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Farmland
(NYSE:FPI)
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Rating:56Neutral
Price Target:
$11.00
â–¼(-6.70% Downside)
Action:Reiterated
Date:05/29/26
The score is primarily supported by reasonably solid financial fundamentals (profitability and improved leverage), but is held back by contracting revenue and uneven earnings/cash-flow stability. Technicals are also weak (below major moving averages with negative MACD), and valuation is pressured by a very high P/E despite a moderate dividend yield.
Positive Factors
Improved Leverage
Farmland's meaningful reduction in leverage versus 2021–2022 and a moderate debt-to-equity posture creates durable financial flexibility. Lower leverage reduces interest burden and refinancing risk, enabling steadier dividend coverage, opportunistic land acquisitions, and resilience through multi-season agricultural cycles.
Negative Factors
Contracting Revenue
Material TTM revenue declines reduce the durable top-line that funds rents, operations, and dividends. For a farmland REIT, shrinking revenue limits reinvestment in properties and capital flexibility, and heightens reliance on asset sales or leverage to sustain distributions during multi-month cropping or tenant-weather cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Leverage
Farmland's meaningful reduction in leverage versus 2021–2022 and a moderate debt-to-equity posture creates durable financial flexibility. Lower leverage reduces interest burden and refinancing risk, enabling steadier dividend coverage, opportunistic land acquisitions, and resilience through multi-season agricultural cycles.
Read all positive factors
Farmland Key Performance Indicators (KPIs)
Any
Operating Revenue By Segment
Shows revenue generated from different business segments, highlighting which areas are driving growth and profitability, and indicating the company's strategic focus.
Shows revenue generated from different business segments, highlighting which areas are driving growth and profitability, and indicating the company's strategic focus.
Data provided by:
The Fly
The FlyFarmland (FPI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$413.49M
Dividend Yield14.23%
Average Volume (3M)428.37K
Price to Earnings (P/E)13.7
Beta (1Y)0.45
Revenue Growth-7.90%
EPS Growth-46.71%
CountryUS
Employees12
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)0.70
Shares Outstanding43,617,203
10 Day Avg. Volume507,247
30 Day Avg. Volume428,373
Financial Highlights & Ratios
PEG Ratio-0.34
Price to Book (P/B)0.93
Price to Sales (P/S)8.21
P/FCF Ratio24.58
Enterprise Value/Market Cap1.54
Enterprise Value/Revenue11.83
Enterprise Value/Gross Profit15.02
Enterprise Value/Ebitda14.37
Forecast
1Y Price Target
$11.50Price Target Upside-2.46% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.19
Revenue Forecast (FY)$37.62M
Farmland Business Overview & Revenue Model
Company Description
Farmland Partners Inc. functions as an internally managed real estate enterprise, primarily focused on acquiring and holding premium North American agricultural land. The company also provides secured loans to farmers, collateralized by their farm...
How the Company Makes Money
FPI primarily makes money by earning rental and lease income from farmland it owns and leases to farmers and agricultural operators. Revenue is generated through lease structures that may include fixed cash rent payments and, where applicable, var...
Farmland Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful progress on capital structure and cash-flow metrics — redemption of preferred equity, a 50% dividend increase, reduced debt and $9.2M lower interest expense, improved AFFO and greater liquidity — demonstrating operational discipline and shareholder-friendly actions. Offsetting these positives are declines in reported net income, a $17M impairment tied to West Coast assets, ~ $6M lower operating revenue due to prior dispositions, and management's cautious 2026 guidance (lower expected net income and AFFO). On balance the positives around balance sheet simplification, cash flow (AFFO), dividend increase and access to capital/lending programs materially outweigh the near-term earnings headwinds and localized portfolio impairments.Positive Updates
Improved AFFO and Strong Q4 Performance
AFFO was $17.9 million for FY2025 and $11.4 million for Q4 2025 (or $0.39 and $0.26 per weighted average share, respectively), which management reported as higher than the same periods in 2024. Management described Q4 as very strong and noted seasonality contributed to strong Q4 revenue recognition.
Negative Updates
Net Income Decline vs. Prior Year
Net income was $32.2 million for FY2025 and $21.8 million for Q4 2025 (or $0.65 and $0.49 per share, respectively), which management stated was lower than the same periods in 2024.
Read all updates
Q4-2025 Updates
Positive
Negative
Improved AFFO and Strong Q4 Performance
AFFO was $17.9 million for FY2025 and $11.4 million for Q4 2025 (or $0.39 and $0.26 per weighted average share, respectively), which management reported as higher than the same periods in 2024. Management described Q4 as very strong and noted seasonality contributed to strong Q4 revenue recognition.
Read all positive updates
Company Guidance
Management guided 2026 net income of $8.8 million to $10.9 million and AFFO of $14.4 million to $16.4 million (or $0.33–$0.37 per share), after reporting 2025 net income of $32.2 million and AFFO of $17.9 million (Q4 net income $21.8 million; Q4 AFFO $11.4 million; AFFO per share 2025 $0.39, Q4 $0.26). The company raised its quarterly dividend 50% to $0.09 per share and noted key balance-sheet metrics: undrawn credit capacity of ~$164 million at 12/31/25 (≈$111.7 million as of today), Farmer Mac facility increased from $75.0 million to $89.6 million, roughly $26 million of debt with 2026 resets (one repriced to 5.19% in January), and Term Loan #1 expected to reprice around 5.3%. Guidance assumes no acquisitions or dispositions, reflects the full‑year impact of 2025 dispositions on Fixed Farm/Solar/Wind/Recreation rent, expects lower crop sales and crop‑insurance revenue, anticipates lower property operating expenses and depreciation/depletion/amortization (driven by dispositions) and higher interest expense from 2026 borrowings, and cites AFFO tailwinds from increased FPI loan‑program activity and lower interest expense from prior debt reductions (a $9.2M interest expense reduction since October 2024), while noting a $17M asset impairment recorded in 2025.Farmland Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
70
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 53.83M | 52.18M | 58.23M | 57.47M | 61.21M | 51.74M |
| Gross Profit | 42.39M | 33.58M | 46.92M | 44.05M | 47.05M | 42.88M |
| EBITDA | 44.31M | 45.95M | 85.88M | 61.67M | 35.29M | 24.52M |
| Net Income | 30.15M | 31.55M | 59.91M | 30.91M | 11.67M | 9.99M |
Balance Sheet | ||||||
| Total Assets | 711.71M | 719.07M | 868.56M | 1.02B | 1.16B | 1.12B |
| Cash, Cash Equivalents and Short-Term Investments | 17.74M | 9.29M | 78.44M | 5.49M | 7.65M | 30.17M |
| Total Debt | 231.91M | 161.18M | 203.88M | 361.26M | 437.20M | 511.43M |
| Total Liabilities | 248.21M | 181.09M | 272.00M | 391.19M | 455.94M | 528.94M |
| Stockholders Equity | 460.40M | 459.35M | 481.91M | 515.88M | 580.79M | 458.31M |
Cash Flow | ||||||
| Free Cash Flow | 19.44M | 17.43M | 16.14M | 12.89M | 12.80M | 7.86M |
| Operating Cash Flow | 19.71M | 17.43M | 16.14M | 12.89M | 17.05M | 7.86M |
| Investing Cash Flow | 74.91M | 63.40M | 268.75M | 158.46M | -60.40M | -18.77M |
| Financing Cash Flow | -98.53M | -149.97M | -211.94M | -173.51M | 20.83M | 13.87M |
Farmland Technical Analysis
Negative
11.79
Price Trends
10.10
Negative
10.89
Negative
10.43
Negative
Market Momentum
-0.17
Negative
38.06
Neutral
12.88
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FPI, the sentiment is Negative. The current price of 11.79 is above the 20-day moving average (MA) of 9.66, above the 50-day MA of 10.10, and above the 200-day MA of 10.43, indicating a bearish trend. The MACD of -0.17 indicates Negative momentum. The RSI at 38.06 is Neutral, neither overbought nor oversold. The STOCH value of 12.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FPI.
Farmland Risk Analysis
Farmland disclosed 60 risk factors in its most recent earnings report. Farmland reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Farmland Peers Comparison
UnderperformOutperform
Sector (65)
FPI
Farmland
9.60
-0.95
-8.97%
RYN
Rayonier
21.27
0.15
0.71%
WY
Weyerhaeuser
23.45
-1.96
-7.71%
Farmland Corporate Events
Executive/Board ChangesShareholder Meetings
Farmland Shareholders Reaffirm Governance, Executive Pay Practices
Positive
Apr 30, 2026
At its April 28, 2026 annual meeting, Farmland Partners Inc. shareholders voted on four governance matters, including the election of directors and executive pay policies. All five director nominees were elected, the appointment of Crowe LLP as th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.