FARMLAND PARTNERS INC (FPI)
US31154R1095 - REIT
FPI gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 28 industry peers in the Specialized REITs industry. FPI has a medium profitability rating, but doesn't score so well on its financial health evaluation. FPI has a expensive valuation and it also scores bad on growth.
1. Profitability
1.1 Basic Checks
In the past year FPI was profitable.
FPI had a positive operating cash flow in the past year.
In multiple years FPI reported negative net income over the last 5 years.
FPI had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
With a Return On Assets value of 2.72%, FPI perfoms like the industry average, outperforming 53.57% of the companies in the same industry.
Looking at the Return On Equity, with a value of 5.39%, FPI is in line with its industry, outperforming 42.86% of the companies in the same industry.
FPI has a Return On Invested Capital of 1.90%. This is amonst the worse of the industry: FPI underperforms 85.71% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for FPI is below the industry average of 5.04%.
The 3 year average ROIC (1.61%) for FPI is below the current ROIC(1.90%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.72% | ||
| ROE | 5.39% | ||
| ROIC | 1.9% |
ROA(3y)0.97%
ROA(5y)0.51%
ROE(3y)1.85%
ROE(5y)0.93%
ROIC(3y)1.61%
ROIC(5y)1.68%
1.3 Margins
With an excellent Profit Margin value of 48.37%, FPI belongs to the best of the industry, outperforming 92.86% of the companies in the same industry.
With a decent Operating Margin value of 41.52%, FPI is doing good in the industry, outperforming 67.86% of the companies in the same industry.
In the last couple of years the Operating Margin of FPI has declined.
FPI has a Gross Margin of 76.67%. This is in the better half of the industry: FPI outperforms 64.29% of its industry peers.
FPI's Gross Margin has declined in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 41.52% | ||
| PM (TTM) | 48.37% | ||
| GM | 76.67% |
OM growth 3Y-1.97%
OM growth 5Y-4.87%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.92%
GM growth 5Y-2.28%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so FPI is destroying value.
The number of shares outstanding for FPI has been reduced compared to 1 year ago.
FPI has more shares outstanding than it did 5 years ago.
FPI has a better debt/assets ratio than last year.
2.2 Solvency
FPI has an Altman-Z score of 0.65. This is a bad value and indicates that FPI is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of FPI (0.65) is worse than 64.29% of its industry peers.
A Debt/Equity ratio of 0.70 indicates that FPI is somewhat dependend on debt financing.
The Debt to Equity ratio of FPI (0.70) is better than 82.14% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.7 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 0.65 |
ROIC/WACC0.22
WACC8.55%
2.3 Liquidity
FPI has a Current Ratio of 0.64. This is a bad value and indicates that FPI is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Current ratio value of 0.64, FPI perfoms like the industry average, outperforming 42.86% of the companies in the same industry.
FPI has a Quick Ratio of 0.64. This is a bad value and indicates that FPI is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Quick ratio, with a value of 0.56, FPI is doing worse than 64.29% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.64 | ||
| Quick Ratio | 0.56 |
3. Growth
3.1 Past
FPI shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 237.50%, which is quite impressive.
FPI shows a decrease in Revenue. In the last year, the revenue decreased by -6.12%.
Measured over the past years, FPI shows a small growth in Revenue. The Revenue has been growing by 0.49% on average per year.
EPS 1Y (TTM)237.5%
EPS 3YN/A
EPS 5YN/A
EPS growth Q2Q200%
Revenue 1Y (TTM)-6.12%
Revenue growth 3Y4.27%
Revenue growth 5Y0.49%
Revenue growth Q2Q-1.04%
3.2 Future
Based on estimates for the next years, FPI will show a very negative growth in Earnings Per Share. The EPS will decrease by -46.91% on average per year.
FPI is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -0.78% yearly.
EPS Next Y-101.87%
EPS Next 2Y-44.04%
EPS Next 3Y-46.91%
EPS Next 5YN/A
Revenue Next Year-6.58%
Revenue Next 2Y-0.78%
Revenue Next 3YN/A
Revenue Next 5YN/A
3.3 Evolution
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
A Price/Earnings ratio of 20.09 indicates a rather expensive valuation of FPI.
Based on the Price/Earnings ratio, FPI is valued a bit cheaper than 78.57% of the companies in the same industry.
FPI is valuated rather cheaply when we compare the Price/Earnings ratio to 25.20, which is the current average of the S&P500 Index.
The Forward Price/Earnings Ratio is negative for FPI. No positive earnings are expected for the next year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.09 | ||
| Fwd PE | N/A |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, FPI is valued more expensive than 92.86% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 27.93 |
4.3 Compensation for Growth
FPI's earnings are expected to decrease with -46.91% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-44.04%
EPS Next 3Y-46.91%
5. Dividend
5.1 Amount
FPI has a Yearly Dividend Yield of 2.27%. Purely for dividend investing, there may be better candidates out there.
With a Dividend Yield of 2.27, FPI pays less dividend than the industry average, which is at 5.04. 89.29% of the companies listed in the same industry pay a better dividend than FPI!
FPI's Dividend Yield is comparable with the S&P500 average which is at 2.45.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.27% |
5.2 History
The dividend of FPI decreases each year by -18.56%.
FPI has paid a dividend for at least 10 years, which is a reliable track record.
FPI has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-18.56%
Div Incr Years2
Div Non Decr Years4
5.3 Sustainability
55.71% of the earnings are spent on dividend by FPI. This is a bit on the high side, but may be sustainable.
The Dividend Rate of FPI has been decling, while earnings will also be declining. This means the current dividend is most likely not sustainable.
DP55.71%
EPS Next 2Y-44.04%
EPS Next 3Y-46.91%
FARMLAND PARTNERS INC
NYSE:FPI (4/23/2024, 3:15:00 PM)
After market: 10.85 0 (0%)10.85
+0.04 (+0.37%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)
Earnings (Next)
Inst Owners
Inst Owner Change
Ins Owners
Ins Owner Change
Market Cap522.54M
Analysts
Price Target
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.27% |
Dividend Growth(5Y)
DP
Div Incr Years
Div Non Decr Years
Ex-Date
Surprises & Revisions
EPS beat(2)
Avg EPS beat(2)
Min EPS beat(2)
Max EPS beat(2)
EPS beat(4)
Avg EPS beat(4)
Min EPS beat(4)
Max EPS beat(4)
EPS beat(8)
Avg EPS beat(8)
EPS beat(12)
Avg EPS beat(12)
EPS beat(16)
Avg EPS beat(16)
Revenue beat(2)
Avg Revenue beat(2)
Min Revenue beat(2)
Max Revenue beat(2)
Revenue beat(4)
Avg Revenue beat(4)
Min Revenue beat(4)
Max Revenue beat(4)
Revenue beat(8)
Avg Revenue beat(8)
Revenue beat(12)
Avg Revenue beat(12)
Revenue beat(16)
Avg Revenue beat(16)
PT rev (1m)
PT rev (3m)
EPS NQ rev (1m)
EPS NQ rev (3m)
EPS NY rev (1m)
EPS NY rev (3m)
Revenue NQ rev (1m)
Revenue NQ rev (3m)
Revenue NY rev (1m)
Revenue NY rev (3m)
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.09 | ||
| Fwd PE | N/A | ||
| P/S | |||
| P/FCF | |||
| P/OCF | |||
| P/B | |||
| P/tB | |||
| EV/EBITDA |
EPS(TTM)
EY
EPS(NY)
Fwd EY
FCF(TTM)
FCFY
OCF(TTM)
OCFY
SpS
BVpS
TBVpS
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.72% | ||
| ROE | 5.39% | ||
| ROCE | |||
| ROIC | |||
| ROICexc | |||
| ROICexgc | |||
| OM | 41.52% | ||
| PM (TTM) | 48.37% | ||
| GM | 76.67% | ||
| FCFM |
ROA(3y)
ROA(5y)
ROE(3y)
ROE(5y)
ROIC(3y)
ROIC(5y)
ROICexc(3y)
ROICexc(5y)
ROICexgc(3y)
ROICexgc(5y)
ROCE(3y)
ROCE(5y)
ROICexcg growth 3Y
ROICexcg growth 5Y
ROICexc growth 3Y
ROICexc growth 5Y
OM growth 3Y
OM growth 5Y
PM growth 3Y
PM growth 5Y
GM growth 3Y
GM growth 5Y
F-Score
Asset Turnover0.06
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.7 | ||
| Debt/FCF | |||
| Debt/EBITDA | |||
| Cap/Depr | |||
| Cap/Sales | |||
| Interest Coverage | |||
| Cash Conversion | |||
| Profit Quality | |||
| Current Ratio | 0.64 | ||
| Quick Ratio | 0.56 | ||
| Altman-Z |
F-Score
WACC
ROIC/WACC
Cap/Depr(3y)
Cap/Depr(5y)
Cap/Sales(3y)
Cap/Sales(5y)
Profit Quality(3y)
Profit Quality(5y)
Growth
EPS 1Y (TTM)237.5%
EPS 3YN/A
EPS 5Y
EPS growth Q2Q
EPS Next Y-101.87%
EPS Next 2Y
EPS Next 3Y
EPS Next 5Y
Revenue 1Y (TTM)-6.12%
Revenue growth 3Y4.27%
Revenue growth 5Y
Revenue growth Q2Q
Revenue Next Year
Revenue Next 2Y
Revenue Next 3Y
Revenue Next 5Y
EBIT growth 1Y
EBIT growth 3Y
EBIT growth 5Y
EBIT Next Year
EBIT Next 3Y
EBIT Next 5Y
FCF growth 1Y
FCF growth 3Y
FCF growth 5Y
OCF growth 1Y
OCF growth 3Y
OCF growth 5Y