FPI Real Estate

Farmland Partners Inc.

$8.74+1.86%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Real Estate
Industry: REIT - Specialty
Country: United States
Market cap: 383.9M USD
Enterprise value: 664.9M USD
Full-time employees: 11

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
About average: profitability and risk (debt, liquidity and share-price swings)profitability and risk

Ranks #424 of 632 real estate companies (bottom 34%)

See how it ranks against its peers

Worth knowing

Profit growing, cash flow isn't. Profit +170% since 2022, operating cash flow +2.2%.
Farmland Partners's reported profit rose 170% since 2022, but the cash its operations generate changed +2.2%. When profit and cash diverge like this, it's worth understanding why (for example, customers paying more slowly or gains that aren't cash).Farmland Partners's reported profit rose 170% since 2022, but the cash its operations generate changed +2.2%. When profit and cash diverge like this, it's worth understanding why.
Share count shrinking. Shares outstanding down 20% from December 2022 to July 2026.
Farmland Partners had 20% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Revenue is falling. Revenue fell 6.4% in the 12 months to June 2026 vs the 12 months before.
Farmland Partners's revenue fell 6.4% in the 12 months to June 2026 vs the 12 months before.

StockQuotient Score

43/ 100▲ 3 since Oct 27 close

Oct 5 38 → Nov 4 43 (+5)

Valuation

Is the price right?

38/100

Weak▲ 10 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 28 → 38

Share price -15.3%+13
Company's reported figures updated-2
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield6.7%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.28Sector median: 0.0535 · MAD: 0.0484

EBITDA yield4.5%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.42Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield4.8%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score -0.38Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield121.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

19/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth
▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-63.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.39Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth-4.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -1.12Sector median: 0.0378 · MAD: 0.0744

Revenue growth-6.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.01Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

55/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Net margin fell 8.1 points to 49.8%

Why it changed since the Oct 27, 2026 close: Score 54 → 55

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ ROA
▲ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin44.2%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score 0.77Sector median: 0.2683 · MAD: 0.2257

Return on assets3.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.16Sector median: 0.0211 · MAD: 0.0134

Return on invested capital2.2%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score -0.63Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin82.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity5.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Helped by:

▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.70

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.15Sector median: 0.7490 · MAD: 0.3270

Current ratio1.02×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score -0.24Sector median: 1.1950 · MAD: 0.7210

Debt / equity0.49×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.82Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Farmland Partners

Is Farmland Partners getting weaker?: Its latest SEC filing (Jul 30, 2026) got weaker in some ways: net margin fell 8.1 points to 49.8%. Its overall score is 43/100, up 3 since Oct 28, 2026.
How is Farmland Partners valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 38/100 against 762 real estate peers. EBITDA yield 4.5% vs a peer median of 5.4% (weaker than 64% of peers).EBITDA yield 4.5% vs peers 5.4% (weaker than 64% of peers).
Is Farmland Partners growing?: More slowly than most of its peers. Growth scores 19/100 against 762 real estate peers. Earnings per share growth -63.0% vs a peer median of 11.2% (weaker than 93% of peers).Earnings per share growth -63.0% vs peers 11.2% (weaker than 93% of peers).
How profitable is Farmland Partners?: About as profitable as its peers. Profitability scores 55/100 against 762 real estate peers. Return on assets 3.7% vs a peer median of 2.1% (stronger than 80% of peers).Return on assets 3.7% vs peers 2.1% (stronger than 80% of peers). Return on invested capital 2.2% vs a peer median of 3.4% (weaker than 69% of peers).Return on invested capital 2.2% vs peers 3.4% (weaker than 69% of peers).
How risky is Farmland Partners?: Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Debt / equity 0.49× vs a peer median of 0.80× (stronger than 72% of peers).Debt / equity 0.49× vs peers 0.80× (stronger than 72% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Net margin fell 8.1 points to 49.8%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	52.0M USD	51.5M USD	−1.1%
Net income (12 months)	30.1M USD	25.7M USD	−14.9%
Debt	232.8M USD	224.8M USD	−3.4%
Cash	17.7M USD	11.4M USD	−35.6%
Shares outstanding	43.6M	43.6M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Specialty companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	32.5%	40.8%	31.3%	42.4%	10.0%	▼ 32 pts
Net margin	19.3%	19.1%	53.8%	102.9%	60.5%	▼ 42 pts
Return on assets (ROA)	0.9%	1.0%	3.0%	6.9%	4.4%	▼ 2.5 pts
Return on equity (ROE)	2.1%	2.0%	5.8%	12.1%	6.7%	▼ 5.4 pts
Debt to equity	1.09×	0.74×	0.69×	0.41×	0.35×	▼ 16%
Interest coverage	1.06×	1.55×	0.79×	1.31×	0.54×	▼ 58%

FPI price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

About average: profitability and risk (debt, liquidity and share-price swings)profitability and risk

Ranks #424 of 632 real estate companies (bottom 34%)

See how it ranks against its peers

Worth knowing

Profit growing, cash flow isn't. Profit +170% since 2022, operating cash flow +2.2%.

Farmland Partners's reported profit rose 170% since 2022, but the cash its operations generate changed +2.2%. When profit and cash diverge like this, it's worth understanding why (for example, customers paying more slowly or gains that aren't cash).Farmland Partners's reported profit rose 170% since 2022, but the cash its operations generate changed +2.2%. When profit and cash diverge like this, it's worth understanding why.

Share count shrinking. Shares outstanding down 20% from December 2022 to July 2026.

Farmland Partners had 20% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Revenue is falling. Revenue fell 6.4% in the 12 months to June 2026 vs the 12 months before.

Farmland Partners's revenue fell 6.4% in the 12 months to June 2026 vs the 12 months before.

Questions investors ask about Farmland Partners

Is Farmland Partners getting weaker?

Its latest SEC filing (Jul 30, 2026) got weaker in some ways: net margin fell 8.1 points to 49.8%. Its overall score is 43/100, up 3 since Oct 28, 2026.

How is Farmland Partners valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 38/100 against 762 real estate peers. EBITDA yield 4.5% vs a peer median of 5.4% (weaker than 64% of peers).EBITDA yield 4.5% vs peers 5.4% (weaker than 64% of peers).

Is Farmland Partners growing?

More slowly than most of its peers. Growth scores 19/100 against 762 real estate peers. Earnings per share growth -63.0% vs a peer median of 11.2% (weaker than 93% of peers).Earnings per share growth -63.0% vs peers 11.2% (weaker than 93% of peers).

How profitable is Farmland Partners?

About as profitable as its peers. Profitability scores 55/100 against 762 real estate peers. Return on assets 3.7% vs a peer median of 2.1% (stronger than 80% of peers).Return on assets 3.7% vs peers 2.1% (stronger than 80% of peers). Return on invested capital 2.2% vs a peer median of 3.4% (weaker than 69% of peers).Return on invested capital 2.2% vs peers 3.4% (weaker than 69% of peers).

How risky is Farmland Partners?

Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Debt / equity 0.49× vs a peer median of 0.80× (stronger than 72% of peers).Debt / equity 0.49× vs peers 0.80× (stronger than 72% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

52.0M USD

51.5M USD

−1.1%

Net income (12 months)

30.1M USD

25.7M USD

−14.9%

Debt

232.8M USD

224.8M USD

−3.4%

Cash

17.7M USD

11.4M USD

−35.6%

Shares outstanding

43.6M

43.6M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

32.5%

40.8%

31.3%

42.4%

10.0%

▼ 32 pts

Net margin

19.3%

19.1%

53.8%

102.9%

60.5%

▼ 42 pts

Return on assets (ROA)

0.9%

1.0%

3.0%

6.9%

4.4%

▼ 2.5 pts

Return on equity (ROE)

2.1%

2.0%

5.8%

12.1%

6.7%

▼ 5.4 pts

Debt to equity

1.09×

0.74×

0.69×

0.41×

0.35×

▼ 16%

Interest coverage

1.06×

1.55×

0.79×

1.31×

0.54×

▼ 58%