Farmland Partners Inc. (FPI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+61.6%

$13.81

vs $8.55 price

Levered DCF

$7.00

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.02

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.65×	9.88×	22.69×	77.88×	-70.29×	-48.33×	169.5×	11.95×
P/B	0.93×	1.16×	1.22×	1.09×	0.9×	0.59×	0.47×	0.33×
P/S	8.21×	9.6×	10.91×	10.37×	8×	5.04×	3.82×	2.6×
EV / EBITDA	12.63×	7.97×	15.94×	30.16×	36.52×	24.25×	16.45×	15.77×
Gross margin	64.4%	80.6%	76.7%	76.9%	82.9%	78.8%	83.5%	86.0%
Operating margin	44.2%	43.8%	41.5%	40.8%	32.4%	44.1%	49.2%	53.0%
Net margin	60.5%	102.9%	53.8%	19.1%	19.3%	14.0%	25.9%	21.9%
Current ratio	537.08×	2.05×	1.65×	2.11×	2.88×	2.48×	2.22×	3.39×
Debt / equity	0.35×	0.42×	0.7×	0.75×	1.12×	1.18×	1.17×	1.19×
Interest coverage	2.39×	1.35×	1.05×	1.55×	1.05×	1.26×	1.34×	1.58×
Dividend yield	14.9%	4.4%	2.5%	2.3%	4.0%	7.2%	9.1%	18.5%
Payout ratio	202.1%	41.1%	50.1%	125.4%	164.3%	256.7%	134.4%	220.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.9%	12.4%	6.0%	2.0%	2.2%	1.7%	3.2%	2.8%
Return on invested capital	25.1%	3.2%	2.4%	2.2%	0.6%	2.1%	2.4%	2.6%
Return on assets	4.4%	6.9%	3.0%	1.0%	0.9%	0.7%	1.3%	1.1%
Free cash flow yield	4.1%	2.9%	2.1%	2.0%	1.9%	7.7%	8.8%	4.9%
Earnings yield	7.4%	10.7%	4.9%	1.8%	2.4%	2.8%	6.8%	8.4%
Enterprise value	$580.1M	$684.6M	$982.8M	$1.1B	$895.2M	$735.1M	$703.5M	$652.8M
Net debt / EBITDA	3.31×	1.46×	5.77×	12.17×	19.63×	15.82×	11.67×	12.25×
Cash conversion cycle (days)	638	453	311	245	204	85	134	133