Loading...
FPI logo

Farmland Partners Inc.NYSE:FPI Stock Report

Market Cap US$448.4m
Share Price
US$10.27
US$5.04
103.8% overvalued intrinsic discount
1Y-10.4%
7D-1.5%
1D
Portfolio Value
​
View

Farmland Partners Inc.

NYSE:FPI Stock Report

Market Cap: US$448.4m

Farmland Partners (FPI) Stock Overview

An internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to third-party farmers (both tenant and non-tenant) and landowners secured by farm real estate and/or other agricultural related assets. More details

FPI fundamental analysis
Snowflake Score
Valuation1/6
Future Growth0/6
Past Performance1/6
Financial Health2/6
Dividends2/6

Rewards

Price-To-Earnings ratio (15.9x) is below the US market (18.8x)

Risk Analysis

Interest payments are not well covered by earnings

Earnings are forecast to decline by an average of 67.6% per year for the next 3 years

Large one-off items impacting financial results

Profit margins (54.1%) are lower than last year

+ 1 more risk

FPI Community Fair Values

Create Narrative

See what others think this stock is worth. Follow their fair value or set your own to get alerts.

Analyst Price Targets

Top Community Narratives

FPI logo
Farmland Partners

Farmland Partners will secure financial strength with fixed-rate bonds

Farmland Partners owns farmland and rents it to farmers, but it’s also building new income streams by lending to farmers and hosting solar projects on its land. The big question is whether these moves, along with a cleaner balance sheet, can overcome tough farm economics and turn patient owners into winners.
View narrative
US$5.04
FV
103.8% overvalued intrinsic discount
-3.27%
Revenue growth p.a.
12
users have viewed this narrative
0users have liked this narrative
0users have commented on this narrative
0users have followed this narrative
View all narratives

Farmland Partners Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Farmland Partners
Historical stock prices
Current Share PriceUS$10.27
52 Week HighUS$13.23
52 Week LowUS$9.37
Beta0.71
1 Month Change-4.11%
3 Month Change-20.45%
1 Year Change-10.38%
3 Year Change-11.92%
5 Year Change-24.04%
Change since IPO-20.88%

Recent News & Updates

Seeking Alpha • Apr 19

Farmland Partners: Remains Problematic At This Time

Summary Farmland Partners remains a structurally challenged REIT, underperforming benchmarks despite a compelling macro farmland thesis. FPI faces persistent headwinds: declining commodity prices, asset divestitures, and a shrinking income base, driving inefficiency and valuation uncertainty. I maintain a 'Hold' rating and lower my price target to $9/share, reflecting discounted NAV and skepticism about near-term upside catalysts. FPI's recent dividend boost and yield above 4.7% are offset by reliance on one-time gains and ongoing risks from asset sales and volatile crop prices. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Apr 19

Farmland Partners: Remains Problematic At This Time

Summary Farmland Partners remains a structurally challenged REIT, underperforming benchmarks despite a compelling macro farmland thesis. FPI faces persistent headwinds: declining commodity prices, asset divestitures, and a shrinking income base, driving inefficiency and valuation uncertainty. I maintain a 'Hold' rating and lower my price target to $9/share, reflecting discounted NAV and skepticism about near-term upside catalysts. FPI's recent dividend boost and yield above 4.7% are offset by reliance on one-time gains and ongoing risks from asset sales and volatile crop prices. 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

Shareholder Returns

FPIUS Specialized REITsUS Market
7D-1.5%0.0009%1.6%
1Y-10.4%1.9%28.2%

Return vs Industry: FPI underperformed the US Specialized REITs industry which returned 1.9% over the past year.

Return vs Market: FPI underperformed the US Market which returned 28.2% over the past year.

Price Volatility

Is FPI's price volatile compared to industry and market?
FPI volatility
FPI Average Weekly Movement3.7%
Specialized REITs Industry Average Movement3.5%
Market Average Movement7.2%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.0%

Stable Share Price: FPI has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: FPI's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
201312Luca Fabbriwww.farmlandpartners.com

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to third-party farmers (both tenant and non-tenant) and landowners secured by farm real estate and/or other agricultural related assets. As of March 31, 2026, the Company owned approximately 70,400 acres of farmland in 11 states, including Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas, and West Virginia. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand.

Farmland Partners Inc. Fundamentals Summary

How do Farmland Partners's earnings and revenue compare to its market cap?
FPI fundamental statistics
Market capUS$448.40m
Earnings (TTM)US$27.93m
Revenue (TTM)US$51.61m
15.9x
P/E Ratio
8.6x
P/S Ratio

Is FPI overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
FPI income statement (TTM)
RevenueUS$51.61m
Cost of RevenueUS$9.62m
Gross ProfitUS$42.00m
Other ExpensesUS$14.07m
EarningsUS$27.93m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)0.64
Gross Margin81.37%
Net Profit Margin54.12%
Debt/Equity Ratio50.0%

How did FPI perform over the long term?

See historical performance and comparison

Dividends

3.5%
Current Dividend Yield
109%
Payout Ratio

Does FPI pay a reliable dividends?

See FPI dividend history and benchmarks
When do you need to buy FPI by to receive an upcoming dividend?
Farmland Partners dividend dates
Ex Dividend DateJul 01 2026
Dividend Pay DateJul 15 2026
Days until Ex dividend29 days
Days until Dividend pay date43 days

Does FPI pay a reliable dividends?

See FPI dividend history and benchmarks

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/01 10:50
End of Day Share Price 2026/05/29 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.