FARMLAND PARTNERS INC (FPI) Stock Fundamental Analysis
USA - New York Stock Exchange - NYSE:FPI - US31154R1095 - REIT
9.84 USD
+0.07 (+0.72%)
9.85 USD
+0.01 (+0.1%)
Overall FPI gets a fundamental rating of 5 out of 10. We evaluated FPI against 30 industry peers in the Specialized REITs industry. FPI has an average financial health and profitability rating. FPI has a valuation in line with the averages, but on the other hand it scores bad on growth.
1. Profitability
1.1 Basic Checks
FPI had positive earnings in the past year.
FPI had a positive operating cash flow in the past year.
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 8.87%. This is amongst the best in the industry. FPI outperforms 96.67% of its industry peers.
With a decent Return On Equity value of 14.58%, FPI is doing good in the industry, outperforming 80.00% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 2.43%, FPI is doing worse than 66.67% of the companies in the same industry.
FPI had an Average Return On Invested Capital over the past 3 years of 2.05%. This is below the industry average of 4.77%.
The last Return On Invested Capital (2.43%) for FPI is above the 3 year average (2.05%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 8.87% | ||
| ROE | 14.58% | ||
| 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 123.81%, 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.
Looking at the Operating Margin, with a value of 42.35%, FPI is in the better half of the industry, outperforming 66.67% of the companies in the same industry.
FPI's Operating Margin has declined in the last couple of years.
FPI's Gross Margin of 78.72% is fine compared to the rest of the industry. FPI outperforms 70.00% of its industry peers.
FPI's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 42.35% | ||
| PM (TTM) | 123.81% | ||
| GM | 78.72% |
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
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so FPI is destroying value.
The number of shares outstanding for FPI has been reduced compared to 1 year ago.
The number of shares outstanding for FPI has been increased compared to 5 years ago.
Compared to 1 year ago, FPI has an improved debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 0.93, we must say that FPI is in the distress zone and has some risk of bankruptcy.
FPI has a Altman-Z score of 0.93. This is comparable to the rest of the industry: FPI outperforms 50.00% of its industry peers.
The Debt to FCF ratio of FPI is 23.33, which is on the high side as it means it would take FPI, 23.33 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 23.33, FPI is in line with its industry, outperforming 46.67% of the companies in the same industry.
A Debt/Equity ratio of 0.38 indicates that FPI is not too dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.38, FPI belongs to the top of the industry, outperforming 93.33% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.38 | ||
| Debt/FCF | 23.33 | ||
| Altman-Z | 0.93 |
ROIC/WACC0.3
WACC8.15%
2.3 Liquidity
A Current Ratio of 2.09 indicates that FPI has no problem at all paying its short term obligations.
FPI has a Current ratio of 2.09. This is amongst the best in the industry. FPI outperforms 86.67% of its industry peers.
FPI has a Quick Ratio of 1.88. This is a normal value and indicates that FPI is financially healthy and should not expect problems in meeting its short term obligations.
The Quick ratio of FPI (1.88) is better than 86.67% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.09 | ||
| Quick Ratio | 1.88 |
3. Growth
3.1 Past
FPI shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 423.33%, which is quite impressive.
The Earnings Per Share has been growing by 90.67% on average over the past years. This is a very strong growth
Looking at the last year, FPI shows a decrease in Revenue. The Revenue has decreased by -9.27% in the last year.
Measured over the past years, FPI shows a small growth in Revenue. The Revenue has been growing by 1.68% on average per year.
EPS 1Y (TTM)423.33%
EPS 3YN/A
EPS 5Y90.67%
EPS Q2Q%0%
Revenue 1Y (TTM)-9.27%
Revenue growth 3Y4.02%
Revenue growth 5Y1.68%
Sales Q2Q%-15.51%
3.2 Future
The Earnings Per Share is expected to decrease by -44.26% on average over the next years. This is quite bad
The Revenue is expected to decrease by -10.87% on average over the next years. This is quite bad
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.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 6.27, which indicates a rather cheap valuation of FPI.
Compared to the rest of the industry, the Price/Earnings ratio of FPI indicates a rather cheap valuation: FPI is cheaper than 100.00% of the companies listed in the same industry.
FPI's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 26.31.
Based on the Price/Forward Earnings ratio of 59.05, the valuation of FPI can be described as expensive.
66.67% of the companies in the same industry are cheaper than FPI, based on the Price/Forward Earnings ratio.
When comparing the Price/Forward Earnings ratio of FPI to the average of the S&P500 Index (36.59), we can say FPI is valued expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 6.27 | ||
| Fwd PE | 59.05 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, FPI is valued a bit more expensive than 66.67% of the companies in the same industry.
FPI's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 58.25 | ||
| EV/EBITDA | 21.56 |
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
FPI has a Yearly Dividend Yield of 2.46%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 6.01, FPI's dividend is way lower than its industry peers. On top of this 86.67% 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 2.34.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.46% |
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 102.25% 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.
DP102.25%
EPS Next 2Y-60.16%
EPS Next 3Y-44.26%
9.84
+0.07 (+0.72%)
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-6.3%
Ins Owners7.65%
Ins Owner Change0.44%
Market Cap424.10M
Revenue(TTM)52.94M
Net Income(TTM)65.54M
Analysts77.5
Price Target12.5 (27.03%)
Short Float %6.45%
Short Ratio6.33
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.46% |
Yearly Dividend0.52
Dividend Growth(5Y)-3.18%
DP102.25%
Div Incr Years3
Div Non Decr Years5
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)6461%
Min EPS beat(2)-60.4%
Max EPS beat(2)12982.4%
EPS beat(4)2
Avg EPS beat(4)3316.13%
Min EPS beat(4)-60.4%
Max EPS beat(4)12982.4%
EPS beat(8)5
Avg EPS beat(8)1690.62%
EPS beat(12)7
Avg EPS beat(12)1189.33%
EPS beat(16)10
Avg EPS beat(16)916.18%
Revenue beat(2)2
Avg Revenue beat(2)3.49%
Min Revenue beat(2)1.81%
Max Revenue beat(2)5.17%
Revenue beat(4)4
Avg Revenue beat(4)4.68%
Min Revenue beat(4)1.81%
Max Revenue beat(4)6.97%
Revenue beat(8)5
Avg Revenue beat(8)2.27%
Revenue beat(12)5
Avg Revenue beat(12)-0.85%
Revenue beat(16)9
Avg Revenue beat(16)1.78%
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-3.33%
EPS NY rev (1m)0%
EPS NY rev (3m)35%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.24%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.96%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 6.27 | ||
| Fwd PE | 59.05 | ||
| P/S | 8.01 | ||
| P/FCF | 58.25 | ||
| P/OCF | 25.17 | ||
| P/B | 0.94 | ||
| P/tB | 0.95 | ||
| EV/EBITDA | 21.56 |
EPS(TTM)1.57
EY15.96%
EPS(NY)0.17
Fwd EY1.69%
FCF(TTM)0.17
FCFY1.72%
OCF(TTM)0.39
OCFY3.97%
SpS1.23
BVpS10.43
TBVpS10.33
PEG (NY)N/A
PEG (5Y)0.07
Graham Number19.19
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 8.87% | ||
| ROE | 14.58% | ||
| ROCE | 3.08% | ||
| ROIC | 2.43% | ||
| ROICexc | 2.48% | ||
| ROICexgc | 2.49% | ||
| OM | 42.35% | ||
| PM (TTM) | 123.81% | ||
| GM | 78.72% | ||
| FCFM | 13.75% |
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-Score8
Asset Turnover0.07
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.38 | ||
| Debt/FCF | 23.33 | ||
| Debt/EBITDA | 6.31 | ||
| Cap/Depr | 212.39% | ||
| Cap/Sales | 18.07% | ||
| Interest Coverage | 1.63 | ||
| Cash Conversion | 62.58% | ||
| Profit Quality | 11.11% | ||
| Current Ratio | 2.09 | ||
| Quick Ratio | 1.88 | ||
| Altman-Z | 0.93 |
F-Score8
WACC8.15%
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)423.33%
EPS 3YN/A
EPS 5Y90.67%
EPS Q2Q%0%
EPS Next Y-65.37%
EPS Next 2Y-60.16%
EPS Next 3Y-44.26%
EPS Next 5YN/A
Revenue 1Y (TTM)-9.27%
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-13.87%
EBIT growth 3Y14.77%
EBIT growth 5Y-0.65%
EBIT Next Year13.12%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y125.1%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y20.16%
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 4 / 10 to FARMLAND PARTNERS INC (FPI). This can be considered as Fairly Valued.
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 5 / 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.