 Apr 2026verified |
| Capex | 517.0 k | 103.0 k | 33.0 k | 819.0 k | 1.9 m | 2.6 m | SEC (XBRL)· 01 Apr 2026verified |
| Free cash flow | 1.7 m ≈ | 1.3 m ≈ | 6.2 m ≈ | -2.2 m ≈ | -1.5 m ≈ | -484.0 k ≈ | SEC (XBRL)· 01 Apr 2026derived |
| Investing cash flow | -517.0 k | 4.1 m | -3.0 m | -864.0 k | -2.1 m | -3.4 m | SEC (XBRL)· 01 Apr 2026verified |
| Financing cash flow | -1.5 m | -760.0 k | -335.0 k | -574.0 k | 2.9 m | -240.0 k | SEC (XBRL)· 01 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 43.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 289.5 m USD
Key indicators
Coverage and freshness
Score by group
43% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.78 – 2.55 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
- Peers: P/B0.78 – 2.55 (Mid 1.33)19 companies used · median multiple 0.8x · quartiles 0.5x – 1.6xAEI, AHRT, AIRE, BEEP, CHCI, CIGI, CMTG, CURB, CWK, FOR, FRPH, GTY, HPP, IIPR, LPA, OPI, TRC, TRNO, UE
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
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 43.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | -16.1% | 24 (vs peers) | 15% |
| EBITDA margin · Quality | -29.3% | 0 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | -2.4% | 0 (on a fixed band) | 20% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 9.3x | 4 (vs peers) | 45% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth0/100 · 1/1 factors with a value
- Quality10/100 · 2/2 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial4/100 · 1/2 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
MAUI LAND & PINEAPPLE CO INC (MLP). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 19.5 m USD in 2025; YoY growth 68.2%; net margin -28.6%; ROE -16.1%.
The estimated value range is 0.78–2.55 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.33 USD, the price of 14.58 USD leaves a potential of -90.9% (value / price − 1) and a margin of safety of -998.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 43.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROE: -16.1%
- EBITDA margin: -29.3%
- Revenue CAGR 3Y: -2.4%
- P/B: 9.3x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Interest coverage, P/E (TTM), Dividend yield, Payout ratio (EPS).
Versus the vertical median
Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 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 | |
|---|---|---|---|---|---|---|
| CBRECbre Group, Inc. | 40.7 bn | 30.2 | 16.1% | 3.1% | +13.4% | −13% / +79% |
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. | 32.7 bn | 131.8 | 9.1% | 85.4% | +12.2% | +19% / −2% |
| TRNOTerreno Realty Corporation | 7.5 bn | 20.3 | 8.3% | 68.1% | +24.5% | +8% / +19% |
| FSVFirstService Corporation | 7.1 bn | 49.0 | 14.9% | 3.5% | +5.4% | −1% / −1% |
| CIGIColliers International Group Inc. | 4.0 bn | 48.8 | 15.7% | 4.0% | +15.3% | −32% / −5% |
| CURBCurbline Properties Corp. | 3.7 bn | 125.4 | 1.3% | 11.2% | +51.3% | +26% / unavailable |
| CWKCushman & Wakefield Ltd. | 3.5 bn | 50.5 | 3.4% | 0.6% | +8.9% | −11% / +82% |
| UEUrban Edge Properties | 2.7 bn | 24.6 | 7.9% | 22.2% | +6.1% | +10% / +26% |
| GTYGetty Realty Corp. | 1.9 bn | 17.4 | 8.9% | 42.4% | +9.0% | +1% / −2% |
| IIPRInnovative Industrial Properties, Inc. | 1.6 bn | 12.5 | 7.6% | 53.2% | −13.8% | +14% / −31% |
| FORForestar Group Inc. | 1.3 bn | 7.5 | 9.6% | 9.9% | +10.1% | −2% / −18% |
| HPPHudson Pacific Properties, Inc. | 572.8 m | — | -19.8% | -69.1% | −1.3% | −24% / −74% |
| DUOFangdd Network Group Ltd. | 548.5 m | — | -17.9% | -23.9% | +9.2% | −68% / −96% |
| AHRTAh Realty Trust, Inc. | 500.6 m | — | -6.7% | -18.2% | +4.1% | +3% / −38% |
| TRCTejon Ranch Co. | 439.9 m | 71.3 | 1.3% | 10.6% | +18.4% | +0% / +3% |
| FRPHFrp Holdings, Inc. | 360.7 m | 2,041,655.0 | 0.0% | 0.2% | +2.6% | −19% / −32% |
| MLPMaui Land & Pineapple Co Inc | 289.5 m | — | -16.1% | -28.6% | +68.2% | −3% / −1% |
| OPIOffice Properties Income Trust | 285.6 m | — | -40.5% | -73.0% | −11.8% | unavailable / unavailable |
| CMTGClaros Mortgage Trust, Inc. | 261.0 m | — | -36.5% | -391.9% | −24.4% | −44% / −85% |
| CHCIComstock Holding Companies, Inc. | 165.7 m | 6.7 | 36.4% | 32.2% | +22.6% | +46% / +352% |
| BEEPMobile Infrastructure Corporation | 100.4 m | — | -16.1% | -67.2% | −5.2% | −22% / −54% |
| LPALogistic Properties of the Americas | 78.1 m | 7.5 | 4.3% | 20.9% | +14.3% | −27% / unavailable |
| OZBelpointe PREP, LLC | 47.6 m | — | — | -212.1% | +243.4% | −41% / −50% |
| AEIAlset Inc. | 21.1 m | — | -43.4% | -951.4% | −78.8% | −80% / −54% |
| CWDCalibercos Inc. | 4.7 m | — | — | -117.3% | −60.7% | −80% / −98% |
1- and 3-year price returns: for MLP 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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.
In brief
Maui Land & Pineapple manages a land portfolio of roughly 22,300 acres on Maui, which it is gradually turning into residential projects, resort property and commercial space, in a context of housing shortage after the 2023 wildfires. The company reports stable recurring rental revenue but continuing net losses as it invests in development and its agave venture. The key question now is whether land sales in the pipeline will convert into revenue, a process that could take years.
SWOT
Strengths
- The company holds a large land portfolio on Maui and recurring rental revenue, which provides a stable base for funding development.
- Commercial properties have high occupancy and a long history in Kapalua, which helps attract quality tenants.
- The management team has added experts in planning and development, supporting execution of its own projects.
Weaknesses
- The company has reported net losses across several consecutive years, and development investment is partly funded through credit.
- Land sales revenue is irregular and can drop sharply, as happened in the first half of 2026 after the Honokeana project pause.
- A small workforce and reliance on a few executives may limit the capacity to execute multiple projects at once.
Opportunities
- The housing shortage on Maui could turn the company's land into valuable residential projects if approvals advance.
- Sales of water assets to the county and of non-strategic parcels could release capital for priority projects.
- The agave venture could become a long-term revenue segment if cultivation and product development succeed.
Threats
- Natural disasters, wildfires and storms can damage properties and reduce land values or tourism revenue.
- Obtaining development approvals is costly and slow, and authorities could modify or halt some projects.
- Economic conditions and high interest rates could make financing more expensive and reduce demand for luxury property.
Risks
- Dependence on a cyclical property markethigh
Demand for luxury land and housing can fall during periods of economic uncertainty, which could delay sales and force price reductions.
- Delays in approvals and projectshigh
If approvals are not obtained on time or cost more than estimated, projects can exceed budget and schedule, and expected revenue may be postponed.
- Natural disasters and wildfiresmedium
Fires, storms and other disasters can damage properties and reduce tourism, and insurance may not fully cover the losses.
- Financing and liquiditymedium
Net losses and development investment require funding, and tighter credit conditions could limit the company's ability to pursue its plans.
- Dependence on tourismlow
The company's businesses depend on visitor numbers to Kapalua and the island, and high travel costs could reduce demand.
Investment thesis
What would need to be true (bull case)
- If the housing shortage on Maui persists, the company's land could generate valuable sales in the coming years, especially from the Kapalua and Hali‘imaile projects.
- Recurring rental income provides a stable base, and rising occupancy in commercial space could strengthen that base.
- Sales of non-core assets such as water systems could free capital for higher-potential projects, if the transactions close.
What would break the thesis
- Repeated net losses and heavy investment could strain liquidity, especially if land sales are delayed.
- Sales revenue is irregular and fell in the first half of 2026, which makes short-term results difficult to forecast.
- Development projects need years of approvals and infrastructure work, and if demand shifts, land values could be affected.
What to watch
- Closing of the Harvest Church sale and the 8.783-acre Kapalua parcel sale2027
- Trend in commercial occupancy and leasing revenueQ3 2026
- Status of the memorandum of understanding with the County of Maui on water asset salesnext 10-Q
- Resumption of the Honokeana Homes project and its effect on development revenue2026
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.
The business
Maui Land & Pineapple Company, Inc. is a Delaware corporation and successor to a business organized in 1909 in Hawaii, listed on the NYSE under the ticker MLP. The company owns approximately 22,300 acres of land and 247,000 square feet of commercial property on the island of Maui 1. Its activities are split into three segments: land development and sales, leasing, and the Kapalua Club resort amenities.
The main development project is the Kapalua Resort, a long-term master-planned resort and residential community in West Maui, with several subprojects at different stages of planning and entitlement. The company expected some of these projects to generate land sales, while planning and approvals can take many years 1. Operations are sensitive to tourism, the local economy and property prices, which are cyclical.
The company also operates potable and non-potable water systems in West and Upcountry Maui, and manages the Pu‘u Kukui Watershed Preserve for conservation. These assets support lease and water sale revenue, but also long-term stewardship obligations 1. In 2026 the company entered a memorandum of understanding with the County of Maui regarding a potential sale of certain water assets 3.
Segments
Land development and sales
This segment generated about $5.8 million in 2025, or 30% of operating revenues, largely from sales of non-strategic parcels and work on the Honokeana Homes project 1. In the first half of 2026, revenue fell to $0.5 million, mainly because the Honokeana project was paused, though the company reported over $20 million in contracted land sales 23.
Leasing
The leasing segment generated $12.8 million in 2025, about 66% of revenue, from commercial, agricultural and industrial leases, trademark licensing and water sales 1. Commercial property occupancy rose to 93% as of June 30, 2026 2. Leasing and land management revenue reached about $6.6 million in the first half of 2026 3.
Resort amenities
The Kapalua Club, a private non-equity club, generated $0.8 million in 2025, about 4% of revenue, and depends on the appeal of the Kapalua Resort 1. It is the smallest segment by revenue.
Market context
The Maui real estate market is cyclical and depends on interest rates, mainland West Coast real estate markets, the US and Asian economies, currency relationships, natural disasters and tourism trends 1. The housing shortage on the island deepened after the Lahaina wildfires, which destroyed over 2,000 homes and more than 3,000 jobs 1. If these conditions persist, demand for land and housing could stay elevated, though the pace of tourism recovery remains uncertain 1.
The commercial leasing market is also tied to the economic recovery after the wildfires, and the company says commercial property cash flow could stabilize in coming years if the Maui market keeps recovering 2. Demand for commercial space remains supported by constrained supply, which could support occupancy 2.
Trends
- Housing shortage on Mauitailwind
After the 2023 wildfires the need for housing on the island became urgent, and the company's land could become relevant for development if entitlements move quickly 1. The entitlement process nonetheless remains long and costly.
- Tourism recovery after the wildfiresmixed
The company says commercial activity and tourism have not returned to historic levels, and this continues to weigh on operations 1. If tourism normalizes, demand for resorts and property could rise.
- Entitlement and infrastructure costsheadwind
Land use approvals and infrastructure investment can be expensive and take years, which delays development revenue 1. The company's own observations on Kapalua projects reflect this 1.
- Diversification into agriculturemixed
The company started growing drought-resistant agave on 325 acres at Hali‘imaile Ranch, a long-term investment whose revenue is still uncertain 3. If it succeeds, it could add a new business segment.
Competitive position
The company competes with other landowners and developers in Maui, elsewhere in Hawaii and across the mainland United States, particularly for luxury resort and residential projects 1. Many competitors are larger and have better access to capital, which may let them finance projects faster 1.
In leasing and resort activities, competition comes from other property owners in Maui and Hawaii and from other resort destinations on the island 1. The sources do not identify directly competing US-listed companies with the same profile.
- Other luxury property developers on Maui
Compete with the company's residential and resort projects; the sources do not name them.
- Other commercial property owners in Hawaii
Compete for tenants in the commercial leasing business.
- Other resort destinations in Maui and Hawaii
Compete for visitors and tourism spending, which affects the Kapalua Club.
- Land developers on the US mainland
Compete for capital and luxury property buyers, as described in the sources.
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
No news in our archive over the last 180 days.
SEC filings
- Current report14 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report09 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report02 Jun 2026Material agreement
- Current report27 May 2026Shareholder vote
- Current report19 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 May 2026Results of operations · Financial statements and exhibits
- Quarterly report15 May 2026
- Proxy statement09 Apr 2026
- Current report01 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Maui Land & Pineapple Company, Inc. · 01 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Maui Land & Pineapple Company, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Maui Land & Pineapple Company, Inc. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.