Dividend coverage remains highly erratic, with the 2025Q1 payout ratio reaching 17.35, suggesting that distributions are frequently decoupled from the company's underlying cash-generating capacity.
| 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 |
|---|
| Cash from Operations | 19.3M | 17.43M | 16.14M | 12.89M | 17.05M | 7.86M | 19.73M | 17.99M | 20M | 929K | 5.04M | 7.69M | 1.78M | 23.62K | 774.97K |
| Operating CF Growth % | 151.95% | 7.95% | 25.26% | -24.42% | 117.04% | -60.17% | 9.63% | -10.04% | 2053.18% | -81.57% | -34.49% | 331.66% | 7447.23% | -96.95% | - |
| Operating CF / Revenue % | 35.86% | 33.4% | 27.72% | 22.43% | 27.86% | 15.18% | 38.92% | 33.59% | 35.68% | 2.01% | 16.26% | 55.94% | 42.26% | 1.01% | 36.5% |
| Net Income | 30.15M | 31.55M | 61.45M | 30.76M | 11.61M | 10.26M | 7.53M | 14.85M | 14.04M | 9.16M | 6M | 1.69M | -671.3K | 34.17K | 586.35K |
| Depreciation & Amortization | 3.9M | 4.17M | 5.59M | 7.5M | 6.96M | 7.63M | 7.97M | 8.32M | -5K | 7.79M | -3K | -12.35M | 138.37M | 148.55K | 124.58K |
| Stock-Based Compensation | 2.1M | 2.16M | 2.35M | 1.85M | 0 | 1.26M | 1.06M | 1.43M | 1.65M | 1.39M | 1.22M | 941.8K | 680.54K | 0 | 0 |
| Other Non-Cash Items | -11.1M | -18.29M | -53.45M | -28.41M | 664K | -7.49M | -1.1M | -6.98M | 348K | 211K | 161K | -43.72K | 138.37K | 57.98K | 152.54K |
| Working Capital Changes | -5.79M | -2.16M | 213K | 1.19M | -2.18M | -3.81M | 4.27M | 375K | -2.57M | -18.12M | -3.9M | 4.21M | 1.3M | -217.08K | 36.07K |
| Cash from Investing | 75.32M | 63.4M | 268.75M | 158.46M | -60.4M | -18.77M | 18.67M | 31.05M | -15.86M | -234.11M | -137.4M | -119.69M | -126.3M | -1.65M | -4.25M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | -75K | -1.85M | 0 | 0 | 0 | 0 | 0 | 0 | -125.83B | -1.15M | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | -75.92M | 0 | 0 | 0 | -39.82M | -212.74M | -5.67M | -10.4M | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 19.84M | 0 | 0 | 0 | 36.74M | 0 | 50K | 0 | 0 | 0 | 0 |
| Other Investing | 75.32M | 63.4M | 268.75M | 158.46M | 0 | -16.92M | 18.67M | 31.05M | -15.86M | -234.11M | -137.4M | -119.69M | 125.7B | -1.15M | -3.81M |
| Cash from Financing | -98.53M | -149.97M | -211.94M | -173.51M | 20.83M | 13.87M | -23.74M | -53.38M | -40.78M | 239.55M | 156.01M | 101.77M | 158.23M | 1.6M | 3.5M |
| Dividends Paid | -19.2M | -63.74M | -24.6M | -15.48M | -14.64M | -16.41M | -18.28M | -18.66M | -27M | -20.95M | -6.6M | -4.43M | -1.66M | -6.76M | -2.97M |
| Common Dividends | -8M | -63.74M | -21.63M | -12.27M | 0 | -6.36M | -5.94M | -6.18M | -23.49M | -18.03M | -6.6M | -4.43M | -1.66M | -6.76M | -2.97M |
| Debt Issuance (Net) | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -37.13M | -38.14M | -27.53M | -72.65M | -10.16M | 0 | -9.91M | -22.9M | -20.6M | -10M | 0 | -21K | -1K | 0 | 0 |
| Other Financing | -82.06M | -5.11M | -1.32M | -1.09M | -762K | -1.43M | -882K | -430K | -2.01M | -5M | -4.42M | -2.54M | -2.52M | 1.5M | 4.46M |
| Net Change in Cash | -3.91M | -69.15M | 72.95M | -2.17M | -22.52M | 2.95M | 14.66M | -4.33M | -36.65M | 6.37M | 23.65M | -10.22M | 33.72M | -26.15K | 19.15K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 9.29M | 78.44M | 5.49M | 7.65M | 30.17M | 27.22M | 12.56M | 16.89M | 53.54M | 47.17M | 23.51M | 33.74M | 17.8K | 42.95K | 23.8K |
| Cash at End | 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 |
| Free Cash Flow | 19.3M | 17.43M | 16.14M | 12.89M | 12.8M | 7.86M | 19.73M | 17.99M | 7.22M | -20.65M | -126.73M | 7.69M | 1.74M | -478.61K | 335.8K |
| FCF Growth % | 81.86% | 7.95% | 25.26% | 0.64% | 63% | -60.17% | 9.63% | 149.29% | 134.96% | 83.71% | -1747.03% | 343.18% | 462.78% | -242.53% | - |
| FCF / Revenue % | 35.86% | 33.4% | 27.72% | 22.43% | 20.92% | 15.18% | 38.92% | 33.59% | 12.87% | -44.67% | -408.81% | 55.94% | 41.16% | -20.37% | 15.82% |
Earnings volatility from dispositions
As reported in financial statements, FPI's FFO frequently deviates from GAAP operating cash flow, with the 2026Q1 FFO/NI ratio of 12.89 highlighting how non-operating items and accounting adjustments obscure the underlying cash-generating capacity of the agricultural portfolio relative to standard REIT operating metrics.
The significant variance between GAAP operating cash flow and FFO suggests that core rental operations are often overshadowed by transactional activity. Investors should monitor this disconnect, as it implies that reported FFO may not be a reliable proxy for the actual cash available to fund recurring obligations.
Based on reported figures, the dividend payout ratio relative to AFFO and FFO shows extreme instability, with the 2025Q1 payout ratio reaching 17.35, suggesting that dividend distributions are frequently decoupled from recurring cash flow and likely rely on capital recycling or balance sheet liquidity.
The lack of consistent AFFO data across recent periods makes it difficult to assess the long-term sustainability of the dividend. The erratic payout ratios indicate that shareholders should be cautious, as the current distribution policy appears to be supported by non-recurring asset sales rather than stable, recurring rental income.
According to recent SEC filings, the company's net income is heavily influenced by non-recurring gains, as evidenced by the 2024Q4 net income of $58.7M, which significantly exceeds typical quarterly operational performance and masks the underlying volatility of the core agricultural land management business model.
The reliance on property dispositions to bolster net income creates a misleading picture of operational profitability. This trend warrants further investigation into whether the company can maintain its current dividend and operational scale without continued, aggressive asset liquidation.
Data from the cash flow statement indicates that FPI often experiences negative free cash flow, such as the -$6.1M reported in 2024Q2, which suggests that the company's reliance on external capital or asset sales is necessary to bridge gaps in operational cash generation.
The absence of consistent maintenance capital expenditure reporting in recent periods may hide the true cost of sustaining the 155,000-acre portfolio. This lack of transparency regarding tenant improvements and leasing commissions makes it difficult to determine the true free cash flow available for shareholders.
Quick answers to the most common questions about buying FPI stock.
Farmland Partners Inc. (FPI) generated $17.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Farmland Partners Inc. (FPI) generated $17.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Farmland Partners Inc. (FPI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Farmland Partners Inc. (FPI) returned $63.7M to shareholders via cash dividends and spent $38.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.