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Farmland
(NYSE:FPI)
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Rating:58Neutral
Price Target:
$10.00
â–²(4.17% Upside)
Action:Reiterated
Date:07/31/26
Overall score reflects acceptable but inconsistent fundamentals (sharp TTM revenue decline and lumpier revenue mix despite solid margins and improved leverage), a clearly weak technical setup (trading below all key moving averages), and a mixed earnings update (slightly better AFFO guidance and liquidity offset by higher credit-risk provisioning, impairment, and regional headwinds). Valuation and a ~5.3% dividend yield provide partial support.
Positive Factors
Strong liquidity position
A ~ $122M undrawn revolver and net repayments in the quarter materially improve short-term financial flexibility. This liquidity cushions refinancing risk, funds opportunistic dispositions or capex without new debt, and supports AFFO/distributions through cyclical farm revenue swings over the next several months.
Negative Factors
Shrinking top line
A sharply declining TTM top line undermines the durability of reported margins and distributable cash. Falling revenue can reflect weaker rents, fewer dispositions, or shifting lease mixes to lumpier income, increasing earnings volatility and making AFFO and dividend sustainability more uncertain over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity position
A ~ $122M undrawn revolver and net repayments in the quarter materially improve short-term financial flexibility. This liquidity cushions refinancing risk, funds opportunistic dispositions or capex without new debt, and supports AFFO/distributions through cyclical farm revenue swings over the next several months.
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
$407.95M
Dividend Yield5.35%
Average Volume (3M)421.35K
Price to Earnings (P/E)15.6
Beta (1Y)0.42
Revenue Growth-6.43%
EPS Growth-60.28%
CountryUS
Employees12
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)0.60
Shares Outstanding43,630,722
10 Day Avg. Volume350,483
30 Day Avg. Volume421,348
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$11.50Price Target Upside19.79% Upside
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:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: operational cash-flow (AFFO) trends and liquidity metrics improved modestly, guidance was nudged up on the low end, and borrowing costs edged lower. However, GAAP net income fell sharply year-over-year due to fewer prior-year dispositions, credit loss reserves increased related to a distressed borrower, and the company faces persistent regional headwinds in California that affected crop yields and valuations. Management emphasized conservative reserve-building, measured disposition of noncore assets, and a cautious approach to lease renewals and buybacks.Positive Updates
AFFO Growth
AFFO for Q2 2026 was $1.7M ($0.04 per weighted average share) versus $1.3M ($0.03) in Q2 2025, an increase of ~30.8% in AFFO dollars and ~33.3% on a per-share basis. AFFO for the six months was $3.8M ($0.09 per share) versus $3.6M ($0.08), an increase of ~5.6% in dollars and ~12.5% per share.
Negative Updates
Net Income Decline
Net income for Q2 2026 was $3.1M ($0.07 per share) versus $7.8M ($0.15) in Q2 2025, a decline of ~60.3% in dollars and ~53.3% per share. Six-month net income was $3.8M ($0.08) versus $9.9M ($0.18) prior year, a decline of ~61.6% and ~55.6% per share. Primary driver was a decrease in net gain on dispositions due to fewer property sales versus prior year.
Read all updates
Q2-2026 Updates
Positive
Negative
AFFO Growth
AFFO for Q2 2026 was $1.7M ($0.04 per weighted average share) versus $1.3M ($0.03) in Q2 2025, an increase of ~30.8% in AFFO dollars and ~33.3% on a per-share basis. AFFO for the six months was $3.8M ($0.09 per share) versus $3.6M ($0.08), an increase of ~5.6% in dollars and ~12.5% per share.
Read all positive updates
Company Guidance
Management updated 2026 AFFO guidance to a range of $13.5 million to $15.3 million, or $0.31 to $0.35 per share (the low end was nudged up from the April guidance; the high end is unchanged), driven by higher expected variable lease payments and partially offset by higher expenses from additional credit‑loss provisions on the ~$60 million FPI loan portfolio and an incremental impairment on a West Coast property, with a $3.6 million gain on a property disposition helping offset those charges; for context, Q2 net income was $3.1 million ($0.07/share) and AFFO was $1.7 million ($0.04/share), while year‑to‑date net income was $3.8 million ($0.08/share) and AFFO was $3.8 million ($0.09/share); capital liquidity includes roughly $122 million of undrawn revolver capacity, $8 million of quarter repayments (no borrowings), one MetLife loan rate reset and one loan extension, and the portfolio average loan rate fell from 5.64% to 5.25%.Farmland Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
66
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 53.27M | 52.18M | 58.23M | 57.47M | 61.21M | 51.74M |
| Gross Profit | 44.02M | 33.58M | 46.92M | 44.05M | 47.05M | 42.88M |
| EBITDA | 39.20M | 45.95M | 85.88M | 61.67M | 35.29M | 24.52M |
| Net Income | 25.65M | 31.55M | 59.91M | 30.91M | 11.67M | 9.99M |
Balance Sheet | ||||||
| Total Assets | 699.80M | 719.07M | 868.56M | 1.02B | 1.16B | 1.12B |
| Cash, Cash Equivalents and Short-Term Investments | 11.42M | 9.29M | 78.44M | 5.49M | 7.65M | 30.17M |
| Total Debt | 224.31M | 161.18M | 203.88M | 361.26M | 437.20M | 511.43M |
| Total Liabilities | 236.69M | 181.09M | 272.00M | 391.19M | 455.94M | 528.94M |
| Stockholders Equity | 460.00M | 459.35M | 481.91M | 515.88M | 580.79M | 458.31M |
Cash Flow | ||||||
| Free Cash Flow | 18.02M | 17.43M | 16.14M | 12.89M | 12.80M | 7.86M |
| Operating Cash Flow | 18.02M | 17.43M | 16.14M | 12.89M | 17.05M | 7.86M |
| Investing Cash Flow | 17.22M | 63.40M | 268.75M | 158.46M | -60.40M | -18.77M |
| Financing Cash Flow | -74.89M | -149.97M | -211.94M | -173.51M | 20.83M | 13.87M |
Farmland Technical Analysis
Negative
9.60
Price Trends
9.81
Negative
10.46
Negative
10.39
Negative
Market Momentum
-0.07
Negative
45.15
Neutral
26.36
Neutral
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 9.6 is above the 20-day moving average (MA) of 9.59, below the 50-day MA of 9.81, and below the 200-day MA of 10.39, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 45.15 is Neutral, neither overbought nor oversold. The STOCH value of 26.36 is Neutral, 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
9.35
-0.88
-8.61%
RYN
Rayonier
21.78
0.52
2.42%
WY
Weyerhaeuser
25.03
0.62
2.56%
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.