Farmland Partners Inc. (FPI) vs Uniti Group Inc. (UNIT)

Farmland Partners Inc. and Uniti Group Inc. are both Reit Specialty companies. Uniti Group Inc. is the larger, with a market value of $2.2B against $466.9M — 4.6× the size. Uniti Group Inc. trades at the lower P/E: 1.8× against 19.7×. Uniti Group Inc. grew revenue faster over the last twelve months: 199.7% against −6.43%. Farmland Partners Inc. has the higher net margin (47.0% vs 28.0%) and the higher return on invested capital (3.01% vs 0.00%). Both pay a dividend; Uniti Group Inc. yields more (12.4% vs 3.07%). Across the 20 metrics below, Farmland Partners Inc. leads on 10 and Uniti Group Inc. on 10.

Valuation

Metric FPI UNIT Reit Specialty median
P/E 19.75 1.76 26.27
P/S 9.15 0.64 5.86
P/B 1.02 13.95 2.19
Price to free cash flow 10.01 n/m 14.62
EV/EBITDA 20.48 1.26 16.22
EV/Sales 8.93 0.44 8.93
Earnings yield 5.06% 56.68% 3.43%
Free cash flow yield 9.99% (38.60%) 5.37%

Profitability

Metric FPI UNIT Reit Specialty median
Gross margin 82.80% 59.09% 67.43%
Operating margin 42.25% 3.23% 21.38%
Net margin 46.97% 27.99% 16.14%
Free cash flow margin 91.39% (25.13%) 31.07%
Return on equity 5.16% (86.76%) 4.76%
Return on assets 3.27% 10.69% 3.29%
Return on invested capital 3.01% 0.00% 4.19%

Growth

Metric FPI UNIT Reit Specialty median
Revenue growth (TTM) (6.43%) 199.72% 5.36%
EPS growth (last fiscal year) (42.45%) 672.65% —
Revenue growth, 5-year CAGR 0.58% 15.93% 6.70%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric FPI UNIT Reit Specialty median
Debt to equity 0.00 0.00 0.62
Current ratio 0.39 0.10 0.70
Net debt to EBITDA (1.44) (0.14) 4.47

Dividend

Metric FPI UNIT Reit Specialty median
Dividend yield 3.07% 12.35% 3.88%
Payout ratio 0.92 0.81 1.14

Size

Metric FPI UNIT Reit Specialty median
Market cap 466.85m 2.17b 8.48b

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