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FPI

Farmland Partners Inc.

FPI

Farmland Partners Inc. • NYSE
$9.84 ▲ 0.72% (+0.07)
Market Cap $441.95 M
52w High $12.87
52w Low $9.37
Dividend Yield 1.39%
P/E 7.81
Volume 576.66K
Outstanding Shares 44.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.251M ▲ $3.993M ▼ $483K ▼ 4.293% ▼ $0.011 ▼ $3.692M ▼
Q2-2025 $9.96M ▼ $4.205M ▼ $7.602M ▲ 76.325% ▲ $0.17 ▲ $3.818M ▼
Q1-2025 $10.252M ▼ $4.25M ▼ $2.039M ▼ 19.889% ▼ $0.028 ▼ $5.921M ▼
Q4-2024 $21.474M ▲ $6.804M ▲ $58.746M ▲ 273.568% ▲ $1.21 ▲ $64.601M ▲
Q3-2024 $13.317M $4.561M $1.793M 13.464% $0.021 $8.759M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.469M ▼ $738.548M ▼ $180.152M ▼ $457.322M ▼
Q2-2025 $51.073M ▲ $776.671M ▼ $202.671M ▼ $465.611M ▼
Q1-2025 $21.65M ▼ $810.465M ▼ $218.518M ▼ $479.593M ▼
Q4-2024 $78.441M ▲ $868.56M ▼ $272.003M ▼ $481.911M ▼
Q3-2024 $8.09M $1.027B $406.482M $506.705M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $491K ▼ $-1.953M ▲ $3.501M ▼ $-39.152M ▼ $-37.604M ▼ $-1.953M ▲
Q2-2025 $7.792M ▲ $-2.184M ▼ $67.193M ▲ $-35.586M ▲ $29.423M ▲ $-2.184M ▼
Q1-2025 $2.015M ▼ $6.37M ▼ $99K ▼ $-63.26M ▲ $-56.791M ▼ $6.37M ▼
Q4-2024 $60.256M ▲ $14.614M ▲ $275.803M ▲ $-220.066M ▼ $70.351M ▲ $14.614M ▲
Q3-2024 $1.793M $-4.28M $8.696M $-2.072M $2.344M $-4.28M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Crop sales
Crop sales
 $0 ▲$0 ▲$0 ▲$0 ▲
Real Estate Other
Real Estate Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Other revenue
Other revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Farmland Partners shows a business that has been slowly but steadily getting healthier. Revenue has been fairly stable with a gentle upward trend, but the bigger story is profitability: operating profit and net income have both improved over the last few years, moving from small losses earlier in the period to clearly positive results more recently. Earnings per share have swung from negative to solidly positive, suggesting better cost control, higher-quality income, or both. The most recent year stands out as particularly strong, with much better profitability than earlier years. Overall, this looks like a gradual transition from a “build and stabilize” phase toward a more consistently profitable profile, though performance is still sensitive to land sales, rents, and interest costs.

Balance Sheet

Balance Sheet The balance sheet reflects a land-rich, asset-heavy REIT that has been actively managing its portfolio. Total assets climbed earlier in the period and have since eased back a bit, which lines up with the company’s strategy of selectively selling farms to optimize the portfolio and reduce leverage. Debt levels have come down from prior peaks, pointing to de‑risking and a somewhat more conservative capital structure. Equity remains the main funding base, and it has been relatively steady, which suggests no major balance sheet stress. Cash reserves, which had been quite lean, appear stronger in the most recent year, giving the company a bit more flexibility. Overall, the balance sheet looks reasonably sound for a specialized REIT, with a gradual move toward lower leverage and a cleaner asset mix.

Cash Flow

Cash Flow Operating cash flow has been consistently positive but modest, which is typical for a farmland REIT that relies on rental income rather than rapid growth. Free cash flow has also stayed positive, helped by very low ongoing capital spending, since farmland itself does not require heavy maintenance capex compared with more complex real estate. This pattern suggests the business can broadly fund itself day to day, while larger growth moves (acquisitions, debt reduction, buybacks) depend more on capital recycling through property sales and access to financing markets. Cash generation looks steady rather than spectacular, but it appears reliable, which is important for a land‑lease model.

Competitive Edge

Competitive Edge Farmland Partners operates in a niche with relatively few scaled public competitors. Its advantages come from size, diversification across many states and crop types, and a management team with deep agricultural roots. By spreading its holdings across different regions and mixes of row and specialty crops, it reduces the impact of any single bad season, local drought, or price shock. Close relationships with strong tenant farmers help keep occupancy effectively full and rental income stable. The company’s role as a specialist in farmland—rather than a generalist REIT—gives it a knowledge edge in areas like soil quality, water rights, and local farm economics. However, the market itself remains fragmented and sensitive to commodity cycles, interest rates, and land values, so even a well‑positioned player faces external volatility.

Innovation and R&D

Innovation and R&D Although it is not a technology developer, Farmland Partners leans on innovation through its ecosystem. It works with tenant farmers who are heavy users of advanced farming methods such as precision application of inputs, conservation tillage, and soil‑health practices. This supports long‑term land quality and can enhance the underlying asset value. The company also takes a data‑driven approach to buying and selling farms, including careful evaluation of water access and productivity, which has guided its exit from weaker, water‑stressed areas. Beyond traditional rents, it is expanding into higher‑value activities: farmer lending secured by farmland, and leases for solar and wind projects that bring in more stable, non‑farm income. Recent streamlining moves, like selling a non‑core brokerage subsidiary, show a focus on sharpening the core model while using creative revenue streams and sustainable practices as differentiators.

Summary

Overall, Farmland Partners looks like a specialized REIT that has gradually strengthened its financial footing while refining its portfolio. Profitability has improved meaningfully in recent years, the balance sheet has been nudged toward lower leverage and better liquidity, and cash flows are steady, if not explosive. Its scale, diversification, and agricultural expertise underpin a solid competitive position in a niche asset class. At the same time, results remain exposed to farmland values, interest rates, and agricultural cycles. The company’s push into data‑informed land management, farmer financing, and renewable energy leases suggests a more innovative, diversified income mix than a traditional farmland landlord, which could help smooth out some of those inherent cyclical pressures over time.

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October 29, 2025 · 4:10 PM UTC

Farmland Partners Inc. Reports Third Quarter 2025 Results

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October 23, 2025 · 5:00 PM UTC

Farmland Partners Inc. Announces Date for Third Quarter 2025 Earnings Release and Conference Call

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October 22, 2025 · 4:15 PM UTC

Peoples Company Acquires Murray Wise Associates from Farmland Partners Inc.

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