Farmland Partners FPI

REIT - Specialty, Real Estate

$10.25

+2.50%

Market cap: $447.2M
PE: 20.5×; 9y median 42.2×
Forward PE: n/m; not a meaningful number
Price to sales: 8.7×
EV/EBIT: 23.3×
Revenue, 12 months: $51.5M; −6% on a year ago
Net margin: 49.8%

Farmland Partners trades at 20.5× trailing earnings, cheaper than 72% of the last ten years. Revenue was $51.5M over the last twelve months, down 6% on a year earlier with a 50% net margin.

Charts

Financials

Income statement for FPI, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$11.6M−12%	$21.6M−1%	$12M−5%	$11.4M−1%	$13.3M+15%	$21.5M−1%	$10.3M−15%	$10M−13%	$11.3M−16%	$20.7M−4%	$10.1M−2%	$9.4M−6%
SG&A	$2.7M+6%	$3.1M−8%	$2.6M+1%	$3.7M+29%	$2.6M−1%	$5.1M+63%	$2.6M−3%	$2.4M−35%	$2.2M−15%	$4.4M−12%	$1.9M−25%	$1.7M−30%
	$10.3M+118%	$23.3M+87%	$6.3M−6%	$3.2M−77%	$7.2M−30%	$63.3M+171%	$4.6M−26%	$10.1M+213%	$2.5M−66%	$23.9M−62%	$3.3M−28%	$6.2M−39%
Interest expense	$6.2M+60%	$5.7M+21%	$5M+2%	$5.2M−10%	$5.5M−12%	$3.1M−46%	$2.6M−48%	$2.4M−54%	$2.3M−59%	$2.3M−26%	$2.7M+3%	$3.1M+27%
Pre-tax income	$4.1M+258%	$17.8M+161%	$1.4M−17%	−$2.1M	$1.8M−55%	$60.2M+239%	$2.1M+48%	$7.8M	$483K−74%	$21.8M−64%	$653K−69%	$3.2M−60%
	−$191K	$12K−88%	$19K+111%	−$1K	$11K	−$45K	$17K−11%	−$8K+700%	−$8K	−$16K−64%	$7K−59%	$24K
Net income	$4.2M+285%	$17.3M+164%	$1.4M−18%	−$2M	$1.8M−57%	$58.7M+239%	$2M+49%	$7.6M	$483K−73%	$21.4M−64%	$640K−69%	$3.1M−59%
	$0.07+600%	$0.30+233%	$0.01−50%	−$0.06	$0.02−71%	$1.04+247%	$0.03+200%	$0.14	$0.00	$0.42−60%	$0.01−67%	$0.07−50%
	48.4M−10%	55.6M−11%	47.7M−12%	47.8M−19%	47.8M−1%	55.1M−1%	45.6M−4%	54M+13%	43.2M−10%	49.9M−10%	43.2M−5%	43.4M−20%

Revenue: Q1 FY13: 6 months less the 3 months printed beside them.

SG&A: Q1 FY13: 6 months less the 3 months printed beside them.

Operating income: Q1 FY13: 6 months less the 3 months printed beside them. 14 periods, Q1 FY23 to Q2 FY26: not printed by the filing, worked out from its own lines.

Interest expense: Q1 FY13: 6 months less the 3 months printed beside them.

Net income: Q1 FY13: 6 months less the 3 months printed beside them.

EPS, diluted: 5 periods, Q3 FY14 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: Q4 FY14: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. Q4 FY25: the earlier year to date counted no dilution: the quarter's basic count plus the later year to date's dilution.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in REIT - Specialty nearest Farmland Partners' size, closest first.

Company	Market cap	PE	Its 10y median PE	P/S	Revenue growth	Net margin
FPIFarmland Partners	$447.2M	20.5×	42.2×	8.7×	−6%	49.8%
TCITranscontinental Realty Investors	$425.1M	51.5×	44.7×	8.5×	+5%	16.1%
TRTXTPG RE Finance Trust	$482.1M	11.6×	11.9×	3.3×	−3%	40.2%
OLPOne Liberty Properties	$487.8M	14.2×	17.6×	n/m	n/m	n/m
XRNChiron Real Estate	$397.1M	8.1×	9.7×	2.6×	+8%	37.8%
FBRTFranklin BSP Realty Trust	$518.2M	14.5×	13.3×	1.7×	+42%	20.5%
UHTUniversal Health Realty Income Trust	$523.6M	27.1×	34.5×	5.3×	+1%	19.4%
CHCTCommunity Healthcare Trust	$372.5M	19.4×	95.0×	3.0×	+6%	16.8%
ABRArbor Realty Trust	$544.7M	41.7×	9.1×	1.1×	−16%	12.0%
IVRInvesco Mortgage Capital	$596.3M	3.7×	7.4×	n/m	n/m	n/m
PMTPennyMac Mortgage Investment Trust	$613.9M	5.0×	11.1×	1.8×	+15%	47.8%
Peer median	$503M	14.4×	12.6×	2.8×	+5%	19.9%