Revenue growth remains inconsistent with quarterly fluctuations between a 15.5% decline and a 14.6% increase, while NOI margins exhibit significant sensitivity to seasonality, ranging from 69.2% to 87.0%.
| 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 |
|---|
| Revenue | 53.83M | 52.18M | 58.23M | 57.47M | 61.21M | 51.74M | 50.69M | 53.56M | 56.07M | 46.22M | 31M | 13.76M | 4.22M | 2.35M | 2.12M |
| Revenue Growth % | -4.71% | -10.39% | 1.32% | -6.12% | 18.31% | 2.07% | -5.37% | -4.47% | 21.31% | 49.09% | 125.36% | 226.12% | 79.49% | 10.69% | - |
| Property Operating Expenses | 11.44M | 18.6M | 11.3M | 13.41M | 14.16M | 8.86M | 10.74M | 8.82M | 7.83M | 5.9M | 2.38M | 1.1M | 248.64K | 26.8K | 185.62K |
| Net Operating Income (NOI) | 42.39M | 33.58M | 46.92M | 44.05M | 47.05M | 42.88M | 39.95M | 44.74M | 48.23M | 40.32M | 28.62M | 12.65M | 3.97M | 2.32M | 1.94M |
| NOI Margin % | 78.75% | 64.35% | 80.58% | 76.66% | 76.87% | 82.88% | 78.82% | 83.53% | 86.03% | 87.24% | 92.33% | 91.98% | 94.11% | 98.86% | 91.26% |
| Operating Expenses | 17.82M | 10.53M | 21.42M | 20.2M | 22.08M | 26.04M | 17.61M | 18.4M | 18.36M | 16.86M | 10.47M | 6.18M | 3.22M | 946.5K | 174.63K |
| G&A Expenses | 10.95M | 11.72M | 15.72M | 12.55M | 14.88M | 18.38M | 9.64M | 10.07M | 9.81M | 8.71M | 8.47M | 5.28M | 2.89M | 793.45K | 50.05K |
| EBITDA | 28.48M | 27.22M | 31.09M | 31.36M | 31.93M | 24.41M | 30.3M | 34.66M | 56.07M | 46.22M | 31M | 7.11M | 885.42K | 1.53M | 1.87M |
| EBITDA Margin % | 52.9% | 52.17% | 53.4% | 54.56% | 52.17% | 47.19% | 59.78% | 64.7% | 100% | 100% | 100% | 51.69% | 20.99% | 64.89% | 88.21% |
| Depreciation & Amortization | 3.9M | 4.17M | 5.59M | 7.5M | 6.96M | 7.63M | 7.97M | 8.32M | 26.38M | 23.69M | 15.37M | 893.31K | 328.58K | 148.55K | 124.58K |
| D&A / Revenue % | 7.25% | 7.99% | 9.6% | 13.05% | 11.37% | 14.75% | 15.73% | 15.53% | 47.04% | 51.26% | 49.58% | 6.49% | 7.79% | 6.32% | 5.87% |
| Operating Income | 24.57M | 23.05M | 25.5M | 23.86M | 24.97M | 16.79M | 22.33M | 26.34M | 29.69M | 22.53M | 15.63M | 6.22M | 556.85K | 1.38M | 1.75M |
| Operating Margin % | 45.65% | 44.18% | 43.8% | 41.51% | 40.8% | 32.44% | 44.05% | 49.17% | 52.96% | 48.74% | 50.42% | 45.19% | 13.2% | 58.57% | 82.35% |
| Interest Expense | 4M | 9.63M | 18.85M | 22.66M | 16.14M | 15.93M | 17.68M | 19.59M | 18.8M | 13.56M | 9.96M | 4.62M | 1.37M | 1.34M | 1.16M |
| Interest Coverage | - | 4.34x | 4.26x | 2.39x | 1.75x | 1.06x | 1.26x | 1.76x | 1.75x | 1.68x | 1.60x | 1.40x | -0.59x | 1.03x | 1.50x |
| Non-Operating Income | -8.5M | -18.73M | -54.78M | -30.32M | -3.36M | -74K | -11K | -8.1M | -3.15M | -191K | -337K | -259.71K | 1.37M | 0 | 14.54K |
| Pretax Income | 30.7M | 32.16M | 61.43M | 31.52M | 12.19M | 26.54M | 7.53M | 14.85M | 14.04M | 9.16M | 6.01M | 1.7M | -671.3K | 34.17K | 586.35K |
| Pretax Margin % | 57.03% | 61.63% | 105.51% | 54.84% | 19.91% | 51.3% | 14.86% | 27.72% | 25.04% | 19.81% | 19.39% | 12.35% | -15.91% | 1.45% | 27.62% |
| Income Tax | 602K | -15K | -16K | -166K | 227K | 16.28M | 0 | 0 | 0 | 0 | 11K | 9.95K | -103.11K | 0 | 1.16M |
| Effective Tax Rate % | 1.96% | -0.05% | -0.03% | -0.53% | 1.86% | 61.35% | 0% | 0% | 0% | 0% | 0.18% | 0.59% | 15.36% | 0% | 198.17% |
| Net Income | 30.15M | 31.55M | 59.91M | 30.91M | 11.67M | 9.99M | 7.12M | 13.89M | 12.25M | 7.91M | 4.3M | 1.23M | -568.19K | 34.17K | 586.35K |
| Net Margin % | 56% | 60.46% | 102.89% | 53.79% | 19.07% | 19.31% | 14.04% | 25.92% | 21.86% | 17.12% | 13.88% | 8.92% | -13.47% | 1.45% | 27.62% |
| Net Income Growth % | -50.21% | -47.35% | 93.81% | 164.8% | 16.85% | 40.34% | -48.73% | 13.32% | 54.84% | 83.96% | 250.55% | 315.99% | -1762.74% | -94.17% | - |
| Funds From Operations (FFO) | 34.05M | 35.71M | 65.5M | 38.41M | 18.63M | 17.62M | 15.09M | 22.21M | 38.63M | 31.61M | 19.67M | 2.12M | -239.62K | 182.72K | 710.93K |
| FFO Margin % | 63.26% | 68.44% | 112.49% | 66.84% | 30.44% | 34.06% | 29.77% | 41.46% | 68.9% | 68.38% | 63.45% | 15.42% | -5.68% | 7.78% | 33.49% |
| FFO Growth % | 1394.91% | -45.48% | 70.52% | 106.14% | 5.75% | 16.76% | -32.04% | -42.52% | 22.23% | 60.67% | 827.65% | 984.97% | -231.14% | -74.3% | - |
| FFO per Share | 0.79 | 0.70 | 1.17 | 0.66 | 0.37 | 0.51 | 0.51 | 0.74 | 1.20 | 1.02 | 1.49 | 0.22 | -0.06 | 0.05 | 0.18 |
| FFO Payout Ratio % | 23.5% | 178.49% | 33.02% | 31.95% | 78.54% | 36.1% | 39.37% | 27.82% | 60.8% | 57.06% | 33.55% | 208.82% | -692.36% | 3702.36% | 418.24% |
| EPS (Diluted) | 0.70 | 0.62 | 1.06 | 0.48 | 0.16 | -0.17 | -0.18 | -0.20 | 0.38 | 0.03 | 0.09 | 0.08 | -0.13 | 0.01 | 0.15 |
| EPS Growth % | -40.58% | -41.51% | 120.83% | 200% | 194.12% | 5.56% | 10% | -152.63% | 1166.67% | -66.67% | 12.5% | 161.54% | - | -94.33% | - |
| EPS (Basic) | - | 0.71 | 1.19 | 0.55 | 0.16 | -0.17 | -0.18 | -0.20 | 0.38 | 0.03 | 0.09 | 0.08 | -0.13 | 0.01 | 0.15 |
| Diluted Shares Outstanding | 43.2M | 51.26M | 55.99M | 58.29M | 50.95M | 34.64M | 29.38M | 30.17M | 32.16M | 31.05M | 13.2M | 9.63M | 4.26M | 4.01M | 4.01M |
Commodity price volatility exposure
As reported in financial statements, FPI's revenue growth remains inconsistent, with quarterly figures fluctuating between a 15.5% decline and a 14.6% increase, suggesting that the company's reliance on seasonal crop-share settlements and transactional land sales creates significant top-line instability compared to traditional triple-net lease REITs.
The revenue trajectory appears heavily influenced by the timing of crop-share payments and strategic asset dispositions rather than organic rent growth. Investors should monitor whether the pivot toward third-party management can provide a more predictable revenue stream to offset the inherent cyclicality of the agricultural portfolio.
Based on the provided quarterly data, NOI margins exhibit significant variance, ranging from a low of 69.2% in 2025Q2 to a peak of 87.0% in 2024Q4, indicating that property-level profitability is highly sensitive to the timing of harvest-related income and the associated operating expense recognition.
The high NOI margins suggest that the triple-net lease structure effectively shields the company from many direct property costs, yet the quarterly volatility implies that non-recurring items or specific crop-share accounting may be distorting the underlying property-level performance. Analysts should look past these seasonal swings to determine the true baseline profitability of the core land holdings.
According to recent SEC filings, FFO per share has demonstrated extreme volatility, swinging from a negative $0.01 in 2024Q2 to a high of $1.07 in 2024Q4, which suggests that core earnings are heavily impacted by non-recurring gains rather than stable, recurring rental income streams.
The dramatic fluctuations in FFO appear to be driven by the timing of land sales, which complicates the assessment of dividend safety and long-term earnings power. Investors should exercise caution, as the current FFO trajectory may not accurately reflect the sustainable cash-generating capacity of the REIT's agricultural assets.
Data from the income statement indicates that net income frequently tracks closely with FFO, suggesting that significant gains on the sale of real estate are likely inflating reported earnings, which warrants further investigation into the sustainability of these one-time gains as a primary driver of shareholder value.
The reliance on asset dispositions to bolster the bottom line may mask underlying weakness in core rental growth or operational efficiency. If the pace of land sales decelerates, the company may face a significant earnings shortfall, potentially forcing a re-evaluation of its current capital allocation strategy.
Quick answers to the most common questions about buying FPI stock.
For fiscal year 2025, Farmland Partners Inc. (FPI) reported total revenue of $52.2M. This represents a 2357.6% increase compared to $2.1M in 2012.
Farmland Partners Inc. (FPI) is profitable, generating $31.5M in net income for the fiscal year ending 2025 with a net profit margin of 60.5%.
Farmland Partners Inc. (FPI) reported an operating income of $23.1M, resulting in an operating profit margin of 44.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Farmland Partners Inc. (FPI) generated $33.6M in gross profit for the year, representing a gross profit margin of 64.4%. This demonstrates the company's core pricing power and production efficiency.