# Farmland Partners Inc. (FPI)

> Source: Nexqual · https://nexqual.com/FPI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Farmland Partners Inc. (FPI), nexqual.com/FPI" · informational, not investment advice.

**Price:** USD 10 (+1.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.84 · day 9.86–10.09 · 52w 9.21–13.23 · market cap $439M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $51.5M, net income $25.7M (49.8% margin) (SEC filings).
- Valuation: P/E 17.1x (avg 16.7x at the last 3 fiscal year-ends), net debt $213M.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $19K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (2 analysts), mean target USD 10.5 (range 10.5–10.5).
- Total return with dividends: 1Y +2.4% vs S&P 500 +14.9%; 5Y +5.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.02, revenue estimate $9.9M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $51.7M | $61.2M | $57.5M | $58.2M | $52.2M | $51.5M |
| Operating income | $16.8M | $25.0M | — | — | — | — |
| Net income | $10.0M | $11.7M | $30.9M | $59.9M | $31.5M | $25.7M |
| EPS (diluted) | -$0.17 | $0.16 | $0.53 | $1.06 | $0.61 | — |
| Operating margin | 32.5% | 40.8% | — | — | — | — |
| Net margin | 19.3% | 19.1% | 53.8% | 102.9% | 60.5% | 49.8% |
| Revenue growth | +2.1% | +18.3% | -6.1% | +1.3% | -10.4% | — |
| Cash + short-term investments | $30.2M | $7.7M | $5.5M | $78.4M | $9.3M | — |
| Total debt | $513M | $439M | $363M | $205M | $162M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.1x · P/S 8.5x · EV/Sales 12.7x · P/B 0.9x · Earnings yield 5.84% · Dividend yield (paid, TTM) 4.64% · Net debt $213M · EV $653M
P/E at fiscal year-ends: Dec 2025 15.7x, Dec 2024 11.0x, Dec 2023 23.5x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $19K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-25 | Sherrick Bruce J | Director | 2,000 | $19K | 9.65 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 2 analysts; mean target USD 10.5 (low 10.5, high 10.5).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +2.4% | +5.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +2.4% | +1.1% |
| Volatility (annualized) | 24.0% | 26.7% |
| Max drawdown | -27.0% (Feb 2026→Jul 2026) | -35.5% (May 2022→Mar 2023) |

## Peers (REIT - Specialty)
LAND (Gladstone Land Corporation) USD 8.8 +2.56% · UNIT (Uniti Group Inc.) USD 5.19 -2.99% · BXDC (Blackstone Digital Infrastructu) USD 15.88 -1.49% · FRMI (Fermi Inc.) USD 2.65 -7.34% · EPR (EPR Properties) USD 56.36 +3.34% · OUT (OUTFRONT Media Inc.) USD 31.4 +1.29%

## More
Full page: https://nexqual.com/FPI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FPI's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1591670/000110465926017533/fpi-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | FEDERAL AGRICULTURAL MORTGAGE CORP (AGM) | "The Operating Partnership has a bond purchase agreement entered into in October 2022 and amended in December 2025 (the "Farmer Mac Facility") with Federal Agricultural Mortgage Corporation and its wholly owned subsidiary…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Real Estate Other | $2.6M | 27.8% | +4.6% |
| — Interests Income (part of Real Estate Other) | $1.6M | 17.0% | +7.8% |
| — Amortization Of Points Income (part of Real Estate Other) | $594,000 | 6.3% | -6.0% |
| — Other Revenues Disaggregated (part of Real Estate Other) | $422,000 | 4.5% | +1658.3% |
| Crop Sales | $1.1M | 11.5% | -24.9% |
| Total revenue | $9.4M | 100% | — |
The lines above cover 39.3% of total revenue.

## Company outlook (8-K filed 2026-07-29)

- "Guidance and Supplemental Package For the Company's 2026 AFFO per share earnings guidance, please see page 15 of the supplemental package, which can be accessed through the Investor Relations section of the Company's website."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.02 | $0.03 | -33.3% | $9.9M | 1 |
| Next quarter (ends 2026-12-31) | $0.16 | $0.14 | +14.3% | $15.7M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.23 | $0.20 | +15.6% | $45.2M | 2 |
| Next fiscal year (ends 2027-12-31) | $0.24 | $0.24 | +0.0% | $42.9M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±7.0%; last 8 reports averaged ±3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 30.8% | ±7.0% |
| 2027-01-15 | 84 | 30.2% | ±11.7% |
| 2027-02-19 | 119 | 34.7% | ±13.0% |
| 2027-05-21 | 210 | 30.0% | ±18.0% |
| 2027-06-17 | 237 | 27.7% | ±17.5% |