EPR Properties (EPR) vs Farmland Partners Inc. (FPI)

EPR Properties and Farmland Partners Inc. are both Reit Specialty companies. EPR Properties is the larger, with a market value of $4.4B against $466.9M — 9.3× the size. EPR Properties trades at the lower P/E: 18.1× against 19.7×. EPR Properties grew revenue faster over the last twelve months: 4.47% against −6.43%. Farmland Partners Inc. has the higher net margin (47.0% vs 32.2%) and the lower return on invested capital (3.01% vs 4.58%). Both pay a dividend; EPR Properties yields more (7.75% vs 3.07%). Across the 21 metrics below, EPR Properties leads on 14 and Farmland Partners Inc. on 7.

Valuation

Metric EPR FPI Reit Specialty median
P/E 18.10 19.75 26.27
P/S 5.86 9.15 5.86
P/B 1.88 1.02 2.19
Price to free cash flow n/m 10.01 14.62
EV/EBITDA 12.74 20.48 16.22
EV/Sales 10.26 8.93 8.93
Earnings yield 5.53% 5.06% 3.43%
Free cash flow yield (3.80%) 9.99% 5.37%

Profitability

Metric EPR FPI Reit Specialty median
Gross margin 91.91% 82.80% 67.43%
Operating margin 55.09% 42.25% 21.38%
Net margin 32.20% 46.97% 16.14%
Free cash flow margin (22.28%) 91.39% 31.07%
Return on equity 10.31% 5.16% 4.76%
Return on assets 4.12% 3.27% 3.29%
Return on invested capital 4.58% 3.01% 4.19%

Growth

Metric EPR FPI Reit Specialty median
Revenue growth (TTM) 4.47% (6.43%) 5.36%
EPS growth (last fiscal year) 105.00% (42.45%) —
Revenue growth, 5-year CAGR 11.62% 0.58% 6.70%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric EPR FPI Reit Specialty median
Debt to equity 1.43 0.00 0.62
Current ratio 9.51 0.39 0.70
Net debt to EBITDA 4.78 (1.44) 4.47

Dividend

Metric EPR FPI Reit Specialty median
Dividend yield 7.75% 3.07% 3.88%
Payout ratio 1.77 0.92 1.14

Size

Metric EPR FPI Reit Specialty median
Market cap 4.35b 466.85m 8.48b

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