Farmland Partners Inc. (FPI) Financial Ratios
14 years of historical data (2012–2025) · Real Estate · REIT - Specialty
EV/EBITDA
↓
21.13
↓-31% vs avg
5yr avg: 30.72
30Y Low11.6·High37.9
P/FCF
↓
24.29
↓-47% vs avg
5yr avg: 45.60
30Y Low11.4·High56.5
P/B Ratio
↑
0.92
-3% vs avg
5yr avg: 0.96
30Y Low0.2·High1.2
ROE
↑
5.6%
↓+18% vs avg
5yr avg: 4.7%
30Y Low-1%·High176%
Debt/EBITDA
↓
5.92
↓-50% vs avg
5yr avg: 11.73
30Y Low5.9·High28.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FPI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Farmland Partners Inc. trades at 15.6x earnings, 52% below its 5-year average of 32.6x, sitting at the 43rd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 35%. On a free-cash-flow basis, the stock trades at 24.3x P/FCF, 47% below the 5-year average of 45.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $423M | $497M | $658M | $727M | $635M | $414M | $256M | $205M | $146M | $269M | $147M |
| Enterprise Value | $575M | $649M | $784M | $1.1B | $1.1B | $895M | $735M | $703M | $653M | $730M | $409M |
| P/E Ratio → | 15.65 | 15.63 | 11.09 | 26.00 | 77.88 | — | — | — | 11.95 | 289.33 | 124.00 |
| P/S Ratio | 8.11 | 9.52 | 11.31 | 12.66 | 10.37 | 8.00 | 5.04 | 3.82 | 2.60 | 5.83 | 4.75 |
| P/B Ratio | 0.92 | 0.92 | 1.10 | 1.15 | 0.90 | 0.70 | 0.45 | 0.45 | 0.24 | 0.42 | 0.68 |
| P/FCF | 24.29 | 28.50 | 40.79 | 56.45 | 49.58 | 52.69 | 12.96 | 11.37 | 20.23 | — | — |
| P/OCF | 24.29 | 28.50 | 40.79 | 56.45 | 37.23 | 52.69 | 12.96 | 11.37 | 7.30 | 290.07 | 29.23 |
P/E links to full P/E history page with 30-year chart
FPI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Farmland Partners Inc.'s enterprise value stands at 21.1x EBITDA, 31% below its 5-year average of 30.7x. The Real Estate sector median is 17.0x, placing the stock at a 24% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.43 | 13.46 | 18.85 | 17.39 | 17.30 | 14.50 | 13.13 | 11.64 | 15.79 | 13.19 |
| EV / EBITDA | 21.13 | 23.82 | 25.21 | 34.55 | 33.33 | 36.67 | 24.26 | 20.30 | 11.64 | 15.79 | 13.19 |
| EV / EBIT | 24.95 | 15.52 | 9.76 | 20.00 | 37.57 | 53.01 | 32.90 | 20.43 | 19.88 | 32.13 | 25.61 |
| EV / FCF | — | 37.22 | 48.56 | 84.06 | 83.13 | 113.95 | 37.26 | 39.09 | 90.44 | — | — |
FPI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Farmland Partners Inc. earns an operating margin of 44.2%, significantly above the Real Estate sector average of 24.8%. Operating margins have expanded from 41.5% to 44.2% over the past 3 years, signaling improving operational efficiency. ROE of 5.6% is modest. ROIC of 2.4% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.4% | 64.4% | 80.6% | 76.7% | 76.9% | 82.9% | 78.8% | 83.5% | 86.0% | 87.2% | 92.3% |
| Operating Margin | 44.2% | 44.2% | 43.8% | 41.5% | 40.8% | 32.4% | 44.1% | 49.2% | 53.0% | 48.7% | 50.4% |
| Net Profit Margin | 60.5% | 60.5% | 102.9% | 53.8% | 19.1% | 19.3% | 14.0% | 25.9% | 21.9% | 17.1% | 13.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.6% | 5.6% | 9.8% | 4.6% | 1.8% | 1.7% | 1.4% | 2.6% | 2.0% | 1.9% | 2.4% |
| ROA | 4.0% | 4.0% | 6.3% | 2.8% | 1.0% | 0.9% | 0.6% | 1.2% | 1.1% | 0.9% | 0.9% |
| ROIC | 2.4% | 2.4% | 2.2% | 1.7% | 1.7% | 1.2% | 1.7% | 1.9% | 2.0% | 2.1% | 3.0% |
| ROCE | 3.0% | 3.0% | 2.8% | 2.2% | 2.2% | 1.5% | 2.1% | 2.4% | 2.6% | 2.5% | 3.2% |
FPI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Farmland Partners Inc. carries a Debt/EBITDA ratio of 5.9x, which is highly leveraged (25% below the sector average of 7.9x). Net debt stands at $152M ($161M total debt minus $9M cash). Interest coverage of 4.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.30 | 0.30 | 0.34 | 0.57 | 0.62 | 0.86 | 0.89 | 1.12 | 0.87 | 0.81 | 1.43 |
| Debt / EBITDA | 5.92 | 5.92 | 6.56 | 11.52 | 13.69 | 20.95 | 16.72 | 14.76 | 9.34 | 11.12 | 9.96 |
| Net Debt / Equity | — | 0.28 | 0.21 | 0.56 | 0.61 | 0.81 | 0.85 | 1.09 | 0.84 | 0.72 | 1.21 |
| Net Debt / EBITDA | 5.58 | 5.58 | 4.03 | 11.35 | 13.45 | 19.71 | 15.82 | 14.40 | 9.04 | 9.96 | 8.44 |
| Debt / FCF | — | 8.72 | 7.77 | 27.61 | 33.55 | 61.26 | 24.31 | 27.73 | 70.21 | — | — |
| Interest Coverage | 4.34 | 4.34 | 4.26 | 2.39 | 1.75 | 1.06 | 1.26 | 1.76 | 1.75 | 1.68 | 1.60 |
FPI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Farmland Partners Inc.'s current ratio of 537.08x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 523.54x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.65x to 537.08x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 537.08 | 537.08 | 2.05 | 1.65 | 2.11 | 2.88 | 2.48 | 2.22 | 3.39 | 4.49 | 5.45 |
| Quick Ratio | 523.54 | 523.54 | 2.01 | 1.58 | 1.96 | 2.70 | 2.41 | 2.10 | 3.36 | 4.48 | 5.42 |
| Cash Ratio | 54.35 | 54.35 | 1.15 | 0.18 | 0.41 | 1.80 | 1.79 | 1.00 | 1.47 | 3.28 | 4.20 |
| Asset Turnover | — | 0.07 | 0.07 | 0.06 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 |
| Inventory Turnover | 8.03 | 8.03 | 4.25 | 5.74 | 5.04 | 2.90 | 9.61 | 5.69 | 22.97 | 46.80 | 8.41 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
FPI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Farmland Partners Inc. returns 21.8% to shareholders annually — split between a 12.8% dividend yield and 9.0% buyback yield. The payout ratio exceeds 100% at 202.1%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 6.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 12.8% | 12.8% | 3.3% | 1.7% | 2.3% | 1.5% | 2.3% | 3.0% | 16.1% | 6.7% | 4.5% |
| Payout Ratio | 202.1% | 202.1% | 36.1% | 39.7% | — | 63.7% | 83.5% | 44.5% | 191.7% | 227.9% | 153.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 6.4% | 9.0% | 3.8% | 1.3% | — | — | — | 8.4% | 0.3% | 0.8% |
| FCF Yield | 4.1% | 3.5% | 2.5% | 1.8% | 2.0% | 1.9% | 7.7% | 8.8% | 4.9% | — | — |
| Buyback Yield | 9.0% | 7.7% | 4.2% | 10.0% | 1.6% | 0.0% | 3.9% | 11.2% | 14.1% | 3.7% | 0.0% |
| Total Shareholder Yield | 21.8% | 20.5% | 7.5% | 11.7% | 3.9% | 1.5% | 6.2% | 14.2% | 30.2% | 10.4% | 4.5% |
| Shares Outstanding | — | $51M | $56M | $58M | $51M | $35M | $29M | $30M | $32M | $31M | $13M |
Peer Comparison
Compare FPI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FPIYou | $423M | 15.6 | 21.1 | 24.3 | 64.4% | 44.2% | 5.6% | 2.4% | 5.9 |
 LAND | $371M | -29.6 | 15.1 | — | -5.7% | 27.2% | 2.0% | 1.5% | 9.2 |
 AGM | $2B | 11.0 | 124.7 | 24.9 | 29.5% | 19.4% | 12.9% | 0.6% | 120.5 |
 AFCG | $75M | -3.3 | — | 6.6 | 90.7% | -43.6% | -11.0% | -4.1% | — |
 AMT | $82B | 32.7 | 18.1 | 21.7 | 73.7% | 45.8% | 25.3% | 6.9% | 6.5 |
 IIPR | $2B | 15.1 | 10.3 | 9.7 | 88.7% | 46.7% | 6.0% | 4.3% | 2.0 |
 PINE | $276M | -87.5 | 14.5 | — | -10.9% | 30.5% | -0.9% | 2.2% | 8.6 |
 SAFE | $1B | 9.6 | 17.6 | 22.8 | 94.3% | 79.8% | 4.8% | 3.4% | 14.2 |
 ILPT | $558M | -8.4 | 14.7 | 9.2 | 12.6% | 33.0% | -6.9% | 2.2% | 13.5 |
 DE | $162B | 32.4 | 20.4 | 50.0 | 36.5% | 18.8% | 20.5% | 7.8% | 6.0 |
 NTR | $30B | 13.1 | 6.6 | 14.7 | 31.0% | 14.5% | 9.3% | 8.0% | 2.0 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 14 years · Updated daily
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FPI — Frequently Asked Questions
Quick answers to the most common questions about buying FPI stock.
What is Farmland Partners Inc.'s P/E ratio?
Farmland Partners Inc.'s current P/E ratio is 15.6x. The historical average is 57.7x. This places it at the 43th percentile of its historical range.
What is Farmland Partners Inc.'s EV/EBITDA?
Farmland Partners Inc.'s current EV/EBITDA is 21.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.1x.
What is Farmland Partners Inc.'s ROE?
Farmland Partners Inc.'s return on equity (ROE) is 5.6%. The historical average is 16.1%.
Is FPI stock overvalued?
Based on historical data, Farmland Partners Inc. is trading at a P/E of 15.6x. This is at the 43th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Farmland Partners Inc.'s dividend yield?
Farmland Partners Inc.'s current dividend yield is 12.82% with a payout ratio of 202.1%.
What are Farmland Partners Inc.'s profit margins?
Farmland Partners Inc. has 64.4% gross margin and 44.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Farmland Partners Inc. have?
Farmland Partners Inc.'s Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.