Farmland Partners Inc. (FPI) Stock Analysis
Real Estate · REIT - Specialty · NYSE
Farmland Partners Inc. (FPI) posted $52.18M in revenue for fiscal 2025 (down 10.4% year over year), at a 60.5% net margin, and has compounded revenue about 0.6%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Farmland Partners Inc.
Farmland Partners Inc. has grown revenue from $31.00M to $52.18M over the last 10 fiscal years, compounding about 0.6% a year. The most recent year was down 10.4%, so growth has cooled from its longer-run pace.
Net margin sits at 60.5%, down 42.4 points year over year on a 80.3% gross margin. It carries about $160.84M of total debt.
The one thing worth a second look in the filings is receivables growing faster than sales.
Synthesised from Farmland Partners Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Farmland Partners Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31.00M | $46.22M | $56.07M | $53.56M | $50.69M | $51.74M | $61.21M | $57.47M | $58.23M | $52.18M |
| Gross profit | — | — | — | — | — | — | $47.05M | $44.05M | $46.92M | $41.91M |
| Net income | $4.30M | $7.91M | $12.25M | $13.89M | $7.12M | $9.99M | $11.67M | $30.91M | $59.91M | $31.55M |
| Net margin | 13.9% | 17.1% | 21.9% | 25.9% | 14.0% | 19.3% | 19.1% | 53.8% | 102.9% | 60.5% |
Source: Farmland Partners Inc. SEC filings (10-K). 14 years of history available in the interactive view.
Farmland Partners Inc.: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Receivables growing faster than salesAccounts receivable rose 42.0% while revenue rose -10.4% in the latest year — a gap that can signal looser credit terms or pulled-forward sales. Worth checking days-sales-outstanding.
- Reported earnings run ahead of cashOver 3 years net income totalled $122.4M but operating cash flow only $46.5M — earnings aren't fully backed by cash, an accruals flag worth investigating.
- Heavy debt loadTotal debt of $160.8M is 9.2× last year's operating cash flow — it would take years of cash flow to clear.
Explore 14 years of Farmland Partners Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Farmland Partners Inc. financial history by metric
Compare Farmland Partners Inc. with peers
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to third-party farmers (both tenant and non-tenant) and landowners secured by farm real estate and/or other agricultural related assets. As of March 31, 2026, the Company owned approximately 70,400 acres of farmland in 11 states, including Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas, and West Virginia. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Farmland Partners Inc. was established on September 27, 2013 and is based in Denver, United States.
Farmland Partners Inc. — frequently asked questions
What is Farmland Partners Inc.'s revenue?
Farmland Partners Inc. (FPI) reported revenue of $52.18M for fiscal year 2025, down 10.4% from the prior year, according to its SEC filings.
Is Farmland Partners Inc. profitable?
Yes. FPI earned net income of $31.55M in fiscal 2025, a net margin of 60.5%.
What is FPI's P/E ratio?
Farmland Partners Inc. trades at a price-to-earnings ratio of about 16.8 based on the latest data in our nightly-refreshed cache.
How fast is Farmland Partners Inc. growing?
FPI's revenue grew at roughly 0.6% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Farmland Partners Inc. have?
As of fiscal year 2025, FPI carried roughly $160.84M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Farmland Partners Inc.'s gross margin?
FPI's gross margin was 80.3% in fiscal 2025 — gross profit of $41.91M on revenue of $52.18M.
What is Farmland Partners Inc.'s market cap?
Farmland Partners Inc. (FPI) has a market capitalization of about $438.78M, based on the latest data in our nightly-refreshed cache.
When does Farmland Partners Inc.'s fiscal year end?
FPI's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Farmland Partners Inc.'s official SEC filings (10-K and 10-Q), covering 14 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.