FARMLAND PARTNERS INC (FPI) Stock Fundamental Analysis
USA - NYSE:FPI - US31154R1095 - REIT
10.975 USD
+0.05 (+0.5%)
Taking everything into account, FPI scores 5 out of 10 in our fundamental rating. FPI was compared to 29 industry peers in the Specialized REITs industry. FPI has only an average score on both its financial health and profitability. FPI has a expensive valuation and it also 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.
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
FPI's Return On Assets of 8.59% is amongst the best of the industry. FPI outperforms 96.55% of its industry peers.
The Return On Equity of FPI (14.32%) is better than 79.31% of its industry peers.
The Return On Invested Capital of FPI (2.43%) is worse than 68.97% 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 4.79%.
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.
With a decent Operating Margin value of 42.97%, FPI is doing good in the industry, outperforming 65.52% of the companies in the same industry.
FPI's Operating Margin has declined in the last couple of years.
With a decent Gross Margin value of 79.00%, FPI is doing good in the industry, outperforming 68.97% of the companies in the same industry.
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 | 42.97% | ||
| 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
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
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 1.05, we must say that FPI is in the distress zone and has some risk of bankruptcy.
The Altman-Z score of FPI (1.05) is comparable to the rest of the industry.
The Debt to FCF ratio of FPI is 35.01, which is on the high side as it means it would take FPI, 35.01 years of fcf income to pay off 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 44.83% of the companies in the same industry.
A Debt/Equity ratio of 0.41 indicates that FPI is not too dependend on debt financing.
FPI has a Debt to Equity ratio of 0.41. This is amongst the best in the industry. FPI outperforms 93.10% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.41 | ||
| Debt/FCF | 35.01 | ||
| Altman-Z | 1.05 |
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 96.55% of the companies in the same industry.
FPI has a Quick Ratio of 5.29. This indicates that FPI is financially healthy and has no problem in meeting its short term obligations.
FPI has a better Quick ratio (5.29) than 96.55% 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 348.57%, 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.
Looking at the last year, FPI shows a decrease in Revenue. The Revenue has decreased by -2.90% in the last year.
FPI shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 1.68% yearly.
EPS 1Y (TTM)348.57%
EPS 3YN/A
EPS 5Y90.67%
EPS Q2Q%833.33%
Revenue 1Y (TTM)-2.9%
Revenue growth 3Y4.02%
Revenue growth 5Y1.68%
Sales Q2Q%-12.98%
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.
Based on estimates for the next years, FPI will show a decrease in Revenue. The Revenue will decrease by -9.22% on average per year.
EPS Next Y-74.35%
EPS Next 2Y-59.96%
EPS Next 3Y-44.26%
EPS Next 5YN/A
Revenue Next Year-15.83%
Revenue Next 2Y-9.22%
Revenue Next 3YN/A
Revenue Next 5YN/A
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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 6.99, which indicates a rather cheap valuation of FPI.
FPI's Price/Earnings ratio is rather cheap when compared to the industry. FPI is cheaper than 100.00% of the companies in the same industry.
FPI's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.20.
The Price/Forward Earnings ratio is 65.20, which means the current valuation is very expensive for FPI.
Based on the Price/Forward Earnings ratio, FPI is valued a bit more expensive than the industry average as 65.52% of the companies are valued more cheaply.
FPI is valuated expensively when we compare the Price/Forward Earnings ratio to 22.70, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 6.99 | ||
| Fwd PE | 65.2 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of FPI indicates a slightly more expensive valuation: FPI is more expensive than 65.52% of the companies listed in the same industry.
FPI's Price/Free Cash Flow ratio is a bit more expensive when compared to the industry. FPI is more expensive than 72.41% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 88.04 | ||
| EV/EBITDA | 21.8 |
4.3 Compensation for Growth
FPI has a very decent profitability rating, which may justify a higher PE ratio.
A cheap valuation may be justified as FPI's earnings are expected to decrease with -44.26% in the coming years.
PEG (NY)N/A
PEG (5Y)0.08
EPS Next 2Y-59.96%
EPS Next 3Y-44.26%
5. Dividend
5.1 Amount
FPI has a Yearly Dividend Yield of 2.20%. Purely for dividend investing, there may be better candidates out there.
With a Dividend Yield of 2.20, FPI pays less dividend than the industry average, which is at 5.99. 93.10% of the companies listed in the same industry pay a better dividend than FPI!
Compared to an average S&P500 Dividend Yield of 2.38, FPI has a dividend comparable with the average S&P500 company.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.2% |
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.
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-59.96%
EPS Next 3Y-44.26%
NYSE:FPI (9/18/2025, 1:15:50 PM)
10.975
+0.05 (+0.5%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)
Earnings (Next)
Inst Owners64.46%
Inst Owner Change-1.5%
Ins Owners7.63%
Ins Owner Change0.55%
Market Cap484.66M
Analysts77.5
Price Target12.75 (16.17%)
Short Float %5.58%
Short Ratio5.72
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.2% |
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)2.04%
PT rev (3m)3.09%
EPS NQ rev (1m)26.93%
EPS NQ rev (3m)135.75%
EPS NY rev (1m)48.15%
EPS NY rev (3m)142.43%
Revenue NQ rev (1m)-3.6%
Revenue NQ rev (3m)-3.6%
Revenue NY rev (1m)-0.96%
Revenue NY rev (3m)-0.11%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 6.99 | ||
| Fwd PE | 65.2 | ||
| P/S | 8.81 | ||
| P/FCF | 88.04 | ||
| P/OCF | 33.38 | ||
| P/B | 1.04 | ||
| P/tB | 1.05 | ||
| EV/EBITDA | 21.8 |
EPS(TTM)1.57
EY14.31%
EPS(NY)0.17
Fwd EY1.53%
FCF(TTM)0.12
FCFY1.14%
OCF(TTM)0.33
OCFY3%
SpS1.25
BVpS10.54
TBVpS10.45
PEG (NY)N/A
PEG (5Y)0.08
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%
ROICexcg growth 3Y31.14%
ROICexcg 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 | 1.05 |
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)348.57%
EPS 3YN/A
EPS 5Y90.67%
EPS Q2Q%833.33%
EPS Next Y-74.35%
EPS Next 2Y-59.96%
EPS Next 3Y-44.26%
EPS Next 5YN/A
Revenue 1Y (TTM)-2.9%
Revenue growth 3Y4.02%
Revenue growth 5Y1.68%
Sales Q2Q%-12.98%
Revenue Next Year-15.83%
Revenue Next 2Y-9.22%
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%