Farmland Partners Inc (FPI) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Farmland Partners Inc $7.28, price $10.79, upside -32.5%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $7.85 – $13.05 · fair‑value band $5.23 – $12.45 · the $10.79 price screens above the $7.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 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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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.
Stock analysis
Farmland Partners Inc (FPI) currently trades at $10.79, while our model-based Fair Value estimate is $7.28, implying the stock looks roughly 48.2% overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $18.69 per share, and 3 of the 16 models we run sit above the $10.79 price.
Bear case: the Growth DCF group reads lowest at $5.04, and 13 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: $5.23 (bear) to $12.45 (bull), the price of $10.79 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 55/100 (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 $553M · P/E ratio 18.0 · P/S ratio 10.9 · EPS (TTM) $0.5900 · Dividend yield 2.5% · Net margin 60.5% · Return on equity 5.8% · Return on assets (EBIT) 2.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (medium confidence).
What moves the price
The share trades about 17% below its 52-week high and 19% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −18% fair-value upside, at −33%, FPI screens richer than that median.
Fair Value models
Bear $5.23Fair Value $7.28Bull $12.45
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.2350 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.Evidence ⓘEvidence = 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.
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.
+5.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.5%
Dividend (yield on the price)2.5%
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% vs 11%, 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%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+24.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−7.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +21.8% a year for the price and −9.7% for the forecasts.
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 · 33 stocks
Beats the industry median on 2/14 measures
Overall it trails its industry peers.
Valuation
Quality Score56 · Below median
Fair Value upside−33% · Below median
Profitability
Return on equity (TTM)6% · Below median
Return on assets2% · Bottom 25%
Net margin (TTM)58% · Above median
Operating margin (TTM)35% · Below median
Growth and dividend
Revenue growth−2% · Below median
Dividend yield (TTM)2.5% · Bottom 25%
Balance sheet
Debt / equity0.35× · Below median
Valuation Multiplesvs REIT - Specialty median · lower = cheaper
P/E (TTM)18.0× · Pricier than median
P/B1.20× · Pricier than median
P/S (TTM)10.72× · Priciest 25%
P/FCF31.7× · Priciest 25%
EV/EBITDA26.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 10
FUTURE (revenue growth)0· sector 22
PAST (return on equity)23· sector 30
HEALTH (low debt)83· sector 73
DIVIDEND (yield)50· sector 100
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Farmland Partners Inc (FPI) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $7.28 versus a price of $10.79, about −33% upside (overvalued).
What is the fair value of FPI?
Our model-based fair value for Farmland Partners Inc is $7.28 (as of Sep 23, 2026), built from audited fundamentals. The current price: $10.79.
What is the quality score of FPI?
Farmland Partners Inc has a Quality Score of 55/100. 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 $7.28 (as of Sep 23, 2026) from 16 valuation models. Cautious scenario $5.23, optimistic scenario $12.45. 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 $7.28, about −33% upside versus a price of $10.79 (overvalued). Cautious scenario $5.23, optimistic scenario $12.45. 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 $51.6M (latest available figure, as of Sep 23, 2026).
Does Farmland Partners Inc pay a dividend?
Farmland Partners Inc currently shows a dividend yield of about 2.50% relative to its recent price (as of Sep 23, 2026).
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 +24.7 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.6 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of FPI use?
Our models discount Farmland Partners Inc at 10.3 %: a base by market capitalisation (small), damped by beta 0.68, 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 +24.7 % per year a year over ten years, using the same discount rate (10.3 %) 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 +24.7 % per year free-cash-flow growth a 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 +1.8 % a year. That is the yardstick for the growth priced into Farmland Partners Inc (+24.7 % per year a 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 3.15 %: that much free cash flow Farmland Partners Inc produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), 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 $7.28 per share (as of Sep 23, 2026), against a price of $10.79. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Farmland Partners Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, FPI trades above its calculated fair value: price $10.79, fair value $7.28, a gap of about −33% (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 ($10.79); the fair value is what the company's own numbers justify ($7.28). For Farmland Partners Inc the two are $3.51 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 $553M (market capitalisation, as of Sep 23, 2026). Per share that is $10.79; our models calculate a fair value of $7.28 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 $7.28, optimistic $12.45 per share (as of Sep 23, 2026, price $10.79). 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 18.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $7.28 is built from several models across several years. Other multiples: P/B 1.2, P/S 10.7, EV/EBITDA 26.8.
How solid is the balance sheet of Farmland Partners Inc (FPI)?
Balance-sheet figures for Farmland Partners Inc (as of Sep 23, 2026): return on equity 5.8%, debt of 0.35 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is FPI from its 52-week high?
Farmland Partners Inc trades at $10.79, about 17% below its 52-week high of $12.94 and 19% above the low of $9.08 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $7.28 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, Iron Mountain Incorporated, 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 Sep 23, 2026: price $10.79, calculated fair value $7.28 (−33%), Quality Score 55/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $7.28, 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 13.0 % 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 Sep 23, 2026 was $10.79. Our model-based fair value is $7.28, about −33% upside (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 (55/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($5.23 to $12.45) 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 $553M. 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 10.9 (P/E × margin). 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 $0.5900 (price ÷ EPS = P/E 18.0). 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 2.5% (payout 45.8%). 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 60.5% (fiscal year 2025). 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 5.8% (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 35.1% (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 −1.7% 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 −66.3% 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
Sep 23, 2026