Farmland Partners Inc. (FPI) Balance Sheet
FPI balance sheet, 2025
December 31, 2025 · U.S. dollars$719.1M assets = $181.1M liabilities + $538.0M equity
Both columns are drawn to the same scale: what FPI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FPI financial health
Debt / equity0.35
Low leverage · $0.35 of debt for each $1 of equity
Equity / assets63.9%
Equity-funded · of assets funded by shareholders
Cash / debt5.8%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
FPI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $655.5M2016 | $719.1M2025 | +1.0%/yr | |
| Total liabilities | $439.9M2016 | $181.1M2025 | −9.4%/yr | |
| Shareholders’ equity | $215.6M2016 | $459.4M2025 | +8.8%/yr | |
| Cash & short-term investments | $47.2M2016 | $9.3M2025 | −16.5%/yr | |
| Total debt | $308.8M2016 | $161.2M2025 | −7.0%/yr | |
| Net cash (debt) | −$261.6M2016 | −$151.9M2025 | +$109.7M | |
| Working capital | $50.0M2016 | $91.7M2025 | +$41.7M | |
| Book value per share | $16.332016 | $8.962025 | −6.4%/yr | |
| Debt / equity | 1.432016 | 0.352025 | −1.08 | |
| Shares outstanding | 13.2M2016 | 51.3M2025 | +16.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FPI assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
FPI liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
FPI debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FPI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $9.3M | $78.4M | $5.5M | $7.7M | $30.2M | $27.2M | $12.6M | $16.9M | $53.5M | $47.2M |
| Cash & equivalents | $9.3M | $78.4M | $5.5M | $7.7M | $30.2M | $27.2M | $12.6M | $16.9M | $53.5M | $47.2M |
| Short-term investments | — | — | $1.7M | $4.2M | $3.4M | — | — | — | $0 | $0 |
| Receivables | $84.6M | $58.5M | $38.9M | $29.0M | $11.0M | $6.5M | $10.3M | $18.0M | $16.4M | $7.0M |
| Inventory | $2.3M | $2.7M | $2.3M | $2.8M | $3.1M | $1.1M | $1.6M | $341,000 | $126,000 | $283,000 |
| Other current assets | $0 | $61,000 | $2.7M | $181,000 | $4.0M | $2.9M | $3.4M | $3.6M | $3.3M | $6.8M |
| Total current assets | $91.8M | $139.7M | $49.5M | $39.6M | $48.2M | $37.7M | $27.8M | $38.9M | $73.4M | $61.2M |
| Property, plant & equipment (net) | $169,000 | $194,000 | $399,000 | $325,000 | $107,000 | $93,000 | $73,000 | $1.10B | $1.09B | $594.1M |
| Goodwill & intangible assets | $0 | $4.1M | $4.7M | $4.8M | $4.6M | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $4.2M | $4.1M | $4.1M | $4.2M | $3.4M | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $622.8M | $720.5M | $963.2M | $1.11B | $1.07B | $1.05B | $1.07B | $479,000 | $640,000 | $216,000 |
| Total assets | $719.1M | $868.6M | $1.02B | $1.16B | $1.12B | $1.09B | $1.10B | $1.14B | $1.17B | $655.5M |
| Liabilities | ||||||||||
| Accounts payable | — | — | $27.4M | $18.7M | −$107,000 | −$93,000 | −$73,000 | $11.2M | $12.4M | $10.3M |
| Short-term debt | $0 | $25.0M | $2.1M | $325,000 | $785,000 | $93,000 | $73,000 | $865,000 | $514.1M | $308.8M |
| Deferred revenue | $1.2M | $65,000 | $2.1M | $44,000 | $45,000 | $37,000 | $71,000 | $238,000 | $3.9M | $982,000 |
| Total current liabilities | $171,000 | $68.1M | $29.9M | $18.7M | $16.7M | $15.2M | $12.5M | $11.5M | $16.3M | $11.2M |
| Long-term debt | $160.8M | $203.7M | $360.9M | $436.9M | $511.3M | $509.5M | $513.0M | $524.5M | $514.1M | $308.8M |
| Lease obligations | $169,000 | $194,000 | $399,000 | $325,000 | $107,000 | $93,000 | $73,000 | — | — | — |
| Other long-term liabilities | $20.3M | $194,000 | $399,000 | $325,000 | $892,000 | $120.6M | $120.6M | $0 | $0 | $119.9M |
| Total liabilities | $181.1M | $272.0M | $391.2M | $455.9M | $528.9M | $645.3M | $646.1M | $536.0M | $530.4M | $439.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $431,000 | $459,000 | $466,000 | $531,000 | $444,000 | $297,000 | $292,000 | $300,000 | $350.5M | $172.3M |
| Retained earnings (deficit) | −$62.3M | −$72.1M | −$64.5M | −$70.4M | −$66.6M | −$53.7M | −$42.5M | −$37.8M | −$26.0M | $4.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | $1.5M | $2.7M | $3.3M | $279,000 | −$2.4M | −$1.6M | −$865,000 | $635.7M | $335.5M |
| Minority interest | $78.6M | $114.6M | $114.9M | $13.2M | $13.8M | $15.8M | $19.0M | $44.7M | $46.5M | $53.7M |
| Total shareholders' equity | $459.4M | $481.9M | $515.9M | $580.8M | $458.3M | $445.7M | $456.4M | $603.5M | $635.7M | $215.6M |
| Key figures | ||||||||||
| Total debt | $161.2M | $203.9M | $361.3M | $437.2M | $511.4M | $509.6M | $513.1M | $525.4M | $514.1M | $308.8M |
| Net cash (debt) | −$151.9M | −$125.4M | −$355.8M | −$429.5M | −$481.3M | −$482.4M | −$500.6M | −$508.5M | −$460.5M | −$261.6M |
| Working capital | $91.7M | $71.5M | $19.6M | $20.9M | $31.5M | $22.5M | $15.3M | $27.4M | $57.0M | $50.0M |
| Tangible book value | $459.4M | $477.8M | $511.1M | $576.0M | $453.7M | $445.7M | $456.4M | $603.5M | $635.7M | $215.6M |
| Book value per share | $8.96 | $8.61 | $8.85 | $11.40 | $13.23 | $15.17 | $15.13 | $18.77 | $20.48 | $16.33 |
| Shares outstanding | 51.3M | 56.0M | 58.3M | 51.0M | 34.6M | 29.4M | 30.2M | 32.2M | 31.0M | 13.2M |
| Current ratio | 537.08 | 2.05 | 1.65 | 2.11 | 2.88 | 2.48 | 2.22 | 3.39 | 4.49 | 5.45 |
| Quick ratio | 549.32 | 2.01 | 1.48 | 1.96 | 2.46 | 2.22 | 1.83 | 3.05 | 4.28 | 4.82 |
| Debt / equity | 0.35 | 0.42 | 0.70 | 0.75 | 1.12 | 1.14 | 1.12 | 0.87 | 0.81 | 1.43 |
| Equity / assets | 63.9% | 55.5% | 50.5% | 50.1% | 40.9% | 40.9% | 41.4% | 53.0% | 54.5% | 32.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $11.4M | $17.7M | $9.3M | $13.5M | $51.1M | $21.6M | $78.4M | $8.1M | $5.7M | $6.2M | $5.5M | $6.1M |
| Cash & equivalents | $11.4M | $17.7M | $9.3M | $13.5M | $51.1M | $21.6M | $78.4M | $8.1M | $5.7M | $6.2M | $5.5M | $6.1M |
| Short-term investments | — | — | — | — | — | — | — | — | $1.8M | $1.6M | $1.7M | $2.1M |
| Receivables | $79.2M | $79.9M | $84.6M | $69.9M | $64.5M | $61.7M | $58.5M | $9.0M | $5.9M | $15.7M | $38.9M | $25.5M |
| Inventory | $3.0M | $2.8M | $2.3M | $2.2M | $2.6M | $2.9M | $2.7M | $2.8M | $3.0M | $2.7M | $2.3M | $3.3M |
| Other current assets | $0 | $0 | $0 | $500,000 | $23,000 | $36,000 | $61,000 | $13.2M | $24,000 | $14.7M | $2.7M | $6.3M |
| Total current assets | $90.8M | $100.4M | $91.8M | $86.0M | $118.2M | $86.3M | $139.7M | $33.1M | $14.7M | $39.3M | $49.5M | $41.1M |
| Property, plant & equipment (net) | $429,000 | $125,000 | $169,000 | $541,000 | $641,000 | $167,000 | $194,000 | $242,000 | $298,000 | $355,000 | $399,000 | $454,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $4.1M | $4.1M | $4.1M | $4.1M | $4.7M | $4.7M | $4.7M | $4.7M | $4.7M |
| Long-term investments | $3.9M | $3.9M | $4.2M | $4.2M | $4.1M | $4.0M | $4.1M | $4.1M | $4.1M | $4.1M | $4.1M | $4.1M |
| Other non-current assets | $604.7M | $607.3M | $622.8M | $643.7M | $649.7M | $715.9M | $720.5M | $985.0M | $1.00B | $982.6M | $963.2M | $1.02B |
| Total assets | $699.8M | $711.7M | $719.1M | $738.5M | $776.7M | $810.5M | $868.6M | $1.03B | $1.03B | $1.03B | $1.02B | $1.07B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | −$1.6M | −$355,000 | $28.0M | $17.9M |
| Short-term debt | $429,000 | $125,000 | $171,000 | $541,000 | $641,000 | $25.0M | $194,000 | $242,000 | $25.0M | $190,000 | $2.1M | $34,000 |
| Deferred revenue | $1.6M | $5.3M | $1.2M | $63,000 | $175,000 | $6.2M | $65,000 | $130,000 | $1.3M | $9.9M | $2.1M | $70,000 |
| Total current liabilities | $92,000 | $16.3M | $171,000 | $9.8M | $9.3M | $16.5M | $68.1M | $14.0M | $15.2M | $23.4M | $29.9M | $17.7M |
| Long-term debt | $223.9M | $231.8M | $160.8M | $169.8M | $192.7M | $201.8M | $203.7M | $392.2M | $345.7M | $335.5M | $360.9M | $420.5M |
| Lease obligations | $429,000 | $125,000 | $169,000 | $541,000 | $641,000 | $167,000 | $194,000 | $242,000 | $298,000 | $355,000 | $399,000 | $454,000 |
| Other long-term liabilities | $12.7M | $125,000 | $20.3M | $541,000 | $641,000 | $167,000 | $194,000 | $242,000 | $45.7M | $45.8M | $399,000 | $454,000 |
| Total liabilities | $236.7M | $248.2M | $181.1M | $180.2M | $202.7M | $218.5M | $272.0M | $406.5M | $406.5M | $404.7M | $391.2M | $438.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $436,000 | $436,000 | $431,000 | $431,000 | $443,000 | $460,000 | $459,000 | $465,000 | $465,000 | $466,000 | $466,000 | $469,000 |
| Retained earnings (deficit) | −$66.6M | $117.8M | −$62.3M | −$72.0M | −$69.3M | −$73.5M | −$72.1M | −$74.3M | −$72.4M | −$66.8M | −$64.5M | −$68.1M |
| Accumulated other comprehensive income | — | −$183.6M | — | $653,000 | $1.1M | $1.1M | $1.5M | $1.5M | $2.5M | $2.5M | $2.7M | −$64.9M |
| Minority interest | $3.1M | $3.1M | $78.6M | $108.9M | $108.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | $460.0M | $460.4M | $459.4M | $449.5M | $465.6M | $479.6M | $481.9M | $506.7M | $508.7M | $513.8M | $515.9M | $516.0M |
| Key figures | ||||||||||||
| Total debt | $224.3M | $231.9M | $161.2M | $170.4M | $193.4M | $202.0M | $203.9M | $347.1M | $346.0M | $381.2M | $361.3M | $420.9M |
| Net cash (debt) | −$212.9M | −$214.2M | −$151.9M | −$156.9M | −$142.3M | −$180.3M | −$125.4M | −$339.0M | −$340.2M | −$375.0M | −$355.8M | −$414.9M |
| Working capital | $90.7M | $84.1M | $91.7M | $76.3M | $108.9M | $69.7M | $71.5M | $19.1M | −$499,000 | $15.9M | $19.6M | $23.4M |
| Tangible book value | $460.0M | $460.4M | $459.4M | $445.4M | $461.5M | $475.5M | $477.8M | $502.0M | $504.0M | $509.1M | $511.1M | $511.3M |
| Book value per share | $10.61 | $10.66 | $8.96 | $10.41 | $8.59 | $10.52 | $8.61 | $10.59 | $10.64 | $10.77 | $7.99 | $10.65 |
| Shares outstanding | 43.4M | 43.2M | 51.3M | 43.2M | 54.2M | 45.6M | 56.0M | 47.8M | 47.8M | 47.7M | 64.5M | 48.4M |
| Current ratio | 986.64 | 6.16 | 537.08 | 8.81 | 12.74 | 5.21 | 2.05 | 2.37 | 0.97 | 1.68 | 1.65 | 2.33 |
| Quick ratio | 985.51 | 5.99 | 549.32 | 8.53 | 12.45 | 5.04 | 2.01 | 1.22 | 0.77 | 0.94 | 1.48 | 1.78 |
| Debt / equity | 0.49 | 0.50 | 0.35 | 0.38 | 0.42 | 0.42 | 0.42 | 0.68 | 0.68 | 0.74 | 0.70 | 0.82 |
| Equity / assets | 65.7% | 64.7% | 63.9% | 60.9% | 59.9% | 59.2% | 55.5% | 49.3% | 49.5% | 49.8% | 50.5% | 48.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
FPI financial position
At the end of fiscal 2025 (December 31, 2025), Farmland Partners had total assets of $719.1 million (down 17.2% from a year earlier), total liabilities of $181.1 million and shareholders' equity of $459.4 million. It held $9.3 million in cash and short-term investments against $161.2 million of debt, net debt of $151.9 million. Its current ratio was 537.08. In the latest quarter (ended June 30, 2026) total assets were $699.8 million and equity $460.0 million.
Related: FPI income statement, FPI cash flow statement, FPI key metrics. See the FPI stock overview for the latest quote and news.
FPI balance sheet FAQ
What are Farmland Partners's total assets?
Farmland Partners reported total assets of $719.1 million at the end of fiscal 2025 (December 31, 2025), compared with $868.6 million a year earlier.
How much debt does Farmland Partners have?
Farmland Partners had $161.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.35.
How much cash does Farmland Partners have?
Farmland Partners held $9.3 million in cash and short-term investments at the end of fiscal 2025; with $161.2 million of debt that is net debt of $151.9 million.
What is Farmland Partners's book value?
Farmland Partners's shareholders' equity (book value) was $459.4 million at the end of fiscal 2025, or $8.96 per share.
What is Farmland Partners's current ratio?
Farmland Partners had current assets of $91.8 million and current liabilities of $0.2 million, a current ratio of 537.08 (it can cover its short-term obligations).