Farmland Partners Inc. (FPI) vs Gladstone Land Corporation (LAND)

Farmland Partners Inc. and Gladstone Land Corporation are both Reit Specialty companies. Farmland Partners Inc. is the larger, with a market value of $368.1M against $303.3M — 1.2× the size. Gladstone Land Corporation has negative trailing earnings, so its P/E is not meaningful; Farmland Partners Inc. trades at 46.6×. Gladstone Land Corporation grew revenue faster over the last twelve months: 21.6% against −5.57%. Farmland Partners Inc. has the higher net margin (17.7% vs −33.0%) and the higher return on invested capital (0.93% vs 0.67%). Both pay a dividend; Gladstone Land Corporation yields more (7.97% vs 3.76%). Across the 21 metrics below, Gladstone Land Corporation leads on 12 and Farmland Partners Inc. on 9.

Valuation

Metric FPI LAND Reit Specialty median
P/E 46.65 n/m 27.75
P/S 7.52 3.41 6.76
P/B 0.88 0.45 1.96
Price to free cash flow 8.39 5.58 19.50
EV/EBITDA 51.81 13.13 17.39
EV/Sales 7.36 8.65 8.49
Earnings yield 2.14% (10.24%) 2.53%
Free cash flow yield 11.92% 17.93% 4.58%

Profitability

Metric FPI LAND Reit Specialty median
Gross margin 82.36% 82.50% 67.60%
Operating margin 12.45% 13.84% 20.70%
Net margin 17.73% (33.02%) 16.51%
Free cash flow margin 89.64% 61.13% 30.71%
Return on equity 2.00% (4.35%) 4.02%
Return on assets 1.25% (2.38%) 3.23%
Return on invested capital 0.93% 0.67% 4.15%

Growth

Metric FPI LAND Reit Specialty median
Revenue growth (TTM) (5.57%) 21.60% 5.31%
EPS growth (last fiscal year) (42.45%) 0.00% 26.78%
Revenue growth, 5-year CAGR 0.58% 9.15% 6.70%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric FPI LAND Reit Specialty median
Debt to equity 0.00 0.72 0.57
Current ratio 0.35 1.29 0.67
Net debt to EBITDA (1.44) 6.65 4.47

Dividend

Metric FPI LAND Reit Specialty median
Dividend yield 3.76% 7.97% 3.79%
Payout ratio 2.23 — 1.21

Size

Metric FPI LAND Reit Specialty median
Market cap 368.14m 303.25m 6.03b

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