FPI
Farmland Partners Inc.
REIT - Specialty
Market Cap$462M
5Y Perf.-5.6%
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Stock Comparison
FPI vs AFCG vs IIPR vs LAND
Revenue, margins, valuation, and 5-year total return — side by side.
AFCG
Advanced Flower Capital Inc.
REIT - Specialty
Market Cap$73M
5Y Perf.-78.5%
IIPR
Innovative Industrial Properties, Inc.
REIT - Industrial
Market Cap$1.62B
5Y Perf.-68.6%
LAND
Gladstone Land Corporation
REIT - Industrial
Market Cap$354M
5Y Perf.-46.7%
FPI vs AFCG vs IIPR vs LAND — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | FPI | AFCG | IIPR | LAND |
|---|---|---|---|---|
| Industry | REIT - Specialty | REIT - Specialty | REIT - Industrial | REIT - Industrial |
| Market Cap | $462M | $73M | $1.62B | $354M |
| Revenue (TTM) | $54M | $6M | $263M | $76M |
| Net Income (TTM) | $30M | $-20M | $120M | $-10M |
| Gross Margin | 78.7% | -76.6% | 60.3% | 87.4% |
| Operating Margin | 45.6% | -124.7% | 46.7% | 78.6% |
| Forward P/E | 49.6x | — | 13.2x | — |
| Total Debt | $161M | $76M | $394M | $0.00 |
| Cash & Equiv. | $9M | $39M | $48M | $27M |
FPI vs AFCG vs IIPR vs LAND — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
FPI
AFCG
IIPR
LAND
| Stock | Mar 21 | May 26 | Return |
|---|---|---|---|
| Farmland Partners I… (FPI) | 100 | 94.4 | -5.6% |
| Advanced Flower Cap… (AFCG) | 100 | 21.5 | -78.5% |
| Innovative Industri… (IIPR) | 100 | 31.4 | -68.6% |
| Gladstone Land Corp… (LAND) | 100 | 53.3 | -46.7% |
Price return only. Dividends and distributions are not included.
Quick Verdict: FPI vs AFCG vs IIPR vs LAND
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: FPI and IIPR are tied at the top with 3 categories each — the right choice depends on your priorities. Innovative Industrial Properties, Inc. is the stronger pick specifically for valuation and capital efficiency and recent price momentum and sentiment. AFCG also leads in specific categories worth noting. As sector peers, any of these can serve as alternatives in the same allocation.
FPI
Farmland Partners Inc.
The Real Estate Income Play
FPI carries the broadest edge in this set and is the clearest fit for sleep-well-at-night and defensive.
- Lower volatility, beta 0.56, Low D/E 30.0%, current ratio 537.08x
- Beta 0.56, yield 11.7%, current ratio 537.08x
- -10.4% FFO/revenue growth vs AFCG's -39.6%
- 56.0% margin vs AFCG's -333.9%
Best for: sleep-well-at-night and defensive
AFCG
Advanced Flower Capital Inc.
The Real Estate Income Play
AFCG is the clearest fit if your priority is dividends.
- 28.1% yield, vs IIPR's 13.5%
Best for: dividends
IIPR
Innovative Industrial Properties, Inc.
The Real Estate Income Play
IIPR is the #2 pick in this set and the best alternative if income & stability is your priority.
- Dividend streak 9 yrs, beta 0.92, yield 13.5%
- Better valuation composite
- +20.3% vs AFCG's -35.5%
- 5.1% ROA vs AFCG's -6.4%, ROIC 4.3% vs -4.1%
Best for: income & stability
LAND
Gladstone Land Corporation
The Real Estate Income Play
LAND is the clearest fit if your priority is growth exposure and long-term compounding.
- Rev growth -10.7%, EPS growth 0.0%, 3Y rev CAGR -5.2%
- 42.9% 10Y total return vs FPI's 29.7%
Best for: growth exposure and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | FPI | -10.4% FFO/revenue growth vs AFCG's -39.6% |
| Value | IIPR | Better valuation composite |
| Quality / Margins | FPI | 56.0% margin vs AFCG's -333.9% |
| Stability / Safety | FPI | Beta 0.56 vs AFCG's 1.86, lower leverage |
| Dividends | AFCG | 28.1% yield, vs IIPR's 13.5% |
| Momentum (1Y) | IIPR | +20.3% vs AFCG's -35.5% |
| Efficiency (ROA) | IIPR | 5.1% ROA vs AFCG's -6.4%, ROIC 4.3% vs -4.1% |
FPI vs AFCG vs IIPR vs LAND — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
Segment breakdown not available.
Segment breakdown not available.
Segment breakdown not available.
FPI vs AFCG vs IIPR vs LAND — Financial Metrics
Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLAFCGLAGGINGFPI
Who Leads Where
LAND leads in 1 of 6 categories
AFCG leads 1 • IIPR leads 1 • FPI leads 0 • 3 tied
Explore the data ↓FPIFarmland Partners Inc.
0leads
LANDGladstone Land Corpor…
1leads
IIPRInnovative Industrial…
1leads
AFCGAdvanced Flower Capit…
1leads
6 Total Categories
CATEGORYLEADERvs IIPRvs LANDMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
LAND3/6
Valuation MetricsMultiples, price ratios, and targets
AFCG3/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
IIPR5/9
Total Returns1Y, 3Y, 5Y total returns with dividends
Tied
—
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
LAND leads this category, winning 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
IIPR is the larger business by revenue, generating $263M annually — 44.1x AFCG's $6M. FPI is the more profitable business, keeping 56.0% of every revenue dollar as net income compared to AFCG's -3.3%. On growth, AFCG holds the edge at +64.7% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | FPIFarmland Partners… | AFCGAdvanced Flower C… | IIPRInnovative Indust… | LANDGladstone Land Co… |
|---|---|---|---|---|
| RevenueTrailing 12 months | $54M | $6M | $263M | $76M |
| EBITDAEarnings before interest/tax | $28M | -$16M | $197M | $94M |
| Net IncomeAfter-tax profit | $30M | -$20M | $120M | -$10M |
| Free Cash FlowCash after capex | $19M | -$24M | $144M | $5M |
| Gross MarginGross profit ÷ Revenue | +78.7% | -76.6% | +60.3% | +87.4% |
| Operating MarginEBIT ÷ Revenue | +45.6% | -124.7% | +46.7% | +78.6% |
| Net MarginNet income ÷ Revenue | +56.0% | -3.3% | +45.6% | -13.8% |
| FCF MarginFCF ÷ Revenue | +35.9% | -3.9% | +54.7% | +6.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | -1.5% | +64.7% | -3.8% | +38.6% |
| EPS Growth (YoY)Latest quarter vs prior year | -64.2% | +16.7% | -1.0% | +66.7% |
LAND leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
AFCG leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
At 14.4x trailing earnings, IIPR trades at a 16% valuation discount to FPI's 17.1x P/E. On an enterprise value basis, LAND's 3.5x EV/EBITDA is more attractive than FPI's 22.5x.
| Metric | FPIFarmland Partners… | AFCGAdvanced Flower C… | IIPRInnovative Indust… | LANDGladstone Land Co… |
|---|---|---|---|---|
| Market CapShares × price | $462M | $73M | $1.6B | $354M |
| Enterprise ValueMkt cap + debt − cash | $614M | $110M | $2.0B | $327M |
| Trailing P/EPrice ÷ TTM EPS | 17.07x | -3.25x | 14.40x | -33.62x |
| Forward P/EPrice ÷ next-FY EPS est. | 49.62x | — | 13.17x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — | 3.85x | — |
| EV / EBITDAEnterprise value multiple | 22.54x | — | 9.91x | 3.46x |
| Price / SalesMarket cap ÷ Revenue | 8.85x | 2.32x | 6.08x | 4.65x |
| Price / BookPrice ÷ Book value/share | 1.01x | 0.39x | 0.87x | 0.53x |
| Price / FCFMarket cap ÷ FCF | 26.50x | 6.47x | 9.26x | 50.62x |
AFCG leads this category, winning 3 of 6 comparable metrics.
Profitability & Efficiency
IIPR leads this category, winning 5 of 9 comparable metrics.
Profitability & Efficiency
IIPR delivers a 6.4% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $-11 for AFCG. IIPR carries lower financial leverage with a 0.21x debt-to-equity ratio, signaling a more conservative balance sheet compared to AFCG's 0.43x. On the Piotroski fundamental quality scale (0–9), FPI scores 6/9 vs LAND's 2/9, reflecting solid financial health.
| Metric | FPIFarmland Partners… | AFCGAdvanced Flower C… | IIPRInnovative Indust… | LANDGladstone Land Co… |
|---|---|---|---|---|
| ROE (TTM)Return on equity | +5.7% | -11.1% | +6.4% | -1.6% |
| ROA (TTM)Return on assets | +4.1% | -6.4% | +5.1% | -0.8% |
| ROICReturn on invested capital | +2.4% | -4.1% | +4.3% | +4.9% |
| ROCEReturn on capital employed | +3.0% | -5.6% | +5.8% | +4.7% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 4 | 4 | 2 |
| Debt / EquityFinancial leverage | 0.30x | 0.43x | 0.21x | — |
| Net DebtTotal debt minus cash | $152M | $38M | $346M | -$27M |
| Cash & Equiv.Liquid assets | $9M | $39M | $48M | $27M |
| Total DebtShort + long-term debt | $161M | $76M | $394M | $0 |
| Interest CoverageEBIT ÷ Interest expense | 4.34x | -2.15x | 6.67x | 2.99x |
IIPR leads this category, winning 5 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
Evenly matched — FPI and IIPR each lead in 3 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in FPI five years ago would be worth $9,127 today (with dividends reinvested), compared to $4,999 for IIPR. Over the past 12 months, IIPR leads with a +20.3% total return vs AFCG's -35.5%. The 3-year compound annual growth rate (CAGR) favors FPI at 6.0% vs LAND's -10.2% — a key indicator of consistent wealth creation.
| Metric | FPIFarmland Partners… | AFCGAdvanced Flower C… | IIPRInnovative Indust… | LANDGladstone Land Co… |
|---|---|---|---|---|
| YTD ReturnYear-to-date | +11.0% | +10.2% | +18.3% | +8.8% |
| 1-Year ReturnPast 12 months | +10.3% | -35.5% | +20.3% | +11.2% |
| 3-Year ReturnCumulative with dividends | +19.0% | -20.1% | +14.1% | -27.5% |
| 5-Year ReturnCumulative with dividends | -8.7% | -44.6% | -50.0% | -43.8% |
| 10-Year ReturnCumulative with dividends | +29.7% | -42.4% | +436.4% | +42.9% |
| CAGR (3Y)Annualised 3-year return | +6.0% | -7.2% | +4.5% | -10.2% |
Evenly matched — FPI and IIPR each lead in 3 of 6 comparable metrics.
Risk & Volatility
Evenly matched — FPI and IIPR each lead in 1 of 2 comparable metrics.
Risk & Volatility
FPI is the less volatile stock with a 0.56 beta — it tends to amplify market swings less than AFCG's 1.86 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. IIPR currently trades 92.2% from its 52-week high vs AFCG's 52.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | FPIFarmland Partners… | AFCGAdvanced Flower C… | IIPRInnovative Indust… | LANDGladstone Land Co… |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.56x | 1.86x | 0.92x | 0.68x |
| 52-Week HighHighest price in past year | $13.23 | $5.87 | $61.40 | $13.00 |
| 52-Week LowLowest price in past year | $9.37 | $2.06 | $44.58 | $8.47 |
| % of 52W HighCurrent price vs 52-week peak | +80.0% | +52.6% | +92.2% | +75.0% |
| RSI (14)Momentum oscillator 0–100 | 33.1 | 48.2 | 59.3 | 41.0 |
| Avg Volume (50D)Average daily shares traded | 394K | 235K | 303K | 543K |
Evenly matched — FPI and IIPR each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — AFCG and IIPR each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: FPI as "Hold", IIPR as "Hold", LAND as "Buy". Consensus price targets imply 60.6% upside for FPI (target: $17) vs -22.3% for IIPR (target: $44). For income investors, AFCG offers the higher dividend yield at 28.10% vs LAND's 6.74%.
| Metric | FPIFarmland Partners… | AFCGAdvanced Flower C… | IIPRInnovative Indust… | LANDGladstone Land Co… |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | — | Hold | Buy |
| Price TargetConsensus 12-month target | $17.00 | — | $44.00 | $10.00 |
| # AnalystsCovering analysts | 15 | — | 11 | 11 |
| Dividend YieldAnnual dividend ÷ price | +11.7% | +28.1% | +13.5% | +6.7% |
| Dividend StreakConsecutive years of raises | 2 | 0 | 9 | 6 |
| Dividend / ShareAnnual DPS | $1.24 | $0.87 | $7.62 | $0.66 |
| Buyback YieldShare repurchases ÷ mkt cap | +8.3% | 0.0% | +1.2% | 0.0% |
Evenly matched — AFCG and IIPR each lead in 1 of 2 comparable metrics.
Key Takeaway
LAND leads in 1 of 6 categories (Income & Cash Flow). AFCG leads in 1 (Valuation Metrics). 3 tied.
Best OverallAdvanced Flower Capital Inc. (AFCG)Leads 1 of 6 categories
Loading custom metrics...
FPI vs AFCG vs IIPR vs LAND: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is FPI or AFCG or IIPR or LAND a better buy right now?
For growth investors, Farmland Partners Inc.
(FPI) is the stronger pick with -10. 4% revenue growth year-over-year, versus -39. 6% for Advanced Flower Capital Inc. (AFCG). Innovative Industrial Properties, Inc. (IIPR) offers the better valuation at 14. 4x trailing P/E (13. 2x forward), making it the more compelling value choice. Analysts rate Gladstone Land Corporation (LAND) a "Buy" — based on 11 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — FPI or AFCG or IIPR or LAND?
On trailing P/E, Innovative Industrial Properties, Inc.
(IIPR) is the cheapest at 14. 4x versus Farmland Partners Inc. at 17. 1x. On forward P/E, Innovative Industrial Properties, Inc. is actually cheaper at 13. 2x.
03Which is the better long-term investment — FPI or AFCG or IIPR or LAND?
Over the past 5 years, Farmland Partners Inc.
(FPI) delivered a total return of -8. 7%, compared to -50. 0% for Innovative Industrial Properties, Inc. (IIPR). Over 10 years, the gap is even starker: IIPR returned +436. 4% versus AFCG's -42. 4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — FPI or AFCG or IIPR or LAND?
By beta (market sensitivity over 5 years), Farmland Partners Inc.
(FPI) is the lower-risk stock at 0. 56β versus Advanced Flower Capital Inc. 's 1. 86β — meaning AFCG is approximately 232% more volatile than FPI relative to the S&P 500. On balance sheet safety, Innovative Industrial Properties, Inc. (IIPR) carries a lower debt/equity ratio of 21% versus 43% for Advanced Flower Capital Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — FPI or AFCG or IIPR or LAND?
By revenue growth (latest reported year), Farmland Partners Inc.
(FPI) is pulling ahead at -10. 4% versus -39. 6% for Advanced Flower Capital Inc. (AFCG). On earnings-per-share growth, the picture is similar: Gladstone Land Corporation grew EPS 0. 0% year-over-year, compared to -218. 8% for Advanced Flower Capital Inc.. Over a 3-year CAGR, IIPR leads at -1. 3% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — FPI or AFCG or IIPR or LAND?
Farmland Partners Inc.
(FPI) is the more profitable company, earning 60. 5% net margin versus -66. 0% for Advanced Flower Capital Inc. — meaning it keeps 60. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: LAND leads at 78. 6% versus -43. 6% for AFCG. At the gross margin level — before operating expenses — AFCG leads at 90. 7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is FPI or AFCG or IIPR or LAND more undervalued right now?
On forward earnings alone, Innovative Industrial Properties, Inc.
(IIPR) trades at 13. 2x forward P/E versus 49. 6x for Farmland Partners Inc. — 36. 5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FPI: 60. 6% to $17. 00.
08Which pays a better dividend — FPI or AFCG or IIPR or LAND?
All stocks in this comparison pay dividends.
Advanced Flower Capital Inc. (AFCG) offers the highest yield at 28. 1%, versus 6. 7% for Gladstone Land Corporation (LAND).
09Is FPI or AFCG or IIPR or LAND better for a retirement portfolio?
For long-horizon retirement investors, Farmland Partners Inc.
(FPI) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 56), 11. 7% yield). Advanced Flower Capital Inc. (AFCG) carries a higher beta of 1. 86 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (FPI: +29. 7%, AFCG: -42. 4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between FPI and AFCG and IIPR and LAND?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: FPI is a small-cap deep-value stock; AFCG is a small-cap income-oriented stock; IIPR is a small-cap deep-value stock; LAND is a small-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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