Farmland Partners Inc. (FPI) intrinsic value & 10-year financials
Farmland Partners Inc. (FPI) has a Graham intrinsic value of $20.26 per share. At $10.35 on Oct 17, 2026, the stock trades 49% below that value. Over the last 10 fiscal years revenue grew 6.0% a year to $52.2M, with an average return on invested capital of 3.3%.
- Graham intrinsic value
- $20.26
- Share price (Oct 17, 2026)
- $10.35
- Price vs Graham value
- 49% below
- Market cap
- $530.5M
- Revenue (FY2025)
- $52.2M
- Revenue growth (10-yr CAGR)
- 6.0%
- ROIC (10-yr avg)
- 3.3%
- Free cash flow (FY2025)
- —
FPI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $52.2M | $31.5M | $0.61 | — | — | 5.1% |
| FY2024 | $58.2M | $59.9M | $1.06 | — | — | 8.0% |
| FY2023 | $57.5M | $30.9M | $0.53 | — | — | 3.2% |
| FY2022 | $61.2M | $11.7M | $0.16 | — | 40.8% | 2.5% |
| FY2021 | $51.7M | $10.0M | -$0.17 | — | 32.5% | 1.9% |
| FY2020 | $50.7M | $7.1M | -$0.18 | — | 44.1% | 2.8% |
| FY2019 | $53.6M | $13.9M | $0.04 | — | 49.2% | 3.2% |
| FY2018 | $56.1M | $12.3M | -$0.01 | — | 53.0% | 1.5% |
| FY2017 | $46.2M | $7.9M | $0.03 | — | 48.7% | 1.2% |
| FY2016 | $31.0M | $4.3M | $0.09 | — | 50.4% | 3.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Farmland Partners Inc. has demonstrated mature, steady growth, with revenue compounding at 6.0% annually over the past decade.
Farmland Partners Inc. has historically struggled to out-earn its cost of capital, averaging just 3.3% ROIC.
Farmland Partners Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Farmland Partners Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $20.26 per share.