FPI Stock Analysis: Farmland | NYSE
REIT - Specialty | NYSE, USA | Market Cap: 461m USD | 12M Return: 8.4% | US31154R1095 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 7.47M
EPS Trend: 17.0%
Qual. Beats: 0
Rev. Trend: -83.7%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Farmland Partners Inc. (FPI) is an internally managed real estate company that owns high-quality North American farmland and provides loans to farmers secured by farm real estate and other agricultural assets. As of June 30, 2026, the Company owned approximately 70,100 acres of farmland across 11 U.S. states, in addition to land and buildings for four agricultural equipment dealerships in Ohio leased to Ag Pro under the John Deere brand.
The Company operates as a real estate investment trust (REIT) for U.S. federal income tax purposes, a structure that requires the distribution of at least 90% of taxable income to shareholders in the form of dividends. FPI was established on September 27, 2013, and is headquartered in Denver, Colorado, making it one of the few publicly traded companies focused exclusively on U.S. farmland ownership and farm-related lending.
- Farmland rental revenue tied to corn and soybean prices
- Rising interest rates pressure REIT dividend yield appeal
- Acquisitions expand acreage footprint across key US farming states
| Net Income: 25.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -3.83 > 1.0 |
| NWC/Revenue: 139.8% < 20% (prev 198.1%; Δ -58.24% < -1%) |
| CFO/TA 0.03 > 3% & CFO 18.4m > Net Income 25.7m |
| Net Debt (213.3m) to EBITDA (40.1m): 5.32 < 3 |
| Current Ratio: 5.57 > 1.5 & < 3 |
| Outstanding Shares: last quarter (43.4m) vs 12m ago -19.96% < -2% |
| Gross Margin: 82.64% > 18% (prev 79.00%; Δ 3.63% > 0.5%) |
| Asset Turnover: 7.22% > 50% (prev 7.08%; Δ 0.13% > 0%) |
| Interest Coverage Ratio: 3.52 > 6 (EBIT TTM 36.4m / Interest Expense TTM 10.4m) |
| A: 0.11 (Total Current Assets 90.8m - Total Current Liabilities 16.3m) / Total Assets 699.8m |
| B: -0.10 (Retained Earnings -66.6m / Total Assets 699.8m) |
| C: 0.05 (EBIT TTM 36.4m / Avg Total Assets 738.2m) |
| D: 1.94 (Book Value of Equity 460.0m / Total Liabilities 236.7m) |
| Altman-Z'' = 2.76 = A |
| DSRI: 1.27 (Receivables 79.2m/64.5m, Revenue 53.3m/55.0m) |
| GMI: 0.96 (GM 79.00% / 82.64%) |
| AQI: 1.03 (AQ_t 0.87 / AQ_t-1 0.85) |
| SGI: 0.97 (Revenue 53.3m / 55.0m) |
| TATA: 0.01 (NI 25.7m - CFO 18.4m) / TA 699.8m) |
| Beneish M = -2.85 (Cap -4..+1) = A |
As of October 16, 2026, the stock is trading at USD 10.55 with a total of 784,519 shares traded. Over the past week, the price has changed by +0.57%, over one month by -0.89%, over three months by +11.01% and over the past year by +8.40%.
Current recommended Stop Loss: 10.10 (which is 4.3% or 1.6 ATR below the current price).
Farmland has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold FPI.
- StrongBuy: 0
- Buy: 0
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 10.5 | -0.5% |
P/E Trailing = 20.5686
P/E Forward = 161.2903
P/S = 9.0232
P/B = 1.0234
Revenue TTM = 53.3m USD
EBIT TTM = 36.4m USD
EBITDA TTM = 40.1m USD
Long Term Debt = 223.9m USD (from longTermDebt, last quarter)
Short Term Debt = 429k USD (from shortTermDebt, last quarter)
Debt = 224.7m USD (from shortLongTermDebtTotal, last quarter) + Leases 429k
Net Debt = 213.3m USD (calculated: Debt 224.7m - CCE 11.4m)
Enterprise Value = 674.1m USD (460.8m + Debt 224.7m - CCE 11.4m)
Interest Coverage Ratio = 3.52 (Ebit TTM 36.4m / Interest Expense TTM 10.4m)
EV/FCF = 43.36x (Enterprise Value 674.1m / FCF TTM 15.5m)
FCF Yield = 2.31% (FCF TTM 15.5m / Enterprise Value 674.1m)
FCF Margin = 29.19% (FCF TTM 15.5m / Revenue TTM 53.3m)
Net Margin = 48.16% (Net Income TTM 25.7m / Revenue TTM 53.3m)
Gross Margin = 82.64% ((Revenue TTM 53.3m - Cost of Revenue TTM 9.25m) / Revenue TTM)
Gross Margin QoQ = 90.66% (prev 85.47%)
Tobins Q-Ratio = 0.96 (Enterprise Value 674.1m / Total Assets 699.8m)
Interest Expense / Debt = 4.61% (Interest Expense 10.4m / Debt 224.7m)
Taxrate = 2.43% (634k / 26.1m)
NOPAT = 35.5m (EBIT 36.4m * (1 - 2.43%))
Current Ratio = 6.17 (Total Current Assets 90.8m / Total Current Liabilities 14.7m)
Debt / Equity = 0.49 (Debt 224.7m / totalStockholderEquity, last quarter 460.0m)
Debt / EBITDA = 5.32 (Net Debt 213.3m / EBITDA 40.1m)
Debt / FCF = 13.72 (Net Debt 213.3m / FCF TTM 15.5m)
Total Stockholder Equity = 457.3m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.48% (Net Income 25.7m / Total Assets 699.8m)
RoE = 5.61% (Net Income TTM 25.7m / Total Stockholder Equity 457.3m)
RoCE = 5.35% (EBIT 36.4m / Capital Employed (Equity 457.3m + L.T.Debt 223.9m))
RoIC = 5.10% (NOPAT 35.5m / Invested Capital 697.5m)
WACC = 6.48% (E(460.8m)/V(685.5m) * Re(7.45%) + D(224.7m)/V(685.5m) * Rd(4.61%) * (1-Tc(0.02)))
Discount Rate = 7.45% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -33.86 | Cagr: -4.15%
[DCF] Terminal Value 73.10% ; FCFF base≈28.1m ; Y1≈24.7m ; Y5≈19.9m
[DCF] Fair Price = 2.44 (EV 319.9m - Net Debt 213.3m = Equity 106.6m / Shares 43.6m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 17.04 | EPS CAGR: 12.58% | SUE: 0.59 | # QB: 0
Revenue Correlation: -83.70 | Revenue CAGR: -3.26% | SUE: 0.09 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.02 | Chg30d=N/A | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=0.23 | Chg30d=+28.21% | Revisions=+40% | GrowthEPS=-61.5% | GrowthRev=-13.4%
EPS next Year (2027-12-31): EPS=0.24 | Chg30d=+20.00% | Revisions=+25% | GrowthEPS=+0.0% | GrowthRev=-5.0%
[Analyst] Revisions Ratio: +29% (up=3, down=1)