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Farmland Partners Inc. (FPI) vs Rayonier Inc. (RYN)

Farmland Partners Inc. and Rayonier Inc. are both Reit Specialty companies. Rayonier Inc. is the larger, with a market value of $5.6B against $457.7M — 12.1× the size. Farmland Partners Inc. trades at the lower P/E: 19.0× against 41.3×. Rayonier Inc. grew revenue faster over the last twelve months: 0.44% against −6.43%. Farmland Partners Inc. has the higher net margin (47.0% vs 7.83%) and the higher return on invested capital (3.01% vs 0.54%). Both pay a dividend; Rayonier Inc. yields more (5.55% vs 3.15%). Across the 22 metrics below, Farmland Partners Inc. leads on 15 and Rayonier Inc. on 7.

Valuation

Metric FPI RYN Reit Specialty median
P/E 19.04 41.26 26.73
P/S 8.82 5.89 5.89
P/B 0.98 1.10 2.08
Price to free cash flow 9.65 n/m 14.38
EV/EBITDA 19.73 39.88 16.93
EV/Sales 8.60 7.59 8.60
Earnings yield 5.25% 2.42% 3.56%
Free cash flow yield 10.36% (8.20%) 5.25%

Profitability

Metric FPI RYN Reit Specialty median
Gross margin 82.80% 23.73% 67.43%
Operating margin 42.25% 5.96% 21.38%
Net margin 46.97% 7.83% 16.14%
Free cash flow margin 91.39% (48.37%) 31.07%
Return on equity 5.16% 2.02% 4.76%
Return on assets 3.27% 1.38% 3.29%
Return on invested capital 3.01% 0.54% 4.19%

Growth

Metric FPI RYN Reit Specialty median
Revenue growth (TTM) (6.43%) 0.44% 5.36%
EPS growth (last fiscal year) (42.45%) 26.78% 26.78%
Revenue growth, 5-year CAGR 0.58% (10.83%) 6.70%
Net income growth, 5-year CAGR 0.00% 66.49% 0.00%

Health

Metric FPI RYN Reit Specialty median
Debt to equity 0.00 0.36 0.62
Current ratio 0.39 3.56 0.70
Net debt to EBITDA (1.44) 1.07 4.47

Dividend

Metric FPI RYN Reit Specialty median
Dividend yield 3.15% 5.55% 3.99%
Payout ratio 0.65 2.34 1.17

Size

Metric FPI RYN Reit Specialty median
Market cap 457.68m 5.56b 8.35b

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