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Farmland Partners (FPI) Financials

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$10.28 -0.03 (-0.24%)
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Annual Income Statements for Farmland Partners

Annual Income Statements for Farmland Partners

This table shows Farmland Partners' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 8.40 28 56
Consolidated Net Income / (Loss)		 12 32 61
Net Income / (Loss) Continuing Operations		 12 32 61
Total Pre-Tax Income 		12 32 61
Total Revenue		 45 35 112
Net Interest Income / (Expense)		 -16 -23 0.00
Total Interest Income		 0.00 0.00 0.00
Total Interest Expense		 16 23 0.00
Total Non-Interest Income		 61 57 112
Net Realized & Unrealized Capital Gains on Investments		 - - 54
Other Non-Interest Income		 61 57 58
Total Non-Interest Expense		 36 39 34
Net Occupancy & Equipment Expense		 8.19 8.66 7.37
Other Operating Expenses		 21 17 20
Depreciation Expense		 6.96 7.50 5.59
Impairment Charge		 0.00 5.84 0.79
Restructuring Charge		 0.11 0.02 0.03
Nonoperating Income / (Expense), net		 3.36 36 -17
Income Tax Expense		 0.23 -0.17 -0.02
Preferred Stock Dividends Declared		 3.27 3.13 3.48
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.29 0.77 1.54
Basic Earnings per Share		 $0.16 $0.55 $1.19
Weighted Average Basic Shares Outstanding		 50.95M 50.24M 47.55M
Diluted Earnings per Share		 $0.16 $0.53 $1.06
Weighted Average Diluted Shares Outstanding		 50.95M 58.29M 55.99M
Weighted Average Basic & Diluted Shares Outstanding		 54.34M 48.03M 45.89M
Cash Dividends to Common per Share		 $0.23 $0.45 $1.39

Quarterly Income Statements for Farmland Partners

This table shows Farmland Partners' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 0.35 5.78 0.86 7.00 3.45 16 0.61 -2.77 1.03 58
Consolidated Net Income / (Loss)		 1.12 6.71 1.71 7.90 4.32 18 1.41 -2.05 1.84 60
Net Income / (Loss) Continuing Operations		 1.12 6.71 1.71 7.90 4.32 18 1.41 -2.05 1.84 60
Total Pre-Tax Income 		1.15 6.81 1.72 7.90 4.12 18 1.43 -2.05 1.85 60
Total Revenue		 13 8.81 7.75 5.74 5.39 16 12 11 15 74
Total Non-Interest Income		 13 21 13 12 12 22 12 11 15 74
Net Realized & Unrealized Capital Gains on Investments		 -0.05 - - - - - -0.09 -0.01 1.98 52
Other Non-Interest Income		 13 22 13 12 12 22 12 11 13 21
Total Non-Interest Expense		 8.42 9.33 7.84 8.83 12 11 6.84 8.21 8.09 10
Net Occupancy & Equipment Expense		 2.12 2.06 2.18 2.43 2.10 1.95 1.80 1.87 1.96 1.74
Other Operating Expenses		 4.61 5.36 3.85 4.19 3.76 5.66 3.54 4.91 4.72 6.60
Depreciation Expense		 1.67 1.88 1.79 2.21 1.90 1.59 1.48 1.43 1.41 1.26
Restructuring Charge		 0.02 0.02 0.01 0.00 0.00 - 0.03 0.00 0.00 0.00
Nonoperating Income / (Expense), net		 -3.53 7.32 1.80 11 10 13 -3.63 -5.28 -5.35 -3.13
Income Tax Expense		 0.03 0.10 0.01 0.00 -0.19 0.01 0.02 -0.00 0.01 -0.05
Preferred Stock Dividends Declared		 0.74 0.78 0.82 0.71 0.76 0.83 0.77 0.77 0.77 1.18
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.03 0.15 0.04 0.19 0.11 0.44 0.04 -0.05 0.05 1.51
Basic Earnings per Share		 $0.01 $0.11 $0.02 $0.14 $0.07 $0.32 $0.01 ($0.06) $0.02 $1.22
Weighted Average Basic Shares Outstanding		 53.50M 50.95M 54.01M 50.86M 48.43M 50.24M 47.70M 47.80M 47.84M 47.55M
Diluted Earnings per Share		 $0.01 $0.11 $0.02 $0.12 $0.07 $0.32 $0.01 ($0.06) $0.02 $1.09
Weighted Average Diluted Shares Outstanding		 53.50M 50.95M 54.01M 59.11M 48.43M 58.29M 47.70M 47.80M 47.84M 55.99M
Weighted Average Basic & Diluted Shares Outstanding		 54.58M 54.34M 51.91M 48.84M 48.19M 48.03M 48.15M 48.17M 48.17M 45.89M
Cash Dividends to Common per Share		 $0.06 $0.06 $0.06 $0.06 $0.06 $0.27 $0.06 $0.06 $0.06 $1.21

Annual Cash Flow Statements for Farmland Partners

This table details how cash moves in and out of Farmland Partners' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -23 -2.17 73
Net Cash From Operating Activities		 17 13 16
Net Cash From Continuing Operating Activities		 17 13 16
Net Income / (Loss) Continuing Operations		 12 32 61
Consolidated Net Income / (Loss)		 12 32 61
Provision For Loan Losses		 0.12 0.02 0.00
Depreciation Expense		 6.96 7.50 5.59
Amortization Expense		 0.79 0.87 0.23
Non-Cash Adjustments to Reconcile Net Income		 -0.59 -28 -51
Changes in Operating Assets and Liabilities, net		 -2.18 1.19 0.21
Net Cash From Investing Activities		 -60 158 269
Net Cash From Continuing Investing Activities		 -60 158 269
Purchase of Investment Securities		 -80 -40 -55
Sale and/or Maturity of Investments		 20 198 324
Net Cash From Financing Activities		 21 -174 -212
Net Cash From Continuing Financing Activities		 21 -174 -212
Issuance of Debt		 223 80 81
Issuance of Common Equity		 0.06 0.16 0.03
Repayment of Debt		 -298 -156 -240
Repurchase of Preferred Equity		 -10 -8.10 0.00
Repurchase of Common Equity		 0.00 -73 -28
Payment of Dividends		 -15 -15 -25
Other Financing Activities, Net		 121 -0.78 -1.17
Cash Interest Paid		 0.00 22 21

Quarterly Cash Flow Statements for Farmland Partners

This table details how cash moves in and out of Farmland Partners' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -11 -1.22 4.58 -1.00 -5.17 -0.57 0.74 -0.48 2.34 70
Net Cash From Operating Activities		 0.32 8.30 16 -6.45 -3.66 7.16 12 -6.09 -4.28 15
Net Cash From Continuing Operating Activities		 0.32 8.30 16 -6.45 -3.66 7.16 12 -6.09 -4.28 15
Net Income / (Loss) Continuing Operations		 1.12 6.71 1.71 7.90 4.32 18 1.41 -2.05 1.84 60
Consolidated Net Income / (Loss)		 1.12 6.71 1.71 7.90 4.32 18 1.41 -2.05 1.84 60
Depreciation Expense		 1.67 1.88 1.79 2.21 1.90 1.59 1.48 1.43 1.41 1.26
Amortization Expense		 0.33 0.13 0.31 0.06 0.28 0.21 0.18 0.18 0.18 -0.31
Non-Cash Adjustments to Reconcile Net Income		 0.40 1.62 -1.39 -11 -5.98 -10 -0.71 0.55 -1.14 -50
Changes in Operating Assets and Liabilities, net		 -3.20 -2.14 13 -6.02 -4.18 -2.01 9.53 -6.20 -6.57 3.45
Net Cash From Investing Activities		 -9.22 -35 5.91 34 60 59 -14 -1.25 8.70 276
Net Cash From Continuing Investing Activities		 -9.22 -35 5.91 34 60 59 -14 -1.25 8.70 276
Purchase of Investment Securities		 -9.15 -36 -1.23 -10 -13 -15 -16 -1.67 -0.74 -36
Sale and/or Maturity of Investments		 - 1.31 7.14 44 72 74 1.84 0.42 9.43 312
Net Cash From Financing Activities		 -1.92 25 -17 -29 -61 -67 3.34 6.86 -2.07 -220
Net Cash From Continuing Financing Activities		 -1.92 25 -17 -29 -61 -67 3.34 6.86 -2.07 -220
Repayment of Debt		 -18 -81 -9.99 -24 -60 -62 -10 -33 -7.50 -189
Repurchase of Common Equity		 - - -15 -47 -6.74 -4.18 0.00 - - -28
Payment of Dividends		 -3.17 -3.26 -6.47 -3.18 -2.94 -2.90 -16 -2.89 -2.89 -2.89
Other Financing Activities, Net		 23 0.03 -0.18 -0.07 -0.73 0.21 -0.61 -0.18 -0.18 -0.19
Cash Interest Paid		 3.17 -10 5.19 4.77 6.68 5.82 5.57 5.09 5.29 5.01

Annual Balance Sheets for Farmland Partners

This table presents Farmland Partners' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 1,160 1,022 869
Cash and Due from Banks		 7.65 5.49 78
Interest Bearing Deposits at Other Banks		 0.15 0.43 0.00
Trading Account Securities		 6.27 5.84 4.60
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Premises and Equipment, Net		 992 876 656
Goodwill		 2.71 2.71 2.71
Intangible Assets		 2.06 2.04 1.37
Other Assets		 149 129 125
Total Liabilities & Shareholders' Equity		 1,160 1,022 869
Total Liabilities		 456 391 272
Accrued Interest Payable		 4.14 4.75 3.06
Other Short-Term Payables		 13 21 63
Long-Term Debt		 437 361 204
Other Long-Term Liabilities		 2.38 4.45 1.91
Commitments & Contingencies		 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 110 102 102
Total Equity & Noncontrolling Interests		 594 529 495
Total Preferred & Common Equity		 594 529 495
Total Common Equity		 594 529 495
Common Stock		 648 578 552
Retained Earnings		 -70 -65 -72
Accumulated Other Comprehensive Income / (Loss)		 3.31 2.69 1.51
Other Equity Adjustments		 13 13 13

Quarterly Balance Sheets for Farmland Partners

This table presents Farmland Partners' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 1,128 1,154 1,125 1,069 1,031 1,028 1,027
Cash and Due from Banks		 8.87 12 11 6.06 6.23 5.75 8.09
Interest Bearing Deposits at Other Banks		 0.27 0.14 0.13 0.03 0.00 0.00 0.00
Trading Account Securities		 6.16 5.77 6.47 6.25 5.66 5.83 4.89
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 980 986 966 923 895 894 893
Goodwill		 2.71 2.71 2.71 2.71 2.71 2.71 2.71
Intangible Assets		 2.06 2.05 2.05 2.04 2.03 2.03 2.02
Other Assets		 128 146 137 128 120 118 117
Total Liabilities & Shareholders' Equity		 1,128 1,154 1,125 1,069 1,031 1,028 1,027
Total Liabilities		 427 470 490 439 405 407 406
Accrued Interest Payable		 3.58 3.83 5.08 4.81 4.38 4.70 5.07
Other Short-Term Payables		 12 - 9.89 10 6.62 7.40 6.46
Long-Term Debt		 408 441 471 420 381 391 392
Other Long-Term Liabilities		 3.34 25 3.16 3.16 13 3.38 2.71
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 109 108 100 101 100 100 101
Total Equity & Noncontrolling Interests		 591 577 535 529 527 521 519
Total Preferred & Common Equity		 591 577 535 529 527 521 519
Total Common Equity		 591 577 535 529 527 521 519
Common Stock		 648 634 587 581 578 579 580
Retained Earnings		 -73 -73 -69 -68 -67 -72 -74
Accumulated Other Comprehensive Income / (Loss)		 3.21 2.92 3.51 3.23 2.48 2.52 1.46
Other Equity Adjustments		 13 13 13 13 13 13 13

Annual Metrics And Ratios for Farmland Partners

This table displays calculated financial ratios and metrics derived from Farmland Partners' official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 -26.23% -22.76% 222.83%
EBITDA Growth		 -52.70% -77.63% 2,182.34%
EBIT Growth		 -66.25% -152.75% 1,792.46%
NOPAT Growth		 -66.88% -153.58% 1,798.25%
Net Income Growth		 16.58% 164.89% 93.96%
EPS Growth		 194.12% 231.25% 100.00%
Operating Cash Flow Growth		 117.04% -24.42% 25.26%
Free Cash Flow Firm Growth		 -1,307.38% 607.75% 86.69%
Invested Capital Growth		 3.37% -13.09% -19.30%
Revenue Q/Q Growth		 -41.95% 25.73% 105.93%
EBITDA Q/Q Growth		 -66.72% 378.24% 214.75%
EBIT Q/Q Growth		 -78.97% 52.98% 289.79%
NOPAT Q/Q Growth		 -79.22% 53.42% 289.54%
Net Income Q/Q Growth		 -35.58% 53.52% 224.33%
EPS Q/Q Growth		 -38.46% 65.63% 265.52%
Operating Cash Flow Q/Q Growth		 10.91% -8.13% 85.90%
Free Cash Flow Firm Q/Q Growth		 -446.11% 200.03% 366.71%
Invested Capital Q/Q Growth		 2.91% -5.61% -20.99%
Profitability Metrics		 - - -
EBITDA Margin		 36.79% 10.66% 75.33%
EBIT Margin		 19.60% -13.38% 70.15%
Profit (Net Income) Margin		 26.54% 91.01% 54.68%
Tax Burden Percent		 98.14% 100.53% 100.03%
Interest Burden Percent		 138.00% -676.58% 77.93%
Effective Tax Rate		 1.86% -0.53% -0.03%
Return on Invested Capital (ROIC)		 0.77% -0.44% 8.80%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.47% 8.67% 2.64%
Return on Net Nonoperating Assets (RNNOA)		 1.07% 5.18% 1.21%
Return on Equity (ROE)		 1.84% 4.75% 10.01%
Cash Return on Invested Capital (CROIC)		 -2.54% 13.58% 30.17%
Operating Return on Assets (OROA)		 0.77% -0.43% 8.34%
Return on Assets (ROA)		 1.05% 2.90% 6.50%
Return on Common Equity (ROCE)		 1.52% 3.99% 8.35%
Return on Equity Simple (ROE_SIMPLE)		 2.01% 5.99% 12.42%
Net Operating Profit after Tax (NOPAT)		 8.67 -4.64 79
NOPAT Margin		 19.23% -13.34% 70.17%
Net Nonoperating Expense Percent (NNEP)		 -0.69% -9.11% 6.17%
SG&A Expenses to Revenue		 18.17% 24.88% 6.56%
Operating Expenses to Revenue		 80.40% 113.38% 29.85%
Earnings before Interest and Taxes (EBIT)		 8.83 -4.66 79
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 17 3.71 85
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.09 1.01 1.14
Price to Tangible Book Value (P/TBV)		 1.10 1.02 1.15
Price to Revenue (P/Rev)		 14.38 15.33 5.02
Price to Earnings (P/E)		 77.14 19.20 9.99
Dividend Yield		 1.94% 4.06% 11.37%
Earnings Yield		 1.30% 5.21% 10.01%
Enterprise Value to Invested Capital (EV/IC)		 1.04 1.00 0.99
Enterprise Value to Revenue (EV/Rev)		 26.35 28.46 7.04
Enterprise Value to EBITDA (EV/EBITDA)		 71.61 267.05 9.34
Enterprise Value to EBIT (EV/EBIT)		 134.45 0.00 10.03
Enterprise Value to NOPAT (EV/NOPAT)		 137.01 0.00 10.03
Enterprise Value to Operating Cash Flow (EV/OCF)		 69.64 76.86 48.99
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 6.84 2.93
Leverage & Solvency		 - - -
Debt to Equity		 0.62 0.57 0.34
Long-Term Debt to Equity		 0.62 0.57 0.34
Financial Leverage		 0.73 0.60 0.46
Leverage Ratio		 1.76 1.63 1.54
Compound Leverage Factor		 2.43 -11.06 1.20
Debt to Total Capital		 38.29% 36.39% 25.45%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 38.29% 36.39% 25.45%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 9.66% 10.28% 12.74%
Common Equity to Total Capital		 52.06% 53.33% 61.80%
Debt to EBITDA		 26.35 97.29 2.41
Net Debt to EBITDA		 25.88 95.70 1.48
Long-Term Debt to EBITDA		 26.35 97.29 2.41
Debt to NOPAT		 50.41 -77.72 2.58
Net Debt to NOPAT		 49.51 -76.44 1.59
Long-Term Debt to NOPAT		 50.41 -77.72 2.58
Noncontrolling Interest Sharing Ratio		 17.79% 15.89% 16.62%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -29 145 270
Operating Cash Flow to CapEx		 22,734.67% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -1.77 6.39 0.00
Operating Cash Flow to Interest Expense		 1.06 0.57 0.00
Operating Cash Flow Less CapEx to Interest Expense		 1.05 0.57 0.00
Efficiency Ratios		 - - -
Asset Turnover		 0.04 0.03 0.12
Fixed Asset Turnover		 0.05 0.04 0.15
Capital & Investment Metrics		 - - -
Invested Capital		 1,141 992 800
Invested Capital Turnover		 0.04 0.03 0.13
Increase / (Decrease) in Invested Capital		 37 -149 -191
Enterprise Value (EV)		 1,187 991 791
Market Capitalization		 648 534 564
Book Value per Share		 $10.88 $10.98 $10.27
Tangible Book Value per Share		 $10.80 $10.88 $10.18
Total Capital		 1,141 992 800
Total Debt		 437 361 204
Total Long-Term Debt		 437 361 204
Net Debt		 429 355 125
Capital Expenditures (CapEx)		 0.08 0.00 0.00
Net Nonoperating Expense (NNE)		 -3.29 -36 17
Net Nonoperating Obligations (NNO)		 437 361 204
Total Depreciation and Amortization (D&A)		 7.75 8.37 5.82
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.16 $0.55 $1.19
Adjusted Weighted Average Basic Shares Outstanding		 50.95M 50.24M 47.55M
Adjusted Diluted Earnings per Share		 $0.16 $0.53 $1.06
Adjusted Weighted Average Diluted Shares Outstanding		 50.95M 58.29M 55.99M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 54.34M 48.03M 45.89M
Normalized Net Operating Profit after Tax (NOPAT)		 8.78 0.87 56
Normalized NOPAT Margin		 19.47% 2.49% 49.62%
Pre Tax Income Margin		 27.04% 90.54% 54.67%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 0.55 -0.21 0.00
NOPAT to Interest Expense		 0.54 -0.20 0.00
EBIT Less CapEx to Interest Expense		 0.54 -0.21 0.00
NOPAT Less CapEx to Interest Expense		 0.53 -0.20 0.00
Payout Ratios		 - - -
Dividend Payout Ratio		 122.37% 48.87% 40.03%
Augmented Payout Ratio		 122.37% 278.05% 84.84%

Quarterly Metrics And Ratios for Farmland Partners

This table displays calculated financial ratios and metrics derived from Farmland Partners' official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 114.94% -78.70% -46.75% -33.36% -58.85% 80.84% 53.64% 99.22% 183.96% 362.77%
EBITDA Growth		 2,303.30% -95.69% -71.55% -162.91% -160.35% 337.03% 232.61% 689.65% 318.27% 883.40%
EBIT Growth		 281.28% -101.58% -101.75% -971.88% -232.88% 1,015.09% 5,917.24% 204.63% 215.90% 1,238.85%
NOPAT Growth		 351.55% -101.56% -101.52% -1,032.56% -242.19% 1,039.99% 6,705.05% 171.54% 210.84% 1,223.41%
Net Income Growth		 141.93% -49.62% 50.48% 163.92% 285.61% 164.61% -17.85% -125.98% -57.40% 239.41%
EPS Growth		 105.88% -47.62% 0.00% 200.00% 600.00% 190.91% -50.00% -150.00% -71.43% 240.63%
Operating Cash Flow Growth		 104.56% 25.34% 53.64% -244.47% -1,251.57% -13.74% -24.89% 5.52% -16.88% 104.25%
Free Cash Flow Firm Growth		 -133.73% -945.25% 0.67% 90.89% 278.91% 509.16% 447.14% 4,180.47% -13.39% 65.24%
Invested Capital Growth		 3.11% 3.37% 3.26% -0.07% -5.25% -13.09% -10.54% -8.47% -3.59% -19.30%
Revenue Q/Q Growth		 51.99% -32.70% -12.06% -25.92% -6.15% 195.79% -25.29% -3.94% 33.77% 382.04%
EBITDA Q/Q Growth		 411.57% -77.59% 35.09% -140.62% -390.74% 262.27% 2.81% -27.98% 81.66% 631.12%
EBIT Q/Q Growth		 1,723.96% -111.05% 83.17% -3,448.28% -101.33% 176.12% 6.98% -36.18% 123.00% 779.37%
NOPAT Q/Q Growth		 1,728.04% -111.22% 85.16% -4,080.26% -104.40% 174.15% 4.26% -54.72% 216.68% 785.29%
Net Income Q/Q Growth		 -62.61% 499.55% -74.45% 360.85% -45.37% 311.43% -92.07% -245.74% 189.57% 3,178.35%
EPS Q/Q Growth		 -75.00% 1,000.00% -81.82% 500.00% -41.67% 357.14% -96.88% -700.00% 133.33% 5,350.00%
Operating Cash Flow Q/Q Growth		 117.00% 2,508.49% 90.95% -140.69% 43.18% 295.39% 66.28% -151.18% 29.71% 441.45%
Free Cash Flow Firm Q/Q Growth		 -12.06% -30.27% 5.50% 93.40% 2,300.35% 197.93% -19.82% -22.36% -53.30% 468.42%
Invested Capital Q/Q Growth		 0.11% 2.91% -1.33% -1.71% -5.08% -5.61% 1.58% 0.57% -0.01% -20.99%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 50.99% 16.98% 26.08% -14.30% -74.79% 41.03% 56.47% 42.33% 57.49% 87.19%
EBIT Margin		 35.72% -5.87% -1.12% -53.78% -115.37% 29.69% 42.52% 28.25% 47.09% 85.90%
Profit (Net Income) Margin		 8.55% 76.14% 22.12% 137.61% 80.10% 111.42% 11.83% -17.94% 12.02% 81.72%
Tax Burden Percent		 97.14% 98.56% 99.48% 99.95% 104.63% 99.93% 98.67% 99.95% 99.41% 100.07%
Interest Burden Percent		 24.63% -1,316.63% -1,980.46% -256.01% -66.36% 375.50% 28.20% -63.56% 25.67% 95.06%
Effective Tax Rate		 2.86% 1.44% 0.52% 0.05% -4.63% 0.07% 1.33% 0.00% 0.59% -0.07%
Return on Invested Capital (ROIC)		 2.47% -0.23% -0.03% -1.76% -3.08% 0.98% 1.53% 0.83% 2.48% 10.78%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.71% 1.29% 0.36% 0.71% -0.48% 4.23% 0.66% -0.17% 1.17% 9.67%
Return on Net Nonoperating Assets (RNNOA)		 1.22% 0.94% 0.25% 0.48% -0.30% 2.53% 0.41% -0.11% 0.76% 4.45%
Return on Equity (ROE)		 3.69% 0.71% 0.22% -1.28% -3.37% 3.51% 1.95% 0.72% 3.23% 15.23%
Cash Return on Invested Capital (CROIC)		 0.75% -2.54% -2.87% 0.16% 4.47% 13.58% 11.17% 9.50% 5.61% 30.17%
Operating Return on Assets (OROA)		 2.49% -0.23% -0.04% -1.69% -2.91% 0.95% 1.52% 1.17% 2.45% 10.21%
Return on Assets (ROA)		 0.60% 3.01% 0.75% 4.33% 2.02% 3.55% 0.42% -0.74% 0.63% 9.71%
Return on Common Equity (ROCE)		 2.59% 0.58% 0.18% -1.07% -2.84% 2.95% 1.64% 0.60% 2.71% 12.70%
Return on Equity Simple (ROE_SIMPLE)		 3.14% 0.00% 2.17% 3.26% 3.90% 0.00% 5.96% 4.11% 3.65% 0.00%
Net Operating Profit after Tax (NOPAT)		 4.54 -0.51 -0.08 -3.16 -6.46 4.79 4.99 2.26 7.16 63
NOPAT Margin		 34.70% -5.78% -0.98% -55.06% -119.92% 30.06% 41.95% 19.77% 46.81% 85.96%
Net Nonoperating Expense Percent (NNEP)		 0.75% -1.52% -0.40% -2.47% -2.60% -3.25% 0.87% 1.00% 1.31% 1.11%
SG&A Expenses to Revenue		 16.15% 23.40% 28.16% 42.30% 38.96% 12.24% 15.10% 16.35% 12.79% 2.37%
Operating Expenses to Revenue		 64.28% 105.87% 101.12% 153.78% 215.37% 70.31% 57.48% 71.75% 52.91% 14.10%
Earnings before Interest and Taxes (EBIT)		 4.68 -0.52 -0.09 -3.09 -6.22 4.73 5.06 3.23 7.20 63
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 6.68 1.50 2.02 -0.82 -4.03 6.54 6.72 4.84 8.79 64
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.08 1.09 0.97 1.14 0.91 1.01 1.01 1.06 0.96 1.14
Price to Tangible Book Value (P/TBV)		 1.09 1.10 0.97 1.15 0.92 1.02 1.02 1.07 0.97 1.15
Price to Revenue (P/Rev)		 8.21 14.38 14.56 17.25 17.43 15.33 13.61 12.37 9.17 5.02
Price to Earnings (P/E)		 71.34 77.14 61.61 43.65 28.26 19.20 19.26 31.09 32.61 9.99
Dividend Yield		 1.83% 1.94% 2.34% 2.04% 2.43% 4.06% 4.08% 3.92% 4.33% 11.37%
Earnings Yield		 1.40% 1.30% 1.62% 2.29% 3.54% 5.21% 5.19% 3.22% 3.07% 10.01%
Enterprise Value to Invested Capital (EV/IC)		 1.03 1.04 0.97 1.06 0.95 1.00 1.00 1.02 0.97 0.99
Enterprise Value to Revenue (EV/Rev)		 14.76 26.35 28.58 33.08 36.06 28.46 25.79 23.25 18.07 7.04
Enterprise Value to EBITDA (EV/EBITDA)		 23.00 71.61 95.13 124.90 0.00 267.05 119.47 73.77 36.65 9.34
Enterprise Value to EBIT (EV/EBIT)		 27.28 134.45 288.97 1,187.23 0.00 0.00 2,050.50 152.51 48.74 10.03
Enterprise Value to NOPAT (EV/NOPAT)		 27.47 137.01 293.56 1,280.12 0.00 0.00 1,930.02 149.11 48.70 10.03
Enterprise Value to Operating Cash Flow (EV/OCF)		 74.54 69.64 48.44 65.01 71.17 76.86 112.32 111.62 113.54 48.99
Enterprise Value to Free Cash Flow (EV/FCFF)		 139.10 0.00 0.00 679.62 20.69 6.84 8.43 10.31 17.02 2.93
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.58 0.62 0.64 0.74 0.67 0.57 0.61 0.63 0.63 0.34
Long-Term Debt to Equity		 0.58 0.62 0.64 0.74 0.67 0.57 0.61 0.63 0.63 0.34
Financial Leverage		 0.71 0.73 0.69 0.68 0.62 0.60 0.63 0.69 0.65 0.46
Leverage Ratio		 1.74 1.76 1.73 1.71 1.65 1.63 1.67 1.71 1.68 1.54
Compound Leverage Factor		 0.43 -23.17 -34.25 -4.37 -1.10 6.14 0.47 -1.09 0.43 1.46
Debt to Total Capital		 36.83% 38.29% 39.17% 42.56% 40.02% 36.39% 37.81% 38.60% 38.73% 25.45%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 36.83% 38.29% 39.17% 42.56% 40.02% 36.39% 37.81% 38.60% 38.73% 25.45%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 9.87% 9.66% 9.57% 9.08% 9.64% 10.28% 9.90% 9.92% 9.99% 12.74%
Common Equity to Total Capital		 53.30% 52.06% 51.25% 48.36% 50.34% 53.33% 52.29% 51.48% 51.28% 61.80%
Debt to EBITDA		 8.20 26.35 38.36 50.26 -315.43 97.29 45.29 27.79 14.58 2.41
Net Debt to EBITDA		 8.01 25.88 37.28 49.05 -310.86 95.70 44.55 27.38 14.28 1.48
Long-Term Debt to EBITDA		 8.20 26.35 38.36 50.26 -315.43 97.29 45.29 27.79 14.58 2.41
Debt to NOPAT		 9.79 50.41 118.37 515.11 -42.18 -77.72 731.65 56.17 19.38 2.58
Net Debt to NOPAT		 9.57 49.51 115.06 502.69 -41.57 -76.44 719.69 55.34 18.98 1.59
Long-Term Debt to NOPAT		 9.79 50.41 118.37 515.11 -42.18 -77.72 731.65 56.17 19.38 2.58
Noncontrolling Interest Sharing Ratio		 29.84% 17.79% 17.20% 16.24% 15.83% 15.89% 15.83% 15.98% 16.19% 16.62%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -29 -38 -36 -2.35 52 154 124 96 45 255
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -3.04 -7.23 -0.40 8.31 27.25 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.67 3.22 -1.10 -0.59 1.26 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.67 3.22 -1.10 -0.59 1.26 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.07 0.04 0.03 0.03 0.03 0.03 0.04 0.04 0.05 0.12
Fixed Asset Turnover		 0.08 0.05 0.04 0.04 0.03 0.04 0.04 0.05 0.06 0.15
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 1,109 1,141 1,126 1,107 1,051 992 1,007 1,013 1,013 800
Invested Capital Turnover		 0.07 0.04 0.03 0.03 0.03 0.03 0.04 0.04 0.05 0.13
Increase / (Decrease) in Invested Capital		 33 37 36 -0.81 -58 -149 -119 -94 -38 -191
Enterprise Value (EV)		 1,146 1,187 1,094 1,171 998 991 1,005 1,038 986 791
Market Capitalization		 637 648 557 610 483 534 530 552 500 564
Book Value per Share		 $11.14 $10.88 $10.62 $10.31 $10.83 $10.98 $10.97 $10.83 $10.78 $10.27
Tangible Book Value per Share		 $11.05 $10.80 $10.53 $10.22 $10.73 $10.88 $10.87 $10.73 $10.69 $10.18
Total Capital		 1,109 1,141 1,126 1,107 1,051 992 1,007 1,013 1,013 800
Total Debt		 408 437 441 471 420 361 381 391 392 204
Total Long-Term Debt		 408 437 441 471 420 361 381 391 392 204
Net Debt		 399 429 429 460 414 355 375 385 384 125
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 3.42 -7.22 -1.79 -11 -11 -13 3.59 4.31 5.32 3.13
Net Nonoperating Obligations (NNO)		 408 437 441 471 420 361 381 391 392 204
Total Depreciation and Amortization (D&A)		 2.00 2.01 2.11 2.27 2.19 1.81 1.66 1.61 1.59 0.95
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.01 $0.11 $0.02 $0.14 $0.07 $0.32 $0.01 ($0.06) $0.02 $1.22
Adjusted Weighted Average Basic Shares Outstanding		 53.50M 50.95M 54.01M 50.86M 48.43M 50.24M 47.70M 47.80M 47.84M 47.55M
Adjusted Diluted Earnings per Share		 $0.01 $0.11 $0.02 $0.12 $0.07 $0.32 $0.01 ($0.06) $0.02 $1.09
Adjusted Weighted Average Diluted Shares Outstanding		 53.50M 50.95M 54.01M 59.11M 48.43M 58.29M 47.70M 47.80M 47.84M 55.99M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 54.58M 54.34M 51.91M 48.84M 48.19M 48.03M 48.15M 48.17M 48.17M 45.89M
Normalized Net Operating Profit after Tax (NOPAT)		 4.57 -0.49 -0.06 -3.16 -1.63 4.79 5.02 2.26 7.16 44
Normalized NOPAT Margin		 34.88% -5.51% -0.80% -55.06% -30.29% 30.06% 42.17% 19.77% 46.81% 60.13%
Pre Tax Income Margin		 8.80% 77.26% 22.24% 137.68% 76.55% 111.49% 11.99% -17.95% 12.09% 81.66%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 -0.04 -0.02 -0.53 -1.00 0.84 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 -0.04 -0.02 -0.54 -1.04 0.85 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 -0.04 -0.02 -0.53 -1.00 0.84 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 -0.04 -0.02 -0.54 -1.04 0.85 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 70.15% 122.37% 122.23% 92.14% 76.77% 48.87% 79.51% 115.09% 129.89% 40.03%
Augmented Payout Ratio		 70.15% 122.37% 238.63% 445.84% 408.35% 278.05% 263.03% 164.03% 149.65% 84.84%

Financials Breakdown Chart

Key Financial Trends

Farmland Partners (NYSE: FPI) showed a major earnings rebound in Q4 2024, but the quarter was heavily influenced by investment gains rather than core operating strength. Revenue jumped sharply year over year, cash flow turned positive, and the company ended the quarter with a large cash increase. That said, FPI’s business remains somewhat volatile from quarter to quarter, with results swinging based on capital gains, debt activity, and investment portfolio performance.

  • Q4 2024 net income surged to $60.3 million from $1.8 million in Q3 2024 and a loss of $2.1 million in Q2 2024, indicating a very strong finish to the year.
  • Total revenue rose to $73.7 million in Q4 2024 from $15.3 million in Q3 and $11.4 million in Q2, driven primarily by investment gains and other non-interest income.
  • Operating cash flow recovered strongly, with net cash from operating activities of $14.6 million in Q4 2024 versus negative $4.3 million in Q3 and negative $6.1 million in Q2.
  • Cash and equivalents improved meaningfully, as the company reported a net increase in cash of $70.4 million in Q4 2024.
  • FPI reduced debt significantly in Q4 2024, repaying $189.5 million of debt during the quarter.
  • Balance sheet leverage improved modestly versus earlier in 2024, with long-term debt at $392.2 million at Q3 2024, down from $471.0 million in Q2 2023.
  • Q4 2024 earnings were not purely operational. Net realized and unrealized capital gains on investments were $52.3 million, which means a large share of profit came from portfolio mark-to-market performance.
  • Preferred dividends and noncontrolling interests still reduce common shareholder earnings, leaving common shareholders with $57.6 million of Q4 net income attributable to them.
  • Book equity remained stable, with total common equity at $519.4 million in Q3 2024 versus $521.5 million in Q2 2024.
  • Dividend payments remain part of the capital return story, with FPI paying $1.21 per share in Q4 2024, consistent with its income-oriented profile.
  • Quarterly results remain highly uneven. In 2024 alone, FPI moved from a Q2 net loss to a Q3 profit and then to a very large Q4 gain, showing significant earnings volatility.
  • Operating expenses remain sizable relative to revenue in normal quarters. In Q3 2024, total revenue was only $15.3 million while non-interest expense was $8.1 million and nonoperating expense was $5.4 million.
  • Interest costs are still meaningful. Cash interest paid was $5.0 million in Q4 2024 and $5.3 million in Q3 2024, suggesting debt servicing remains an ongoing drag.
  • Debt remains a large balance sheet obligation. Even after repayments, long-term debt was still $392.2 million at the end of Q3 2024.
  • Asset values have drifted lower over the past year. Total assets fell from $1.03 billion in Q1 2024 to $1.03 billion in Q3 2024, with premises and equipment also declining modestly.

Bottom line: FPI’s latest quarter was clearly strong on paper, but investors should recognize that much of the improvement came from investment gains and debt-related activities rather than steady underlying operating growth. The company’s cash generation improved late in 2024, which is encouraging, but profitability and cash flow have been inconsistent across the last several quarters.

06/04/26 09:44 AM ETAI Generated. May Contain Errors.

Farmland Partners Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Farmland Partners' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Farmland Partners' net income appears to be on an upward trend, with a most recent value of $61.45 million in 2024, rising from $11.96 million in 2022. The previous period was $31.68 million in 2023. Check out Farmland Partners' forecast to explore projected trends and price targets.

Over the last 2 years, Farmland Partners' total revenue changed from $45.07 million in 2022 to $112.37 million in 2024, a change of 149.3%.

Farmland Partners' total liabilities were at $272.00 million at the end of 2024, a 30.5% decrease from 2023, and a 40.3% decrease since 2022.

In the past 2 years, Farmland Partners' cash and equivalents has ranged from $5.49 million in 2023 to $78.44 million in 2024, and is currently $78.44 million as of their latest financial filing in 2024.

Over the last 2 years, Farmland Partners' book value per share changed from 10.88 in 2022 to 10.27 in 2024, a change of -5.7%.


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Financial statements for NYSE:FPI last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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