Farmland Partners Inc (FPI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Farmland Partners Inc stock $7.20, price $8.80, that is 18.2% below the price, quality 57 out of 100. Rating: overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range $7.85 – $13.05 · fair‑value band $5.23 – $12.28 · the $8.80 price screens above the $7.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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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.
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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.
Stock analysis
Farmland Partners Inc (FPI) currently trades at $8.80, while our model-based Fair Value estimate is $7.20, 18% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $21.10 per share, and 2 of the 16 models we run sit above the $8.80 price.
Bear case: the Growth DCF group reads lowest at $6.00, and 14 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: $5.23 (bear) to $12.28 (bull), the price of $8.80 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Real Estate sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Farmland Partners Inc reported revenue of $52.2M in FY2025 versus $51.7M in FY2021, a compound +0.2%/yr. Reported net income was $31.5M in FY2025, compounding +33.3%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $382M Small · P/E ratio 17.1 · P/S ratio 7.47 · EPS (TTM) $0.5100 · Dividend yield 3.4% · Net margin 50.2% · Return on equity 5.0% · Return on assets (EBIT) 2.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (medium confidence).
What moves the price
The share trades about 32% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −24% fair-value upside, at −18%, FPI screens cheaper than that median.
Fair Value models
Bear$5.23Fair Value $7.20Bull$12.28
Price $8.80 · Downside -18.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.1801 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director bought shares worth $19,300, on Jun 25, 2026.
BuyBruce J SherrickDirector2,000 shares at $9.65$19,300Jun 25, 2026
SaleJennifer S GraftonDirector1,600 shares at $12.36$19,776Feb 24, 202610b5-1 plan
BuyJennifer S GraftonDirector1,600 shares at $12.36$19,776Feb 24, 202610b5-1 plan
BuyJohn A GoodDirector2× since Nov 10, 2025: 7,100 shares, avg. $9.91$70,329Dec 15, 2025
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−10.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.6%
Start year 2020 (pandemic). Over 10 years: +14.3% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+5.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.2%
Dividend (yield on the price)3.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.16.4% vs 10.5%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.44% → 44%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+19.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +16.6% a year for the price.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Specialty · 29 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−18.2% · Below median
Profitability
Return on equity (12 months)5.0% · Bottom 25%
Return on assets4.4% · Below median
Net margin (12 months)50.2% · Above median
Operating margin (12 months)36.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)−5.5% · Below median
Dividend yield (12 months)3.4% · Below median
Balance sheet
Debt / equity0.35× · Below median
Valuation Multiplesvs REIT - Specialty median · lower = cheaper
P/E (12 months)17.1× · Pricier than median
P/B0.83× · Cheaper than median
P/S (12 months)7.47× · Pricier than median
Price / free cash flow (fiscal year)21.9× · Pricier than median
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Is Farmland Partners Inc (FPI) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $7.20 versus a price of $8.80, about 18% lower (overvalued).
What is the fair value of FPI?
Our model-based fair value for Farmland Partners Inc is $7.20 (as of Nov 4, 2026), built from audited fundamentals. The current price: $8.80.
What is the quality score of FPI?
Farmland Partners Inc has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Farmland Partners Inc (FPI)?
Our model-based price target is the fair value of $7.20 (as of Nov 4, 2026) from 16 valuation models. Cautious scenario $5.23, optimistic scenario $12.28. It is a calculation from audited fundamentals, not an analyst target.
What is the Farmland Partners Inc stock forecast for 2026?
Our models put fair value at $7.20, about 18% lower versus a price of $8.80 (overvalued). Cautious scenario $5.23, optimistic scenario $12.28. The calculation is refreshed regularly with new filings.
What is the revenue of Farmland Partners Inc (FPI)?
Farmland Partners Inc reported trailing-twelve-month revenue of about $51.1M (latest available figure, as of Nov 4, 2026).
Does Farmland Partners Inc pay a dividend?
Farmland Partners Inc currently shows a dividend yield of 3.41% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Farmland Partners Inc (FPI) and when is the ex-dividend date?
Farmland Partners Inc pays a dividend of $0.3 per share a year, a dividend yield of 3.4%. The last ex-dividend date was Oct 1, 2026. A dividend has been paid every year since at least 2014. The payout ratio is 58.8% of earnings. Free cash flow covers the dividend 1.33 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Farmland Partners Inc (FPI)?
For today's price to be fair in a discounted-cash-flow model, Farmland Partners Inc would have to grow free cash flow by +19.4 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.6 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of FPI use?
Our models discount Farmland Partners Inc at 10.4 %: a base by market capitalisation (small), damped by beta 0.70, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Farmland Partners Inc that is +19.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Farmland Partners Inc (FPI) delivered so far?
Over the past 5 years revenue at Farmland Partners Inc grew +0.6 % a year. The price currently implies free-cash-flow growth of +19.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Farmland Partners Inc (FPI) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Farmland Partners Inc (+19.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Farmland Partners Inc (FPI)?
The free-cash-flow yield on the price is 4.57 %: that much free cash flow Farmland Partners Inc produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Farmland Partners Inc (FPI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Farmland Partners Inc it is $7.20 per share (as of Nov 4, 2026), against a price of $8.80. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Farmland Partners Inc stock overvalued or undervalued in 2026?
As of Nov 4, 2026, FPI trades above its calculated fair value: price $8.80, fair value $7.20, a gap of about −18% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FPI?
No. The price is what the market pays today ($8.80); the fair value is what the company's own numbers justify ($7.20). For Farmland Partners Inc the two are $1.60 per share apart. That gap is exactly why we show both numbers side by side.
How much is Farmland Partners Inc worth?
The market values Farmland Partners Inc at about $382M (market capitalisation, as of Nov 4, 2026). Per share that is $8.80; our models calculate a fair value of $7.20 per share.
What do the bullish and bearish scenarios say about FPI?
Our models span a range for Farmland Partners Inc: cautious scenario $5.23, base $7.20, optimistic $12.28 per share (as of Nov 4, 2026, price $8.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FPI?
Farmland Partners Inc trades at a price-to-earnings ratio of 17.1 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $7.20 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 7 of the years ex one-offs: 23.4. Other multiples: P/B 0.8, P/S 7.5, EV/EBITDA 19.9.
How solid is the balance sheet of Farmland Partners Inc (FPI)?
Balance-sheet figures for Farmland Partners Inc (as of Nov 4, 2026): return on equity 5.0%, debt of 0.35 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is FPI from its 52-week high?
Farmland Partners Inc trades at $8.80, about 32% below its 52-week high of $12.94 and 4% above the low of $8.43 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $7.20 is for.
Which stocks are comparable to Farmland Partners Inc?
From the same area (Real Estate) we also value Equinix, Inc, American Tower Corporation, Digital Realty Trust, Inc, Crown Castle Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Farmland Partners Inc stock attractive at the current price?
The data as of Nov 4, 2026: price $8.80, calculated fair value $7.20 (−18%), Quality Score 57/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FPI calculated?
We run Farmland Partners Inc through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $7.20 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Farmland Partners Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Farmland Partners Inc (FPI)?
The closing price on Nov 6, 2026 was $8.80. Our model-based fair value is $7.20, about 18% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Farmland Partners Inc right now?
Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($5.23 to $12.28) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Farmland Partners Inc (FPI) come from?
Earnings per share at Farmland Partners Inc grew +14.0 % a year from 2015 to 2025. Broken into its drivers: revenue per share −7.5 %, EBIT margin −1.4 %, tax rate +0.1 %, residual (interest, one-offs) +25.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Farmland Partners Inc
How large is the market capitalisation of Farmland Partners Inc (FPI)?
The market capitalisation of Farmland Partners Inc is $382M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Farmland Partners Inc (FPI)?
The price-to-sales ratio of Farmland Partners Inc is 7.47 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Farmland Partners Inc (FPI)?
Earnings per share at Farmland Partners Inc are $0.5100 (price ÷ EPS = P/E 17.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Farmland Partners Inc (FPI)?
The dividend yield of Farmland Partners Inc is 3.4% (payout 58.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Farmland Partners Inc (FPI)?
The net margin of Farmland Partners Inc is 50.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Farmland Partners Inc (FPI)?
The return on equity (ROE) of Farmland Partners Inc is 5.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Farmland Partners Inc (FPI)?
On an EBIT basis the return on assets of Farmland Partners Inc is 2.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Farmland Partners Inc (FPI)?
The operating margin of Farmland Partners Inc is 36.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Farmland Partners Inc (FPI)?
Revenue at Farmland Partners Inc is growing −5.5% versus a year earlier (3y avg −5.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Farmland Partners Inc (FPI)?
Earnings per share at Farmland Partners Inc are growing −50.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Farmland Partners Inc (FPI) carry?
The net debt of Farmland Partners Inc is $152M (fiscal year 2025, ≈ 8.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 4, 2026