F

Maui Land & Pineapple Company, — Earnings Quality Grade F

MLP · Real Estate

Major red flags

Revenue
$19M
2025
Net Income
-$11M
2025
Gross Margin
29.0%
Free Cash Flow
-$0M
01

Screening Summary

11
Passed
4
Watch
2
Failed
-3.67
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 26 days, change -133 days YoY

A2AR vs Revenue Growth

AR growth -72.7% vs revenue growth 68.2%

A3Revenue vs CFFO

Revenue 68.2%, CFFO 460.8%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth 36.8% vs revenue 68.2%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 160.4%, exceeds 70%

!
B4Gross Margin

Gross margin swung -5.4pp (34.4% → 29.0%)

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.

!
C2Free Cash Flow

FCF is negative ($-0.0B)

C3Accruals Ratio

Accruals ratio = -26.4%. Low accruals

C4Cash vs Debt

Cash $0.0B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

!
D2Leverage

Interest coverage = -8.2x (<2x). Financial stress

D3Soft Asset Growth

Other assets 22.5% vs revenue 68.2%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.67 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-3.67
-4.0 Clean-2.22 Grey-1.78 Danger0
0.162
DSRI
AR growing faster than revenue?
1.185
GMI
Gross margin declining?
1.195
AQI
Asset quality deteriorating?
1.682
SGI
Revenue growth rate
0.698
DEPI
Depreciation slowing?
0.508
SGAI
SG&A ratio changing?
-0.2638
TATA
Accruals level
1.053
LVGI
Leverage increasing?
05

Altman Z-Score

-3.7
Distress Zone
0 Distress1.102.605.0+ Safe
0.0362
Liquidity
-1.4924
Cumulative profit
-0.209
Operating efficiency
2.2182
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25