FARMLAND PARTNERS INC (FPI) Stock Fundamental Analysis
USA - NYSE:FPI - US31154R1095 - REIT
9.5 USD
-0.06 (-0.63%)
9.45 USD
-0.05 (-0.53%)
Taking everything into account, FPI scores 5 out of 10 in our fundamental rating. FPI was compared to 30 industry peers in the Specialized REITs industry. FPI has only an average score on both its financial health and profitability. FPI has a valuation in line with the averages, but it does not seem to be growing.
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.
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.
1.2 Ratios
FPI has a better Return On Assets (8.87%) than 96.67% of its industry peers.
The Return On Equity of FPI (14.58%) is better than 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.
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 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 | 8.87% | ||
| 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
FPI's Profit Margin of 123.81% is amongst the best of the industry. FPI outperforms 100.00% of its industry peers.
In the last couple of years the Profit Margin of FPI has grown nicely.
FPI's Operating Margin of 42.35% is fine compared to the rest of the industry. FPI outperforms 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
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.
The debt/assets ratio for FPI has been reduced compared to a year ago.
2.2 Solvency
Based on the Altman-Z score of 0.92, we must say that FPI is in the distress zone and has some risk of bankruptcy.
FPI's Altman-Z score of 0.92 is in line compared to the rest of the industry. FPI outperforms 53.33% 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.
The Debt to FCF ratio of FPI (23.33) 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.
FPI has a Debt to Equity ratio of 0.38. This is amongst the best in the industry. FPI outperforms 93.33% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.38 | ||
| Debt/FCF | 23.33 | ||
| Altman-Z | 0.92 |
ROIC/WACC0.3
WACC8.22%
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.
A Quick Ratio of 1.88 indicates that FPI should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.88, FPI belongs to the top of the industry, outperforming 86.67% of the companies in the same industry.
| 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 416.67% 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.
The Revenue has decreased by -9.27% in the past year.
The Revenue has been growing slightly by 1.68% on average over the past years.
EPS 1Y (TTM)416.67%
EPS 3YN/A
EPS 5Y90.67%
EPS Q2Q%-100%
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.
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.
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
Based on the Price/Earnings ratio of 6.13, the valuation of FPI can be described as very cheap.
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 25.51.
The Price/Forward Earnings ratio is 57.01, which means the current valuation is very expensive for FPI.
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 66.67% of the companies listed in the same industry.
FPI is valuated expensively when we compare the Price/Forward Earnings ratio to 34.98, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 6.13 | ||
| Fwd PE | 57.01 |
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 66.67% of the companies listed in the same industry.
FPI's Price/Free Cash Flow ratio is in line with the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 57.62 | ||
| EV/EBITDA | 21.39 |
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 2.45%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 6.26, FPI's dividend is way lower than its industry peers. On top of this 83.33% of the companies listed in the same industry pay a better dividend than FPI!
Compared to an average S&P500 Dividend Yield of 2.44, FPI has a dividend comparable with the average S&P500 company.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.45% |
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
102.25% of the earnings are spent on dividend by FPI. 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%
9.5
-0.06 (-0.63%)
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-6.29%
Ins Owners7.65%
Ins Owner Change0.77%
Market Cap419.52M
Revenue(TTM)52.94M
Net Income(TTM)65.54M
Analysts77.5
Price Target12.5 (31.58%)
Short Float %6.45%
Short Ratio6.33
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.45% |
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)6441.19%
Min EPS beat(2)-100%
Max EPS beat(2)12982.4%
EPS beat(4)2
Avg EPS beat(4)3306.23%
Min EPS beat(4)-100%
Max EPS beat(4)12982.4%
EPS beat(8)5
Avg EPS beat(8)1685.67%
EPS beat(12)7
Avg EPS beat(12)1186.03%
EPS beat(16)10
Avg EPS beat(16)913.71%
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)-1.14%
EPS NY rev (1m)18.03%
EPS NY rev (3m)100%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.26%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.96%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 6.13 | ||
| Fwd PE | 57.01 | ||
| P/S | 7.92 | ||
| P/FCF | 57.62 | ||
| P/OCF | 24.9 | ||
| P/B | 0.93 | ||
| P/tB | 0.94 | ||
| EV/EBITDA | 21.39 |
EPS(TTM)1.55
EY16.32%
EPS(NY)0.17
Fwd EY1.75%
FCF(TTM)0.16
FCFY1.74%
OCF(TTM)0.38
OCFY4.02%
SpS1.2
BVpS10.18
TBVpS10.09
PEG (NY)N/A
PEG (5Y)0.07
Graham Number18.84
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
WACC8.22%
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)416.67%
EPS 3YN/A
EPS 5Y90.67%
EPS Q2Q%-100%
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.