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FPI logoFarmland Partners Inc.(FPI)Earnings, Financials & Key Ratios

FPI•NYSE•REIT / Real Estate
$10.57
$461M mkt cap·17.0× P/E·Price updated May 6, 2026
SectorReal EstateIndustrySpecialty REITsSub-IndustryLand and Agriculture REITs
AboutFarmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns approximately 155,000 acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have approximately 26 crop types and over 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014.Show more
  • Revenue$52M-10.4%
  • FFO$36M-45.5%
  • FFO/Share0.70-40.4%
  • FFO Payout178.49%+440.5%
  • FFO per Share0.70-40.4%
  • NOI Margin64.35%-20.1%
  • FFO Margin68.44%-39.2%
  • ROE5.56%-43.0%
  • ROA3.97%-37.3%
  • Debt/Assets22.42%-4.5%
  • Net Debt/EBITDA5.58+38.3%
  • Book Value/Share10.50-1.5%
Technical→

FPI Key Insights

Farmland Partners Inc. (FPI) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 34.7%
  • ✓High NOI margin of 64.4%
  • ✓Share count reduced 8.5% through buybacks
  • ✓Trading at only 1.0x book value

✗Weaknesses

  • ✗FFO declining 48.3% TTM
  • ✗Dividend exceeds FFO - may not be sustainable
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

FPI Price & Volume

Farmland Partners Inc. (FPI) stock price & volume — 10-year historical chart

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FPI Growth Metrics

Farmland Partners Inc. (FPI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years14.26%
5 Years0.58%
3 Years-5.18%
TTM-4.71%

Profit CAGR

10 Years38.36%
5 Years34.68%
3 Years39.28%
TTM-50.21%

EPS CAGR

10 Years22.72%
5 Years-
3 Years57.07%
TTM-40.58%

Return on Capital

10 Years2.46%
5 Years2.38%
3 Years2.71%
Last Year3.03%

FPI Recent Earnings

Farmland Partners Inc. (FPI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
Apr 29, 2026
EPS
$0.05
Est $0.04
+25.0%
Revenue
$6M
Est $6M
+11.1%
Q1 2026
Feb 18, 2026
EPS
$0.25
Est $0.21
+19.0%
Revenue
$17M
Est $14M
+17.0%
Q4 2025
Oct 29, 2025
EPS
$0.07
Est $0.06
+16.7%
Revenue
$11M
Est $17M
-34.4%
Q3 2025
Jul 23, 2025
EPS
$0.03
Est $0.04
-25.0%
Revenue
$10M
Est $11M
-6.0%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.05vs $0.04+25.0%
$6Mvs $6M+11.1%
Q1 2026Feb 18, 2026
$0.25vs $0.21+19.0%
$17Mvs $14M+17.0%
Q4 2025Oct 29, 2025
$0.07vs $0.06+16.7%
$11Mvs $17M-34.4%
Q3 2025Jul 23, 2025
$0.03vs $0.04-25.0%
$10Mvs $11M-6.0%
Based on last 12 quarters of dataView full earnings history →

FPI Peer Comparison

Farmland Partners Inc. (FPI) competitors in Land and Agriculture REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
LAND logoLANDGladstone Land CorporationDirect Competitor349.64M9.63-33.21-10.67%-13.77%-1.56%2%
AGM logoAGMFederal Agricultural Mortgage CorporationDirect Competitor1.87B171.2810.31-18.86%15.73%12.57%4.28%17.93
AFCG logoAFCGAdvanced Flower Capital Inc.Direct Competitor67.06M2.85-3-39.65%-9.81%-11.32%16.75%0.43
AMT logoAMTAmerican Tower CorporationProduct Competitor82.98B178.1233.055.11%26.6%27.44%4.56%4.34
IIPR logoIIPRInnovative Industrial Properties, Inc.Product Competitor1.72B60.3215.35-13.8%44.57%6.27%10.14%0.21
PINE logoPINEAlpine Income Property Trust, Inc.Product Competitor278.66M19.45-88.4115.9%-0.64%-0.14%1.31
SAFE logoSAFESafehold Inc.Product Competitor1.05B14.629.205.43%29.69%4.75%4.55%1.84
ILPT logoILPTIndustrial Logistics Properties TrustProduct Competitor496.66M7.45-7.451.48%-11.93%-5.93%12.22%4.69

Compare FPI vs Peers

Farmland Partners Inc. (FPI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs LAND

Most directly comparable listed peer for FPI.

Scale Benchmark

vs DE

Larger-name benchmark to compare FPI against a more recognizable public peer.

Peer Set

Compare Top 5

vs LAND, AGM, AFCG, AMT

FPI Income Statement

Farmland Partners Inc. (FPI) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue46.22M56.07M53.56M50.69M51.74M61.21M57.47M58.23M52.18M53.83M
Revenue Growth %49.09%21.31%-4.47%-5.37%2.07%18.31%-6.12%1.32%-10.39%-4.71%
Property Operating Expenses5.9M7.83M8.82M10.74M8.86M14.16M13.41M11.3M18.6M11.44M
Net Operating Income (NOI)
40.32M▲ 0%
48.23M▲ 19.6%
44.74M▼ 7.2%
39.95M▼ 10.7%
42.88M▲ 7.3%
47.05M▲ 9.7%
44.05M▼ 6.4%
46.92M▲ 6.5%
33.58M▼ 28.4%
42.39M▲ 0%
NOI Margin %87.24%86.03%83.53%78.82%82.88%76.87%76.66%80.58%64.35%78.75%
Operating Expenses16.86M18.36M18.4M17.61M26.04M22.08M20.2M21.42M10.53M17.82M
G&A Expenses8.71M9.81M10.07M9.64M18.38M14.88M12.55M15.72M11.72M10.95M
EBITDA46.22M56.07M34.66M30.3M24.41M31.93M31.36M31.09M27.22M28.48M
EBITDA Margin %100%100%64.7%59.78%47.19%52.17%54.56%53.4%52.17%52.9%
Depreciation & Amortization23.69M26.38M8.32M7.97M7.63M6.96M7.5M5.59M4.17M3.9M
D&A / Revenue %51.26%47.04%15.53%15.73%14.75%11.37%13.05%9.6%7.99%7.25%
Operating Income
22.53M▲ 0%
29.69M▲ 31.8%
26.34M▼ 11.3%
22.33M▼ 15.2%
16.79M▼ 24.8%
24.97M▲ 48.8%
23.86M▼ 4.5%
25.5M▲ 6.9%
23.05M▼ 9.6%
24.57M▲ 0%
Operating Margin %48.74%52.96%49.17%44.05%32.44%40.8%41.51%43.8%44.18%45.65%
Interest Expense13.56M18.8M19.59M17.68M15.93M16.14M22.66M18.85M9.63M4M
Interest Coverage1.68x1.75x1.76x1.26x1.06x1.75x2.39x4.26x4.34x-
Non-Operating Income-191K-3.15M-8.1M-11K-74K-3.36M-30.32M-54.78M-18.73M-8.5M
Pretax Income
9.16M▲ 0%
14.04M▲ 53.3%
14.85M▲ 5.8%
7.53M▼ 49.3%
26.54M▲ 252.5%
12.19M▼ 54.1%
31.52M▲ 158.6%
61.43M▲ 94.9%
32.16M▼ 47.7%
30.7M▲ 0%
Pretax Margin %19.81%25.04%27.72%14.86%51.3%19.91%54.84%105.51%61.63%57.03%
Income Tax000016.28M227K-166K-16K-15K602K
Effective Tax Rate %0%0%0%0%61.35%1.86%-0.53%-0.03%-0.05%1.96%
Net Income
7.91M▲ 0%
12.25M▲ 54.8%
13.89M▲ 13.3%
7.12M▼ 48.7%
9.99M▲ 40.3%
11.67M▲ 16.8%
30.91M▲ 164.8%
59.91M▲ 93.8%
31.55M▼ 47.3%
30.15M▲ 0%
Net Margin %17.12%21.86%25.92%14.04%19.31%19.07%53.79%102.89%60.46%56%
Net Income Growth %83.96%54.84%13.32%-48.73%40.34%16.85%164.8%93.81%-47.35%-50.21%
Funds From Operations (FFO)
31.61M▲ 0%
38.63M▲ 22.2%
22.21M▼ 42.5%
15.09M▼ 32.0%
17.62M▲ 16.8%
18.63M▲ 5.8%
38.41M▲ 106.1%
65.5M▲ 70.5%
35.71M▼ 45.5%
34.05M▲ 0%
FFO Margin %68.38%68.9%41.46%29.77%34.06%30.44%66.84%112.49%68.44%63.26%
FFO Growth %60.67%22.23%-42.52%-32.04%16.76%5.75%106.14%70.52%-45.48%1394.91%
FFO per Share1.021.200.740.510.510.370.661.170.700.79
FFO Payout Ratio %57.06%60.8%27.82%39.37%36.1%78.54%31.95%33.02%178.49%23.5%
EPS (Diluted)
0.03▲ 0%
0.38▲ 1166.7%
-0.20▼ 152.6%
-0.18▲ 10.0%
-0.17▲ 5.6%
0.16▲ 194.1%
0.48▲ 200.0%
1.06▲ 120.8%
0.62▼ 41.5%
0.70▲ 0%
EPS Growth %-66.67%1166.67%-152.63%10%5.56%194.12%200%120.83%-41.51%-40.58%
EPS (Basic)0.030.38-0.20-0.18-0.170.160.551.190.71-
Diluted Shares Outstanding31.05M32.16M30.17M29.38M34.64M50.95M58.29M55.99M51.26M43.2M

FPI Balance Sheet

Farmland Partners Inc. (FPI) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets1.17B1.14B1.1B1.09B1.12B1.16B1.02B868.56M719.07M711.71M
Asset Growth %77.88%-2.28%-3.24%-1.05%2.8%3.44%-11.91%-15.01%-17.21%-81.98%
Real Estate & Other Assets-1.17B-1.14B1.07B1.05B-56.38M1.11B963.24M720.52M-620.65M-609.72M
PP&E (Net)1.09B1.1B73K93K107K325K399K194K169K125K
Investment Securities00001000K1000K1000K1000K1000K1000K
Total Current Assets73.37M38.88M27.83M37.69M48.22M39.62M49.49M139.66M91.84M98.11M
Cash & Equivalents53.54M16.89M12.56M27.22M30.17M7.65M5.49M78.44M9.29M17.74M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets3.06M3.64M3.44M2.89M3.92M33K2.31M61K-4.41M0
Intangible Assets00001.92M2.06M2.04M1.37M00
Total Liabilities530.4M535.97M646.15M524.8M528.94M455.94M391.19M272M181.09M248.21M
Total Debt514.07M523.64M511.48M506.72M511.43M437.2M361.26M203.88M161.18M231.91M
Net Debt460.54M506.75M498.92M479.5M481.26M429.55M355.77M125.44M151.89M214.17M
Long-Term Debt514.07M523.64M511.4M506.63M511.32M436.88M360.86M203.68M161.01M231.79M
Short-Term Borrowings0000785K0000125K
Capital Lease Obligations0073K93K107K325K399K194K169K935K
Total Current Liabilities16.33M11.46M12.52M15.18M16.72M18.73M29.93M68.13M171K5.44M
Accounts Payable0000000000
Deferred Revenue3.91M238K71K37K45K44K2.15M65K1.24M5.32M
Other Liabilities-3.91M627K122.08M2.86M740K18.37M0018.67M10.98M
Total Equity
635.68M▲ 0%
603.54M▼ 5.1%
456.41M▼ 24.4%
566.19M▲ 24.1%
592.59M▲ 4.7%
704.21M▲ 18.8%
630.81M▼ 10.4%
596.56M▼ 5.4%
537.97M▼ 9.8%
463.51M▲ 0%
Equity Growth %194.85%-5.06%-24.38%24.05%4.66%18.84%-10.42%-5.43%-9.82%-49.26%
Shareholders Equity468.66M438.35M437.36M429.84M458.31M580.79M515.88M481.91M459.35M460.4M
Minority Interest167.02M165.19M19.04M136.35M134.27M123.43M114.93M114.65M78.62M3.11M
Common Stock329K300K292K297K444K531K466K459K431K436K
Additional Paid-in Capital350.15M333M338.39M345.87M524.18M647.35M577.25M551.99M520.9M525.78M
Retained Earnings-26.04M-37.84M-42.53M-53.71M-66.62M-70.4M-64.53M-72.05M-62.33M-65.82M
Preferred Stock144.22M143.76M142.86M139.77M26K00000
Return on Assets (ROA)0.87%1.06%1.24%0.65%0.9%1.02%2.83%6.34%3.97%4.09%
Return on Equity (ROE)1.86%1.98%2.62%1.39%1.72%1.8%4.63%9.76%5.56%5.65%
Debt / Assets44.09%45.95%46.39%46.45%45.6%37.68%35.35%23.47%22.42%32.58%
Debt / Equity0.81x0.87x1.12x0.89x0.86x0.62x0.57x0.34x0.30x0.30x
Net Debt / EBITDA9.96x9.04x14.40x15.82x19.71x13.45x11.35x4.03x5.58x5.58x
Book Value per Share20.4818.7715.1319.2717.1113.8210.8210.6610.5010.73

FPI Cash Flow Statement

Farmland Partners Inc. (FPI) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations929K20M17.99M19.73M7.86M17.05M12.89M16.14M17.43M17.43M
Operating CF Growth %-81.57%2053.18%-10.04%9.63%-60.17%117.04%-24.42%25.26%7.95%151.95%
Operating CF / Revenue %2.01%35.68%33.59%38.92%15.18%27.86%22.43%27.72%33.4%32.37%
Net Income9.16M14.04M14.85M7.53M10.26M11.61M30.76M61.45M31.55M30.15M
Depreciation & Amortization7.79M-5K8.32M7.97M7.63M6.96M7.5M5.59M4.17M3.9M
Stock-Based Compensation1.39M1.65M1.43M1.06M1.26M01.85M2.35M2.16M2.1M
Other Non-Cash Items211K348K-6.98M-1.1M-7.49M664K-28.41M-53.45M-18.29M-11.1M
Working Capital Changes-18.12M-2.57M375K4.27M-3.81M-2.18M1.19M213K-2.16M-5.79M
Cash from Investing-234.11M-15.86M31.05M18.67M-18.77M-60.4M158.46M268.75M63.4M75.32M
Acquisitions (Net)0000-1.85M-75K0000
Purchase of Investments-212.74M-39.82M000-75.92M0000
Sale of Investments036.74M00019.84M0000
Other Investing-234.11M-15.86M31.05M18.67M-16.92M0158.46M268.75M63.4M75.32M
Cash from Financing239.55M-40.78M-53.38M-23.74M13.87M20.83M-173.51M-211.94M-149.97M-98.53M
Dividends Paid-20.95M-27M-18.66M-18.28M-16.41M-14.64M-15.48M-24.6M-63.74M-19.2M
Common Dividends-18.03M-23.49M-6.18M-5.94M-6.36M0-12.27M-21.63M-63.74M-8M
Debt Issuance (Net)1000K1000K-1000K-1000K1000K1000K-1000K-1000K-1000K-1000K
Share Repurchases-10M-20.6M-22.9M-9.91M0-10.16M-72.65M-27.53M-38.14M-37.13M
Other Financing-5M-2.01M-430K-882K-1.43M-762K-1.09M-1.32M-5.11M-82.06M
Net Change in Cash
6.37M▲ 0%
-36.65M▼ 675.3%
-4.33M▲ 88.2%
14.66M▲ 438.5%
2.95M▼ 79.8%
-22.52M▼ 862.3%
-2.17M▲ 90.4%
72.95M▲ 3469.6%
-69.15M▼ 194.8%
-3.91M▲ 0%
Exchange Rate Effect0000000000
Cash at Beginning47.17M53.54M16.89M12.56M27.22M30.17M7.65M5.49M78.44M9.29M
Cash at End53.54M16.89M12.56M27.22M30.17M7.65M5.49M78.44M9.29M17.74M
Free Cash Flow
-20.65M▲ 0%
7.22M▲ 135.0%
17.99M▲ 149.3%
19.73M▲ 9.6%
7.86M▼ 60.2%
12.8M▲ 63.0%
12.89M▲ 0.6%
16.14M▲ 25.3%
17.43M▲ 8.0%
19.3M▲ 0%
FCF Growth %83.71%134.96%149.29%9.63%-60.17%63%0.64%25.26%7.95%81.86%
FCF / Revenue %-44.67%12.87%33.59%38.92%15.18%20.92%22.43%27.72%33.4%35.86%

FPI Key Ratios

Farmland Partners Inc. (FPI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share1.021.20.740.510.510.370.661.170.70.79
FFO Payout Ratio57.06%60.8%27.82%39.37%36.1%78.54%31.95%33.02%178.49%23.5%
NOI Margin87.24%86.03%83.53%78.82%82.88%76.87%76.66%80.58%64.35%78.75%
Net Debt / EBITDA9.96x9.04x14.40x15.82x19.71x13.45x11.35x4.03x5.58x5.58x
Debt / Assets44.09%45.95%46.39%46.45%45.6%37.68%35.35%23.47%22.42%32.58%
Interest Coverage1.68x1.75x1.76x1.26x1.06x1.75x2.39x4.26x4.34x-
Book Value / Share20.4818.7715.1319.2717.1113.8210.8210.6610.510.73
Revenue Growth49.09%21.31%-4.47%-5.37%2.07%18.31%-6.12%1.32%-10.39%-4.71%

FPI SEC Filings & Documents

Farmland Partners Inc. (FPI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 30, 2026·SEC

Material company update

Apr 29, 2026·SEC

Material company update

Feb 18, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 24, 2025·SEC

FPI Frequently Asked Questions

Farmland Partners Inc. (FPI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Farmland Partners Inc. (FPI) reported $53.8M in revenue for fiscal year 2025. This represents a 2435% increase from $2.1M in 2012.

Farmland Partners Inc. (FPI) saw revenue decline by 10.4% over the past year.

Yes, Farmland Partners Inc. (FPI) is profitable, generating $30.1M in net income for fiscal year 2025 (60.5% net margin).

Dividend & Returns

Yes, Farmland Partners Inc. (FPI) pays a dividend with a yield of 11.77%. This makes it attractive for income-focused investors.

Farmland Partners Inc. (FPI) has a return on equity (ROE) of 5.6%. This is below average, suggesting room for improvement.

Industry Metrics

Farmland Partners Inc. (FPI) generated Funds From Operations (FFO) of $34.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Farmland Partners Inc. (FPI) offers a 11.77% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More FPI

Farmland Partners Inc. (FPI) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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