Maui Land & Pineapple Company (NYSE: MLP) is a Maui, Hawaii-based land management and real estate company that owns and operates land holdings in West and Upcountry Maui. It makes money through two primary segments: Leasing, which generated $12.8 million or approximately 66% of total operating revenues (FY2025), and Land Development and Sales, which contributed the remaining share. The Leasing segment covers commercial, industrial, and agricultural land leases, trademark and trade name licensing, potable and non-potable water sales in West and Upcountry Maui, and watershed stewardship grants. The Land Development and Sales segment generates revenue from real estate inventory sales and construction activity, including the Honokeana Homes Temporary Housing Project completed during FY2025. In FY2025, the company also planted approximately 38 acres of blue weber agave on former cropland at Hali'imaile Ranch in Upcountry Maui, with Agave to be reported as a separate business segment beginning in Q1 2026. No cash dividends have been paid since March 2001. The company trades on the NYSE under the symbol MLP.

Revenue model

Leasing revenues (commercial, industrial, and agricultural land leases; trademark licensing; water sales; conservation grants) represented approximately 66% of total operating revenues in FY2025. Land Development and Sales revenues are transactional, derived from real estate inventory sales and construction project revenues. A new Agave segment will be added beginning Q1 2026.

Products and services

Commercial, industrial, and agricultural land leases; potable and non-potable water sales in West and Upcountry Maui; trademark and trade name licensing; watershed stewardship and conservation grants; real estate inventory sales; residential construction (Honokeana Homes Temporary Housing Project, FY2025); blue weber agave cultivation on approximately 38 acres at Hali'imaile Ranch (planted FY2025).

Customers and end markets

End markets include commercial and industrial tenants, agricultural lessees, real estate buyers (primary and second-home market, with noted influence from west coast U.S. and Asian buyers), tourists, and water utility customers in West and Upcountry Maui. Demand is influenced by tourism trends, mainland U.S. and Asian economic conditions, and the Maui resort real estate cycle.

Value-chain role

Landowner, lessor, land developer, water utility operator, and agricultural producer. The company holds land, leases it to tenants, sells parcels or developed inventory, sells water, and is developing value-added agricultural products from agave crops.

Geographic exposure

Operations are concentrated entirely in Maui, Hawaii, with specific activity in West Maui (Kapalua Resort area) and Upcountry Maui (Hali'imaile Ranch, agave venture).

Competitors

Other landowners and developers in Maui, Other real estate developers in Hawaii, Mainland United States real estate developers

Source: SEC 10-K, filed 2026-04-01

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