MeritValue

Farmland Partners Inc.

FPIdata completeness 88%14 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Farmland Partners Inc. earns about 5% on invested capital, but has diluted owners by 48% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $6.25 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$51.7M1$61.2M2$57.5M3$58.2M4$52.2M4
Net income$9.99M5$11.7M6$30.9M7$59.9M8$31.5M8
Operating cash flow$7.86M9$17.1M10$12.9M11$16.1M12$17.4M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt$513.4M13$439.5M14$363.1M15$204.6M16$161.6M17
Cash & equivalents$30.2M18$7.65M18$5.49M19$78.4M19$9.29M19
Diluted shares34.6M51.0M58.3M56.0M51.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$91.19
your share of equity
Profit it earned you last year
$6.15
Free cash flow it threw off
—
Debt you’d be carrying
$31.53

10 shares is a claim on $91.19 of net worth that earned you $6.15 last year, against $31.53 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 3%FY22 3%FY23 6%FY24 10%FY25 5%

It earned an average 5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+48% shares · 5y

Share count is up 48% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 69% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$6.25
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$30.9M
  • growthAssumed0.0%
Graham Number
$11.19
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-001912 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-002182 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-001214 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-017533 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-001912 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-002182 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-001214 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-017533 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-001912 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-002182 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-001214 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-017533 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-22-002442 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-23-001912 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-24-002182 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001558370-25-001214 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001104659-26-017533 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001558370-23-001912 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001104659-26-017533 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)