(FPI) Farmland Partners - Overview
Sector: Real Estate | Industry: REIT - Specialty | Exchange: NYSE (USA) | Market Cap: 465m USD | Total Return: -2.4% in 12m
Avg Turnover: 3.56M
EPS Trend: 71.3%
Qual. Beats: 0
Rev. Trend: -83.9%
Qual. Beats: 2
Warnings
Earnings expected to drop: P/E 17.7 → Forward 161.3
Altman Z'' 0.49 < 1.0 - financial distress zone
Below Avwap Earnings
Tailwinds
No distinct edge detected
Farmland Partners Inc. (FPI) is an internally managed Real Estate Investment Trust (REIT) focused on the acquisition and management of North American agricultural land. The company generates revenue through direct ownership of farmland across 11 states and by providing secured loans to third-party farmers and landowners. Its portfolio includes diverse crop-producing acreage and specialized infrastructure, such as agricultural equipment dealerships.
The business model leverages the finite supply of arable land, which historically acts as a hedge against inflation due to the consistent global demand for food and fiber. As a REIT, FPI is legally required to distribute at least 90% of its taxable income to shareholders in the form of dividends, offering investors a liquid vehicle to gain exposure to an asset class traditionally dominated by private holdings.
For a detailed breakdown of the companys valuation metrics and historical performance, consult the data available on ValueRay.
- Global commodity price fluctuations directly impact tenant rental yields and farm profitability
- Rising interest rates increase debt service costs and pressure REIT capital structures
- Strategic farmland acquisitions and dispositions drive net asset value and share price
- Extreme weather patterns and water scarcity affect crop yields and land valuations
- Interest income from third-party agricultural loans contributes to overall revenue growth
| 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 (37.0m): 5.79 < 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 0.80%; Δ 7.79k% > 0.5%) |
| Asset Turnover: 7.07% > 50% (prev 6.97%; Δ 0.10% > 0%) |
| Interest Coverage Ratio: 3.41 > 6 (EBITDA TTM 37.0m / 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: 0.04 (EBIT TTM 33.1m / Avg Total Assets 761.1m) |
| D: -0.26 (Book Value of Equity -65.4m / Total Liabilities 248.2m) |
| Altman-Z'' = 0.49 = B |
| DSRI: 1.36 (Receivables 79.9m/61.7m, Revenue 53.8m/56.5m) |
| GMI: 1.02 (GM 78.75% / 80.33%) |
| 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 = -2.75 (Cap -4..+1) = A |
As of May 25, 2026, the stock is trading at USD 10.43 with a total of 249,106 shares traded.
Over the past week, the price has changed by +2.66%,
over one month by -10.93%,
over three months by -16.69% and
over the past year by -2.39%.
Farmland Partners 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 | 15.1% |
P/E Trailing = 17.7458
P/E Forward = 161.2903
P/S = 8.9999
P/B = 0.9881
Revenue TTM = 53.8m USD
EBIT TTM = 33.1m USD
EBITDA TTM = 37.0m 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 = 678.8m USD (464.5m + Debt 232.0m - CCE 17.7m)
Interest Coverage Ratio = 3.41 (Ebit TTM 33.1m / Interest Expense TTM 9.71m)
EV/FCF = 34.92x (Enterprise Value 678.8m / FCF TTM 19.4m)
FCF Yield = 2.86% (FCF TTM 19.4m / Enterprise Value 678.8m)
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 = 0.95 (Enterprise Value 678.8m / Total Assets 711.7m)
Interest Expense / Debt = 4.18% (Interest Expense 9.71m / Debt 232.0m)
Taxrate = 1.07% (7.00k / 653k)
NOPAT = 32.7m (EBIT 33.1m * (1 - 1.07%))
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 = 5.79 (Net Debt 214.3m / EBITDA 37.0m)
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 = 5.75% (Net Income TTM 30.1m / Total Stockholder Equity 524.5m)
RoCE = 4.37% (EBIT 33.1m / Capital Employed (Equity 524.5m + L.T.Debt 231.8m))
RoIC = 4.70% (NOPAT 32.7m / Invested Capital 695.5m)
WACC = 6.46% (E(464.5m)/V(696.6m) * Re(7.62%) + D(232.0m)/V(696.6m) * Rd(4.18%) * (1-Tc(0.01)))
Discount Rate = 7.62% (= 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: 71.29 | EPS CAGR: 54.94% | SUE: 0.15 | # 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=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.03 | Chg30d=N/A | Revisions=+20% | Analysts=1
EPS current Year (2026-12-31): EPS=0.20 | Chg30d=-4.69% | Revisions=+33% | GrowthEPS=-66.7% | GrowthRev=-13.1%
EPS next Year (2027-12-31): EPS=0.20 | Chg30d=-16.67% | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=-4.3%
[Analyst] Revisions Ratio: +33%