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Farmland Partners Inc. (FPI) vs Fermi Inc. (FRMI)

Farmland Partners Inc. and Fermi Inc. are both Reit Specialty companies. Fermi Inc. is the larger, with a market value of $981.1M against $368.1M — 2.7× the size. Fermi Inc. has negative trailing earnings, so its P/E is not meaningful; Farmland Partners Inc. trades at 46.6×. Farmland Partners Inc. has the higher net margin (17.7% vs 0.00%) and the higher return on invested capital (0.93% vs −24.3%). Across the 11 metrics below, Farmland Partners Inc. leads on 10 and Fermi Inc. on 1.

Valuation

Metric FPI FRMI Reit Specialty median
P/E 46.65 n/m 27.75
P/S 7.52 n/m 6.76
P/B 0.88 0.93 1.96
Price to free cash flow 8.39 n/m 19.50
EV/EBITDA 51.81 n/m 17.39
EV/Sales 7.36 n/m 8.49
Earnings yield 2.14% (97.30%) 2.53%
Free cash flow yield 11.92% (129.72%) 4.58%

Profitability

Metric FPI FRMI Reit Specialty median
Gross margin 82.36% — 67.60%
Operating margin 12.45% 0.00% 20.70%
Net margin 17.73% 0.00% 16.51%
Free cash flow margin 89.64% 0.00% 30.71%
Return on equity 2.00% (134.87%) 4.02%
Return on assets 1.25% (74.99%) 3.23%
Return on invested capital 0.93% (24.28%) 4.15%

Growth

Metric FPI FRMI Reit Specialty median
Revenue growth (TTM) (5.57%) — 5.31%
EPS growth (last fiscal year) (42.45%) — 26.78%
Revenue growth, 5-year CAGR 0.58% — 6.70%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric FPI FRMI Reit Specialty median
Debt to equity 0.00 0.00 0.57
Current ratio 0.35 0.61 0.67
Net debt to EBITDA (1.44) 2.30 4.47

Dividend

Metric FPI FRMI Reit Specialty median
Dividend yield 3.76% — 3.79%
Payout ratio 2.23 — 1.21

Size

Metric FPI FRMI Reit Specialty median
Market cap 368.14m 981.13m 6.03b

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