Maui Land & Pineapple Company: What Most People Get Wrong

You might think you know the story. A massive plantation, rows of golden fruit stretching toward the Pacific, and a company name that sounds like a relic from Hawaii’s territorial era. But if you’re looking for a pineapple from the Maui Land & Pineapple Company today, you’re about a decade and a half too late.

The fruit is gone. The canneries are quiet.

Honestly, the "Pineapple" in the name is basically a ghost at this point—a historical nod to a business that hasn’t canned a single fruit since 2009. What’s left is a complex, often misunderstood real estate and land management engine that owns roughly 22,000 acres of Maui. That’s about 5% of the entire island. When a single private entity holds that much dirt on a tiny island in the middle of the Pacific, things get complicated. Fast.

The Pivot From Fruit to Dirt

For nearly a century, this company was the heartbeat of Maui’s economy. It was founded in 1909 as the Keahua Ranch Company, but it really became the titan we know today under the Cameron family. They weren't just farmers; they were visionaries who realized early on that while pineapple prices fluctuate, the value of a view never does.

By the 1960s and 70s, the writing was on the wall. International competition was eating Hawaii’s lunch. It was cheaper to grow pineapples in Southeast Asia or South America. So, the company started its pivot. They didn’t just want to sell land; they wanted to build a world-class destination. That’s how the Kapalua Resort was born.

Today, the business is split into three main buckets:

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1. Real Estate and Land Development: This is the "big money" play. They take non-strategic parcels, get them entitled, and sell them or develop them into luxury residential communities.
2. Leasing: They have over 240,000 square feet of commercial and industrial space. If you've grabbed a coffee in Hali‘imaile or shopped at the Kapalua Resort, you’ve likely stood on their property.
3. Resort Amenities: Managing the "vibe" of Kapalua through the Kapalua Club.

The 2026 Reality: Is the Company Finally Making Money?

If you look at the ticker symbol MLP on the NYSE, you’ll see a company that has spent years bleeding cash while sitting on a gold mine. It’s a classic "asset-rich, cash-poor" scenario. But things are shifting. As of early 2026, the company is showing signs of a real turnaround under CEO Race Randle.

Randle isn't a pineapple guy. He’s a "placemaking" guy. He came from the Howard Hughes Corporation and Lendlease—heavy hitters in the world of massive, complex developments. Under his watch, the company’s recurring leasing revenue jumped nearly 40% year-over-year. That’s not a fluke; it’s a strategy. They are moving away from the volatile "one-off" land sales and trying to build a predictable stream of income.

The Agave Gamble

Here’s a detail that surprises people: they are back in the farming business, but it’s not what you think. They’ve planted about 15,000 blue weber agave plants on 25 acres in Upcountry Maui.

Wait. Agave? Like Tequila?

Exactly. While they aren't going back to mass-market commodity farming, they are testing high-value, drought-tolerant crops that fit the "new" Maui climate. It’s a smart move. Agave requires much less water than pineapple or sugarcane, and the market for high-end, locally-sourced spirits is booming.

What Really Happened with the Water?

You can’t talk about Maui Land & Pineapple Company without talking about water. In Hawaii, water is life—literally and legally. For years, the company has been at the center of intense debates over water rights.

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They own the Pu‘u Kukui Watershed Preserve, which is the largest private nature preserve in Hawaii. It’s about 9,000 acres of pristine, high-altitude bog and forest that acts as a giant sponge, soaking up rain and recharging the island's aquifers.

While the company deserves credit for protecting this area since 1988, the "stewardship" isn't just about altruism. Control over the watershed means control over the delivery systems—the ditches and pipes—that bring water to the lower elevations. In late 2025, the company began a "strategic evaluation" of its water source and transmission assets. To a local resident, that sounds like a potential sale or a price hike. To an investor, it looks like "unlocking value." It’s a razor-thin line to walk.

The 2023 Wildfire Impact and Community Trust

The 2023 Lahaina wildfires changed everything on Maui. While the company’s primary holdings in Kapalua were largely spared the physical flames, the social and economic landscape shifted beneath their feet.

There was—and still is—massive pressure on large landowners to provide solutions for the housing crisis. To their credit, Maui Land & Pineapple stepped up by providing land for emergency housing (the Honokeana Homes project). They’ve also been returning land to productive use through leases to local cattle ranches, like the 1,000-acre deal with Ka Ike Cattle Ranch.

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But trust is hard to build and easy to lose. The company is still dealing with legacy issues, like the final $1.6 million SERP pension obligation they’re scheduled to pay off by the end of 2026. They are literally paying for the past while trying to build the future.

E-E-A-T: Why This Matters for Investors and Locals

From a business perspective, the Maui Land & Pineapple Company is a "pure play" on Maui land values. If you believe Maui real estate will continue to appreciate and that the island can balance tourism with local needs, MLP is a fascinating case study.

However, there are risks that the glossy brochures don't mention:

• Regulatory Hurdles: Getting anything built on Maui takes years, sometimes decades. The "entitlement" process is a minefield of environmental and cultural impact studies.
• Climate Change: Increased fire risk and changing rainfall patterns directly affect the value of their agricultural and watershed lands.
• Public Sentiment: There is a growing movement in Hawaii toward "Aina-based" (land-based) management that prioritizes local food and housing over luxury resorts.

Actionable Insights: What You Should Do Next

Whether you’re an investor or just someone fascinated by the shifting power dynamics of the islands, here is how you should look at this company:

1. Watch the "Leasing" Line: Don't get distracted by one-time land sales. If you want to know if this company is healthy, look at the recurring leasing revenue in their quarterly reports. That’s the "new" MLP.
2. Monitor the Agave Project: If those 15,000 plants turn into a successful distillery or a branded product, it proves the company can successfully diversify its income without needing to sell off more acreage.
3. Track the Water Assets: Keep a close eye on any SEC filings regarding "water transmission assets." If they sell the delivery system to the county or a private utility, it will be a massive cash infusion but a loss of long-term leverage.
4. Visit Hali‘imaile: If you're on the island, go see their commercial hub. It’s the best way to see their "placemaking" strategy in action. It’s not a resort; it’s a community-focused commercial space.

The era of the "Pineapple King" is dead. What has replaced it is a modern, leaner, and much more calculated corporate entity that is trying to figure out how to be a "good neighbor" while still delivering for shareholders. It’s a balancing act that will define the next fifty years of Maui’s history.