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Gladstone Land Corporation (LAND) vs Rayonier Inc. (RYN)

Gladstone Land Corporation and Rayonier Inc. are both Reit Specialty companies. Rayonier Inc. is the larger, with a market value of $6.6B against $303.3M — 21.6× the size. Gladstone Land Corporation has negative trailing earnings, so its P/E is not meaningful; Rayonier Inc. trades at 36.0×. Rayonier Inc. grew revenue faster over the last twelve months: 33.3% against 21.6%. Rayonier Inc. has the higher net margin (11.5% vs −33.0%) and the higher return on invested capital (1.51% vs 0.67%). Both pay a dividend; Gladstone Land Corporation yields more (7.97% vs 4.90%). Across the 21 metrics below, Rayonier Inc. leads on 12 and Gladstone Land Corporation on 9.

Valuation

Metric LAND RYN Reit Specialty median
P/E n/m 36.05 27.33
P/S 3.41 4.72 5.96
P/B 0.45 1.23 1.95
Price to free cash flow 5.58 n/m 17.87
EV/EBITDA 13.13 42.81 17.26
EV/Sales 8.65 5.82 8.16
Earnings yield (10.24%) 2.77% 2.90%
Free cash flow yield 17.93% (7.74%) 4.57%

Profitability

Metric LAND RYN Reit Specialty median
Gross margin 82.50% 25.92% 59.09%
Operating margin 13.84% 12.01% 20.08%
Net margin (33.02%) 11.50% 16.19%
Free cash flow margin 61.13% (36.53%) 23.67%
Return on equity (4.35%) 0.00% 3.95%
Return on assets (2.38%) 2.85% 3.00%
Return on invested capital 0.67% 1.51% 3.57%

Growth

Metric LAND RYN Reit Specialty median
Revenue growth (TTM) 21.60% 33.31% 7.33%
EPS growth (last fiscal year) 0.00% 26.78% 26.78%
Revenue growth, 5-year CAGR 9.15% (10.83%) 6.70%
Net income growth, 5-year CAGR 0.00% 66.49% 0.00%

Health

Metric LAND RYN Reit Specialty median
Debt to equity 0.72 0.35 0.35
Current ratio 1.29 1.77 0.72
Net debt to EBITDA 6.65 1.07 4.47

Dividend

Metric LAND RYN Reit Specialty median
Dividend yield 7.97% 4.90% 3.87%
Payout ratio — 1.80 1.21

Size

Metric LAND RYN Reit Specialty median
Market cap 303.25m 6.55b 6.55b

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