Farmland Partners Inc. (FPI) Key Metrics
FPI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $454.6M
- Enterprise value
- $683.7M
- P/E (TTM)
- 20.3 10-yr median 28.8
- Forward P/E
- 161.3
- PEG ratio
- —
- Price / sales
- 8.9 10-yr median 6.9
- Price / book
- 1.0 10-yr median 0.8
- EV / EBITDA
- 17.0 10-yr median 20.5
- Dividend yield
- 3.46% $0.36 a year
- Beta
- 0.70
FPI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFPI valuation Price multiples at each fiscal year-end price.
FPI returns How much profit the business earns on the capital it uses.
FPI per-share figures Results divided by the shares outstanding at year-end.
FPI financial health Debt, liquidity and how easily interest is covered.
FPI efficiency & capital use Working capital cycle and where the cash goes.
FPI valuation history
FPI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FPI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FPI cash returned to shareholders
FPI price vs earnings per share
FPI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $496.7M | $658.4M | $727.5M | $634.9M | $414.0M | $255.6M | $204.5M | $146.0M | $269.5M | $147.4M |
| Enterprise value | $648.5M | $783.8M | $1.08B | $1.06B | $895.2M | $738.0M | $705.1M | $654.5M | $730.0M | $409.0M |
| P/E ratio | 15.7 | 11.0 | 23.5 | 54.4 | 41.4 | 35.9 | 14.7 | 11.9 | 34.1 | 34.3 |
| Price / sales | 9.5 | 11.3 | 12.7 | 10.4 | 8.0 | 5.0 | 3.8 | 2.6 | 5.8 | 4.8 |
| Price / book | 1.1 | 1.4 | 1.4 | 1.1 | 0.9 | 0.6 | 0.4 | 0.2 | 0.4 | 0.7 |
| Price / free cash flow | 28.5 | 40.8 | 56.5 | 37.2 | 52.7 | 13.0 | 11.4 | 20.2 | — | — |
| Price / operating cash flow | 28.5 | 40.8 | 56.5 | 37.2 | 52.7 | 13.0 | 11.4 | 7.3 | 290.1 | 29.2 |
| EV / sales | 12.4 | 13.5 | 18.9 | 17.4 | 17.3 | 14.6 | 13.2 | 11.7 | 15.8 | 13.2 |
| EV / EBITDA | 14.1 | 9.1 | 17.6 | 30.2 | 36.5 | 24.3 | 16.5 | 15.8 | 23.9 | 23.3 |
| EV / free cash flow | 37.2 | 48.6 | 84.1 | 62.4 | 114.0 | 37.4 | 39.2 | 90.7 | — | — |
| Earnings yield | 6.4% | 9.1% | 4.2% | 1.8% | 2.4% | 2.8% | 6.8% | 8.4% | 2.9% | 2.9% |
| Free cash flow yield | 3.5% | 2.5% | 1.8% | 2.7% | 1.9% | 7.7% | 8.8% | 4.9% | −7.7% | −86.0% |
| Dividend yield | 12.8% | 3.7% | 2.1% | 2.3% | 4.0% | 7.2% | 9.1% | 18.5% | 7.8% | 4.5% |
| Shareholder yield (dividends + buybacks) | 20.5% | 7.9% | 12.1% | 3.9% | 4.1% | 11.0% | 20.3% | 32.6% | 11.5% | 4.5% |
| Share price at fiscal year-end | $9.69 | $11.76 | $12.48 | $12.46 | $11.95 | $8.70 | $6.78 | $4.54 | $8.68 | $11.16 |
| Per share | ||||||||||
| Revenue per share | $1.02 | $1.04 | $0.99 | $1.20 | $1.49 | $1.73 | $1.78 | $1.74 | $1.49 | $2.35 |
| Earnings per share | $0.62 | $1.07 | $0.53 | $0.23 | $0.29 | $0.24 | $0.46 | $0.38 | $0.25 | $0.33 |
| Operating cash flow per share | $0.34 | $0.29 | $0.22 | $0.33 | $0.23 | $0.67 | $0.60 | $0.62 | $0.03 | $0.38 |
| Free cash flow per share | $0.34 | $0.29 | $0.22 | $0.33 | $0.23 | $0.67 | $0.60 | $0.22 | −$0.67 | −$9.60 |
| Cash per share | $0.18 | $1.40 | $0.09 | $0.15 | $0.87 | $0.93 | $0.42 | $0.53 | $1.72 | $3.57 |
| Book value per share | $8.96 | $8.61 | $8.85 | $11.40 | $13.23 | $15.17 | $15.13 | $18.77 | $20.48 | $16.33 |
| Tangible book value per share | $8.96 | $8.53 | $8.77 | $11.31 | $13.10 | $15.17 | $15.13 | $18.77 | $20.48 | $16.33 |
| Dividends per share | $1.24 | $0.44 | $0.27 | $0.29 | $0.47 | $0.62 | $0.62 | $0.84 | $0.67 | $0.50 |
| Capex per share | $0.15 | $0.35 | $0.10 | $1.15 | $2.42 | $0.12 | $0.87 | $0.40 | $0.69 | $9.98 |
| Debt per share | $3.14 | $3.64 | $6.20 | $8.58 | $14.76 | $17.35 | $17.01 | $16.34 | $16.56 | $23.39 |
| Shares outstanding | 51.3M | 56.0M | 58.3M | 51.0M | 34.6M | 29.4M | 30.2M | 32.2M | 31.0M | 13.2M |
| Change in shares outstanding | −8.5% | −4.0% | +14.4% | +47.1% | +17.9% | −2.6% | −6.2% | +3.6% | +135.1% | +37.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.7% | 12.0% | 5.6% | 2.2% | 2.2% | 1.6% | 2.6% | 2.0% | 1.9% | 2.4% |
| Return on invested capital (ROIC) | 3.8% | 3.4% | 2.5% | 2.5% | 0.9% | 1.2% | 1.3% | 2.3% | 2.5% | 3.2% |
| Return on assets (ROA) | 4.0% | 6.3% | 2.8% | 1.0% | 0.9% | 0.6% | 1.2% | 1.1% | 0.9% | 0.9% |
| Return on tangible assets | 4.4% | 6.9% | 3.0% | 1.0% | 0.9% | 0.7% | 1.3% | 1.1% | 0.7% | 0.7% |
| Free cash flow margin | 33.4% | 27.7% | 22.4% | 27.9% | 15.2% | 38.9% | 33.6% | 12.9% | −44.7% | −408.8% |
| Income quality (OCF / net income) | 0.55 | 0.27 | 0.42 | 1.46 | 0.79 | 2.77 | 1.30 | 1.63 | 0.12 | 1.17 |
| Financial health | ||||||||||
| Total debt | $161.2M | $203.9M | $361.3M | $437.2M | $511.4M | $509.6M | $513.1M | $525.4M | $514.1M | $308.8M |
| Cash & short-term investments | $9.3M | $78.4M | $5.5M | $7.7M | $30.2M | $27.2M | $12.6M | $16.9M | $53.5M | $47.2M |
| Net debt | $151.9M | $125.4M | $355.8M | $429.5M | $481.3M | $482.4M | $500.6M | $508.5M | $460.5M | $261.6M |
| Debt / equity | 0.35 | 0.42 | 0.70 | 0.75 | 1.12 | 1.14 | 1.12 | 0.87 | 0.81 | 1.43 |
| Debt / assets | 0.22 | 0.23 | 0.35 | 0.38 | 0.46 | 0.47 | 0.47 | 0.46 | 0.44 | 0.47 |
| Net debt / EBITDA | 3.31 | 1.46 | 5.77 | 12.17 | 19.63 | 15.91 | 11.71 | 12.29 | 15.09 | 14.93 |
| Current ratio | 537.08 | 2.05 | 1.65 | 2.11 | 2.88 | 2.48 | 2.22 | 3.39 | 4.49 | 5.45 |
| Quick ratio | 523.54 | 2.01 | 1.58 | 1.96 | 2.70 | 2.41 | 2.10 | 3.36 | 4.48 | 5.42 |
| Interest coverage | 2.4 | 1.4 | 1.1 | 1.5 | 1.1 | 1.3 | 1.3 | 1.6 | 1.7 | 1.6 |
| Working capital | $91.7M | $71.5M | $19.6M | $20.9M | $31.5M | $22.5M | $15.3M | $27.4M | $57.0M | $50.0M |
| Invested capital | $611.2M | $607.3M | $871.7M | $1.01B | $939.6M | $928.1M | $957.0M | $1.11B | $1.10B | $477.2M |
| Tangible asset value | $538.0M | $592.5M | $626.1M | $699.5M | $588.0M | $445.7M | $456.4M | $603.5M | $635.7M | $215.6M |
| Net current asset value | −$89.3M | −$132.3M | −$341.7M | −$416.3M | −$480.7M | −$607.6M | −$618.3M | −$497.1M | −$457.0M | −$378.7M |
| Graham number | $11.14 | $14.40 | $10.28 | $7.67 | $9.27 | $9.10 | $12.52 | $12.68 | $10.84 | $10.94 |
| Graham net-net per share | −$2.09 | −$2.65 | −$6.10 | −$8.34 | −$14.12 | −$20.86 | −$20.72 | −$15.71 | −$14.96 | −$29.34 |
| Capital allocation | ||||||||||
| Dividends paid | $63.7M | $24.6M | $15.5M | $14.6M | $16.4M | $18.3M | $18.7M | $27.0M | $20.9M | $6.6M |
| Share buybacks (net) | $38.1M | $27.5M | $72.6M | $10.2M | $650,000 | $9.9M | $22.9M | $20.6M | $10.0M | $0 |
| Dividend payout ratio | 202.1% | 41.1% | 50.1% | 125.4% | 164.3% | 256.7% | 134.4% | 220.3% | 264.7% | 153.4% |
| Dividends + buybacks / free cash flow | 584.7% | 323.0% | 683.9% | 145.4% | 217.2% | 142.9% | 231.0% | 659.4% | — | — |
| Capex / revenue | 15.0% | 33.3% | 10.1% | 96.0% | 162.1% | 7.1% | 48.8% | 22.8% | 46.7% | 425.1% |
| Capex / operating cash flow | 45.0% | 120.1% | 45.2% | 344.6% | 1,067.9% | 18.1% | 145.3% | 63.9% | 2,322.5% | 2,614.1% |
| Capex / depreciation | 1.88 | 3.47 | 0.78 | 8.44 | 11.00 | 0.45 | — | 1.50 | 2.77 | 84.80 |
| Stock-based compensation / revenue | 4.1% | 4.0% | 3.2% | 3.2% | 2.4% | 2.1% | 2.7% | 2.9% | 3.0% | 3.9% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 22.5% | 27.0% | 21.8% | 24.3% | 35.5% | 19.0% | 18.8% | 17.5% | 18.8% | 27.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 500.7 | 305.4 | 215.7 | 119.2 | 61.7 | 60.3 | 96.4 | 112.0 | 92.5 | 62.0 |
| Days of inventory on hand | 48.8 | 80.6 | 70.0 | 75.6 | 86.1 | 45.3 | 39.1 | 10.9 | 12.7 | 40.8 |
| Days payables outstanding | — | — | 626.9 | 239.6 | -4.1 | -2.8 | 230.6 | 550.9 | 702.0 | 1,155.1 |
| Cash conversion cycle (days) | — | — | -341.3 | -44.7 | 151.8 | 108.5 | -95.1 | -428.0 | -596.8 | -1,052.3 |
| Receivables turnover | 0.73 | 1.20 | 1.69 | 3.06 | 5.92 | 6.05 | 3.79 | 3.26 | 3.94 | 5.88 |
| Payables turnover | — | — | 0.58 | 1.52 | — | — | 1.58 | 0.66 | 0.52 | 0.32 |
| Inventory turnover | 7.48 | 4.53 | 5.22 | 4.83 | 4.24 | 8.05 | 9.33 | 33.55 | 28.84 | 8.95 |
| Asset turnover | 0.07 | 0.06 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 |
| Average receivables | $71.6M | $48.7M | $34.0M | $20.0M | $8.7M | $8.4M | $14.1M | $17.2M | $11.7M | $5.3M |
| Average payables | — | — | $23.0M | $9.3M | −$100,000 | −$83,000 | $5.6M | $11.8M | $11.3M | $7.5M |
| Average inventory | $2.5M | $2.5M | $2.6M | $2.9M | $2.1M | $1.3M | $945,500 | $233,500 | $204,500 | $265,798 |
| Intangibles / total assets | 0.0% | 0.5% | 0.5% | 0.4% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from FPI's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FPI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Farmland Partners traded at 15.7 times earnings, against a 10-year median of 28.8. Based on the latest twelve months, the trailing P/E is 20.3 and the forward P/E is 161.3. Farmland Partners earned a return on equity of 6.7% and a return on invested capital of 3.8% in fiscal 2025. It ended the year with $161.2 million of debt and $9.3 million in cash and short-term investments, net debt of $151.9 million. It returned $101.9 million to shareholders: $63.7 million in dividends and $38.1 million in share buybacks, 585% of free cash flow. The share count rose 288.2% from 13.2M to 51.3M over 9 years.
See the FPI income statement, the FPI chart for price history, or the FPI stock overview for the latest quote and news.
FPI key metrics FAQ
What is Farmland Partners's P/E ratio?
Farmland Partners's trailing P/E ratio is 20.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 161.3. At the end of fiscal 2025 it was 15.7, compared with a 10-year median of 28.8.
What is Farmland Partners's EV/EBITDA?
Farmland Partners's enterprise value was 14.1 times EBITDA at the end of fiscal 2025 (enterprise value $648.5 million, EBITDA $46.0 million); the current EV/EBITDA is 17.0.
What is Farmland Partners's return on equity?
Farmland Partners's return on equity (ROE) was 6.7% in fiscal 2025: net income of $31.5 million on average shareholders' equity of $470.6 million.
What is Farmland Partners's ROIC?
Farmland Partners's return on invested capital was 3.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Farmland Partners have?
Farmland Partners had total debt of $161.2 million at the end of fiscal 2025, a debt-to-equity ratio of 0.35 and $151.9 million of net debt (3.31 times EBITDA).
What is Farmland Partners's dividend yield?
Farmland Partners's forward dividend yield is 3.46%. Farmland Partners paid $63.7 million in dividends in fiscal 2025 ($1.24 per share), a payout ratio of 202.1%.
Does Farmland Partners buy back its shares?
Yes. Farmland Partners spent $38.1 million on net share repurchases in fiscal 2025 Shares outstanding changed −8.5% over the year, to 51.3M..
What is Farmland Partners's free cash flow yield?
Farmland Partners generated $17.4 million of free cash flow in fiscal 2025, a free cash flow yield of 3.5% on its market value at year-end ($496.7 million).
What is Farmland Partners's current ratio?
Farmland Partners's current ratio was 537.08 at the end of fiscal 2025: current assets were 537.08 times current liabilities.