Farmland Partners Inc.

NYSE:FPI Stock Report

Market Cap: US$422.6m

Farmland Partners Past Earnings Performance

Past criteria checks 1/6

Farmland Partners has been growing earnings at an average annual rate of 56.2%, while the Specialized REITs industry saw earnings growing at 8.3% annually. Revenues have been growing at an average rate of 0.5% per year. Farmland Partners's return on equity is 6.6%, and it has net margins of 54.1%.

Key information

56.17%

Earnings growth rate

58.61%

EPS growth rate

Specialized REITs Industry Growth18.00%
Revenue growth rate0.53%
Return on equity6.63%
Net Margin54.12%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

Seeking Alpha • Jun 29

Farmland Partners: Still Not Attractive After The Decline

Summary Farmland Partners remains a HOLD with a reduced price target of $7.50/share, reflecting deepening sector headwinds and operational challenges. FPI faces persistent AFFO declines due to asset sales, rising debt, pressured rents, and heightened credit loss provisions from its farm loan program. US agriculture's margin squeeze, weak commodity prices, and succession risks undermine FPI's rental growth and threaten dividend coverage. I require a 40% NAV discount for FPI, given deteriorating fundamentals and elevated risks relative to EU-based farmland investments. Read the full article on Seeking Alpha
Seeking Alpha • Mar 07

Farmland Partners: Interim Value Via Asset Sales, Long Term Via Strategic Pivot

Summary Farmland Partners Inc.'s Q4 earnings surpassed expectations in February, with FFO per share beating targets. The REIT is focusing on asset sales-based shareholder returns and strategic acquisitions, despite potential FFO reductions from asset sales, ensuring sustained dividends through fiscal 2025. Debt reduction and strategic acquisitions might drive future value, enhancing FPI's bottom-line performance and providing diversification benefits for risk reduction. FPI REIT has a dividend yield above 12%, but note that much of it is due to asset sales. However, sustained payouts are possible throughout fiscal 2025. We acknowledge market-based headwinds, the REIT's high FFO ratio, and risks related to size reduction. However, we remain bullish. Read the full article on Seeking Alpha
User avatar
New Narrative • Feb 09

Asset Sales And High Expenses Will Pressure Future Earnings In Farmland Sector

Concerns over farmland valuation, especially in California, could impact future revenue projections and growth opportunities.
Seeking Alpha • Dec 27

Farmland Partners: AFFO Set To Benefit From Deleveraging In 2025

Summary Farmland Partners executed two significant transactions in Q4 2024 producing proceeds of $308 million and exiting the Florida, South and North Carolina farmland markets. The transaction increases the significance of California permanent crop farms which are more difficult to value. I estimate FPI's AFFO should increase to $0.35-$0.40/share in 2025 driven by deleveraging and cost savings. Even so, the AFFO multiple remains too high. The circa 20% NAV discount still presents a compelling alternative relative to safe havens such as gold or US treasuries. A key risk to consider is how Farmland Partners adjusts its administrative expenses against the backdrop of a smaller property portfolio. Read the full article on Seeking Alpha
Seeking Alpha • Oct 17

Farmland Partners Massive Land Sale Demonstrates Asset Value

Summary Farmland Partners' recent sale of 41,554 acres at a 61% premium to USDA values highlights its NAV at $17-$21 per share, well above market price. This sale disproves bear claims, showing FPI's land quality and potential for higher value, especially with remaining high-value assets in Illinois and California. FPI's net asset value is roughly 70% higher than its market price, offering potential returns from portfolio sales, asset sales with buybacks, or continued operations. Sale proceeds will primarily pay down debt, potentially increasing AFFO/share and solidifying FPI's fundamental value despite lower leverage amplification. Read the full article on Seeking Alpha
Seeking Alpha • Oct 07

Farmland Partners: Selling A Quarter Of Their Book Confirms 50% Upside To NAV

Summary Farmland Partners offers a compelling investment due to its 30%+ discount to NAV and potential for high long-term returns as a portfolio diversifier. Recent sale of 46 farms for $289 million, with a $50 million profit, confirms the asset play thesis and provides cash for debt repayment and share buybacks. Increased concentration in California and Illinois poses risks, but the transaction aligns with FPI's strategy to crystallize asset value and reduce debt. Despite potential plateauing in farmland prices, FPI's strategic asset sales and buybacks should deliver double-digit returns over the long term. Read the full article on Seeking Alpha
Seeking Alpha • Sep 24

Farmland Partners: A Better Alternative To Gold Or Treasuries

Summary Farmland Partners is a farmland REIT, with 70% of its land value concentrated in row crop farms, leaving 30% for permanent crop farms. So far in 2024, the REIT has underperformed both real estate ETFs, such as the VNQ, as well as safe haven ETFs such as UTEN and GLD. I think the company is still expensive relative to REIT peers but should outperform UTEN and GLD thanks to its mid-single-digit return potential. Net debt accounts for about 38.5% of enterprise value, and the REIT should see a 17% AFFO boost by the end of 2026 on lower interest rates. Key risks to consider include commodity price dynamics as well as the potential conversion of preferred shares in February 2026. Read the full article on Seeking Alpha
Seeking Alpha • Jul 11

Farmland Partners: Reaching NAV Unlikely Outside Of A Sale

Summary We had rated Farmland Partners Inc. neutral in April. The stock reported its Q1-2024 results and also announced the departure of its CFO. We go over these events and update our thesis. Read the full article on Seeking Alpha
Seeking Alpha • May 01

Farmland Partners Q1 Earnings: Results In Line, Still Pricey

Summary Farmland Partners reports Q1 results, with adjusted FFO slightly beating expectations and revenues slightly missing expectations. The company's book value and revenues dropped due to property dispositions, but operating costs decreased as well. FPI is acquiring new properties and increasing its forward guidance range, but the stock remains pricey, and the dividend may not be fully covered. Read the full article on Seeking Alpha
Seeking Alpha • Mar 20

Farmland Partners: The Store Of Value Thesis

Summary FPI had an active 2023, with asset sales resulting in gains but total operating revenues dropping. The stock looks expensive on cash flow and AFFO multiples, but cheap relative to NAV. We tell you what we consider as better alternatives today. Read the full article on Seeking Alpha
Seeking Alpha • Jan 02

Farmland Partners: Some Structural Merits, But Not Very Compelling At These Levels

Summary Farmland Partners is a small-cap REIT with a decade's worth of experience in acquiring and managing farmland across North America. The farmland industry offers stability and long-term value appreciation due to increasing demand for food and limited supply of arable land. FPI's stock valuation and yield are not competitive compared to its peers, and technical indicators suggest caution in investing at current levels. Read the full article on Seeking Alpha
Seeking Alpha • Oct 18

Farmland Partners: Why The Strategy Is Not Working

Summary Farmland Partners Inc. is working through its interest rate challenges by selling farms and buying back stock. The company has completed several farm dispositions and acquisitions, resulting in solid gains. Despite these efforts, the market does not respect the company, and the gap between its net asset value and stock price remains wide. Read the full article on Seeking Alpha
Seeking Alpha • Aug 15

Farmland Partners' ~$18.60 Value Is Obscured By Accounting Intricacies

Summary Farmland Partners reports primarily in NAREIT defined FFO and GAAP accounting, which obscures the true value of the company. FPI's reported earnings have been underestimating its true earnings. FPI's assets, particularly farmland, have appreciated significantly, but this is not reflected in their reported earnings under current accounting standards. Read the full article on Seeking Alpha

Revenue & Expenses Breakdown

How Farmland Partners makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:FPI Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 265228160
31 Dec 255229150
30 Sep 255266150
30 Jun 255467150
31 Mar 255657140
31 Dec 245856140
30 Sep 245815120
30 Jun 245718120
31 Mar 245728130
31 Dec 235728130
30 Sep 235817130
30 Jun 235914130
31 Mar 23609130
31 Dec 22618150
30 Sep 22599160
30 Jun 22573170
31 Mar 2254-5180
31 Dec 2152-6180
30 Sep 2150-9170
30 Jun 2150-6150
31 Mar 2151-3120
31 Dec 2051-5100
30 Sep 2055-290
30 Jun 2054-490
31 Mar 20542100
31 Dec 19541100
30 Sep 1953-190
30 Jun 19554100
31 Mar 1956-190
31 Dec 18560100
30 Sep 1851-290
30 Jun 1850-280
31 Mar 1850190
31 Dec 1746190
30 Sep 17442100
30 Jun 17391100
31 Mar 1733090
31 Dec 1631180
30 Sep 1622-270
30 Jun 1619-170
31 Mar 1616-160
31 Dec 1514150
30 Sep 1511050

Quality Earnings: FPI has a large one-off gain of $17.7M impacting its last 12 months of financial results to 31st March, 2026.

Growing Profit Margin: FPI's current net profit margins (54.1%) are lower than last year .

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: FPI has become profitable over the past 5 years, growing earnings by 56.2% per year.

Accelerating Growth: FPI's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FPI had negative earnings growth (-51.1%) over the past year, making it difficult to compare to the Specialized REITs industry average (9%).

Return on Equity

High ROE: FPI's Return on Equity (6.6%) is considered low.

Return on Assets

Return on Capital Employed

Discover strong past performing companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/01 21:49
End of Day Share Price 2026/07/01 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Farmland Partners Inc. is covered by 7 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Nathan CrossettBerenberg
Paul AdornatoBMO Capital Markets Equity Research
John MassoccaB. Riley Securities, Inc.