Farmland Partners Inc. (FPI) stock analysis

P/E against its history

Not enough price and earnings history to compare.

P/E against the industry

Needs positive earnings and enough profitable companies in the industry.

EV/EBITDA above its 5-year median

Farmland Partners's EV/EBITDA of 14.7 is above its 5-year median of 11.8.

P/S above the industry

Farmland Partners's price-to-sales of 7.51 is above the Miscellaneous Investing median of 4.14 (book value is negative, so we use sales).

Trading above fair value

The share price of $8.94 is above our fair value estimate of $6.00.

Margin of safety under 20%

The price is 49.1% above fair value, so there is no margin of safety.

Revenue growing under 10% a year

Revenue grew -5.2% a year over the last three fiscal years, short of the 10% we look for.

EPS growing 10%+ a year

Diluted EPS grew 56.2% a year over the last three fiscal years.

Earnings growth not accelerating

Net income grew -85.8% over the last twelve months, against a 5-year average of 34.7% a year.

Growing slower than the industry

Revenue grew -5.6% over the last twelve months; the Miscellaneous Investing median is 4.6%.

Guidance issued

The latest outlook (2026 AFFO per share, Jul 29, 2026) was issued for the first time, so it neither adds nor takes away points.

Gross margin trend

This company does not report gross profit.

Return on equity

Needs positive equity and five years of results.

Return on invested capital

Needs operating income and invested capital.

Return on equity against the industry

Needs positive equity.

Earnings grew over 5 years

Net income grew 34.7% a year on average over the last five fiscal years.

Net margin below its 5-year average

Net margin was 19.5% over the last twelve months, against a 5-year average of 51.1%.

Net margin above the industry

Farmland Partners's net margin of 19.5% is above the Miscellaneous Investing median of 10.3%.

Debt level

Needs debt and equity figures.

Debt trend

Needs a balance sheet from five years ago with positive equity.

Debt coverage

Needs operating cash flow.

Interest coverage

Interest expense is not reported separately.

Short-term liquidity

The balance sheet is not split into current and non-current items.

Elevated bankruptcy risk

The Altman Z-score is 1.18; above 3 is the safe zone and below 1.8 the distress zone.

Pays a dividend

Farmland Partners paid dividends worth 3.7% of the share price over the last twelve months.

Yield below Treasuries

The 3.7% yield is below the 4.4% on a 1-year Treasury.

Yield below the top quarter

The top quarter of US dividend payers yield 3.8% or more; Farmland Partners yields 3.7%.

Dividend was cut

The dividend per share fell by more than 10% at least once in the last 10 fiscal years.

Not covered by earnings

Dividends take 222% of net income, leaving little room.

Cash-flow cover

Needs dividends paid and free cash flow.