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Farmland Partners Inc.

FPI Real Estate Reit Specialty

Farmland Partners Inc.’s revenue for fiscal 2025 (year ended December 2025) was $52.2 million, down 10.4% from fiscal 2024.

Revenue
−5.65%
EPS
−53.3%
Free cash flow
−94.9%

Quarter to June 2026, against a year earlier

8.43 0.37 −4.20%
Market cap
$384.0M
P/E
15.3×
Fwd P/E
35.9×
Dividend yield
3.91%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.07
Sold, $m 0.02
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — 1 — — — 1 — — — — —
Sell — — 1 — — — — — — — — —
Insider Ownership 7.35%

Capital & Financial Ratios $m

Size
Market Cap 383.95
Revenue ttm 51.47
Net income ttm 26.06
Free cash flow ttm 47.03
Net debt Q (11.42)
Valuation
P/E 15.33
Forward P/E 35.90 (above 35: high)
Price / sales 7.10
Forward P/S Powerpack
Price / FCF 7.77
Price / book 0.79
Financial health
Current ratio Q 0.39
Debt / equity Q 0.00
Interest coverage Q 0.86
Growth
Revenue growth Q −5.65% (below 0%: shrinking)
Operating income growth Q +118.76% (above 0%: growing)
EPS, this year −61.48% (below 0%: weak)
EPS, next year A −17.02% (below 0%: weak)
Revenue, next year A −13.41% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.9×, against a ten-year median of 7.0×; over the ten years it ranged from 2.3× in 2018 to 12.9× in 2022.
P/E against its own 10 years 14.89%
10-year low 10-year high
P/S against its own 10 years 37.28%
10-year low 10-year high
P/B against its own 10 years 37.53%
10-year low 10-year high
EV/Sales against its own 10 years 48.07%
10-year low 10-year high
EV/FCF against its own 10 years 65.64%
10-year low 10-year high

Dividends raised 2 years running

Yield
3.91%
Annual rate
0.33
Payout ratio
64.7%
Growth, 2017–26
−7.06%/yr
  1. 0.64 ’17
  2. 0.36 ’18 −44%
  3. 0.20 ’19 −44%
  4. 0.20 ’20 +0%
  5. 0.20 ’21 +0%
  6. 0.23 ’22 +15%
  7. 0.24 ’23 +4%
  8. 0.18 ’24 −25%
  9. 0.24 ’25 +33%
  10. 0.33 ’26 +38%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5 78 9 11
Receivables 8 4 4 3
Inventory — — — —
Other — — — —
44 138 94 91
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
375 214 168 231

Compound Annual Growth %

10y 5y 3y
Sales 14.26% 0.58% (5.18%)
Cash Flow 8.52% (2.45%) 0.73%
Earnings 42.94% 0.00% 50.78%
Book Value 12.93% 0.96% (7.68%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.03 Actual −0.05

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.21 0.25 Beat by 0.04
Q1 FY26 0.04 0.05 Beat by 0.01
Q2 FY26 0.03 0.04 Beat by 0.01
Q3 FY26 0.03 −0.05 Miss by 0.08
Q4 FY26 0.16 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.01 0.07 — — —
’25 0.03 0.14 0.00 0.43 0.61
’24 0.01 (0.06) 0.02 1.03 1.06
’23 0.02 0.12 0.07 0.31 0.53
’22 0.00 0.04 0.01 0.11 0.16
’21 (0.02) (0.19) (0.17) 0.14 (0.17)
’20 (0.09) (0.10) (0.09) 0.06 (0.18)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 10 9 — — —
’25 10 10 11 21 52
’24 12 11 13 21 58
’23 13 12 12 22 57
’22 14 12 13 22 61
’21 12 10 10 20 52
’20 12 11 11 18 51
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 8 (3) — — —
’25 6 (2) (2) 15 17
’24 12 (6) (4) 15 16
’23 16 (6) (4) 7 13
’22 10 (2) 0 8 17
’21 11 (3) (7) 7 8
’20 13 (3) 0 10 20
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 17 4 — — —
’25 10 69 1 25 105
’24 (3) (7) (5) 323 309
’23 22 28 54 77 180
’22 6 (11) (9) (10) (25)
’21 36 (31) (9) (2) (5)
’20 12 3 6 16 37
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 31 46 56 54 51 52 61 57 58 52 51 +6.0% 45 43 — (9.3%)
Gross margin, % 92.33 86.46 85.80 83.53 78.82 82.88 76.87 76.66 80.58 80.33 82.80 (12.0) pt
EBT 6 9 14 15 8 10 12 32 61 32 26 +20.5%
EBT margin, % 19.39 19.81 25.04 27.72 14.86 19.83 19.91 54.84 105.51 61.63 50.66 +42.2 pt
Net income 6 9 14 15 8 10 12 32 61 32 26 +20.5%
Per share, $
Per share, $ Revenue 2.35 1.48 1.74 1.78 1.73 1.49 1.20 1.14 1.22 1.18 1.19 (7.4%)
Earnings 0.09 0.03 (0.01) 0.04 (0.18) (0.17) 0.16 0.55 1.19 0.65 0.55 +24.6%
Cash flow 0.38 0.03 0.62 0.60 0.67 0.23 0.33 0.26 0.34 0.39 0.42 +0.4%
Capex (10.41) (7.30) (0.44) 0.87 0.58 (0.38) (0.82) 3.33 6.15 1.98 0.66 n/m
Free cash flow (10.03) (7.27) 0.19 1.46 1.25 (0.16) (0.48) 3.59 6.49 2.38 1.08 n/m
Book value 16.33 16.51 15.02 15.13 15.17 13.63 11.66 10.53 10.40 10.58 10.68 (4.7%)
Shares, m 13 31 32 30 29 35 51 50 48 44 43 +14.4%
Valuation, ×
Valuation, × P/E 222.20 874.00 0.00 169.50 0.00 0.00 77.81 21.93 9.97 14.91 15.33 139.0
P/S 4.73 5.90 2.60 3.82 5.04 8.00 10.36 10.74 9.60 8.21 7.10 6.9
P/B 0.68 0.74 0.43 0.65 0.84 0.88 1.07 1.17 1.13 0.92 0.79 0.8
EV/Sales 3.21 4.74 2.30 3.58 4.51 7.42 10.24 10.64 8.26 8.03 6.88 6.3
EV/FCF (0.75) (0.97) 21.68 4.35 6.23 (71.07) (25.37) 3.39 1.56 3.99 7.53 (5.7)
Cash, $m
Cash, $m Operating cash flow 5 1 20 18 20 8 17 13 16 17 18 +14.8%
Capex (137) (228) (14) 26 17 (13) (42) 168 293 88 29 n/m
Free cash flow (132) (227) 6 44 37 (5) (25) 180 309 105 47 n/m
Balance, $m
Balance, $m Working capital (262) (452) (498) (499) (486) (484) (416) (331) (76) (74) (140) (13.1%)
Net debt (47) (54) (17) (13) (27) (30) (8) (5) (78) (9) (11) (16.5%)
Shareholders’ equity 216 515 483 456 446 472 594 529 495 467 463 +9.0%
Returns, %
Returns, % ROA 0.24 0.10 (0.04) 0.12 (0.48) (0.53) 0.74 2.55 5.97 3.63 3.27 +3.4 pt
ROIC 5.80 3.05 3.98 3.71 3.33 2.38 2.66 2.15 3.71 0.71 3.01 (5.1) pt
ROE 0.67 0.31 (0.12) 0.41 (1.70) (1.50) 1.58 4.95 11.03 5.99 5.16 +5.3 pt
People
People Employees 18 16 13 13 25 27 30 26 24 12 — (4.4%)
Revenue/emp, $m 1.72 2.89 4.31 4.12 2.03 1.92 2.04 2.21 2.43 4.35 — +10.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Farmland Partners Inc. vs peers in Reit Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
OUT OUTFRONT Media Inc. $5.7B 22.9× 22.4× +13.54% (above 0%: growing) +340.00% (above 0%: growing) +167.78% (above 0%: growing) 52.90% 22.22% Compare
RYN Rayonier Inc. $5.7B 42.2× 72.7× +272.15% (above 0%: growing) −97.72% (below 0%: shrinking) −88.66% (below 0%: shrinking) 19.08% 8.73% Compare
EPR EPR Properties $4.5B 18.3× 18.8× +10.11% (above 0%: growing) −12.09% (below 0%: shrinking) −498.03% (below 0%: shrinking) 92.16% 54.59% Compare
FRMI Fermi Inc. $1.8B — (loss-making) — — n/m −414.49% (below 0%: shrinking) — 0.00% Compare
BXDC Blackstone Digital Infrastructure Trust Inc. $1.6B — — — — — — 0.00% Compare
UNIT Uniti Group Inc. $1.3B 1.0× — (loss-making) +202.53% (above 0%: growing) n/m −379.58% (below 0%: shrinking) 57.83% 3.54% Compare
FPI Farmland Partners Inc. $384.0M 15.3× 35.9× −5.65% (below 0%: shrinking) −53.33% (below 0%: shrinking) −94.88% (below 0%: shrinking) 75.47% 28.21%
LAND Gladstone Land Corporation $336.9M — (loss-making) — (loss-making) +3.22% (above 0%: growing) n/m +1,646.28% (above 0%: growing) 74.05% (33.96%) Compare
SELF Global Self Storage, Inc. $55.6M 27.2× 20.2× +0.63% (above 0%: growing) +16.67% (above 0%: growing) −13.35% (below 0%: shrinking) 60.34% 21.58% Compare
Median of peers $1.7B 22.9× 21.3× +11.83% +2.29% −88.66% 59.09% 6.14%

All 19 Reit Specialty stocks →

Pay and ownership Proxy statement filed 17 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.39m 1.17m 94.29
2024 2.08m 2.08m 116.51
2023 1.16m 1.17m 110.32

Ownership

Directors and executive officers, together 7.90%
The Vanguard Group 10.80%
BlackRock, Inc. 9.30%
Paul A. Pittman 6.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Farmland Partners Inc. (FPI) Latest News

30 Oct

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1 May

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29 Apr

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Impact 4 · · Insider Monkey

23 Feb

Impact 4 · · MarketBeat
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19 Feb

Impact 4 · · GuruFocus.comGuruFocus.com
Impact 3 · · Moby

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Impact 4 · · ZacksZacksZacksZacks
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30 Jan

Impact 3 · · Business Wire

29 Jan

Impact 4 · · Simply Wall St.

28 Jan

Impact 3 · · Simply Wall St.

27 Jan

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26 Jan

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stockrow.com/FPI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com