A Business at a Glance
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Farmland Partners Inc.
FPI
$453M
Mkt Cap
$9.60
+0.42%
Farmland Partners Inc. (FPI) has a current P/E ratio of 15.7, compared to its historical median P/E of 20.7. The stock is currently considered Fair based on its historical valuation range.
Farmland Partners Inc. (FPI) has a 5-year average return on invested capital (ROIC) of 5.2%. This is below average and may indicate limited pricing power.
Farmland Partners Inc. (FPI) has a market capitalization of $419M. It is classified as a small-cap stock.
Yes, Farmland Partners Inc. (FPI) pays a dividend with a trailing twelve-month yield of 4.59%. The company also returns capital through share buybacks, with a buyback yield of 9.03%.
Based on historical P/E analysis, Farmland Partners Inc. (FPI) appears fair. The current P/E of 15.7 is 24% below its historical median of 20.7. The estimated fair value CAGR (P/E method) is 115.7%.
Farmland Partners Inc. (FPI) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Farmland Partners Inc. (FPI) reported annual revenue of $52 million in its most recent fiscal year, based on SEC EDGAR filings.
Our Company Farmland Partners Inc. (“FPI”), collectively with its subsidiaries, is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. FPI was incorporated in Maryland on September 27, 2013. FPI elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its short taxable year ended December 31, 2014. FPI is the sole member of the sole general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. All of FPI’s assets are held by, and its operations are primarily conducted through, the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of December 31, 2025, FPI owned a 98.1% interest in the Operating Partnership.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 52M | 52M | 58M | 57M | 61M | 52M |
| Net Income | 28M | 29M | 56M | 28M | 8.4M | -5.8M |
| EPS | $0.64 | $0.61 | $1.06 | $0.53 | $0.16 | $-0.17 |
| Free Cash Flow | 20M | 10M | -1.7M | -9.3M | -37M | -73M |
| ROIC | 0.0% | 6.2% | 10.0% | 5.3% | 2.5% | 1.9% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.50 | 0.35 | 0.41 | 0.69 | 0.74 | 1.09 |
| Dividends/Share | $0.44 | $1.35 | $0.41 | $0.23 | $0.23 | $0.20 |
| Operating Income | 0 | 38M | 75M | 50M | 25M | 17M |
| Operating Margin | 0.0% | 73.6% | - | 87.5% | 40.8% | 32.5% |
| ROE | 6.0% | 6.0% | 11.0% | 4.9% | 1.6% | -1.5% |
| Shares Outstanding | 44M | 47M | 53M | 52M | 53M | 34M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.2M | 14M | 31M | 46M | 56M | 54M | 51M | 52M | 61M | 57M | 58M | 52M | 52M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.3M | 4.2M | 7.0M | 7.3M | 7.4M | 6.1M | 5.9M | 8.2M | 12M | 11M | 14M | 12M | 11M |
| EBIT | 557K | 6.2M | 16M | 23M | 30M | 26M | 22M | 17M | 25M | 50M | 75M | 38M | 0 |
| Op. Margin | 13.2% | 45.2% | 50.4% | 48.7% | 53.0% | 49.2% | 44.1% | 32.5% | 40.8% | 87.5% | N/A | 73.6% | 0.0% |
| Net Income | -638K | 809K | 4.3M | 7.9M | 12M | 14M | -5.3M | -5.8M | 8.4M | 28M | 56M | 29M | 28M |
| Net Margin | -15.1% | 5.9% | 13.9% | 17.1% | 21.9% | 25.9% | -10.4% | -11.3% | 13.7% | 48.4% | 96.9% | 55.2% | 53.7% |
| Non-Recurring | -7K | -2K | 0 | -200K | 2.9M | 7.8M | 3.0M | 9.3M | 2.6M | 36M | 54M | 36M | 36M |
| Returns on Capital | |||||||||||||
| ROIC | 0.6% | 2.7% | 4.0% | 3.4% | 3.4% | 3.2% | 2.8% | 1.9% | 2.5% | 5.3% | 10.0% | 6.2% | 0.0% |
| ROE | -1.6% | 0.7% | 2.4% | 2.7% | 3.5% | 4.3% | -1.7% | -1.5% | 1.6% | 4.9% | 11.0% | 6.0% | 6.0% |
| ROA | -0.5% | 0.3% | 0.9% | 0.9% | 1.1% | 1.2% | -0.5% | -0.5% | 0.7% | 2.5% | 6.0% | 3.6% | 3.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.8M | 7.7M | 5.0M | 929K | 20M | 18M | 20M | 7.9M | 17M | 13M | 16M | 17M | 19M |
| Free Cash Flow | -124M | -102M | -127M | -205M | -13M | 17M | 19M | -73M | -37M | -9.3M | -1.7M | 10M | 20M |
| Owner Earnings | 773K | 5.9M | 2.3M | -8.3M | 9.8M | 8.2M | 11M | -1.0M | 8.6M | 3.5M | 8.2M | 11M | 13M |
| CapEx | 126M | 109M | 132M | 206M | 33M | 1.4M | 919K | 81M | 54M | 22M | 18M | 7.3M | 221K |
| Maint. CapEx | 329K | 893K | 1.6M | 7.8M | 8.5M | 8.3M | 8.0M | 7.6M | 7.0M | 7.5M | 5.6M | 4.2M | 3.9M |
| Growth CapEx | 126M | 108M | 130M | 198M | 25M | 0 | 0 | 74M | 47M | 15M | 12M | 3.1M | 0 |
| D&A | 329K | 893K | 1.6M | 7.8M | 8.5M | 8.3M | 8.0M | 7.6M | 7.0M | 7.5M | 5.6M | 4.2M | 3.9M |
| CapEx/OCF | 7080.8% | 5.6% | 19.0% | 148.0% | 1.7% | 7.8% | 0.8% | 5.4% | 5.0% | 2.1% | 1.6% | 0.1% | 1.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.6M | 4.4M | 6.6M | 15M | 14M | 6.2M | 5.9M | 6.4M | 11M | 12M | 22M | 64M | 19M |
| Dividend Yield | 2.7% | 3.2% | 2.6% | 6.6% | 8.8% | 4.3% | 3.8% | 1.9% | 1.9% | 2.5% | 4.2% | 12.9% | 4.6% |
| Share Buybacks | 1K | 21K | 0 | 10M | 21M | 22M | 6.8M | 0 | 0 | 72M | 28M | 38M | 38M |
| Buyback Yield | 0.0% | 0.0% | N/A | 5.3% | 14.6% | 12.6% | 3.4% | N/A | N/A | 12.6% | 4.7% | 8.3% | 9.0% |
| Stock-Based Comp | 681K | 942K | 1.2M | 1.4M | 1.6M | 1.4M | 1.1M | 1.3M | 1.5M | 1.9M | 2.3M | 2.2M | 2.1M |
| Debt Repayment | 370K | 239K | 1.1M | 1.3M | 204K | 0 | 332K | 841K | 1.0M | 312K | 155K | 338K | 338K |
| Balance Sheet | |||||||||||||
| Net Debt | 80M | 164M | 263M | 462M | 508M | 500M | 481M | 483M | 432M | 358M | 126M | 152M | 215M |
| Cash & Equiv. | 34M | 24M | 47M | 54M | 17M | 13M | 27M | 30M | 7.7M | 5.5M | 78M | 9.3M | 18M |
| Long-Term Debt | 114M | 187M | 310M | 516M | 525M | 513M | 508M | 513M | 439M | 363M | 205M | 162M | 233M |
| Debt/Equity | 1.36 | 1.35 | 1.44 | 1.39 | 1.55 | 1.64 | 1.66 | 1.09 | 0.74 | 0.69 | 0.41 | 0.35 | 0.50 |
| Interest Coverage | 0.4 | 1.3 | 1.6 | 1.7 | 1.6 | 1.3 | 1.3 | 1.1 | 1.5 | 2.2 | 4.0 | 4.0 | 4.0 |
| Equity | 84M | 139M | 216M | 371M | 339M | 314M | 306M | 472M | 594M | 529M | 495M | 467M | 464M |
| Total Assets | 201M | 345M | 656M | 1.2B | 1.1B | 1.1B | 1.1B | 1.1B | 1.2B | 1.0B | 870M | 719M | 712M |
| Total Liabilities | 117M | 197M | 320M | 530M | 536M | 526M | 525M | 529M | 456M | 391M | 273M | 181M | 248M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.9M | 2.1M | 2.0M | 1.4M | N/A | N/A |
| Retained Earnings | -568K | 659K | 4.1M | 5.2M | 4.9M | 6.3M | 1.0M | -4.7M | 3.6M | 31M | 88M | 117M | 118M |
| Working Capital | N/A | -1.2M | N/A | -2.5M | -3.4M | N/A | N/A | -9.5M | -9.2M | N/A | N/A | N/A | N/A |
| Current Assets | N/A | 106K | N/A | 292K | 218K | N/A | 0 | 40K | 63K | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.1M |
| Per Share Data | |||||||||||||
| EPS | -0.08 | 0.04 | 0.12 | 0.24 | 0.40 | 0.46 | -0.18 | -0.17 | 0.16 | 0.53 | 1.06 | 0.61 | 0.64 |
| Owner EPS | 0.09 | 0.29 | 0.07 | -0.25 | 0.32 | 0.28 | 0.36 | -0.03 | 0.16 | 0.07 | 0.15 | 0.24 | 0.30 |
| Book Value | 9.82 | 6.85 | 6.21 | 11.13 | 11.09 | 10.47 | 10.43 | 13.76 | 11.31 | 10.09 | 9.29 | 9.90 | 10.63 |
| Cash Flow/Share | 0.21 | 0.38 | 0.15 | 0.03 | 0.65 | 0.60 | 0.67 | 0.23 | 0.32 | 0.25 | 0.30 | 0.37 | 0.73 |
| Dividends/Share | 0.16 | 0.25 | 0.26 | 0.51 | 0.36 | 0.20 | 0.20 | 0.20 | 0.23 | 0.23 | 0.41 | 1.35 | 0.44 |
| Shares Out. | 8.5M | 20.2M | 34.7M | 33.3M | 30.6M | 30.0M | 29.3M | 34.3M | 52.5M | 52.4M | 53.2M | 47.2M | 43.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 88.7 | 84.3 | 206.3 | N/A | 131.8 | N/A | N/A | 62.9 | 20.7 | 10.4 | 15.8 | 14.9 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 9.5 | 10.6 | N/A | N/A | N/A | N/A | 45.0 | 21.4 |
| EV/EBIT | 194.3 | 37.9 | 23.2 | 49.3 | 38.9 | 44.6 | 51.9 | 77.1 | N/A | 25.7 | 12.2 | 20.0 | N/A |
| Price/Book | 0.3 | 0.5 | 0.5 | 0.5 | 0.4 | 0.6 | 0.7 | 0.7 | 0.9 | 1.1 | 1.2 | 1.0 | 0.9 |
| Price/Sales | 7.2 | 5.1 | 3.0 | 4.4 | 4.0 | 2.9 | 3.1 | 6.4 | 9.4 | 8.6 | 8.7 | 9.4 | 8.0 |
| FCF Yield | -443.3% | -141.6% | -127.6% | -109.7% | -9.3% | 9.5% | 9.4% | -22.1% | -7.1% | -1.6% | -0.3% | 2.2% | 4.7% |
| Market Cap | 28M | 72M | 99M | 187M | 141M | 175M | 199M | 332M | 528M | 574M | 587M | 456M | 419M |
| Avg. Price | 7.10 | 6.87 | 7.20 | 6.69 | 5.36 | 4.74 | 5.31 | 9.62 | 10.95 | 9.48 | 9.57 | 10.44 | 9.60 |
| Year-End Price | 6.60 | 7.10 | 7.59 | 6.19 | 3.36 | 5.27 | 6.79 | 9.67 | 10.06 | 10.95 | 11.03 | 9.66 | 9.60 |
Farmland Partners Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Farmland Partners Inc. trades at 15.7x trailing earnings, compared to its 15-year median P/E of 20.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 24.0x vs a median of 10.6x. The company's 5-year average ROIC is 5.2%. Total shareholder yield (dividends + buybacks) is 13.6%. At current prices, the estimated annualized return to fair value is -10.8%.
Farmland Partners Inc. (FPI) has a net profit margin of 55.2%. This is a strong margin indicating high profitability.
Farmland Partners Inc. (FPI) generated $10 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Farmland Partners Inc. (FPI) has a debt-to-equity ratio of 0.35. This indicates a conservatively financed balance sheet.
Farmland Partners Inc. (FPI) reported earnings per share (EPS) of $0.61 in its most recent fiscal year.
Farmland Partners Inc. (FPI) has a return on equity (ROE) of 6.0%. This indicates moderate shareholder returns.
The Ledger Terminal provides 14 years of financial data for Farmland Partners Inc. (FPI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Farmland Partners Inc. (FPI) has a book value per share of $9.90, based on its most recent annual SEC filing.