FPI
Farmland Partners Inc.
FPI's fundamentals are weak: its operating margin fell 113 points to 20% and revenue fell 5.6%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
FPI Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| N/A | |
| N/A |
FPI's profitability is currently healthy, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for real estate companies like FPI.
FPI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.9x | $1.58 | -82% |
| Fair | 21x | $3.41 | -62% |
| Expensive | 44x | $7.01 | -21% |
| Forward | 52x | $8.92 | — |
| Current | 56x | $8.92 | — |
Historical ranges are pointers, not guarantees.
FPI's PE is 56x, but its earnings don't support one, so it isn't a reliable read right now.
FPI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect FPI's earnings and profitability to decline, with its revenue holding steady.
FPI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.17 | +6.2% |
| Q3 2026 | $0.16 | -87% |
| Q2 2026 | $0.52 | -58% |
| Q1 2026 | $0.59 | -43% |
| Q4 2025 | $0.61 | -40% |
| Q3 2025 | $1.21 | +348% |
| Q2 2025 | $1.23 | +284% |
| Q1 2025 | $1.03 | +106% |
| Q4 2024 | $1.01 | +98% |
FPI's earnings per share have fallen from their peak: $0.16 over the past year, against $1.23 in mid-2025. Its recent earnings include one-off gains.
FPI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $9.8M | -13% |
| Q2 2026 | $9.4M | -5.7% |
| Q1 2026 | $10.1M | -1.5% |
| Q4 2025 | $20.7M | -3.5% |
| Q3 2025 | $11.3M | -16% |
| Q2 2025 | $10M | -13% |
| Q1 2025 | $10.3M | -14% |
| Q4 2024 | $21.5M | -0.5% |
FPI's revenue has slid since its 2019 peak: $10M last quarter, down 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -159% | -163 points |
| Q2 2026 | 34% | -45 points |
| Q1 2026 | 6.5% | -14 points |
| Q4 2025 | 105% | -175 points |
| Q3 2025 | 4.3% | -9.6 points |
| Q2 2025 | 78% | +96 points |
| Q1 2025 | 21% | +8.7 points |
| Q4 2024 | 280% | +198 points |
FPI's operating margin was −159% last quarter, down 163 points from the same quarter a year ago, near the bottom of its range since 2019.
FPI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$2.3M | -$328K |
| Q2 2026 | -$3.1M | -$882K |
| Q1 2026 | $8.2M | +29% |
| Q4 2025 | $15.2M | +4% |
| Q3 2025 | -$2M | +$2.3M |
| Q2 2025 | -$2.2M | +$3.9M |
| Q1 2025 | $6.4M | -46% |
| Q4 2024 | $14.6M | +104% |
FPI's free cash flow was $18M over the past year, up 7.4% from the year before. Free cash flow isn't a meaningful measure for real estate companies like FPI.
FPI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -517K shares |
| 1 year | -0.8% | -336K shares |
| 3 years | -12% | -5.6M shares |
| 5 years | +38% | +11.8M shares |
| Available history | -39% | -27M shares |
FPI has 43M diluted shares, down 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | $13.6M |
| Q2 2025 | $23.5M |
| Q1 2025 | $741,000 |
| Q4 2023 | $3.7M |
| Q3 2023 | $6.7M |
| Q2 2023 | $47.1M |
| Q1 2023 | $14.6M |
FPI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 16.9x | High |
| Q2 2026 | 7.2x | High |
| Q1 2026 | 6.2x | High |
| Q4 2025 | 4.2x | High |
| Q3 2025 | 2.1x | Moderate |
| Q2 2025 | 1.9x | Healthy |
| Q1 2025 | 2.7x | Moderate |
| Q4 2024 | 1.9x | Healthy |
FPI's net debt is about 17 years of its operating earnings (EBITDA), up from 2.1 years a year ago. Net leverage isn't a meaningful measure for real estate companies like FPI.
FPI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.8 | Neutral |
| Stochastic | 12.2 | Oversold |
FPI's weekly RSI is 37 (neutral) and its Stochastic is 12 (oversold).
FPI PE vs Real Estate Sector
| Metric | FPI | Sector median | Relative |
|---|---|---|---|
| PE | 56x | 24x | 133% above |
| PE % | 94 | 23 | 71 pts above |
FPI is trading at 56x earnings, a 133% premium to the Real Estate sector's median of 24x, though its earnings don't support one.
FPI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.91 | 10% below |
| 20 week MA | $9.99 | 11% below |
| 50 week MA | $10.5 | 15% below |
| 100 week MA | $10.7 | 17% below |
| 200 week MA | $11.0 | 19% below |
FPI is in a downtrend: it's below all five of its weekly moving averages, and 19% below its 200-week average.
FPI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $6.91 | $8.55 | +24% |
| 2021 | $8.55 | $11.9 | +39% |
| 2022 | $11.9 | $12.4 | +4.4% |
| 2023 | $12.4 | $12.5 | +0.3% |
| 2024 | $12.5 | $11.6 | -7.3% |
| 2025 | $11.6 | $9.72 | -16% |
| 2026 YTD | $9.72 | $8.92 | -8.2% |
FPI has finished higher in four of the last six years. It's down 8.2% so far in 2026.