FARMLAND PARTNERS INC (FPI) Fundamental Analysis & Valuation

NYSE:FPI • US31154R1095

12.43 USD
-0.4 (-3.12%)
At close: Mar 6, 2026
12.25 USD
-0.18 (-1.45%)
After Hours: 3/6/2026, 8:20:08 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This FPI fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

Overall FPI gets a fundamental rating of 4 out of 10. We evaluated FPI against 28 industry peers in the Specialized REITs industry. FPI has only an average score on both its financial health and profitability. FPI does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

6

1. FPI Profitability Analysis

1.1 Basic Checks

  • In the past year FPI was profitable.
  • In the past year FPI had a positive cash flow from operations.
  • FPI had positive earnings in 4 of the past 5 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 2025 0 50M -50M -100M -150M -200M

1.2 Ratios

  • FPI's Return On Assets of 4.00% is fine compared to the rest of the industry. FPI outperforms 71.43% of its industry peers.
  • FPI has a Return On Equity (6.27%) which is in line with its industry peers.
  • FPI's Return On Invested Capital of 2.60% is on the low side compared to the rest of the industry. FPI is outperformed by 60.71% of its industry peers.
  • FPI had an Average Return On Invested Capital over the past 3 years of 2.34%. This is below the industry average of 4.96%.
  • The 3 year average ROIC (2.34%) for FPI is below the current ROIC(2.60%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 4%
ROE 6.27%
ROIC 2.6%
ROA(3y)4.4%
ROA(5y)2.68%
ROE(3y)7.79%
ROE(5y)4.71%
ROIC(3y)2.34%
ROIC(5y)1.99%
FPI Yearly ROA, ROE, ROICFPI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2 4 6 8 10

1.3 Margins

  • With an excellent Profit Margin value of 55.19%, FPI belongs to the best of the industry, outperforming 92.86% of the companies in the same industry.
  • In the last couple of years the Profit Margin of FPI has grown nicely.
  • The Operating Margin of FPI (44.19%) is better than 67.86% of its industry peers.
  • FPI's Operating Margin has been stable in the last couple of years.
  • FPI has a better Gross Margin (80.33%) than 82.14% of its industry peers.
  • FPI's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 44.19%
PM (TTM) 55.19%
GM 80.33%
OM growth 3Y2.55%
OM growth 5Y0.05%
PM growth 3Y59.03%
PM growth 5YN/A
GM growth 3Y1.48%
GM growth 5Y0.38%
FPI Yearly Profit, Operating, Gross MarginsFPI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40 60 80

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4

2. FPI Health Analysis

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
  • FPI has a better debt/assets ratio than last year.
FPI Yearly Shares OutstandingFPI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 200M 400M 600M 800M 1B

2.2 Solvency

  • FPI has an Altman-Z score of 1.33. This is a bad value and indicates that FPI is not financially healthy and even has some risk of bankruptcy.
  • FPI's Altman-Z score of 1.33 is fine compared to the rest of the industry. FPI outperforms 64.29% of its industry peers.
  • The Debt to FCF ratio of FPI is 16.79, which is on the high side as it means it would take FPI, 16.79 years of fcf income to pay off all of its debts.
  • FPI has a Debt to FCF ratio (16.79) which is in line with its industry peers.
  • A Debt/Equity ratio of 0.35 indicates that FPI is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.35, FPI belongs to the top of the industry, outperforming 96.43% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.35
Debt/FCF 16.79
Altman-Z 1.33
ROIC/WACC0.33
WACC7.99%
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 2025 0 200M -200M 400M

2.3 Liquidity

  • A Current Ratio of 0.84 indicates that FPI may have some problems paying its short term obligations.
  • The Current ratio of FPI (0.84) is better than 64.29% of its industry peers.
  • A Quick Ratio of 0.72 indicates that FPI may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.72, FPI is in line with its industry, outperforming 57.14% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.84
Quick Ratio 0.72
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 2025 20M 40M 60M 80M

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2

3. FPI Growth Analysis

3.1 Past

  • The earnings per share for FPI have decreased strongly by -12.38% in the last year.
  • The Earnings Per Share has been growing by 79.15% on average over the past years. This is a very strong growth
  • The Revenue for FPI has decreased by -10.39% in the past year. This is quite bad
  • Measured over the past years, FPI shows a small growth in Revenue. The Revenue has been growing by 0.58% on average per year.
EPS 1Y (TTM)-12.38%
EPS 3Y79.15%
EPS 5YN/A
EPS Q2Q%-60.19%
Revenue 1Y (TTM)-10.39%
Revenue growth 3Y-5.18%
Revenue growth 5Y0.58%
Sales Q2Q%-3.53%

3.2 Future

  • FPI is expected to show a very negative growth in Earnings Per Share. In the coming years, the EPS will decrease by -58.09% yearly.
  • No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
EPS Next Y-83.53%
EPS Next 2Y-58.09%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year-16.19%
Revenue Next 2YN/A
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.
  • No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
FPI Yearly Revenue VS EstimatesFPI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 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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3

4. FPI Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 13.51, the valuation of FPI can be described as correct.
  • FPI's Price/Earnings ratio is rather cheap when compared to the industry. FPI is cheaper than 92.86% of the companies in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 26.29, FPI is valued a bit cheaper.
  • FPI is valuated quite expensively with a Price/Forward Earnings ratio of 82.05.
  • 64.29% of the companies in the same industry are cheaper than FPI, based on the Price/Forward Earnings ratio.
  • FPI is valuated expensively when we compare the Price/Forward Earnings ratio to 24.57, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 13.51
Fwd PE 82.05
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

  • 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 71.43% of the companies listed in the same industry.
  • FPI's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 55.92
EV/EBITDA 25.88
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 -58.09% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-58.09%
EPS Next 3YN/A

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

5

5. FPI Dividend Analysis

5.1 Amount

  • FPI has a Yearly Dividend Yield of 2.81%. Purely for dividend investing, there may be better candidates out there.
  • FPI's Dividend Yield is slightly below the industry average, which is at 5.39.
  • Compared to an average S&P500 Dividend Yield of 1.82, FPI pays a better dividend.
Industry RankSector Rank
Dividend Yield 2.81%

5.2 History

  • On average, the dividend of FPI grows each year by 19.96%, which is quite nice.
  • 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)19.96%
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

  • 231.67% of the earnings are spent on dividend by FPI. This is not a sustainable payout ratio.
  • FPI's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP231.67%
EPS Next 2Y-58.09%
EPS Next 3YN/A
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 2025 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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FPI Fundamentals: All Metrics, Ratios and Statistics

FARMLAND PARTNERS INC

NYSE:FPI (3/6/2026, 8:20:08 PM)

After market: 12.25 -0.18 (-1.45%)

12.43

-0.4 (-3.12%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)02-18
Earnings (Next)05-05
Inst Owners58.92%
Inst Owner Change-5.33%
Ins Owners7.87%
Ins Owner Change2.52%
Market Cap544.93M
Revenue(TTM)52.18M
Net Income(TTM)28.80M
Analysts74.29
Price Target13.26 (6.68%)
Short Float %6.69%
Short Ratio4.05
Dividend
Industry RankSector Rank
Dividend Yield 2.81%
Yearly Dividend1.5
Dividend Growth(5Y)19.96%
DP231.67%
Div Incr Years3
Div Non Decr Years5
Ex-Date04-01
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)45.02%
Min EPS beat(2)-60.4%
Max EPS beat(2)150.44%
EPS beat(4)3
Avg EPS beat(4)3354.44%
Min EPS beat(4)-60.4%
Max EPS beat(4)12982.4%
EPS beat(8)5
Avg EPS beat(8)1704.17%
EPS beat(12)8
Avg EPS beat(12)1204.34%
EPS beat(16)10
Avg EPS beat(16)921.09%
Revenue beat(2)2
Avg Revenue beat(2)12.4%
Min Revenue beat(2)5.17%
Max Revenue beat(2)19.64%
Revenue beat(4)4
Avg Revenue beat(4)8.4%
Min Revenue beat(4)1.81%
Max Revenue beat(4)19.64%
Revenue beat(8)6
Avg Revenue beat(8)5.23%
Revenue beat(12)6
Avg Revenue beat(12)0.9%
Revenue beat(16)9
Avg Revenue beat(16)2.86%
PT rev (1m)9.47%
PT rev (3m)6.12%
EPS NQ rev (1m)150%
EPS NQ rev (3m)N/A
EPS NY rev (1m)7.14%
EPS NY rev (3m)-9.09%
Revenue NQ rev (1m)-1.83%
Revenue NQ rev (3m)-9.31%
Revenue NY rev (1m)-6.38%
Revenue NY rev (3m)-10.11%
Valuation
Industry RankSector Rank
PE 13.51
Fwd PE 82.05
P/S 10.27
P/FCF 55.92
P/OCF 30.74
P/B 1.17
P/tB 1.17
EV/EBITDA 25.88
EPS(TTM)0.92
EY7.4%
EPS(NY)0.15
Fwd EY1.22%
FCF(TTM)0.22
FCFY1.79%
OCF(TTM)0.4
OCFY3.25%
SpS1.21
BVpS10.66
TBVpS10.66
PEG (NY)N/A
PEG (5Y)N/A
Graham Number14.85
Profitability
Industry RankSector Rank
ROA 4%
ROE 6.27%
ROCE 3.29%
ROIC 2.6%
ROICexc 2.64%
ROICexgc 2.64%
OM 44.19%
PM (TTM) 55.19%
GM 80.33%
FCFM 18.36%
ROA(3y)4.4%
ROA(5y)2.68%
ROE(3y)7.79%
ROE(5y)4.71%
ROIC(3y)2.34%
ROIC(5y)1.99%
ROICexc(3y)2.44%
ROICexc(5y)2.06%
ROICexgc(3y)2.45%
ROICexgc(5y)2.07%
ROCE(3y)2.96%
ROCE(5y)2.52%
ROICexgc growth 3Y14.46%
ROICexgc growth 5Y9.4%
ROICexc growth 3Y14.68%
ROICexc growth 5Y9.39%
OM growth 3Y2.55%
OM growth 5Y0.05%
PM growth 3Y59.03%
PM growth 5YN/A
GM growth 3Y1.48%
GM growth 5Y0.38%
F-Score5
Asset Turnover0.07
Health
Industry RankSector Rank
Debt/Equity 0.35
Debt/FCF 16.79
Debt/EBITDA 5.91
Cap/Depr 188.22%
Cap/Sales 15.04%
Interest Coverage 2.12
Cash Conversion 64.01%
Profit Quality 33.27%
Current Ratio 0.84
Quick Ratio 0.72
Altman-Z 1.33
F-Score5
WACC7.99%
ROIC/WACC0.33
Cap/Depr(3y)302.8%
Cap/Depr(5y)570.19%
Cap/Sales(3y)32.34%
Cap/Sales(5y)71.01%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-12.38%
EPS 3Y79.15%
EPS 5YN/A
EPS Q2Q%-60.19%
EPS Next Y-83.53%
EPS Next 2Y-58.09%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-10.39%
Revenue growth 3Y-5.18%
Revenue growth 5Y0.58%
Sales Q2Q%-3.53%
Revenue Next Year-16.19%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-9.6%
EBIT growth 3Y-2.77%
EBIT growth 5Y0.63%
EBIT Next Year137.49%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y394.89%
FCF growth 3YN/A
FCF growth 5Y-9.93%
OCF growth 1Y7.95%
OCF growth 3Y0.73%
OCF growth 5Y-2.45%

FARMLAND PARTNERS INC / FPI FAQ

What is the ChartMill fundamental rating of FARMLAND PARTNERS INC (FPI) stock?

ChartMill assigns a fundamental rating of 4 / 10 to FPI.


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

ChartMill assigns a valuation rating of 3 / 10 to FARMLAND PARTNERS INC (FPI). This can be considered as Overvalued.


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 -83.53% in the next year.


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

The dividend rating of FARMLAND PARTNERS INC (FPI) is 5 / 10 and the dividend payout ratio is 231.67%.