FPI Stock Analysis: Farmland | NYSE
REIT - Specialty | NYSE, USA | Market Cap: 446m USD | 12M Return: -2.2% | US31154R1095 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.67M
EPS Trend: 17.0%
Qual. Beats: 0
Rev. Trend: -83.7%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 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: 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 August 31, 2026, the stock is trading at USD 10.25 with a total of 489,641 shares traded. Over the past week, the price has changed by +0.89%, over one month by +7.33%, over three months by -0.61% and over the past year by -2.19%.
Current recommended Stop Loss: 9.80 (which is 4.4% or 2.2 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 | 10.5 | 2.4% |
P/E Trailing = 19.9216
P/E Forward = 161.2903
P/S = 8.7393
P/B = 0.9637
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 = 659.6m USD (446.3m + Debt 224.7m - CCE 11.4m)
Interest Coverage Ratio = 3.52 (Ebit TTM 36.4m / Interest Expense TTM 10.4m)
EV/FCF = 42.43x (Enterprise Value 659.6m / FCF TTM 15.5m)
FCF Yield = 2.36% (FCF TTM 15.5m / Enterprise Value 659.6m)
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 = 0.94 (Enterprise Value 659.6m / 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 = 6.67% (E(446.3m)/V(671.0m) * Re(7.76%) + D(224.7m)/V(671.0m) * Rd(4.61%) * (1-Tc(0.02)))
Discount Rate = 7.76% (= 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=0.27 | Chg30d=+47.30% | Revisions=+25% | GrowthEPS=-55.7% | GrowthRev=-13.3%
EPS next Year (2027-12-31): EPS=0.24 | Chg30d=+20.00% | Revisions=+25% | GrowthEPS=+0.0% | GrowthRev=-5.0%