FARMLAND PARTNERS INC (FPI) Stock Fundamental Analysis
USA - New York Stock Exchange - NYSE:FPI - US31154R1095 - REIT
9.72 USD
-0.12 (-1.22%)
9.72 USD
0 (0%)
FPI gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 30 industry peers in the Specialized REITs industry. FPI has an average financial health and profitability rating. FPI is valued correctly, but it does not seem to be growing.
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.
In multiple years FPI reported negative net income over the last 5 years.
FPI had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
With an excellent Return On Assets value of 8.87%, FPI belongs to the best of the industry, outperforming 96.67% of the companies in the same industry.
FPI has a Return On Equity of 14.58%. This is in the better half of the industry: FPI outperforms 80.00% of its industry peers.
FPI has a Return On Invested Capital of 2.43%. This is in the lower half of the industry: FPI underperforms 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 4.77%.
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
The Profit Margin of FPI (123.81%) is better than 100.00% of its industry peers.
In the last couple of years the Profit Margin of FPI has grown nicely.
FPI has a better Operating Margin (42.35%) than 66.67% of its industry peers.
FPI's Operating Margin has declined in the last couple of years.
FPI has a Gross Margin of 78.72%. This is in the better half of the industry: FPI outperforms 70.00% of its industry peers.
In the last couple of years the Gross Margin of FPI has remained more or less at the same level.
| 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
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
FPI has more shares outstanding than it did 5 years ago.
The debt/assets ratio for FPI has been reduced compared to a year ago.
2.2 Solvency
FPI has an Altman-Z score of 0.92. This is a bad value and indicates that FPI is not financially healthy and even has some risk of bankruptcy.
FPI has a Altman-Z score (0.92) which is in line with 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.
FPI has a Debt to FCF ratio (23.33) which is comparable to the rest of the 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 | 0.92 |
ROIC/WACC0.3
WACC8.2%
2.3 Liquidity
A Current Ratio of 2.09 indicates that FPI has no problem at all paying its short term obligations.
The Current ratio of FPI (2.09) is better than 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.
FPI has a Quick ratio of 1.88. This is amongst the best in the industry. FPI outperforms 86.67% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.09 | ||
| Quick Ratio | 1.88 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an impressive 423.33% over the past year.
The Earnings Per Share has been growing by 90.67% on average over the past years. This is a very strong growth
FPI shows a decrease in Revenue. In the last year, the revenue decreased by -9.27%.
FPI shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 1.68% yearly.
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
Based on estimates for the next years, FPI will show a very negative growth in Earnings Per Share. The EPS will decrease by -44.26% on average per year.
FPI is expected to show a very negative growth in Revenue. In the coming years, the Revenue will decrease by -10.87% yearly.
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
A Price/Earnings ratio of 6.19 indicates a rather cheap valuation of FPI.
Based on the Price/Earnings ratio, FPI is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
FPI's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 26.11.
Based on the Price/Forward Earnings ratio of 58.33, the valuation of FPI can be described as expensive.
FPI's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. FPI is more expensive than 66.67% of the companies in the same industry.
FPI's Price/Forward Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 36.21.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 6.19 | ||
| Fwd PE | 58.33 |
4.2 Price Multiples
66.67% of the companies in the same industry are cheaper than FPI, based on the Enterprise Value to EBITDA ratio.
FPI's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 57.54 | ||
| EV/EBITDA | 21.37 |
4.3 Compensation for Growth
The decent profitability rating of FPI 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 6.00, 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 2.32.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.46% |
5.2 History
The dividend of FPI decreases each year by -3.18%.
FPI has been paying a dividend for at least 10 years, so it has a reliable track record.
As FPI did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
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.
FPI's earnings and Dividend Rate are declining. This means the current dividend is most likely not sustainable.
DP102.25%
EPS Next 2Y-60.16%
EPS Next 3Y-44.26%
9.72
-0.12 (-1.22%)
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 Cap418.93M
Revenue(TTM)52.94M
Net Income(TTM)65.54M
Analysts77.5
Price Target12.5 (28.6%)
Short Float %6.79%
Short Ratio5.65
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 | 6.19 | ||
| Fwd PE | 58.33 | ||
| P/S | 7.91 | ||
| P/FCF | 57.54 | ||
| P/OCF | 24.87 | ||
| P/B | 0.93 | ||
| P/tB | 0.94 | ||
| EV/EBITDA | 21.37 |
EPS(TTM)1.57
EY16.15%
EPS(NY)0.17
Fwd EY1.71%
FCF(TTM)0.17
FCFY1.74%
OCF(TTM)0.39
OCFY4.02%
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 | 0.92 |
F-Score8
WACC8.2%
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.