The company has successfully improved its financial stability by reducing its debt-to-equity ratio from 0.61 in 2024Q1 to 0.50 in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Assets | 711.71M | 719.07M | 868.56M | 1.02B | 1.16B | 1.12B | 1.09B | 1.1B | 1.14B | 1.17B | 655.53M | 344.95M | 201.02M | 39.67M | 36.91M |
| Asset Growth % | -81.98% | -17.21% | -15.01% | -11.91% | 3.44% | 2.8% | -1.05% | -3.24% | -2.28% | 77.88% | 90.03% | 71.6% | 406.76% | 7.46% | - |
| Real Estate & Other Assets | -609.72M | -620.65M | 720.52M | 963.24M | 1.11B | -56.38M | 1.05B | 1.07B | -1.14B | -1.17B | -655.31M | 674.86K | 447.32K | 832.75K | 16.31K |
| PP&E (Net) | 125K | 169K | 194K | 399K | 325K | 107K | 93K | 73K | 1.1B | 1.09B | 594.06M | 316.24M | 165.9M | 38.36M | 36.85M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 98.11M | 91.84M | 139.66M | 49.49M | 39.62M | 48.22M | 37.69M | 27.83M | 38.88M | 73.37M | 61.25M | 28.04M | 34.68M | 480.5K | 42.95K |
| Cash & Equivalents | 17.74M | 9.29M | 78.44M | 5.49M | 7.65M | 30.17M | 27.22M | 12.56M | 16.89M | 53.54M | 47.17M | 23.51M | 33.74M | 16.8K | 42.95K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 519.68K | 463.7K | 0 |
| Other Current Assets | 0 | -4.41M | 61K | 2.31M | 33K | 3.92M | 2.89M | 3.44M | 3.64M | 3.06M | 1.06M | 764.7K | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 1.37M | 2.04M | 2.06M | 1.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 248.21M | 181.09M | 272M | 391.19M | 455.94M | 528.94M | 524.8M | 646.15M | 535.97M | 530.4M | 439.94M | 206.42M | 117.5M | 44.39M | 36.58M |
| Total Debt | 231.91M | 161.18M | 203.88M | 361.26M | 437.2M | 511.43M | 506.72M | 511.48M | 523.64M | 514.07M | 308.78M | 187.07M | 113.88M | 43.07M | 36.2M |
| Net Debt | 214.17M | 151.89M | 125.44M | 355.77M | 429.55M | 481.26M | 479.5M | 498.92M | 506.75M | 460.54M | 261.61M | 163.56M | 80.14M | 43.05M | 36.16M |
| Long-Term Debt | 231.79M | 161.01M | 203.68M | 360.86M | 436.88M | 511.32M | 506.63M | 511.4M | 523.64M | 514.07M | 308.78M | 187.07M | 113.51M | 43.07M | 36.2M |
| Short-Term Borrowings | 125K | 0 | 0 | 0 | 0 | 785K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 935K | 169K | 194K | 399K | 325K | 107K | 93K | 73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 5.44M | 171K | 68.13M | 29.93M | 18.73M | 16.72M | 15.18M | 12.52M | 11.46M | 16.33M | 11.24M | 9.65M | 3.62M | 1.33M | 381.72K |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 5.32M | 1.24M | 65K | 2.15M | 44K | 45K | 37K | 71K | 238K | 3.91M | 982K | 4.85M | 1.36M | 0 | 0 |
| Other Liabilities | 10.98M | 18.67M | 0 | 0 | 18.37M | 740K | 2.86M | 122.08M | 627K | -3.91M | 118.93M | 9.69M | 116.02B | 0 | 0 |
| Total Equity | 463.51M | 537.97M | 596.56M | 630.81M | 704.21M | 592.59M | 566.19M | 456.41M | 603.54M | 635.68M | 215.59M | 138.53M | 83.53M | -4.72M | 333.37K |
| Equity Growth % | -49.26% | -9.82% | -5.43% | -10.42% | 18.84% | 4.66% | 24.05% | -24.38% | -5.06% | 194.85% | 55.63% | 65.86% | 1868.15% | -1517.03% | - |
| Shareholders Equity | 460.4M | 459.35M | 481.91M | 515.88M | 580.79M | 458.31M | 429.84M | 437.36M | 438.35M | 468.66M | 161.9M | 108.37M | 66.36M | -4.72M | 333.37K |
| Minority Interest | 3.11M | 78.62M | 114.65M | 114.93M | 123.43M | 134.27M | 136.35M | 19.04M | 165.19M | 167.02M | 53.69M | 30.16M | 17.17M | 0 | 0 |
| Common Stock | 436K | 431K | 459K | 466K | 531K | 444K | 297K | 292K | 300K | 329K | 172K | 117.63K | 75.17K | 0 | 333.37K |
| Additional Paid-in Capital | 525.78M | 520.9M | 551.99M | 577.25M | 647.35M | 524.18M | 345.87M | 338.39M | 333M | 350.15M | 172.1M | 114.78M | 68.98M | 990 | 0 |
| Retained Earnings | -65.82M | -62.33M | -72.05M | -64.53M | -70.4M | -66.62M | -53.71M | -42.53M | -37.84M | -26.04M | 4.1M | -6.53M | -2.7M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 26K | 139.77M | 142.86M | 143.76M | 144.22M | 0 | 6.53M | 2.7M | 0 | 0 |
| Return on Assets (ROA) | 4.09% | 3.97% | 6.34% | 2.83% | 1.02% | 0.9% | 0.65% | 1.24% | 1.06% | 0.87% | 0.86% | 0.45% | -0.47% | 0.09% | 1.59% |
| Return on Equity (ROE) | 5.65% | 5.56% | 9.76% | 4.63% | 1.8% | 1.72% | 1.39% | 2.62% | 1.98% | 1.86% | 2.43% | 1.11% | -1.44% | - | 175.89% |
| Debt / Assets | 32.58% | 22.42% | 23.47% | 35.35% | 37.68% | 45.6% | 46.45% | 46.39% | 45.95% | 44.09% | 47.1% | 54.23% | 56.65% | 108.56% | 98.06% |
| Debt / Equity | 0.50x | 0.30x | 0.34x | 0.57x | 0.62x | 0.86x | 0.89x | 1.12x | 0.87x | 0.81x | 1.43x | 1.35x | 1.36x | - | 108.58x |
| Net Debt / EBITDA | 7.52x | 5.58x | 4.03x | 11.35x | 13.45x | 19.71x | 15.82x | 14.40x | 9.04x | 9.96x | 8.44x | 23.00x | 90.51x | 28.23x | 19.30x |
| Book Value per Share | 10.73 | 10.50 | 10.66 | 10.82 | 13.82 | 17.11 | 19.27 | 15.13 | 18.77 | 20.48 | 16.33 | 14.39 | 19.58 | -1.18 | 0.08 |
Asset disposition dependency
As reported in financial statements, FPI has aggressively reduced total debt from $381.2M in 2024Q1 to $231.9M by 2026Q1, reflecting a deliberate shift toward a leaner capital structure that prioritizes balance sheet flexibility over the rapid expansion of the total asset base.
The contraction in total assets from $1.0B to $711.7M over the same period suggests that management is actively pruning the portfolio to improve capital efficiency. This trajectory indicates a pivot away from aggressive land accumulation toward a more disciplined approach that may enhance long-term shareholder value through reduced interest expense.
Based on reported figures, the company's debt-to-equity ratio improved from 0.61 in 2024Q1 to 0.50 in 2026Q1, signaling a strengthened balance sheet that appears well-positioned to navigate potential volatility in agricultural commodity markets and interest rate environments.
The reduction in debt levels provides a buffer against the inherent cyclicality of the row-crop sector, where income can fluctuate significantly based on harvest outcomes. Investors should monitor whether this lower leverage profile persists if the company identifies new acquisition opportunities that require external financing.
According to recent SEC filings, cash reserves have fluctuated significantly, ranging from a low of $5.5M in 2023Q4 to a peak of $78.4M in 2024Q4, which highlights the company's reliance on the timing of land dispositions to maintain liquidity for operations and debt service.
The volatility in cash balances suggests that liquidity is not derived solely from recurring rental income but is instead tied to the successful execution of asset sales. This dependency warrants further investigation into the company's ability to fund ongoing obligations during periods when the land market experiences lower transaction volumes.
Data from the balance sheet indicates that net property, plant, and equipment remains minimal at $125.0K as of 2026Q1, which appears to be an accounting artifact that significantly obscures the true market value of the 155,000-acre agricultural land portfolio held by the REIT.
Because farmland is carried at historical cost and depreciated, the balance sheet fails to capture the appreciation potential of the underlying acreage. This discrepancy suggests that traditional book-value-based metrics may be misleading, and investors should instead focus on independent appraisals to assess the true net asset value.
Quick answers to the most common questions about buying FPI stock.
As of 2025, Farmland Partners Inc. (FPI) had total assets of $719.1M including $91.8M in current assets.
Farmland Partners Inc. (FPI) carries total debt of $161.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Farmland Partners Inc. (FPI) has total shareholders' equity (book value) of $459.4M ($10.50 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Farmland Partners Inc. (FPI) reported a current ratio of 537.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.