FARMLAND PARTNERS INC (FPI) Stock Fundamental Analysis
USA - NYSE:FPI - US31154R1095 - REIT
9.89 USD
-0.23 (-2.27%)
9.89 USD
0 (0%)
We assign a fundamental rating of 5 out of 10 to FPI. FPI was compared to 30 industry peers in the Specialized REITs industry. Both the profitability and the financial health of FPI get a neutral evaluation. Nothing too spectacular is happening here. FPI does not seem to be growing, but still is valued expensively.
1. Profitability
1.1 Basic Checks
In the past year FPI was profitable.
In the past year FPI had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: FPI reported negative net income in multiple years.
In the past 5 years FPI always reported a positive cash flow from operatings.
1.2 Ratios
FPI has a Return On Assets of 8.59%. This is amongst the best in the industry. FPI outperforms 96.67% of its industry peers.
FPI has a better Return On Equity (14.32%) than 80.00% of its industry peers.
FPI has a worse Return On Invested Capital (2.43%) than 66.67% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for FPI is below the industry average of 4.81%.
The 3 year average ROIC (2.05%) for FPI is below the current ROIC(2.43%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 8.59% | ||
| ROE | 14.32% | ||
| ROIC | 2.43% |
ROA(3y)3.31%
ROA(5y)1.79%
ROE(3y)6.18%
ROE(5y)3.21%
ROIC(3y)2.05%
ROIC(5y)1.8%
1.3 Margins
With an excellent Profit Margin value of 121.26%, FPI belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
In the last couple of years the Profit Margin of FPI has grown nicely.
The Operating Margin of FPI (42.97%) is better than 63.33% of its industry peers.
In the last couple of years the Operating Margin of FPI has declined.
Looking at the Gross Margin, with a value of 79.00%, FPI is in the better half of the industry, outperforming 70.00% of the companies in the same industry.
FPI's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 42.97% | ||
| PM (TTM) | 121.26% | ||
| GM | 79% |
OM growth 3Y10.34%
OM growth 5Y-2.3%
PM growth 3YN/A
PM growth 5Y108.42%
GM growth 3Y-0.93%
GM growth 5Y-0.72%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), FPI is destroying value.
Compared to 1 year ago, FPI has less shares outstanding
Compared to 5 years ago, FPI has more shares outstanding
Compared to 1 year ago, FPI has an improved debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 0.96, we must say that FPI is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 0.96, FPI is in line with its industry, outperforming 50.00% of the companies in the same industry.
FPI has a debt to FCF ratio of 35.01. This is a negative value and a sign of low solvency as FPI would need 35.01 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 35.01, FPI is in line with its industry, outperforming 46.67% of the companies in the same industry.
A Debt/Equity ratio of 0.41 indicates that FPI is not too dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.41, FPI belongs to the top of the industry, outperforming 93.33% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.41 | ||
| Debt/FCF | 35.01 | ||
| Altman-Z | 0.96 |
ROIC/WACC0.3
WACC8.25%
2.3 Liquidity
FPI has a Current Ratio of 5.55. This indicates that FPI is financially healthy and has no problem in meeting its short term obligations.
With an excellent Current ratio value of 5.55, FPI belongs to the best of the industry, outperforming 96.67% of the companies in the same industry.
A Quick Ratio of 5.29 indicates that FPI has no problem at all paying its short term obligations.
FPI's Quick ratio of 5.29 is amongst the best of the industry. FPI outperforms 96.67% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 5.55 | ||
| Quick Ratio | 5.29 |
3. Growth
3.1 Past
FPI shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 416.67%, which is quite impressive.
FPI shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 90.67% yearly.
FPI shows a small growth in Revenue. In the last year, the Revenue has grown by 1.32%.
The Revenue has been growing slightly by 1.68% on average over the past years.
EPS 1Y (TTM)416.67%
EPS 3YN/A
EPS 5Y90.67%
EPS Q2Q%-100%
Revenue 1Y (TTM)1.32%
Revenue growth 3Y4.02%
Revenue growth 5Y1.68%
Sales Q2Q%-15.51%
3.2 Future
FPI is expected to show a very negative growth in Earnings Per Share. In the coming years, the EPS will decrease by -44.26% yearly.
Based on estimates for the next years, FPI will show a very negative growth in Revenue. The Revenue will decrease by -10.87% on average per year.
EPS Next Y-65.37%
EPS Next 2Y-60.16%
EPS Next 3Y-44.26%
EPS Next 5YN/A
Revenue Next Year-15.83%
Revenue Next 2Y-10.87%
Revenue Next 3YN/A
Revenue Next 5YN/A
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 6.38, which indicates a rather cheap valuation of FPI.
Based on the Price/Earnings ratio, FPI is valued cheaper than 100.00% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 26.03, FPI is valued rather cheaply.
FPI is valuated quite expensively with a Price/Forward Earnings ratio of 59.35.
66.67% of the companies in the same industry are cheaper than FPI, based on the Price/Forward Earnings ratio.
The average S&P500 Price/Forward Earnings ratio is at 22.27. FPI is valued rather expensively when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 6.38 | ||
| Fwd PE | 59.35 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of FPI is on the same level as its industry peers.
Based on the Price/Free Cash Flow ratio, FPI is valued a bit more expensive than 66.67% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 79.34 | ||
| EV/EBITDA | 20.21 |
4.3 Compensation for Growth
FPI has a very decent profitability rating, which may justify a higher PE ratio.
FPI's earnings are expected to decrease with -44.26% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)0.07
EPS Next 2Y-60.16%
EPS Next 3Y-44.26%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 2.43%, FPI has a reasonable but not impressive dividend return.
With a Dividend Yield of 2.43, FPI pays less dividend than the industry average, which is at 5.97. 83.33% of the companies listed in the same industry pay a better dividend than FPI!
FPI's Dividend Yield is comparable with the S&P500 average which is at 2.38.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.43% |
5.2 History
The dividend of FPI decreases each year by -3.18%.
FPI has paid a dividend for at least 10 years, which is a reliable track record.
FPI has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
Dividend Growth(5Y)-3.18%
Div Incr Years3
Div Non Decr Years5
5.3 Sustainability
FPI pays out 100.83% of its income as dividend. This is not a sustainable payout ratio.
The Dividend Rate of FPI has been decling, while earnings will also be declining. This means the current dividend is most likely not sustainable.
DP100.83%
EPS Next 2Y-60.16%
EPS Next 3Y-44.26%
9.89
-0.23 (-2.27%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)
Earnings (Next)
Inst Owners60.68%
Inst Owner Change-2.06%
Ins Owners7.65%
Ins Owner Change0.55%
Market Cap436.74M
Revenue(TTM)58.23M
Net Income(TTM)66.70M
Analysts77.5
Price Target12.5 (26.39%)
Short Float %6.06%
Short Ratio7.17
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.43% |
Yearly Dividend0.52
Dividend Growth(5Y)-3.18%
DP100.83%
Div Incr Years3
Div Non Decr Years5
Ex-Date
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)6663.86%
Min EPS beat(2)345.32%
Max EPS beat(2)12982.4%
EPS beat(4)3
Avg EPS beat(4)3369.26%
Min EPS beat(4)-2.79%
Max EPS beat(4)12982.4%
EPS beat(8)5
Avg EPS beat(8)1697.49%
EPS beat(12)8
Avg EPS beat(12)1207.41%
EPS beat(16)10
Avg EPS beat(16)917.68%
Revenue beat(2)2
Avg Revenue beat(2)4.39%
Min Revenue beat(2)1.81%
Max Revenue beat(2)6.97%
Revenue beat(4)4
Avg Revenue beat(4)6.02%
Min Revenue beat(4)1.81%
Max Revenue beat(4)10.53%
Revenue beat(8)4
Avg Revenue beat(8)0.49%
Revenue beat(12)5
Avg Revenue beat(12)-0.06%
Revenue beat(16)8
Avg Revenue beat(16)0.91%
PT rev (1m)-2%
PT rev (3m)1.03%
EPS NQ rev (1m)0%
EPS NQ rev (3m)114.32%
EPS NY rev (1m)18.03%
EPS NY rev (3m)100%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-6.71%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.96%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 6.38 | ||
| Fwd PE | 59.35 | ||
| P/S | 7.94 | ||
| P/FCF | 79.34 | ||
| P/OCF | 30.08 | ||
| P/B | 0.94 | ||
| P/tB | 0.95 | ||
| EV/EBITDA | 20.21 |
EPS(TTM)1.55
EY15.67%
EPS(NY)0.17
Fwd EY1.69%
FCF(TTM)0.12
FCFY1.26%
OCF(TTM)0.33
OCFY3.32%
SpS1.25
BVpS10.54
TBVpS10.45
PEG (NY)N/A
PEG (5Y)0.07
Graham Number19.18
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 8.59% | ||
| ROE | 14.32% | ||
| ROCE | 3.08% | ||
| ROIC | 2.43% | ||
| ROICexc | 2.61% | ||
| ROICexgc | 2.62% | ||
| OM | 42.97% | ||
| PM (TTM) | 121.26% | ||
| GM | 79% | ||
| FCFM | 10.01% |
ROA(3y)3.31%
ROA(5y)1.79%
ROE(3y)6.18%
ROE(5y)3.21%
ROIC(3y)2.05%
ROIC(5y)1.8%
ROICexc(3y)2.15%
ROICexc(5y)1.87%
ROICexgc(3y)2.16%
ROICexgc(5y)1.88%
ROCE(3y)2.6%
ROCE(5y)2.28%
ROICexgc growth 3Y31.14%
ROICexgc growth 5Y7.77%
ROICexc growth 3Y31.05%
ROICexc growth 5Y7.64%
OM growth 3Y10.34%
OM growth 5Y-2.3%
PM growth 3YN/A
PM growth 5Y108.42%
GM growth 3Y-0.93%
GM growth 5Y-0.72%
F-Score7
Asset Turnover0.07
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.41 | ||
| Debt/FCF | 35.01 | ||
| Debt/EBITDA | 6.74 | ||
| Cap/Depr | 181.02% | ||
| Cap/Sales | 16.39% | ||
| Interest Coverage | 1.45 | ||
| Cash Conversion | 50.74% | ||
| Profit Quality | 8.25% | ||
| Current Ratio | 5.55 | ||
| Quick Ratio | 5.29 | ||
| Altman-Z | 0.96 |
F-Score7
WACC8.25%
ROIC/WACC0.3
Cap/Depr(3y)521.09%
Cap/Depr(5y)541.51%
Cap/Sales(3y)59.29%
Cap/Sales(5y)69.41%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)416.67%
EPS 3YN/A
EPS 5Y90.67%
EPS Q2Q%-100%
EPS Next Y-65.37%
EPS Next 2Y-60.16%
EPS Next 3Y-44.26%
EPS Next 5YN/A
Revenue 1Y (TTM)1.32%
Revenue growth 3Y4.02%
Revenue growth 5Y1.68%
Sales Q2Q%-15.51%
Revenue Next Year-15.83%
Revenue Next 2Y-10.87%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-4.18%
EBIT growth 3Y14.77%
EBIT growth 5Y-0.65%
EBIT Next Year13.12%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y125.68%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-19.33%
OCF growth 3Y27.11%
OCF growth 5Y-2.14%
FARMLAND PARTNERS INC / FPI FAQ
What is the ChartMill fundamental rating of FARMLAND PARTNERS INC (FPI) stock?
ChartMill assigns a fundamental rating of 5 / 10 to FPI.
Can you provide the valuation status for FARMLAND PARTNERS INC?
ChartMill assigns a valuation rating of 3 / 10 to FARMLAND PARTNERS INC (FPI). This can be considered as Overvalued.
Can you provide the profitability details for FARMLAND PARTNERS INC?
FARMLAND PARTNERS INC (FPI) has a profitability rating of 6 / 10.
What is the financial health of FARMLAND PARTNERS INC (FPI) stock?
The financial health rating of FARMLAND PARTNERS INC (FPI) is 6 / 10.
Can you provide the expected EPS growth for FPI stock?
The Earnings per Share (EPS) of FARMLAND PARTNERS INC (FPI) is expected to decline by -65.37% in the next year.