FPI Stock Analysis: Farmland | NYSE
REIT - Specialty | NYSE, USA | Market Cap: 431m USD | 12M Return: -9.1% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.60M
EPS Trend: 52.6%
Qual. Beats: 0
Rev. Trend: -83.9%
Qual. Beats: 2
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 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 focused on owning and acquiring high-quality North American farmland. As a REIT in the Other Specialized REITs sub-industry, the company also originates loans to third-party farmers and landowners secured by farm real estate and other agricultural assets, providing it with both rental income and interest income streams from the agricultural sector.
As of March 31, 2026, the Companys portfolio spanned approximately 70,400 acres of farmland across 11 states, including Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas, and West Virginia. In addition to its core farmland holdings, FPI owns land and buildings for four agriculture equipment dealerships in Ohio that are leased to Ag Pro, an authorized John Deere dealer, adding an equipment-related real estate component to its business.
FPI elected REIT status for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2014, a structure that requires the company to distribute the majority of its taxable income to shareholders as dividends. The company was established on September 27, 2013, and is headquartered in Denver, United States, with its common stock listed on the NYSE under the ticker FPI.
- Farmland rental revenue grows on annual escalators and acreage acquisitions
- Interest rate path drives acquisition financing costs and cap rate compression
- Crop commodity prices and drought conditions pressure tenant rental payment capacity
| Net Income: 30.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 1.42 > 1.0 |
| NWC/Revenue: 156.3% < 20% (prev 123.4%; Δ 32.85% < -1%) |
| CFO/TA 0.03 > 3% & CFO 19.7m > Net Income 30.1m |
| Net Debt (214.3m) to EBITDA (44.3m): 4.84 < 3 |
| Current Ratio: 6.16 > 1.5 & < 3 |
| Outstanding Shares: last quarter (43.2m) vs 12m ago -5.25% < -2% |
| Gross Margin: 78.75% > 18% (prev 80.33%; Δ -1.59% > 0.5%) |
| Asset Turnover: 7.07% > 50% (prev 6.97%; Δ 0.10% > 0%) |
| Interest Coverage Ratio: 4.16 > 6 (EBIT TTM 40.4m / Interest Expense TTM 9.71m) |
| A: 0.12 (Total Current Assets 100.4m - Total Current Liabilities 16.3m) / Total Assets 711.7m |
| B: -0.09 (Retained Earnings -65.8m / Total Assets 711.7m) |
| C: 0.05 (EBIT TTM 40.4m / Avg Total Assets 761.1m) |
| D: 1.85 (Book Value of Equity 460.4m / Total Liabilities 248.2m) |
| Altman-Z'' = 2.78 = A |
| DSRI: 1.36 (Receivables 79.9m/61.7m, Revenue 53.8m/56.5m) |
| GMI: 1.02 (GM 80.33% / 78.75%) |
| AQI: 0.96 (AQ_t 0.86 / AQ_t-1 0.89) |
| SGI: 0.95 (Revenue 53.8m / 56.5m) |
| TATA: 0.01 (NI 30.1m - CFO 19.7m) / TA 711.7m) |
| Beneish M = -2.77 (Cap -4..+1) = A |
As of July 11, 2026, the stock is trading at USD 9.60 with a total of 411,496 shares traded. Over the past week, the price has changed by -1.13%, over one month by -2.22%, over three months by -17.53% and over the past year by -9.13%.
Current recommended Stop Loss: 9.30 (which is 3.1% or 1.6 ATR below the current price).
Farmland has received a consensus analysts rating of 3.75. Therefore, it is recommended to hold FPI.
- StrongBuy: 1
- Buy: 1
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 12 | 25% |
P/E Trailing = 16.4576
P/E Forward = 161.2903
P/S = 8.3467
P/B = 0.9152
Revenue TTM = 53.8m USD
EBIT TTM = 40.4m USD
EBITDA TTM = 44.3m USD
Long Term Debt = 231.8m USD (from longTermDebt, last quarter)
Short Term Debt = 125k USD (from shortTermDebt, last quarter)
Debt = 232.0m USD (from shortLongTermDebtTotal, last quarter) + Leases 125k
Net Debt = 214.3m USD (calculated: Debt 232.0m - CCE 17.7m)
Enterprise Value = 645.1m USD (430.8m + Debt 232.0m - CCE 17.7m)
Interest Coverage Ratio = 4.16 (Ebit TTM 40.4m / Interest Expense TTM 9.71m)
EV/FCF = 33.18x (Enterprise Value 645.1m / FCF TTM 19.4m)
FCF Yield = 3.01% (FCF TTM 19.4m / Enterprise Value 645.1m)
FCF Margin = 36.12% (FCF TTM 19.4m / Revenue TTM 53.8m)
Net Margin = 56.00% (Net Income TTM 30.1m / Revenue TTM 53.8m)
Gross Margin = 78.75% ((Revenue TTM 53.8m - Cost of Revenue TTM 11.4m) / Revenue TTM)
Gross Margin QoQ = 85.47% (prev 83.78%)
Tobins Q-Ratio = 0.91 (Enterprise Value 645.1m / Total Assets 711.7m)
Interest Expense / Debt = 4.18% (Interest Expense 9.71m / Debt 232.0m)
Taxrate = 1.96% (602k / 30.7m)
NOPAT = 39.6m (EBIT 40.4m * (1 - 1.96%))
Current Ratio = 6.16 (Total Current Assets 100.4m / Total Current Liabilities 16.3m)
Debt / Equity = 0.50 (Debt 232.0m / totalStockholderEquity, last quarter 460.4m)
Debt / EBITDA = 4.84 (Net Debt 214.3m / EBITDA 44.3m)
Debt / FCF = 11.02 (Net Debt 214.3m / FCF TTM 19.4m)
Total Stockholder Equity = 458.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.96% (Net Income 30.1m / Total Assets 711.7m)
RoE = 6.57% (Net Income TTM 30.1m / Total Stockholder Equity 458.7m)
RoCE = 5.85% (EBIT 40.4m / Capital Employed (Equity 458.7m + L.T.Debt 231.8m))
RoIC = 5.72% (NOPAT 39.6m / Invested Capital 692.9m)
WACC = 6.38% (E(430.8m)/V(662.8m) * Re(7.61%) + D(232.0m)/V(662.8m) * Rd(4.18%) * (1-Tc(0.02)))
Discount Rate = 7.61% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -28.89 | Cagr: -16.35%
[DCF] Terminal Value 77.97% ; FCFF base≈15.9m ; Y1≈18.2m ; Y5≈26.8m
[DCF] Fair Price = 4.35 (EV 403.9m - Net Debt 214.3m = Equity 189.6m / Shares 43.6m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 52.58 | EPS CAGR: 65.95% | SUE: -0.61 | # QB: 0
Revenue Correlation: -83.94 | Revenue CAGR: -3.29% | SUE: 0.98 | # QB: 2
EPS current Quarter (2026-06-30): EPS=0.03 | Chg30d=N/A | Revisions=+25% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.03 | Chg30d=N/A | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=0.18 | Chg30d=-9.84% | Revisions=+40% | GrowthEPS=-70.0% | GrowthRev=-13.9%
EPS next Year (2027-12-31): EPS=0.20 | Chg30d=-16.67% | Revisions=+0% | GrowthEPS=+0.0% | GrowthRev=-4.4%
[Analyst] Revisions Ratio: +57% (up=4, down=0)