Farmland Partners Inc. (FPI) vs OUTFRONT Media Inc. (OUT)

Farmland Partners Inc. and OUTFRONT Media Inc. are both Reit Specialty companies. OUTFRONT Media Inc. is the larger, with a market value of $5.3B against $460.3M — 11.5× the size. Farmland Partners Inc. trades at the lower P/E: 18.9× against 21.7×. OUTFRONT Media Inc. grew revenue faster over the last twelve months: 7.62% against −6.43%. Farmland Partners Inc. has the higher net margin (47.0% vs 12.3%) and the lower return on invested capital (3.01% vs 7.74%). Both pay a dividend; OUTFRONT Media Inc. yields more (4.05% vs 3.18%). Across the 22 metrics below, Farmland Partners Inc. leads on 12 and OUTFRONT Media Inc. on 10.

Valuation

Metric FPI OUT Reit Specialty median
P/E 18.85 21.70 27.28
P/S 8.74 2.77 5.90
P/B 0.97 7.70 2.02
Price to free cash flow 9.56 18.36 14.80
EV/EBITDA 19.54 14.16 17.27
EV/Sales 8.52 4.06 8.52
Earnings yield 5.30% 4.61% 3.51%
Free cash flow yield 10.46% 5.45% 5.15%

Profitability

Metric FPI OUT Reit Specialty median
Gross margin 82.80% 51.40% 67.43%
Operating margin 42.25% 20.46% 21.38%
Net margin 46.97% 12.25% 16.14%
Free cash flow margin 91.39% 15.08% 31.07%
Return on equity 5.16% 38.34% 4.76%
Return on assets 3.27% 4.55% 3.29%
Return on invested capital 3.01% 7.74% 4.19%

Growth

Metric FPI OUT Reit Specialty median
Revenue growth (TTM) (6.43%) 7.62% 5.36%
EPS growth (last fiscal year) (42.45%) (45.70%) 26.78%
Revenue growth, 5-year CAGR 0.58% 8.18% 6.70%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric FPI OUT Reit Specialty median
Debt to equity 0.00 3.64 0.62
Current ratio 0.39 0.67 0.70
Net debt to EBITDA (1.44) 5.40 4.47

Dividend

Metric FPI OUT Reit Specialty median
Dividend yield 3.18% 4.05% 3.93%
Payout ratio 0.65 0.88 1.17

Size

Metric FPI OUT Reit Specialty median
Market cap 460.30m 5.28b 8.53b

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