Tearsheet

Farmland Partners (FPI)

Market Price (11/7/2025): $9.69 | Market Cap: $418.5 Mil
Sector: Real Estate | Industry: Other Specialized REITs

Farmland Partners (FPI)

Market Price (11/7/2025): $9.69
Market Cap: $418.5 Mil
Sector: Real Estate
Industry: Other Specialized REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 32%, Dividend Yield is 15%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 28%	Weak multi-year price returns 2Y Excs Rtn is -52%, 3Y Excs Rtn is -92%	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 25x
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.7%, Rev Chg QQuarterly Revenue Change % is -16%
2	Low stock price volatility Vol 12M is 24%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 32%, Dividend Yield is 15%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 28%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%
2	Low stock price volatility Vol 12M is 24%
3	Weak multi-year price returns 2Y Excs Rtn is -52%, 3Y Excs Rtn is -92%
4	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 25x
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.7%, Rev Chg QQuarterly Revenue Change % is -16%

Market Valuation & Key Metrics

	11/7/25	2024	2023	2022	2021
Share Price CYE	$9.69	$11.51	$10.90	$10.48	$9.88
Market Cap CYE ($ Mil)	418.5	539.3	520.1	566.7	439.5
Total Debt ($ Mil)	170.4	203.9	361.3	437.2	511.4
Total Cash ($ Mil)	13.5	78.4	5.5	7.7	30.2
Enterprise Value ($ Mil)	575.4	743.2	881.4	1,003.9	950.9
Valuation Ratios
P/S TTM	7.9	9.6	10.9	10.4	8.0
P/EBIT TTM	5.2	7.0	11.6	22.4	15.8
P/E TTM	6.1	9.3	20.3	54.4	41.4
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2	4.4	6.6
P/EBIT TTM (Sector)	11.4	12.6	13.1	13.1	16.2
P/E TTM (Sector)	16.1	19.1	19.2	18.0	23.4

	11/7/25	2024	2023
Share Price CYE	$9.69	$11.51	$10.90
Market Cap CYE ($ Mil)	418.5	539.3	520.1
Total Debt ($ Mil)	170.4	203.9	361.3
Total Cash ($ Mil)	13.5	78.4	5.5
Enterprise Value ($ Mil)	575.4	743.2	881.4
Valuation Ratios
P/S TTM	7.9	9.6	10.9
P/EBIT TTM	5.2	7.0	11.6
P/E TTM	6.1	9.3	20.3
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2
P/EBIT TTM (Sector)	11.4	12.6	13.1
P/E TTM (Sector)	16.1	19.1	19.2

	FPI	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.1
Rev Chg Q	-15.5%	7.1%
Rev Chg LTM	-9.3%	6.0%
Rev Chg 3Y Avg	-3.7%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	42.3%	18.8%
CFO/Rev LTM	31.8%	20.5%
Net Inc Mgn	130.1%	12.9%
VALUATION	LOW
P/S	7.9	3.1
P/CFO	24.8	15.1
P/FCF	24.8	19.7
P/E	6.1	23.5

AI Generated Analysis | Feedback

null

FPI Stock

Return (1M): -7.54%

Factor Drivers of Stock Movement

The -10.1% change in FPI stock from 8/7/2025 to 11/6/2025 was primarily driven by a -12.5% change in the company's P/E Multiple.

	8072025	11062025	Change
Stock Price ($)	10.82	9.73	-10.07%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	55.00	52.94	-3.76%
Net Income Margin (%)	127.59%	130.10%	1.96%
P/E Multiple	6.98	6.10	-12.54%
Shares Outstanding (Mil)	45.25	43.19	4.55%
Cumulative Contribution			-10.26%

LTM = Last Twelve Months as of date shown

The -1.5% change in FPI stock from 5/8/2025 to 11/6/2025 was primarily driven by a -18.0% change in the company's P/E Multiple.

	5082025	11062025	Change
Stock Price ($)	9.88	9.73	-1.55%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	56.49	52.94	-6.29%
Net Income Margin (%)	107.24%	130.10%	21.32%
P/E Multiple	7.44	6.10	-17.97%
Shares Outstanding (Mil)	45.59	43.19	5.27%
Cumulative Contribution			-1.82%

LTM = Last Twelve Months as of date shown

The -11.5% change in FPI stock from 11/6/2024 to 11/6/2025 was primarily driven by a -78.5% change in the company's P/E Multiple.

	11062024	11062025	Change
Stock Price ($)	10.99	9.73	-11.45%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	58.34	52.94	-9.27%
Net Income Margin (%)	31.68%	130.10%	310.72%
P/E Multiple	28.44	6.10	-78.55%
Shares Outstanding (Mil)	47.84	43.19	9.72%
Cumulative Contribution			-12.29%

LTM = Last Twelve Months as of date shown

The -15.9% change in FPI stock from 11/7/2022 to 11/6/2025 was primarily driven by a -82.2% change in the company's P/E Multiple.

	11072022	11062025	Change
Stock Price ($)	11.56	9.73	-15.87%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	59.43	52.94	-10.93%
Net Income Margin (%)	30.35%	130.10%	328.73%
P/E Multiple	34.30	6.10	-82.21%
Shares Outstanding (Mil)	53.49	43.19	19.27%
Cumulative Contribution			-18.99%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

AI Generated Analysis | Feedback

Here are the key points for why Farmland Partners (FPI) stock moved by -6.6% from approximately July 31, 2025, to November 7, 2025:

1. Q3 2025 Net Income Miss: Farmland Partners reported a net income of $0.5 million, or $0.00 per share, for the third quarter of 2025, which fell short of analyst expectations of $0.03 per share. This also represented a decline from the $1.8 million in net income reported during the same period in 2024.

2. Year-over-Year Revenue Decline and Dependence on One-Off Gains: While Q3 2025 revenue of $11.25 million exceeded analyst forecasts, it was notably lower than the $13.32 million reported in Q3 2024, leading to a year-over-year decline in total operating revenues for both the three-month and nine-month periods. Additionally, recent significant earnings growth was substantially influenced by a non-recurring gain of $61.6 million, which is not expected to be repeated, raising concerns about the consistency of future profits.

3. Forecasted Earnings and Revenue Declines: Forward-looking forecasts indicate a projected annual earnings decline of 50.2% over the next three years and an 11.1% annual revenue decline. These projections suggest unstable growth prospects for the company, potentially contributing to investor caution over the period.

4. Impairments on California Properties: In its second quarter 2025 results, released around July 23, 2025, Farmland Partners recorded $16.8 million in impairments on its California properties. This impairment was attributed to a longer-term loss of value resulting from crop and water dynamics in the region, highlighting specific challenges within a segment of its portfolio.

5. Mixed Analyst Sentiment and Valuation Concerns: Despite some analysts assigning "Outperform" ratings, the stock was observed to be trading at a price-to-earnings ratio of 6.8x, significantly below the industry average. This valuation, coupled with some market forecasts predicting a potential stock price drop, could indicate investor skepticism regarding the sustainability of the company's profits without extraordinary items.

Show less

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
FPI Return	32%	40%	6%	4%	6%	-15%	82%
Peers Return	31%	74%	-23%	4%	36%	-7%	134%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
FPI Win Rate	67%	50%	50%	58%	58%	40%
Peers Win Rate	60%	68%	40%	50%	65%	44%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
FPI Max Drawdown	-23%	-3%	-10%	-22%	-20%	-16%
Peers Max Drawdown	-52%	-4%	-35%	-24%	-15%	-19%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: IRM, LAMR, EPR, PW, GLPI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/6/2025 (YTD)

How Low Can It Go

Unique Key	Event	FPI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	68.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-25.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	33.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	69 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-60.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	154.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	759 days	120 days

Compare to IRM, LAMR, EPR, PW, GLPI

In The Past

Farmland Partners's stock fell -40.7% during the 2022 Inflation Shock from a high on 4/19/2022. A -40.7% loss requires a 68.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Farmland Partners (FPI)

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns approximately 155,000 acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have approximately 26 crop types and over 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014.

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

Better Bets than Farmland Partners (FPI)

	FPI	Better Performance than FPI
Metric	Value	Industry (Other Specialized REITs)
Rev Chg LTM	-9.3%	IRM (10.9%), GLPI (4.4%), LAMR (3.0%), EPR (4.2%), OUT (-2.5%)
Rev Chg 3Y Avg	-3.7%	IRM (10.1%), GLPI (7.4%), LAMR (4.2%), EPR (3.9%), OUT (2.2%)
Op Mgn LTM	42.3%	GLPI (72.7%), EPR (54.9%), FCPT (55.7%), SAFE (78.5%)
CFO/Rev LTM	31.8%	GLPI (68.4%), LAMR (38.8%), EPR (62.7%), FCPT (61.9%), SELF (37.0%)
FCF/Rev LTM	31.8%	GLPI (63.2%), EPR (62.7%), FCPT (61.9%), SELF (36.0%)
Total Yield	31.6%

	FPI	Better Performance than FPI
Metric	Value	Sector (Real Estate)
Rev Chg LTM	-9.3%	WELL (32.6%), PLD (10.7%), AMT (4.2%), EQIX (5.4%), SPG (4.2%)
Rev Chg 3Y Avg	-3.7%	WELL (20.9%), PLD (18.1%), AMT (0.1%), EQIX (8.5%), SPG (5.7%)
Op Mgn LTM	42.3%	AMT (46.4%), SPG (50.7%), O (45.7%), PSA (47.0%), VICI (92.6%)
CFO/Rev LTM	31.8%	PLD (59.3%), AMT (50.1%), EQIX (41.4%), SPG (65.3%), DLR (41.6%)
FCF/Rev LTM	31.8%	PLD (59.3%), AMT (35.3%), SPG (50.7%), DLR (41.6%), O (67.1%)
Total Yield	31.6%	SDHC (33.1%), WHLR (2331.1%)

	FPI	Better Performance than FPI
Metric	Value	All Other Sectors
Rev Chg LTM	-9.3%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	-3.7%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
Op Mgn LTM	42.3%	NVDA (58.1%), MSFT (46.3%), META (43.2%), LLY (43.0%), V (66.5%)
CFO/Rev LTM	31.8%	NVDA (46.6%), MSFT (50.0%), GOOGL (39.3%), AVGO (42.4%), META (56.8%)
FCF/Rev LTM	31.8%	NVDA (43.6%), AVGO (41.6%), V (56.8%), MA (52.5%), PLTR (46.0%)
Total Yield	31.6%	BABA (37.6%), TM (2196.5%), BIDU (64.5%), HMC (2218.9%), ERIC (75.9%)

		Best Bets In Real Estate Sector
	FPI	CTRE	WPC	ADC	NNN	OHI	O	EPRT	GLPI	EPR	FCPT
What You Pay
P/E	6.1	28.8	40.0	41.7	19.0	23.4	53.5	24.6	16.1	18.8	22.6
P/EBIT	5.2	25.1	21.1	24.9	12.6	16.0	24.0	17.3	10.6	11.4	15.3
What You Get
Rev Chg Q	-15.5%	82.4%	8.5%	18.7%	5.3%	12.9%	9.1%	23.7%	3.2%	4.3%	11.0%
Rev Chg LTM	-9.3%	47.6%	5.6%	14.7%	4.5%	13.7%	14.7%	24.2%	4.4%	4.2%	8.3%
Rev Chg 3Y Avg	-3.7%	21.2%	5.6%	19.5%	6.0%	6.3%	21.5%	24.2%	7.4%	3.9%	9.5%
FCF/Rev 3Y Avg	23.7%	88.9%	84.4%	73.1%	73.6%	71.6%	69.5%	69.3%	65.4%	63.9%	61.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	With Farmland Partners Stock Down 5.3% In A Month, How Confident Are You?	Return
2	Farmland Partners Total Shareholder Return (TSR): 10.2% in 2024 and 8.3% 3-yr compounded annual returns (above peer average)

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to FPI. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-2.5%	-2.5%	-5.8%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-2.5%	-2.5%	-5.8%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FSLY	Fastly	1.6	35.9%	16.2%
GDEN	Golden Entertainment	0.7	34.3%	-7.2%
HAE	Haemonetics	3.2	32.3%	-14.0%
APPN	Appian	2.8	30.8%	16.3%
LFST	LifeStance Health	2.4	29.9%	-15.2%
IOVA	Iovance Biotherapeutics	0.8	27.6%	-68.8%
SKYT	SkyWater Technology	0.9	27.2%	35.6%
BHF	Brighthouse Financial	3.8	26.8%	36.8%
DDOG	Datadog	66.1	23.1%	33.5%
HCC	Warrior Met Coal	4.3	22.9%	50.5%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASPN	Aspen Aerogels	0.3	-44.5%	-65.4%
ACVA	ACV Auctions	0.9	-37.5%	-76.4%
ELF	e.l.f. Beauty	4.3	-35.0%	-39.0%
CCOI	Cogent Communications	1.2	-34.9%	-65.5%
BLZE	Backblaze	0.3	-33.8%	2.7%
PRCH	Porch	1.1	-33.4%	116.1%
PRTH	Priority Technology	0.4	-30.1%	-58.7%
AOSL	Alpha & Omega Semiconductor	0.6	-27.5%	-46.9%
STKL	SunOpta	0.5	-26.6%	-49.9%
VAC	Marriott Vacations Worldwide	1.7	-26.4%	-43.0%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.7%	229.4%
CSIQ	Canadian Solar	1.8	49.1%	140.5%
BHF	Brighthouse Financial	3.8	43.8%	36.8%
GDEN	Golden Entertainment	0.7	39.4%	-7.2%
CSTL	Castle Biosciences	1.0	38.6%	25.9%
FSLY	Fastly	1.6	37.5%	16.2%
TDC	Teradata	2.7	35.5%	-9.1%
HAE	Haemonetics	3.2	34.2%	-14.0%
APPN	Appian	2.8	28.7%	16.3%
MTSR	Metsera	8.6	28.0%	81549900.0%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SOC	Sable Offshore	0.4	-62.3%	-78.9%
QURE	uniQure	1.5	-59.5%	55.8%
DD	DuPont de Nemours	16.4	-51.9%	-47.8%
BHVN	Biohaven	0.9	-50.9%	-77.2%
ASPN	Aspen Aerogels	0.3	-45.4%	-65.4%
ACVA	ACV Auctions	0.9	-42.8%	-76.4%
SVV	Savers Value Village	1.2	-40.3%	-22.9%
BLZE	Backblaze	0.3	-40.2%	2.7%
CCOI	Cogent Communications	1.2	-38.0%	-65.5%
ELF	e.l.f. Beauty	4.3	-37.8%	-39.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	3.7	217.5%	123.9%
VTYX	Ventyx Biosciences	0.7	141.8%	322.8%
INBX	Inhibrx Biosciences	1.3	141.0%	425.9%
TERN	Terns Pharmaceuticals	1.7	120.9%	229.4%
PUMP	ProPetro	1.1	88.9%	15.2%
CSIQ	Canadian Solar	1.8	87.1%	140.5%
REPL	Replimune	0.8	86.0%	-29.8%
VICR	Vicor	4.0	72.9%	84.2%
GLUE	Monte Rosa Therapeutics	1.1	68.7%	87.5%
ESTA	Establishment Labs	1.9	61.8%	40.9%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	0.4	-75.7%	-78.9%
FMC	FMC	1.6	-57.3%	-72.1%
QURE	uniQure	1.5	-54.1%	55.8%
ONDS	Ondas	0.8	-53.4%	105.1%
FI	Fiserv	33.9	-51.3%	-70.0%
LRN	Stride	3.0	-51.2%	-32.1%
ASPN	Aspen Aerogels	0.3	-50.5%	-65.4%
DD	DuPont de Nemours	16.4	-50.0%	-47.8%
NTLA	Intellia Therapeutics	1.3	-49.7%	5.7%
ELF	e.l.f. Beauty	4.3	-47.2%	-39.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FSLY	Fastly	1.6	35.9%	16.2%
GDEN	Golden Entertainment	0.7	34.3%	-7.2%
HAE	Haemonetics	3.2	32.3%	-14.0%
APPN	Appian	2.8	30.8%	16.3%
LFST	LifeStance Health	2.4	29.9%	-15.2%
IOVA	Iovance Biotherapeutics	0.8	27.6%	-68.8%
SKYT	SkyWater Technology	0.9	27.2%	35.6%
BHF	Brighthouse Financial	3.8	26.8%	36.8%
DDOG	Datadog	66.1	23.1%	33.5%
HCC	Warrior Met Coal	4.3	22.9%	50.5%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASPN	Aspen Aerogels	0.3	-44.5%	-65.4%
ACVA	ACV Auctions	0.9	-37.5%	-76.4%
ELF	e.l.f. Beauty	4.3	-35.0%	-39.0%
CCOI	Cogent Communications	1.2	-34.9%	-65.5%
BLZE	Backblaze	0.3	-33.8%	2.7%
PRCH	Porch	1.1	-33.4%	116.1%
PRTH	Priority Technology	0.4	-30.1%	-58.7%
AOSL	Alpha & Omega Semiconductor	0.6	-27.5%	-46.9%
STKL	SunOpta	0.5	-26.6%	-49.9%
VAC	Marriott Vacations Worldwide	1.7	-26.4%	-43.0%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.7%	229.4%
CSIQ	Canadian Solar	1.8	49.1%	140.5%
BHF	Brighthouse Financial	3.8	43.8%	36.8%
GDEN	Golden Entertainment	0.7	39.4%	-7.2%
CSTL	Castle Biosciences	1.0	38.6%	25.9%
FSLY	Fastly	1.6	37.5%	16.2%
TDC	Teradata	2.7	35.5%	-9.1%
HAE	Haemonetics	3.2	34.2%	-14.0%
APPN	Appian	2.8	28.7%	16.3%
MTSR	Metsera	8.6	28.0%	81549900.0%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SOC	Sable Offshore	0.4	-62.3%	-78.9%
QURE	uniQure	1.5	-59.5%	55.8%
DD	DuPont de Nemours	16.4	-51.9%	-47.8%
BHVN	Biohaven	0.9	-50.9%	-77.2%
ASPN	Aspen Aerogels	0.3	-45.4%	-65.4%
ACVA	ACV Auctions	0.9	-42.8%	-76.4%
SVV	Savers Value Village	1.2	-40.3%	-22.9%
BLZE	Backblaze	0.3	-40.2%	2.7%
CCOI	Cogent Communications	1.2	-38.0%	-65.5%
ELF	e.l.f. Beauty	4.3	-37.8%	-39.0%

Peer Comparisons for Farmland Partners

Financials

	FPI	IRM	LAMR	EPR	PW	GLPI	Median
Name	Farmland.	Iron Mou.	Lamar Ad.	EPR Prop.	Power RE.	Gaming a.
Mkt Price	9.73	100.86	119.97	49.34	0.68	44.18	46.76
Mkt Cap	0.4	29.8	12.1	3.8	0.0	12.5	8.0
Rev LTM	53	6,640	2,250	663	2	1,577	1,120
Op Inc LTM	22	1,324	538	365	-1	1,146	451
FCF LTM	17	-1,179	711	416	-0	997	216
FCF 3Y Avg	13	-580	674	418	-1	979	216
CFO LTM	17	1,272	872	416	-0	1,079	644
CFO 3Y Avg	13	1,173	832	418	-1	1,030	625

Growth & Margins

	FPI	IRM	LAMR	EPR	PW	GLPI	Median
Name	Farmland.	Iron Mou.	Lamar Ad.	EPR Prop.	Power RE.	Gaming a.
Rev Chg LTM	-9.3%	10.9%	3.0%	4.2%	-31.2%	4.4%	3.6%
Rev Chg 3Y Avg	-3.7%	10.1%	4.2%	3.9%	-35.4%	7.4%	4.0%
Rev Chg Q	-15.5%	12.6%	3.8%	4.3%	-64.0%	3.2%	3.5%
QoQ Delta Rev Chg LTM	-3.8%	3.1%	1.0%	1.1%	-30.6%	0.8%	0.9%
Op Mgn LTM	42.3%	19.9%	23.9%	54.9%	-43.0%	72.7%	33.1%
Op Mgn 3Y Avg	42.8%	20.0%	27.5%	56.7%	-62.0%	73.6%	35.2%
QoQ Delta Op Mgn LTM	-0.6%	0.3%	-0.1%	-1.4%	-23.7%	3.9%	-0.4%
CFO/Rev LTM	31.8%	19.2%	38.8%	62.7%	-23.6%	68.4%	35.3%
CFO/Rev 3Y Avg	23.7%	19.6%	38.2%	63.9%	-41.2%	68.7%	30.9%
FCF/Rev LTM	31.8%	-17.8%	31.6%	62.7%	-23.6%	63.2%	31.7%
FCF/Rev 3Y Avg	23.7%	-9.2%	31.0%	63.9%	-41.2%	65.4%	27.3%

Valuation

	FPI	IRM	LAMR	EPR	PW	GLPI	Median
Name	Farmland.	Iron Mou.	Lamar Ad.	EPR Prop.	Power RE.	Gaming a.
Mkt Cap	0.4	29.8	12.1	3.8	0.0	12.5	8.0
P/S	7.9	4.5	5.4	5.7	1.1	7.9	5.5
P/EBIT	5.2	28.1	19.6	11.4	-1.7	10.6	11.0
P/E	6.1	187.3	28.0	18.8	-0.6	16.1	17.5
P/CFO	24.9	23.5	13.9	9.0	-4.7	11.6	12.8
Total Yield	31.6%	3.5%	3.6%	5.3%	-174.9%	13.1%	4.4%
Dividend Yield	15.2%	3.0%	0.0%	0.0%	0.0%	6.9%	1.5%
FCF Yield 3Y Avg	2.7%	-2.0%	6.0%	11.4%	-41.8%	7.5%	4.4%
D/E	0.4	0.6	0.4	0.8	8.7	0.6	0.6
Net D/E	0.4	0.6	0.4	0.8	7.8	0.5	0.6

Returns

	FPI	IRM	LAMR	EPR	PW	GLPI	Median
Name	Farmland.	Iron Mou.	Lamar Ad.	EPR Prop.	Power RE.	Gaming a.
1M Rtn	-7.1%	-4.8%	-1.2%	-9.9%	-34.4%	-3.8%	-5.9%
3M Rtn	-10.1%	10.7%	-2.6%	-7.3%	-49.9%	-2.6%	-5.0%
6M Rtn	-1.5%	5.9%	6.8%	-1.4%	-40.5%	-1.6%	-1.5%
12M Rtn	-11.5%	-9.1%	-4.3%	18.2%	-42.2%	-4.0%	-6.7%
3Y Rtn	-15.9%	124.9%	58.9%	58.1%	-91.9%	5.7%	31.9%
1M Excs Rtn	-6.7%	-3.8%	-0.2%	-8.2%	-31.1%	-1.9%	-5.2%
3M Excs Rtn	-15.5%	7.6%	-0.0%	-12.0%	-54.5%	-7.4%	-9.7%
6M Excs Rtn	-20.2%	-12.7%	-11.9%	-20.0%	-59.1%	-20.3%	-20.1%
12M Excs Rtn	-25.1%	-32.6%	-21.8%	-1.0%	-55.6%	-24.6%	-24.9%
3Y Excs Rtn	-91.6%	49.3%	-24.8%	-16.1%	-166.6%	-69.9%	-47.4%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/20/2025	2/29/2024	2/23/2023	3/1/2022	3/19/2021	3/13/2020
Key Financials
Total Revenue	53	58	57	61	52	51	54
Net Income	69	60	31	12	10	7	14
EPS	1.39	1.19	0.55	0.16	-0.17	-0.18	0.04
Growth Rates
Total Revenue Growth	-9.3%	1.3%	-6.1%	18.3%	2.1%	-5.4%	-4.5%
Net Income Growth	272.7%	93.8%	164.8%	16.8%	40.3%	-48.7%	13.3%
Margins
Net Income Margin	130.1%	102.9%	53.8%	19.1%	19.3%	14.0%	25.9%
Cash & Debt
Total Cash	13	78	5	8	30	27	13
Total Debt	170	204	361	437	511	507	511
Net Debt / (Cash)	157	125	356	430	481	480	499
Cash Flows
Net Cash from Operations	17	16	13	17	8	20	18
Free Cash from Operations	17	16	13	17	8	20	18
Returns to Shareholders
Dividends	64	25	15	15	16	18	19
Share Repurchases	65	28	81	10	1	10	23

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	7/24/2025	5/8/2025	2/20/2025	10/31/2024	7/25/2024	5/1/2024	2/29/2024	10/26/2023	7/27/2023	5/4/2023	2/23/2023
Key Financials Quarterly
Total Revenue	11	10	10	21	13	11	12	22	12	12	13	22
Net Income	0	8	2	59	2	-2	1	17	4	8	2	7
EPS	0.00	0.15	0.03	1.21	0.02	-0.06	0.01	0.33	0.07	0.14	0.02	0.11
Key Financials TTM
Total Revenue TTM	53	55	56	58	58	57	57	57	58	59	60	61
Net Income TTM	69	70	61	60	18	21	31	31	20	17	12	12
Growth Rates Quarterly
Total Revenue Growth	-15.5%	-13.0%	-14.5%	-0.5%	14.6%	-1.2%	-5.4%	-1.1%	-11.6%	-6.3%	-8.8%	8.9%
Net Income Growth	-73.1%	479.7%	48.5%	239.2%	-57.4%	-126.0%	-18.1%	164.0%	284.8%	164.4%	51.5%	-49.2%
Margins Quarterly
Net Income Margin	4.3%	76.3%	19.9%	273.6%	13.5%	-17.5%	11.5%	80.2%	36.2%	66.6%	13.2%	30.1%
Cash & Debt
Total Cash	13	51	22	78	8	6	6	5	6	11	12	8
Total Debt	170	193	202	204	347	346	336	361	421	424	442	437
Net Debt / (Cash)	157	142	180	125	339	340	330	356	415	412	429	430
Cash Flows Quarterly
FCF from Operations	-2	-2	6	15	-4	-6	12	7	-4	-6	16	8
Cash Flows TTM
FCF from Operations TTM	17	15	11	16	9	9	9	13	14	18	23	17
Returns to Shareholders Quarterly
Dividends	3	3	56	3	3	3	13	3	3	3	3	3
Share Repurchases	14	24	1	28	-0	-0	-0	4	7	55	15	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	2.4%	1.6%	2.1%	7.0%	2.3%	1.4%	2.2%	5.3%	1.5%	1.1%	1.8%	4.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	3.3%	3.5%	3.3%	3.8%	2.8%	2.7%	2.7%	2.5%	2.4%	2.5%	2.4%	2.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	57
Crop sales		5	1	2	1
Other revenue		7	2	1	1
Rental income		49	45	44	48
Tenant reimbursements			3	4	3
Total	57	61	52	51	54

Price Behavior

Price Behavior

Market Price	$9.73
Market Cap ($ Bil)	0.4
First Trading Date	04/11/2014
Distance from 52W High	-21.0%
	50 Days	200 Days
DMA Price	$10.52	$10.81
DMA Trend	down	down
Distance from DMA	-7.5%	-10.0%
	3M	1YR
Volatility	18.7%	24.2%
Downside Capture	84.31	43.83
Upside Capture	3.79	25.42
Correlation (SPY)	36.0%	38.6%

FPI Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.33	0.58	0.43	0.62	0.44	0.56
Up Beta	1.52	1.63	1.47	0.99	0.51	0.47
Down Beta	0.64	0.71	0.25	0.55	0.56	0.69
Up Capture	-73%	-20%	3%	27%	18%	16%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	10	19	33	62	122	369
Down Capture	30%	69%	35%	60%	39%	86%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	13	24	30	60	121	364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of FPI With Other Asset Classes (Last 1Y)
	FPI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-5.5%	-2.2%	18.5%	45.0%	2.2%	-1.7%	50.6%
Annualized Volatility	24.5%	17.8%	19.6%	19.9%	16.2%	17.9%	37.1%
Sharpe Ratio	-0.28	-0.27	0.74	1.76	-0.05	-0.24	0.86
Correlation With Other Assets		51.4%	39.0%	7.6%	15.0%	52.3%	22.1%

ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of FPI With Other Asset Classes (Last 5Y)
	FPI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.4%	6.9%	16.8%	15.9%	13.8%	6.7%	50.4%
Annualized Volatility	31.9%	19.3%	17.1%	15.6%	18.9%	19.1%	49.2%
Sharpe Ratio	0.45	0.27	0.80	0.81	0.61	0.27	0.77
Correlation With Other Assets		40.7%	35.1%	11.5%	20.6%	44.0%	11.0%

Based On 10-Year Data

		Comparison of FPI With Other Asset Classes (Last 10Y)
	FPI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	3.8%	6.2%	14.3%	12.8%	5.1%	5.0%	78.6%
Annualized Volatility	35.5%	20.7%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.22	0.27	0.68	0.71	0.22	0.21	0.96
Correlation With Other Assets		36.3%	33.7%	7.3%	18.6%	38.6%	8.7%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	2,379,397
Short Interest: % Change Since 9302025	-2.4%
Average Daily Volume	341,915
Days-to-Cover Short Interest	6.96
Basic Shares Quantity	43,187,000
Short % of Basic Shares	5.5%

Returns Analyses

	Title
0	With Farmland Partners Stock Down 5.3% In A Month, How Confident Are You?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/29/2025	2.1%	-1.9%
7/23/2025	-0.4%	-7.0%	-4.3%
5/7/2025	-0.3%	2.6%	15.3%
2/19/2025	7.5%	-1.1%	-5.1%
10/30/2024	6.1%	12.1%	15.1%
7/24/2024	-6.9%	-6.4%	-12.1%
2/28/2024	7.8%	0.8%	1.9%
10/25/2023	0.6%	1.8%	21.6%
...
SUMMARY STATS
# Positive	10	10	11
# Negative	11	11	10
Median Positive	4.3%	2.8%	11.2%
Median Negative	-1.7%	-5.0%	-5.1%
Max Positive	12.7%	16.5%	29.2%
Max Negative	-14.4%	-17.9%	-20.0%

	Forward Returns
10/29/2025	2.1%	-1.9%
7/23/2025	-0.4%	-7.0%	-4.3%
5/7/2025	-0.3%	2.6%	15.3%
2/19/2025	7.5%	-1.1%	-5.1%
10/30/2024	6.1%	12.1%	15.1%
7/24/2024	-6.9%	-6.4%	-12.1%
2/28/2024	7.8%	0.8%	1.9%
10/25/2023	0.6%	1.8%	21.6%
7/26/2023	-11.5%	-15.2%	-16.6%
5/3/2023	3.5%	4.8%	15.3%
2/22/2023	-14.1%	-13.4%	-20.0%
10/25/2022	-0.2%	-0.5%	-4.7%
7/27/2022	0.8%	3.1%	3.3%
2/23/2022	-1.3%	1.3%	11.0%
10/28/2021	-1.7%	3.2%	3.1%
8/5/2021	1.7%	-5.0%	2.1%
3/17/2021	-14.4%	-17.9%	-2.0%
11/9/2020	5.1%	16.5%	29.2%
8/10/2020	-2.3%	-2.2%	-5.9%
3/12/2020	12.7%	2.4%	11.2%
11/12/2019	-0.9%	-3.9%	-0.9%
SUMMARY STATS
# Positive	10	10	11
# Negative	11	11	10
Median Positive	4.3%	2.8%	11.2%
Median Negative	-1.7%	-5.0%	-5.1%
Max Positive	12.7%	16.5%	29.2%
Max Negative	-14.4%	-17.9%	-20.0%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	7242025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2202025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	7252024	10-Q 6/30/2024
3312024	5012024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	10262023	10-Q 9/30/2023
6302023	7272023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	10262022	10-Q 9/30/2022
6302022	7282022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Sherrick Bruce J		8182025	Buy	10.76	8,000	86,056	301,196	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Farmland Partners (FPI)

Market Price (11/7/2025): $9.69 | Market Cap: $418.5 MilSector: Real Estate | Industry: Other Specialized REITs

Farmland Partners (FPI)

Market Price (11/7/2025): $9.69Market Cap: $418.5 MilSector: Real EstateIndustry: Other Specialized REITs

Market Valuation & Key Metrics

FPI Stock

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Farmland Partners (FPI)

Interactive Breakdown

Better Bets than Farmland Partners (FPI)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Farmland Partners

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (11/7/2025): $9.69 | Market Cap: $418.5 Mil
Sector: Real Estate | Industry: Other Specialized REITs

Market Price (11/7/2025): $9.69
Market Cap: $418.5 Mil
Sector: Real Estate
Industry: Other Specialized REITs