Farmland Partners Inc. FPI

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Farmland Partners Inc. ("FPI"), collectively with its subsidiaries, is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. FPI was incorporated in Maryland on September 27, 2013. FPI elected to be taxed as a real estate investment trust ("REIT") under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its short taxable year ended December 31, 2014.

FPI is the sole member of the sole general partner of Farmland Partners Operating Partnership, LP (the "Operating Partnership"), which was formed in Delaware on September 27, 2013. All of FPI's assets are held by, and its operations are primarily conducted through, the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of December 31, 2025, FPI owned a 98.1% interest in the Operating Partnership. See "Note 9—Stockholders' Equity and Non-controlling Interests" for additional discussion regarding Class A Common units of limited partnership interest in the Operating Partnership ("Common units"), Series A preferred units of limited partnership interest in the Operating Partnership ("Series A preferred units") and Series B participating preferred units of limited partnership interest in the Operating Partnership ("Series B participating preferred units"). Unlike holders of FPI's common stock, par value $0.01 per share ("common stock"), holders of the Operating Partnership's Common units and Series A preferred units generally do not have voting rights or the power to direct the affairs of FPI. As the sole member of the sole general partner with control of the Operating Partnership, FPI is the primary beneficiary and therefore consolidates the Operating Partnership in accordance with accounting standards for consolidation of variable interest entities.

Last close 10.25 2026-10-23
Market cap $447.2M 2026-06-30 share count
52-week range 9.21 - 13.22

Valuation FY2025 figures against the last close

P/S8.6x
P/E16.8x
P/FCF25.7x
EV/EBITDA—
Dividend yield14.3%
Diluted EPS0.61

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $52.2M$58.2M$57.5M$61.2M$51.7M$50.7M$53.6M$56.1M$46.2M$31.0M
SG&A $11.7M$14.1M$11.3M$12.0M$8.2M$5.9M$6.1M$7.4M$7.3M$7.0M
Total operating expenses $46.9M$33.5M$39.5M$36.2M$34.9M$28.4M$27.2M$26.4M$23.7M$15.4M
Operating income ———$25.0M$16.8M$22.3M$26.3M$29.7M$22.5M$15.6M
Interest expense $9.6M$18.9M$22.7M$16.1M$15.9M$17.7M$19.6M$18.8M$13.6M$10.0M
Pre-tax income $32.2M$61.4M$31.5M$12.2M$10.3M$7.5M$14.8M$14.0M$9.2M$6.0M
Income tax $15.0K$16.0K$166.0K$227.0K$0$0$0——$11.0K
Net income $31.5M$59.9M$30.9M$11.7M$10.0M$7.1M$13.9M$12.3M$7.9M$4.3M
EPS, basic 0.651.190.550.16-0.17-0.180.04-0.010.030.09
EPS, diluted 0.611.060.530.16-0.17-0.180.04-0.010.030.09
Shares, diluted (wtd. avg.) 51.3M56.0M58.3M51.0M34.6M29.4M30.2M32.2M31.2M13.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $9.3M$78.4M$5.5M$7.7M$30.2M$27.2M$12.6M$16.9M——
Goodwill —$2.7M$2.7M$2.7M$2.7M—————
Other intangibles —$1.4M$2.0M$2.1M$1.9M—————
Total assets $719.1M$869.6M$1.02B$1.16B$1.12B$1.09B$1.10B$1.14B$1.17B$655.5M
Long-term debt $161.6M$204.6M$363.1M$439.5M$513.4M$508.2M$512.9M$525.3M$515.8M$309.9M
Total liabilities $181.1M$273.1M$391.2M$455.9M$528.9M$524.8M$525.6M$536.0M$530.4M$320.0M
Retained earnings $117.3M$88.4M$31.4M$3.6M-$4.7M$1.0M$6.3M$4.9M$5.2M$4.1M
Total equity $467.4M$494.6M$528.8M$594.0M$472.1M$305.9M$313.5M$339.3M$371.0M$215.6M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $17.4M$16.1M$12.9M$17.1M$7.9M$19.7M$18.0M$20.0M$929.0K$5.0M
Depreciation and amortisation $4.2M$5.6M$7.5M$7.0M$7.6M$8.0M$8.3M$8.5M$7.8M$1.6M
Stock-based compensation $2.2M$2.3M$1.9M$1.5M$1.3M$1.1M$1.4M$1.6M$1.4M$1.2M
Investing cash flow $63.4M$268.8M$158.5M-$60.4M-$18.8M$18.7M$31.1M-$15.9M-$234.1M-$137.4M
Financing cash flow -$150.0M-$211.9M-$173.5M$20.8M$13.9M-$23.7M-$53.4M-$40.8M$239.5M$156.0M
Dividends paid $63.7M$21.6M$12.3M$11.1M$6.4M$5.9M$6.2M$14.4M$14.7M$6.6M
Buybacks $37.8M$27.5M$72.2M——$6.8M$22.0M$20.6M$10.0M—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-017533.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 20M 40M 60M 80M Revenue, FY2016: 31M Net income, FY2016: 4.3M Revenue, FY2017: 46.2M Net income, FY2017: 7.9M Revenue, FY2018: 56.1M Net income, FY2018: 12.3M Revenue, FY2019: 53.6M Net income, FY2019: 13.9M Revenue, FY2020: 50.7M Net income, FY2020: 7.1M Revenue, FY2021: 51.7M Net income, FY2021: 10M Revenue, FY2022: 61.2M Net income, FY2022: 11.7M Revenue, FY2023: 57.5M Net income, FY2023: 30.9M Revenue, FY2024: 58.2M Net income, FY2024: 59.9M Revenue, FY2025: 52.2M Net income, FY2025: 31.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $31.0M $46.2M $56.1M $53.6M $50.7M $51.7M $61.2M $57.5M $58.2M $52.2M
Gross profit — — — — — — — — — —
Net income $4.3M $7.9M $12.3M $13.9M $7.1M $10.0M $11.7M $30.9M $59.9M $31.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Shareholder vote Item 5.07
  • Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
  • Annual report filed Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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