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FARMLAND PARTNERS INC (FPI) Stock Fundamental Analysis

NYSE:FPI - New York Stock Exchange, Inc. - US31154R1095 - REIT - Currency: USD

11.67  -0.04 (-0.34%)

After market: 11.67 0 (0%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to FPI. FPI was compared to 28 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 expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

FPI had positive earnings in the past year.
In the past year FPI had a positive cash flow from operations.
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.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -50M -100M -150M -200M

1.2 Ratios

Looking at the Return On Assets, with a value of 1.49%, FPI is doing worse than 67.86% of the companies in the same industry.
FPI has a Return On Equity of 3.03%. This is in the lower half of the industry: FPI underperforms 60.71% of its industry peers.
The Return On Invested Capital of FPI (2.03%) is worse than 71.43% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for FPI is below the industry average of 5.22%.
The 3 year average ROIC (1.61%) for FPI is below the current ROIC(2.03%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 1.49%
ROE 3.03%
ROIC 2.03%
ROA(3y)0.97%
ROA(5y)0.51%
ROE(3y)1.85%
ROE(5y)0.93%
ROIC(3y)1.61%
ROIC(5y)1.68%
FPI Yearly ROA, ROE, ROICFPI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2 4

1.3 Margins

FPI has a Profit Margin of 26.30%. This is in the better half of the industry: FPI outperforms 78.57% of its industry peers.
FPI's Operating Margin of 44.61% is fine compared to the rest of the industry. FPI outperforms 67.86% of its industry peers.
FPI's Operating Margin has declined in the last couple of years.
FPI's Gross Margin of 78.44% is fine compared to the rest of the industry. FPI outperforms 67.86% of its industry peers.
In the last couple of years the Gross Margin of FPI has declined.
Industry RankSector Rank
OM 44.61%
PM (TTM) 26.3%
GM 78.44%
OM growth 3Y-1.97%
OM growth 5Y-4.87%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.92%
GM growth 5Y-2.28%
FPI Yearly Profit, Operating, Gross MarginsFPI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 40 60 80

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4

2. Health

2.1 Basic Checks

FPI has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it 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.
FPI Yearly Shares OutstandingFPI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M 40M 50M
FPI Yearly Total Debt VS Total AssetsFPI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

2.2 Solvency

Based on the Altman-Z score of 0.70, we must say that FPI is in the distress zone and has some risk of bankruptcy.
FPI has a Altman-Z score (0.70) which is in line with its industry peers.
FPI has a Debt/Equity ratio of 0.77. This is a neutral value indicating FPI is somewhat dependend on debt financing.
The Debt to Equity ratio of FPI (0.77) is better than 82.14% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.77
Debt/FCF N/A
Altman-Z 0.7
ROIC/WACC0.28
WACC7.2%
FPI Yearly LT Debt VS Equity VS FCFFPI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M -200M 400M

2.3 Liquidity

FPI has a Current Ratio of 1.44. This is a normal value and indicates that FPI is financially healthy and should not expect problems in meeting its short term obligations.
With a decent Current ratio value of 1.44, FPI is doing good in the industry, outperforming 78.57% of the companies in the same industry.
A Quick Ratio of 1.25 indicates that FPI should not have too much problems paying its short term obligations.
With an excellent Quick ratio value of 1.25, FPI belongs to the best of the industry, outperforming 82.14% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.44
Quick Ratio 1.25
FPI Yearly Current Assets VS Current LiabilitesFPI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M

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1

3. Growth

3.1 Past

FPI shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -6.25%.
The Revenue has been growing slightly by 1.13% in the past year.
Measured over the past years, FPI shows a small growth in Revenue. The Revenue has been growing by 0.49% on average per year.
EPS 1Y (TTM)-6.25%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-71.43%
Revenue 1Y (TTM)1.13%
Revenue growth 3Y4.27%
Revenue growth 5Y0.49%
Sales Q2Q%14.63%

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 -44.78% on average per year.
Based on estimates for the next years, FPI will show a decrease in Revenue. The Revenue will decrease by -0.64% on average per year.
EPS Next Y102%
EPS Next 2Y-63.82%
EPS Next 3Y-44.78%
EPS Next 5YN/A
Revenue Next Year-1.86%
Revenue Next 2Y-9.85%
Revenue Next 3Y-0.64%
Revenue Next 5YN/A

3.3 Evolution

The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
FPI Yearly Revenue VS EstimatesFPI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 0.2 -0.2 0.4 0.6 0.8 1

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1

4. Valuation

4.1 Price/Earnings Ratio

FPI is valuated quite expensively with a Price/Earnings ratio of 38.90.
FPI's Price/Earnings is on the same level as the industry average.
The average S&P500 Price/Earnings ratio is at 28.46. FPI is valued slightly more expensive when compared to this.
FPI is valuated quite expensively with a Price/Forward Earnings ratio of 165.06.
Compared to the rest of the industry, the Price/Forward Earnings ratio of FPI indicates a slightly more expensive valuation: FPI is more expensive than 75.00% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 92.56, FPI is valued quite expensively.
Industry RankSector Rank
PE 38.9
Fwd PE 165.06
FPI Price Earnings VS Forward Price EarningsFPI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100 150

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, FPI is valued more expensive than 85.71% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 29.69
FPI Per share dataFPI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6 8 10

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
FPI's earnings are expected to decrease with -44.78% in the coming years. This may justify a cheaper valuation.
PEG (NY)0.38
PEG (5Y)N/A
EPS Next 2Y-63.82%
EPS Next 3Y-44.78%

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3

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 2.10%, FPI has a reasonable but not impressive dividend return.
With a Dividend Yield of 2.10, FPI pays less dividend than the industry average, which is at 4.83. 85.71% of the companies listed in the same industry pay a better dividend than FPI!
Compared to an average S&P500 Dividend Yield of 2.27, 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 -18.56%.
FPI has paid a dividend for at least 10 years, which is a reliable track record.
FPI has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-18.56%
Div Incr Years2
Div Non Decr Years4
FPI Yearly Dividends per shareFPI Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8 1

5.3 Sustainability

160.38% 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.
DP160.38%
EPS Next 2Y-63.82%
EPS Next 3Y-44.78%
FPI Yearly Income VS Free CF VS DividendFPI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -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 (1/31/2025, 8:04:00 PM)

After market: 11.67 0 (0%)

11.67

-0.04 (-0.34%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)10-30 2024-10-30/amc
Earnings (Next)N/A N/A
Inst Owners59.35%
Inst Owner Change0.39%
Ins Owners6.48%
Ins Owner Change1.58%
Market Cap562.14M
Analysts80
Price Target13.13 (12.51%)
Short Float %8.19%
Short Ratio8.98
Dividend
Industry RankSector Rank
Dividend Yield 2.1%
Yearly Dividend0.3
Dividend Growth(5Y)-18.56%
DP160.38%
Div Incr Years2
Div Non Decr Years4
Ex-Date01-02 2025-01-02 (0.06)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)45.05%
Min EPS beat(2)-62%
Max EPS beat(2)152.11%
EPS beat(4)3
Avg EPS beat(4)65.11%
Min EPS beat(4)-62%
Max EPS beat(4)152.11%
EPS beat(8)5
Avg EPS beat(8)125.93%
EPS beat(12)8
Avg EPS beat(12)116.2%
EPS beat(16)9
Avg EPS beat(16)80.66%
Revenue beat(2)1
Avg Revenue beat(2)2.9%
Min Revenue beat(2)-4.74%
Max Revenue beat(2)10.53%
Revenue beat(4)1
Avg Revenue beat(4)-0.14%
Min Revenue beat(4)-4.74%
Max Revenue beat(4)10.53%
Revenue beat(8)1
Avg Revenue beat(8)-3.62%
Revenue beat(12)5
Avg Revenue beat(12)0.81%
Revenue beat(16)6
Avg Revenue beat(16)-1.01%
PT rev (1m)0.98%
PT rev (3m)0.59%
EPS NQ rev (1m)0%
EPS NQ rev (3m)1057.89%
EPS NY rev (1m)0%
EPS NY rev (3m)3949.49%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)14.97%
Revenue NY rev (1m)0%
Revenue NY rev (3m)2.94%
Valuation
Industry RankSector Rank
PE 38.9
Fwd PE 165.06
P/S 9.63
P/FCF N/A
P/OCF 64.73
P/B 1.11
P/tB 1.12
EV/EBITDA 29.69
EPS(TTM)0.3
EY2.57%
EPS(NY)0.07
Fwd EY0.61%
FCF(TTM)-0.26
FCFYN/A
OCF(TTM)0.18
OCFY1.54%
SpS1.21
BVpS10.52
TBVpS10.42
PEG (NY)0.38
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.49%
ROE 3.03%
ROCE 2.57%
ROIC 2.03%
ROICexc 2.05%
ROICexgc 2.06%
OM 44.61%
PM (TTM) 26.3%
GM 78.44%
FCFM N/A
ROA(3y)0.97%
ROA(5y)0.51%
ROE(3y)1.85%
ROE(5y)0.93%
ROIC(3y)1.61%
ROIC(5y)1.68%
ROICexc(3y)1.63%
ROICexc(5y)1.7%
ROICexgc(3y)1.64%
ROICexgc(5y)1.71%
ROCE(3y)2.04%
ROCE(5y)2.12%
ROICexcg growth 3Y4.48%
ROICexcg growth 5Y-2%
ROICexc growth 3Y4.25%
ROICexc growth 5Y-2.13%
OM growth 3Y-1.97%
OM growth 5Y-4.87%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.92%
GM growth 5Y-2.28%
F-Score7
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.77
Debt/FCF N/A
Debt/EBITDA 12.28
Cap/Depr 358.67%
Cap/Sales 36.36%
Interest Coverage 1.2
Cash Conversion 27.19%
Profit Quality N/A
Current Ratio 1.44
Quick Ratio 1.25
Altman-Z 0.7
F-Score7
WACC7.2%
ROIC/WACC0.28
Cap/Depr(3y)771.91%
Cap/Depr(5y)491.31%
Cap/Sales(3y)102.23%
Cap/Sales(5y)65.73%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-6.25%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-71.43%
EPS Next Y102%
EPS Next 2Y-63.82%
EPS Next 3Y-44.78%
EPS Next 5YN/A
Revenue 1Y (TTM)1.13%
Revenue growth 3Y4.27%
Revenue growth 5Y0.49%
Sales Q2Q%14.63%
Revenue Next Year-1.86%
Revenue Next 2Y-9.85%
Revenue Next 3Y-0.64%
Revenue Next 5YN/A
EBIT growth 1Y8.54%
EBIT growth 3Y2.21%
EBIT growth 5Y-4.4%
EBIT Next Year77.61%
EBIT Next 3Y21.45%
EBIT Next 5YN/A
FCF growth 1Y83.36%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-43.53%
OCF growth 3Y-13.24%
OCF growth 5Y-8.41%