Latest Ratios: P/E Ratio 15.5x · EV/EBITDA 20.9x · ROE 5.6%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $418M | $497M | $658M | $727M | $635M | $414M | $256M | $205M | $146M | $269M | $147M |
| Enterprise Value | $570M | $649M | $784M | $1.1B | $1.1B | $895M | $735M | $703M | $653M | $730M | $409M |
| P/E Ratio → | 15.45 | 15.63 | 11.09 | 26.00 | 77.88 | — | — | — | 11.95 | 289.33 | 124.00 |
| P/S Ratio | 8.01 | 9.52 | 11.31 | 12.66 | 10.37 | 8.00 | 5.04 | 3.82 | 2.60 | 5.83 | 4.75 |
| P/B Ratio | 0.91 | 0.92 | 1.10 | 1.15 | 0.90 | 0.70 | 0.45 | 0.45 | 0.24 | 0.42 | 0.68 |
| P/FCF | 23.99 | 28.50 | 40.79 | 56.45 | 49.58 | 52.69 | 12.96 | 11.37 | 20.23 | — | — |
| P/OCF | 23.99 | 28.50 | 40.79 | 56.45 | 37.23 | 52.69 | 12.96 | 11.37 | 7.30 | 290.07 | 29.23 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.43 | 13.46 | 18.85 | 17.39 | 17.30 | 14.50 | 13.13 | 11.64 | 15.79 | 13.19 |
| EV / EBITDA | 20.93 | 23.82 | 25.21 | 34.55 | 33.33 | 36.67 | 24.26 | 20.30 | 11.64 | 15.79 | 13.19 |
| EV / EBIT | 24.72 | 15.52 | 9.76 | 20.00 | 37.57 | 53.01 | 32.90 | 20.43 | 19.88 | 32.13 | 25.61 |
| EV / FCF | — | 37.22 | 48.56 | 84.06 | 83.13 | 113.95 | 37.26 | 39.09 | 90.44 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.4% | 64.4% | 80.6% | 76.7% | 76.9% | 82.9% | 78.8% | 83.5% | 86.0% | 87.2% | 92.3% |
| Operating Margin | 44.2% | 44.2% | 43.8% | 41.5% | 40.8% | 32.4% | 44.1% | 49.2% | 53.0% | 48.7% | 50.4% |
| Net Profit Margin | 60.5% | 60.5% | 102.9% | 53.8% | 19.1% | 19.3% | 14.0% | 25.9% | 21.9% | 17.1% | 13.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.6% | 5.6% | 9.8% | 4.6% | 1.8% | 1.7% | 1.4% | 2.6% | 2.0% | 1.9% | 2.4% |
| ROA | 4.0% | 4.0% | 6.3% | 2.8% | 1.0% | 0.9% | 0.6% | 1.2% | 1.1% | 0.9% | 0.9% |
| ROIC | 2.4% | 2.4% | 2.2% | 1.7% | 1.7% | 1.2% | 1.7% | 1.9% | 2.0% | 2.1% | 3.0% |
| ROCE | 3.0% | 3.0% | 2.8% | 2.2% | 2.2% | 1.5% | 2.1% | 2.4% | 2.6% | 2.5% | 3.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.30 | 0.30 | 0.34 | 0.57 | 0.62 | 0.86 | 0.89 | 1.12 | 0.87 | 0.81 | 1.43 |
| Debt / EBITDA | 5.92 | 5.92 | 6.56 | 11.52 | 13.69 | 20.95 | 16.72 | 14.76 | 9.34 | 11.12 | 9.96 |
| Net Debt / Equity | — | 0.28 | 0.21 | 0.56 | 0.61 | 0.81 | 0.85 | 1.09 | 0.84 | 0.72 | 1.21 |
| Net Debt / EBITDA | 5.58 | 5.58 | 4.03 | 11.35 | 13.45 | 19.71 | 15.82 | 14.40 | 9.04 | 9.96 | 8.44 |
| Debt / FCF | — | 8.72 | 7.77 | 27.61 | 33.55 | 61.26 | 24.31 | 27.73 | 70.21 | — | — |
| Interest Coverage | 4.34 | 4.34 | 4.26 | 2.39 | 1.75 | 1.06 | 1.26 | 1.76 | 1.75 | 1.68 | 1.60 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 537.08 | 537.08 | 2.05 | 1.65 | 2.11 | 2.88 | 2.48 | 2.22 | 3.39 | 4.49 | 5.45 |
| Quick Ratio | 523.54 | 523.54 | 2.01 | 1.58 | 1.96 | 2.70 | 2.41 | 2.10 | 3.36 | 4.48 | 5.42 |
| Cash Ratio | 54.35 | 54.35 | 1.15 | 0.18 | 0.41 | 1.80 | 1.79 | 1.00 | 1.47 | 3.28 | 4.20 |
| Asset Turnover | — | 0.07 | 0.07 | 0.06 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 |
| Inventory Turnover | 8.03 | 8.03 | 4.25 | 5.74 | 5.04 | 2.90 | 9.61 | 5.69 | 22.97 | 46.80 | 8.41 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 13.0% | 12.8% | 3.3% | 1.7% | 2.3% | 1.5% | 2.3% | 3.0% | 16.1% | 6.7% | 4.5% |
| Payout Ratio | 202.1% | 202.1% | 36.1% | 39.7% | — | 63.7% | 83.5% | 44.5% | 191.7% | 227.9% | 153.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 6.4% | 9.0% | 3.8% | 1.3% | — | — | — | 8.4% | 0.3% | 0.8% |
| FCF Yield | 4.2% | 3.5% | 2.5% | 1.8% | 2.0% | 1.9% | 7.7% | 8.8% | 4.9% | — | — |
| Buyback Yield | 9.1% | 7.7% | 4.2% | 10.0% | 1.6% | 0.0% | 3.9% | 11.2% | 14.1% | 3.7% | 0.0% |
| Total Shareholder Yield | 22.1% | 20.5% | 7.5% | 11.7% | 3.9% | 1.5% | 6.2% | 14.2% | 30.2% | 10.4% | 4.5% |
| Shares Outstanding | — | $51M | $56M | $58M | $51M | $35M | $29M | $30M | $32M | $31M | $13M |
Commodity price volatility exposure
Based on reported figures, FPI's P/FFO multiple has fluctuated between 9.77 and 13.13 over the last ten quarters, suggesting that market pricing remains highly sensitive to non-recurring gains rather than the underlying cash-generating capacity of the agricultural land portfolio.
The lack of a stable P/FFO trend indicates that investors are struggling to value the REIT based on core rental income. The current valuation appears to be heavily influenced by the timing of land dispositions, which complicates any attempt to derive a consistent implied cap rate for the portfolio.
As reported in financial statements, FPI's NOI margins have exhibited significant variance, ranging from 69.2% to 87.0%, which suggests that property-level profitability is heavily dependent on the timing of harvest-related income and the recognition of variable crop-share settlements.
The fluctuation in NOI margins warrants further investigation into whether the company's shift toward third-party management will stabilize these figures. Investors should monitor if the higher end of the margin range is sustainable or if it represents one-time gains from strategic asset sales.
According to recent SEC filings, the FFO payout ratio has shown extreme instability, swinging from 4.5% to 186.8%, which implies that dividend distributions are frequently decoupled from recurring cash flow and may rely on capital recycling or balance sheet liquidity.
The volatility in the payout ratio suggests that the dividend is not currently supported by a stable, predictable stream of FFO. This inconsistency may indicate that the company is prioritizing capital returns to shareholders despite the cyclical nature of its underlying agricultural revenue.
Based on reported figures, the company has successfully reduced its debt-to-equity ratio from 0.61 in 2024Q1 to 0.50 in 2026Q1, signaling a strengthened balance sheet that appears better positioned to navigate potential downturns in agricultural commodity markets.
This deleveraging trend suggests a strategic pivot toward financial conservatism, which may provide the dry powder necessary for opportunistic acquisitions. However, the low interest coverage ratio in several periods warrants further investigation into the company's long-term debt service capacity.
Data from the income statement indicates that the market frequently misapplies the standard P/E ratio to FPI, which obscures the true operational health of the REIT by failing to account for significant non-cash depreciation and non-recurring gains on real estate sales.
Using P/E for a land-heavy REIT like FPI is fundamentally misleading because it ignores the impact of asset depreciation on book value and the distortive effect of one-time property dispositions. Analysts should instead focus on Adjusted FFO and NAV-based metrics to better capture the underlying value of the 155,000-acre portfolio.
Includes 30+ ratios · 14 years · Updated daily
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10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FPI stock.
Farmland Partners Inc.'s current P/E ratio is 15.5x. The historical average is 57.7x. This places it at the 29th percentile of its historical range.
Farmland Partners Inc.'s current EV/EBITDA is 20.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.1x.
Farmland Partners Inc.'s return on equity (ROE) is 5.6%. The historical average is 16.1%.
Based on historical data, Farmland Partners Inc. is trading at a P/E of 15.5x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Farmland Partners Inc.'s current dividend yield is 12.98% with a payout ratio of 202.1%.
Farmland Partners Inc. has 64.4% gross margin and 44.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Farmland Partners Inc.'s Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.