Gladstone Land Corporation (LAND) vs Uniti Group Inc. (UNIT)

Gladstone Land Corporation and Uniti Group Inc. are both Reit Specialty companies. Uniti Group Inc. is the larger, with a market value of $2.2B against $409.4M — 5.3× the size. Gladstone Land Corporation has negative trailing earnings, so its P/E is not meaningful; Uniti Group Inc. trades at 1.8×. Uniti Group Inc. grew revenue faster over the last twelve months: 199.7% against 21.6%. Uniti Group Inc. has the higher net margin (28.0% vs −33.0%) and the lower return on invested capital (0.00% vs 0.67%). Both pay a dividend; Uniti Group Inc. yields more (12.4% vs 4.08%). Across the 20 metrics below, Uniti Group Inc. leads on 12 and Gladstone Land Corporation on 8.

Valuation

Metric LAND UNIT Reit Specialty median
P/E n/m 1.76 26.27
P/S 4.60 0.64 5.86
P/B 0.60 13.95 2.19
Price to free cash flow 7.52 n/m 14.62
EV/EBITDA 14.94 1.26 16.22
EV/Sales 9.84 0.44 8.93
Earnings yield (5.80%) 56.68% 3.43%
Free cash flow yield 13.30% (38.60%) 5.37%

Profitability

Metric LAND UNIT Reit Specialty median
Gross margin 82.50% 59.09% 67.43%
Operating margin 13.84% 3.23% 21.38%
Net margin (33.02%) 27.99% 16.14%
Free cash flow margin 61.13% (25.13%) 31.07%
Return on equity (4.35%) (86.76%) 4.76%
Return on assets (2.38%) 10.69% 3.29%
Return on invested capital 0.67% 0.00% 4.19%

Growth

Metric LAND UNIT Reit Specialty median
Revenue growth (TTM) 21.60% 199.72% 5.36%
EPS growth (last fiscal year) 0.00% 672.65% —
Revenue growth, 5-year CAGR 9.15% 15.93% 6.70%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric LAND UNIT Reit Specialty median
Debt to equity 0.72 0.00 0.62
Current ratio 1.29 0.10 0.70
Net debt to EBITDA 6.65 (0.14) 4.47

Dividend

Metric LAND UNIT Reit Specialty median
Dividend yield 4.08% 12.35% 3.88%
Payout ratio — 0.81 1.14

Size

Metric LAND UNIT Reit Specialty median
Market cap 409.37m 2.17b 8.48b

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