(FPI) Farmland Partners - Overview
Stock: Farmland, Rental, Loans, Equipment
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 4.27% |
| Yield on Cost 5y | 4.75% |
| Yield CAGR 5y | 21.79% |
| Payout Consistency | 87.4% |
| Payout Ratio | 7.2% |
| Risk 5d forecast | |
|---|---|
| Volatility | 24.6% |
| Relative Tail Risk | -8.04% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.04 |
| Alpha | -6.71 |
| Character TTM | |
|---|---|
| Beta | 0.458 |
| Beta Downside | 0.569 |
| Drawdowns 3y | |
|---|---|
| Max DD | 24.41% |
| CAGR/Max DD | 0.15 |
Description: FPI Farmland Partners December 26, 2025
Farmland Partners Inc. (NYSE:FPI) is an internally managed REIT that acquires and operates high-quality U.S. farmland while also providing secured loans to tenant and non-tenant farmers. As of September 30 2025 the company reported ownership or management of roughly 125,200 acres across 15 states, spanning the Midwest, South, and West Coast, and it holds four John Deere-branded equipment-dealership properties in Ohio under a lease to Ag Pro.
Key operational metrics from recent filings (2023-2024) show an average farm lease term of 5.2 years, a weighted-average cash-on-cash return of ~6.8 % on its loan portfolio, and a dividend yield of ~5.5 % (FY 2024). The REIT’s cash flow is heavily influenced by commodity price cycles, USDA-projected food demand growth of ~1.2 % annually, and interest-rate sensitivity because its loan book is largely floating-rate.
Sector-level drivers that materially affect FPI’s outlook include: (1) long-term farmland price appreciation, historically 3-4 % CAGR, which supports asset-backed loan collateral values; (2) tightening agricultural labor markets that increase demand for mechanization and thus for the company’s equipment-dealership assets; and (3) macro-policy risk from potential changes to REIT tax treatment, which would alter after-tax cash distributions.
Given the above, the investment case hinges on the durability of farm income streams and the REIT’s ability to maintain its 5-year lease renewal rate above 90 % while managing loan-to-value exposure under volatile commodity prices. If commodity price shocks or a sustained rise in real interest rates were to erode borrower cash flow, the loan loss reserve could rise, pressuring distribution coverage.
For a deeper quantitative breakdown of FPI’s valuation metrics, you might find ValueRay’s analyst toolkit useful.
Piotroski VR‑10 (Strict, 0-10) 6.0
| Net Income: 68.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 1.58 > 1.0 |
| NWC/Revenue: 149.6% < 20% (prev 32.77%; Δ 116.8% < -1%) |
| CFO/TA 0.02 > 3% & CFO 16.8m > Net Income 68.9m |
| Net Debt (-12.9m) to EBITDA (78.0m): -0.17 < 3 |
| Current Ratio: 132.1 > 1.5 & < 3 |
| Outstanding Shares: last quarter (43.2m) vs 12m ago -9.72% < -2% |
| Gross Margin: 78.72% > 18% (prev 0.76%; Δ 7796 % > 0.5%) |
| Asset Turnover: 6.00% > 50% (prev 5.68%; Δ 0.32% > 0%) |
| Interest Coverage Ratio: 7.06 > 6 (EBITDA TTM 78.0m / Interest Expense TTM 10.4m) |
Altman Z'' 2.25
| A: 0.11 (Total Current Assets 79.8m - Total Current Liabilities 604.0k) / Total Assets 738.5m |
| B: 0.13 (Retained Earnings 96.4m / Total Assets 738.5m) |
| C: 0.08 (EBIT TTM 73.5m / Avg Total Assets 882.8m) |
| D: 0.54 (Book Value of Equity 96.8m / Total Liabilities 180.2m) |
| Altman-Z'' Score: 2.25 = BBB |
Beneish M 1.00
| DSRI: 7.82 (Receivables 64.1m/9.03m, Revenue 52.9m/58.3m) |
| GMI: 0.96 (GM 78.72% / 75.71%) |
| AQI: 0.92 (AQ_t 0.89 / AQ_t-1 0.97) |
| SGI: 0.91 (Revenue 52.9m / 58.3m) |
| TATA: 0.07 (NI 68.9m - CFO 16.8m) / TA 738.5m) |
| Beneish M-Score: 2.51 (Cap -4..+1) = D |
What is the price of FPI shares?
Over the past week, the price has changed by +0.00%, over one month by +15.29%, over three months by +22.52% and over the past year by +2.41%.
Is FPI a buy, sell or hold?
- StrongBuy: 1
- Buy: 1
- Hold: 2
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the FPI price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 12.2 | 4.8% |
| Analysts Target Price | 12.2 | 4.8% |
| ValueRay Target Price | 12.1 | 4.6% |
FPI Fundamental Data Overview February 03, 2026
P/E Forward = 161.2903
P/S = 9.5523
P/B = 1.0941
Revenue TTM = 52.9m USD
EBIT TTM = 73.5m USD
EBITDA TTM = 78.0m USD
Long Term Debt = 169.8m USD (from longTermDebt, last quarter)
Short Term Debt = 541.0k USD (from shortTermDebt, last quarter)
Debt = 541.0k USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -12.9m USD (from netDebt column, last quarter)
Enterprise Value = 493.2m USD (506.2m + Debt 541.0k - CCE 13.5m)
Interest Coverage Ratio = 7.06 (Ebit TTM 73.5m / Interest Expense TTM 10.4m)
EV/FCF = 29.28x (Enterprise Value 493.2m / FCF TTM 16.8m)
FCF Yield = 3.42% (FCF TTM 16.8m / Enterprise Value 493.2m)
FCF Margin = 31.82% (FCF TTM 16.8m / Revenue TTM 52.9m)
Net Margin = 130.1% (Net Income TTM 68.9m / Revenue TTM 52.9m)
Gross Margin = 78.72% ((Revenue TTM 52.9m - Cost of Revenue TTM 11.3m) / Revenue TTM)
Gross Margin QoQ = 71.10% (prev 69.18%)
Tobins Q-Ratio = 0.67 (Enterprise Value 493.2m / Total Assets 738.5m)
Interest Expense / Debt = 419.8% (Interest Expense 2.27m / Debt 541.0k)
Taxrate = 21.0% (US default 21%)
NOPAT = 58.1m (EBIT 73.5m * (1 - 21.00%))
Current Ratio = 132.1 (out of range, set to none) (Total Current Assets 79.8m / Total Current Liabilities 604.0k)
Debt / Equity = 0.00 (Debt 541.0k / totalStockholderEquity, last quarter 457.3m)
Debt / EBITDA = -0.17 (Net Debt -12.9m / EBITDA 78.0m)
Debt / FCF = -0.77 (Net Debt -12.9m / FCF TTM 16.8m)
Total Stockholder Equity = 471.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.80% (Net Income 68.9m / Total Assets 738.5m)
RoE = 14.62% (Net Income TTM 68.9m / Total Stockholder Equity 471.1m)
RoCE = 11.47% (EBIT 73.5m / Capital Employed (Equity 471.1m + L.T.Debt 169.8m))
RoIC = 8.79% (NOPAT 58.1m / Invested Capital 661.2m)
WACC = 7.59% (E(506.2m)/V(506.7m) * Re(7.60%) + (debt cost/tax rate unavailable))
Discount Rate = 7.60% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -100.0 | Cagr: -18.20%
[DCF Debug] Terminal Value 82.60% ; FCFF base≈13.0m ; Y1≈16.0m ; Y5≈27.3m
Fair Price DCF = 11.95 (EV 502.2m - Net Debt -12.9m = Equity 515.1m / Shares 43.1m; r=7.59% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: 12.08 | EPS CAGR: -1.90% | SUE: -4.0 | # QB: 0
Revenue Correlation: -37.60 | Revenue CAGR: -14.28% | SUE: 0.74 | # QB: 0
EPS next Year (2026-12-31): EPS=0.16 | Chg30d=-0.070 | Revisions Net=+1 | Growth EPS=-54.2% | Growth Revenue=-16.2%