Farmland Partners Inc. (FPI) vs Power REIT (PW)

Farmland Partners Inc. and Power REIT are both Reit Specialty companies. Farmland Partners Inc. is the larger, with a market value of $466.9M against $2.5M — 189.0× the size. Power REIT has negative trailing earnings, so its P/E is not meaningful; Farmland Partners Inc. trades at 19.7×. Farmland Partners Inc. grew revenue faster over the last twelve months: −6.43% against −6.66%. Farmland Partners Inc. has the higher net margin (47.0% vs −79.4%) and the lower return on invested capital (3.01% vs 3.41%). Across the 19 metrics below, Power REIT leads on 11 and Farmland Partners Inc. on 8.

Valuation

Metric FPI PW Reit Specialty median
P/E 19.75 n/m 26.27
P/S 9.15 0.93 5.86
P/B 1.02 n/m 2.19
Price to free cash flow 10.01 1.22 14.62
EV/EBITDA 20.48 12.96 16.22
EV/Sales 8.93 6.85 8.93
Earnings yield 5.06% (88.67%) 3.43%
Free cash flow yield 9.99% 82.00% 5.37%

Profitability

Metric FPI PW Reit Specialty median
Gross margin 82.80% 85.85% 67.43%
Operating margin 42.25% 41.46% 21.38%
Net margin 46.97% (79.35%) 16.14%
Free cash flow margin 91.39% 76.17% 31.07%
Return on equity 5.16% 69.78% 4.76%
Return on assets 3.27% (8.19%) 3.29%
Return on invested capital 3.01% 3.41% 4.19%

Growth

Metric FPI PW Reit Specialty median
Revenue growth (TTM) (6.43%) (6.66%) 5.36%
EPS growth (last fiscal year) (42.45%) 88.90% —
Revenue growth, 5-year CAGR 0.58% (13.98%) 6.70%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric FPI PW Reit Specialty median
Debt to equity 0.00 4.19 0.62
Current ratio 0.39 3.60 0.70
Net debt to EBITDA (1.44) (180.08) 4.47

Dividend

Metric FPI PW Reit Specialty median
Dividend yield 3.07% — 3.88%
Payout ratio 0.92 0.00 1.14

Size

Metric FPI PW Reit Specialty median
Market cap 466.85m 2.47m 8.48b

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