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Farmland Partners Inc. FPI

NYSE · reit · Real Estate Investment Trusts · website · IPO 2014-04-11 · LEI

Farmland Partners Inc. statistics & valuation

Market cap$426.1M
P / E13.5×
P / S8.2×
P / B0.9×
Dividend yield14.96%
Net margin60.5%
Return on equity6.7%
Net debt$161.6M
Enterprise value USD$587.7M
Graham number +3%$11.19

Market cap as of 2026-06-30. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($11.19); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
13.90% 17.10% 21.90% 25.90% 14.00% 19.30% 19.10% 53.80% 102.90% 60.50% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
50.40% 48.70% 53.00% 49.20% 44.10% 32.50% 40.80% 2016201720182019202020212022202320242025
Return on equity (%)
2.00% 2.10% 3.60% 4.40% 2.30% 2.10% 2.00% 5.80% 12.10% 6.70% 2016201720182019202020212022202320242025
Shares outstanding
17.4M 33.3M 32.2M 30.2M 30.6M 45.5M 54.3M 58.3M 56.0M 51.3M 2016201720182019202020212022202320242025
Net debt ($)
$309.9M $515.8M $525.3M $512.9M $508.2M $483.3M $431.8M $363.1M $204.6M $161.6M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
0.70% 0.70% 1.10% 1.30% 0.70% 0.90% 1.00% 3.00% 6.90% 4.40% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
1.44× 1.39× 1.55× 1.64× 1.66× 1.09× 0.74× 0.69× 0.41× 0.35× 2016201720182019202020212022202320242025
EPS ($)
$0.09 $0.03 -$0.01 $0.04 -$0.18 -$0.17 $0.16 $0.53 $1.06 $0.61 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Farmland Partners Inc. trades at about 17.8× earnings — below its 10-year norm (10-year range 11×–271.7×, median 126.2×).

11× 271.7×

Shaded band = 10-year range (11×–271.7×); dot = today's 17.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin———40.8%32.5%44.1%49.2%53.0%48.7%50.4%
Net margin60.5%102.9%53.8%19.1%19.3%14.0%25.9%21.9%17.1%13.9%
Return on assets4.4%6.9%3.0%1.0%0.9%0.7%1.3%1.1%0.7%0.7%
Return on equity6.7%12.1%5.8%2.0%2.1%2.3%4.4%3.6%2.1%2.0%
Debt / equity0.35×0.41×0.69×0.74×1.09×1.66×1.64×1.55×1.39×1.44×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.