Farmland Partners Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Farmland Partners Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	31	46.2	56.1	53.6	50.7	51.7	61.2	57.5	58.2	52.2
General and administrative	7.02	7.26	7.35	6.1	5.9	8.21	12	11.3	14.1	11.7
Operating expenses	15.4	23.7	26.4	27.2	28.4	34.9	36.2	39.5	33.5	46.9
Operating income	15.6	22.5	29.7	26.3	22.3	16.8	25
Interest expense	9.96	13.6	18.8	19.6	17.7	15.9	16.1	22.7	18.9	9.63
Other non-operating income	-9.62	-13.4	-15.7	-11.5	-14.8	-6.55	-12.8	13.5	36.7	26.9
Pre-tax income	6.01	9.16	14	14.9	7.53	10.3	12.2	31.5	61.4	32.2
Income tax	0.01			0	0	0	0.23	-0.17	-0.02	-0.02
Net income	4.3	7.91	12.3	13.9	7.12	9.99	11.7	30.9	59.9	31.5
EBITDA	17.2	30.3	38.2	34.7	30.3	24.4	31.9
EPS, basic	0.09	0.03	-0.01	0.04	-0.18	-0.17	0.16	0.55	1.19	0.65
EPS, diluted	0.09	0.03	-0.01	0.04	-0.18	-0.17	0.16	0.53	1.06	0.61
Shares, basic (weighted)	13.2	31.2	32.2	30.2	29.4	34.6	51	50.2	47.5	44.2
Shares, diluted (weighted)	13.2	31.2	32.2	30.2	29.4	34.6	51	58.3	56	51.3
Dividend per share	0.51	0.51	0.36	0.20	0.20	0.20	0.23	0.45	1.39	0.44

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	47.2	53.5	16.9	12.6	27.2	30.2	7.65	5.49	78.4	9.29
Lease right-of-use assets				0.07	0.09	0.11	0.33	0.4	0.19	0.17
Goodwill						2.71	2.71	2.71	2.71
Intangible assets					0	1.92	2.06	2.04	1.37
Total assets	656	1,166	1,140	1,103	1,091	1,122	1,160	1,022	870	719
Total liabilities	320	530	536	526	525	529	456	391	273	181
Total debt	310	516	525	513	508	513	439	363	205	162
Paid-in capital	172	350	333	338	346	524	647	577	552	521
Retained earnings	4.1	5.16	4.85	6.25	1.04	-4.74	3.57	31.4	88.4	117
Other comprehensive income			-0.87	-1.64	-2.38	0.28	3.31	2.69	1.51	0.35
Total equity	216	371	339	314	306	472	594	529	495	467
Total liabilities and equity	656	1,166	1,140	1,103	1,091	1,122	1,160	1,022	870	719
Shares outstanding	17.4	33.3	30.6	30	30.6	45.5	54.3	48	45.9	43.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6	9.16	14	14.9	7.53	10.3	12	31.7	61.5	32.2
Depreciation and amortization	1.55	7.79	8.54	8.32	7.97	7.63	6.96	7.5	5.59	4.17
Stock-based compensation	1.22	1.39	1.65	1.43	1.06	1.26	1.52	1.85	2.35	2.16
Change in receivables	-3.63	-1.11	-0.42	1.26	1.2	-0.97	-2.34	0.87	1.84	-0.12
Change in inventory	-0.03	0.26	-0.22	-1.26	0.43	-1.72	0.25	0.47	-0.32	0.34
Cash from operations	5.04	0.93	20	18	19.7	7.86	17.1	12.9	16.1	17.4
Acquisitions				-1.4	-0.9	-0.86
Cash from investing	-137	-234	-15.9	31.1	18.7	-18.8	-60.4	158	269	63.4
Stock issued					10		0.06	0.16	0.03
Share buybacks		-10	-20.6	-22	-6.82			-72.2	-27.5	-37.8
Dividends paid	-6.6	-14.7	-14.4	-6.18	-5.94	-6.36	-11.1	-12.3	-21.6	-63.7
Cash from financing	156	240	-40.8	-53.4	-23.7	13.9	20.8	-174	-212	-150
Net change in cash		6.37	-36.6	-4.33	14.7	2.95	-22.5	-2.17	73	-69.1
Interest paid	8.87	11.8	17	20.6	15.5	14.7		22.5	21	10.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $10.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	50.7%	Pre-tax income / revenue.
Net margin	49.8%	Net income / revenue.
Operating cash flow margin	35.8%	Cash from operations / revenue.
Effective tax rate	0.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.7%	Net income / average total assets.
Stock-based pay / revenue	3.9%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	7.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-47.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	39.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	34.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-42.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	56.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-68.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	24.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	17.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-17.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-14.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-8.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-8.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	11.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / assets	32.1%	Total debt / total assets.
Liabilities / assets	33.8%	Total liabilities / total assets.
Net debt	$213.4M	Total debt - cash - short-term investments. Negative means more cash than debt.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.07x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.19	Revenue / diluted weighted shares.
Operating cash flow per share	$0.42	Cash from operations / diluted weighted shares.
Cash per share	$0.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	79.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$473.8M	Share price x shares outstanding.
Enterprise value	$687.2M	Market cap + total debt - cash - short-term investments.
P/E	18.5x	Market cap / net income. Only when net income is positive.
P/S	9.21x	Market cap / revenue.
P/OCF	25.7x	Market cap / cash from operations, when positive.
EV/Sales	13.4x	Enterprise value / revenue.
Earnings yield	5.4%	Net income / market cap (the inverse of P/E).
Dividend yield	4.3%	Dividends paid over the period / market cap.
Shareholder yield	4.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.33x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Farmland Partners Inc.'s revenue in fiscal 2025?

Farmland Partners Inc. reported revenue of $52.2M for fiscal 2025, 10.4% lower than the year before.

Was Farmland Partners Inc. profitable in fiscal 2025?

Yes. Net income was $31.5M, a net margin of 60.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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