FARMLAND PARTNERS INC (FPI) Stock Fundamental Analysis

USA • New York Stock Exchange • NYSE:FPI • US31154R1095

11.6 USD
+0.13 (+1.13%)
Last: Feb 6, 2026, 03:51 PM
Fundamental Rating

5

Overall FPI gets a fundamental rating of 5 out of 10. We evaluated FPI against 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 has a valuation in line with the averages, but on the other hand it scores bad on growth.


Dividend Valuation Growth Profitability Health

6

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.
  • Each year in the past 5 years FPI had a positive operating cash flow.
FPI Yearly Net Income VS EBIT VS OCF VS FCFFPI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M -50M -100M -150M -200M

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.
  • Looking at the Return On Equity, with a value of 14.58%, FPI is in the better half of the industry, outperforming 80.00% of the companies in the same industry.
  • FPI's Return On Invested Capital of 2.43% is on the low side compared to the rest of the industry. FPI is outperformed by 60.00% of its industry peers.
  • FPI had an Average Return On Invested Capital over the past 3 years of 2.05%. This 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 RankSector 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%
FPI Yearly ROA, ROE, ROICFPI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2 4 6 8 10

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.
  • FPI's Profit Margin has improved in the last couple of years.
  • With a decent Operating Margin value of 42.35%, FPI is doing good in the industry, outperforming 66.67% of the companies in the same industry.
  • In the last couple of years the Operating Margin of FPI has declined.
  • 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.
  • FPI's Gross Margin has been stable in the last couple of years.
Industry RankSector 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%
FPI Yearly Profit, Operating, Gross MarginsFPI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 40 60 80

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ROAROEROICOperating and Profit MarginShow most profitable peers

5

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so 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.
  • Compared to 1 year ago, FPI has an improved debt to assets ratio.
FPI Yearly Shares OutstandingFPI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M 50M
FPI Yearly Total Debt VS Total AssetsFPI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.2 Solvency

  • FPI has an Altman-Z score of 1.08. 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 (1.08) which is in line with its industry peers.
  • FPI has a debt to FCF ratio of 23.33. This is a negative value and a sign of low solvency as FPI would need 23.33 years to pay back of all of its debts.
  • FPI has a Debt to FCF ratio of 23.33. This is comparable to the rest of the industry: FPI outperforms 50.00% of its industry peers.
  • 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 RankSector Rank
Debt/Equity 0.38
Debt/FCF 23.33
Altman-Z 1.08
ROIC/WACC0.29
WACC8.31%
FPI Yearly LT Debt VS Equity VS FCFFPI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M

2.3 Liquidity

  • A Current Ratio of 2.09 indicates that FPI has no problem at all paying its short term obligations.
  • FPI's Current ratio of 2.09 is amongst the best of the industry. FPI outperforms 86.67% of its industry peers.
  • A Quick Ratio of 1.88 indicates that FPI should not have too much problems paying its short term obligations.
  • The Quick ratio of FPI (1.88) is better than 86.67% of its industry peers.
Industry RankSector Rank
Current Ratio 2.09
Quick Ratio 1.88
FPI Yearly Current Assets VS Current LiabilitesFPI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. Growth

3.1 Past

  • The Earnings Per Share has grown by an impressive 423.33% over the past year.
  • 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 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

  • The Earnings Per Share is expected to decrease by -46.41% on average over the next years. This is quite bad
  • FPI is expected to show a very negative growth in Revenue. In the coming years, the Revenue will decrease by -12.66% yearly.
EPS Next Y-72.1%
EPS Next 2Y-63.3%
EPS Next 3Y-46.41%
EPS Next 5YN/A
Revenue Next Year-15.37%
Revenue Next 2Y-12.66%
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.
FPI Yearly Revenue VS EstimatesFPI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 20M 40M 60M
FPI Yearly EPS VS EstimatesFPI Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 0.2 -0.2 0.4 0.6 0.8 1

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4

4. Valuation

4.1 Price/Earnings Ratio

  • FPI is valuated cheaply with a Price/Earnings ratio of 7.39.
  • 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.
  • Compared to an average S&P500 Price/Earnings ratio of 27.67, FPI is valued rather cheaply.
  • Based on the Price/Forward Earnings ratio of 82.04, the valuation of FPI can be described as expensive.
  • Based on the Price/Forward Earnings ratio, FPI is valued a bit more expensive than 63.33% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of FPI to the average of the S&P500 Index (27.20), we can say FPI is valued expensively.
Industry RankSector Rank
PE 7.39
Fwd PE 82.04
FPI Price Earnings VS Forward Price EarningsFPI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

  • FPI's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. FPI is more expensive than 63.33% of the companies in the same industry.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as FPI.
Industry RankSector Rank
P/FCF 68.67
EV/EBITDA 24.17
FPI Per share dataFPI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

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 -46.41% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)0.08
EPS Next 2Y-63.3%
EPS Next 3Y-46.41%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

3

5. Dividend

5.1 Amount

  • FPI has a Yearly Dividend Yield of 2.10%. Purely for dividend investing, there may be better candidates out there.
  • With a Dividend Yield of 2.10, FPI pays less dividend than the industry average, which is at 5.52. 90.00% of the companies listed in the same industry pay a better dividend than FPI!
  • Compared to an average S&P500 Dividend Yield of 1.82, FPI has a dividend comparable with the average S&P500 company.
Industry RankSector Rank
Dividend Yield 2.1%

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.
  • 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
FPI Yearly Dividends per shareFPI Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8 1

5.3 Sustainability

  • 102.25% of the earnings are spent on dividend by FPI. 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-63.3%
EPS Next 3Y-46.41%
FPI Yearly Income VS Free CF VS DividendFPI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M -50M -100M -150M -200M
FPI Dividend Payout.FPI Dividend Payout, showing the Payout Ratio.FPI Dividend Payout.PayoutRetained Earnings

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FARMLAND PARTNERS INC

NYSE:FPI (2/6/2026, 3:51:28 PM)

11.6

+0.13 (+1.13%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)10-29
Earnings (Next)02-25
Inst Owners61.4%
Inst Owner Change-1.89%
Ins Owners7.86%
Ins Owner Change0.55%
Market Cap499.96M
Revenue(TTM)52.94M
Net Income(TTM)65.54M
Analysts77.5
Price Target12.11 (4.4%)
Short Float %6.4%
Short Ratio4.51
Dividend
Industry RankSector Rank
Dividend Yield 2.1%
Yearly Dividend0.52
Dividend Growth(5Y)-3.18%
DP102.25%
Div Incr Years3
Div Non Decr Years5
Ex-Date01-02
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)-3.06%
EPS NQ rev (1m)70%
EPS NQ rev (3m)17.24%
EPS NY rev (1m)0%
EPS NY rev (3m)-19.44%
Revenue NQ rev (1m)-0.15%
Revenue NQ rev (3m)-0.37%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.55%
Valuation
Industry RankSector Rank
PE 7.39
Fwd PE 82.04
P/S 9.44
P/FCF 68.67
P/OCF 29.68
P/B 1.11
P/tB 1.12
EV/EBITDA 24.17
EPS(TTM)1.57
EY13.53%
EPS(NY)0.14
Fwd EY1.22%
FCF(TTM)0.17
FCFY1.46%
OCF(TTM)0.39
OCFY3.37%
SpS1.23
BVpS10.43
TBVpS10.33
PEG (NY)N/A
PEG (5Y)0.08
Graham Number19.19
Profitability
Industry RankSector 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 RankSector 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 1.08
F-Score8
WACC8.31%
ROIC/WACC0.29
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-72.1%
EPS Next 2Y-63.3%
EPS Next 3Y-46.41%
EPS Next 5YN/A
Revenue 1Y (TTM)-9.27%
Revenue growth 3Y4.02%
Revenue growth 5Y1.68%
Sales Q2Q%-15.51%
Revenue Next Year-15.37%
Revenue Next 2Y-12.66%
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.


What is the valuation status of FARMLAND PARTNERS INC (FPI) stock?

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.


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 -72.1% in the next year.


How sustainable is the dividend of FARMLAND PARTNERS INC (FPI) stock?

The dividend rating of FARMLAND PARTNERS INC (FPI) is 3 / 10 and the dividend payout ratio is 102.25%.