Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading
1 of 10
Overview
What the business is, what it costs, and how it reads on four questions.
Market dataSEC filingComputed
Four questions, at a glance
Quality
Return on invested capital, after tax
n/aComputed
From the FY2025 filing
Why n/a
The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
Return on invested capital for Farmland Partners Inc. in FY2025: n/a. No shareholders equity line is filed for this year.
Year by year against peers
Whether Farmland Partners Inc.'s revenue growth, five years stayed above the median of the Real Estate sector, year by year. (FY2017 to FY2025, 9 fiscal years of Farmland Partners Inc. with a comparable figure)
The direction
Which way Farmland Partners Inc.'s share count change has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Farmland Partners Inc.)
What could explain it
What in Farmland Partners Inc.'s filed statements could explain the movements. (1 reading drawn from the statement lines Farmland Partners Inc. filed)
These are FPI’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
Research FPIPart of Serious. New accounts start with 30 days of Professional, free, no card.
2 of 10
What changed
The newest filing, what it moved, and when the next one is due.
SEC filingCompany statement
The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 19, 2026, accession 0001104659-26-017533.
3 of 10
Quality
The returns the business earns on its capital, and the margins behind them.
SEC filingComputed
Farmland Partners Inc: returns on capital and margins, each with its source
Figure
Value, source and document
Return on invested capital, after taxWhy n/a
The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Net margin: FPI against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.
4 of 10
Financial strength
What it owes against what it owns, and whether it can meet what falls due.
SEC filingComputedCompany statement
Farmland Partners Inc: leverage, liquidity and distress, each with its source
Figure
Value, source and document
Debt to equityWhy n/a
The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.
A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.
Altman's Z-Score rewards working capital and asset turnover, neither of which a property trust has. It reads distress for healthy REITs by construction, so we do not show it.
n/mComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001104659-26-017533
Net debtWhy n/a
The FY2025 balance sheet carries no net debt we could read.
Shareholders' equity: The 2025 balance sheet files equity only as one total for the parent's shareholders and the minority holders together (467m). The parent's share is not filed on its own, so equity, debt against equity and return on equity are left blank rather than divided by money that belongs to other owners.
Debt to equity: FY2025: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Current ratio: FY2025: A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.
Interest cover: FY2025: No operating income line is filed for this year.
Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.
5 of 10
Valuation context
What the market charges for it, against its own record and companies like it.
Market dataSEC filingComputed
Farmland Partners Inc: what the market charges, each with its source
Figure
Value, source and document
Price to earningsWhy n/m
GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
n/mComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001104659-26-017533
P/E on trailing twelve months
20.29xComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to bookWhy n/a
We do not hold this figure for this company, so there is nothing to show.
n/aComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001104659-26-017533
Price to sales
10.36xComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001104659-26-017533
Enterprise value to EBITWhy n/a
The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
n/aComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001104659-26-017533
Enterprise value to EBITDAWhy n/a
The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
n/aComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001104659-26-017533
Price to earnings over growthWhy n/m
GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
n/mComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001104659-26-017533
We publish no fair value or price target of our own. Value FPI on your own assumptions in the DCF workbench, starting from the filed figures.
›Its own record, and companies like it
Valuation
What the market charges for Farmland Partners Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
Farmland Partners Inc: valuation
Share price
10.55 USD
Market capitalisation
460.3M USD
Enterprise value to EBITDA
n/a
Graham number
n/a
Diluted earnings per share, FY2025
0.61 USD
Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 7.46x, median 40.59x, high 287.00x, latest 20.29x. 1,596 trading days with a meaningful ratio, 926 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.
Same sector (Real Estate) and size band (Small, 300M to 2B), nearest in market value and net margin. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.
2.8%ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001104659-26-017533
Payout ratioWhy n/m
A REIT pays out of funds from operations, not GAAP earnings. A payout ratio on earnings reads far above 100% for a perfectly safe distribution. Use the FFO payout ratio.
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.
7 of 10
Filings
Every figure, the year it is for and the document it was read from.
SEC filingMarket data
The filed figures
Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.
Farmland Partners Inc.: the eight ratios, with the fiscal year and filing date behind each.
Figure
Value
Year
As of
n/m
FY2025
Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted.
As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing.
n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years.
As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing.
n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line.
As ofThe filing date of the statements below, for FY2025.
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old.
As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing.
n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
FormulaTotal debt / shareholders equity
As ofThe filing date of the statements below, for FY2025.
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets
As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing.
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals
As ofThe filing date of the statements below, for FY2025.
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover.
As ofThe filing date of the statements below, for FY2025.
The figures are computed from the accounts for fiscal 2025, the newest full year on file. 13 filed fiscal years on record, FY2012 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.
The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.
›Ten years of filed figures, year by year
Ten years of filed figures
10 filed fiscal years, FY2016 to FY2025, read from the annual reports Farmland Partners Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.
Farmland Partners Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
Revenue, compound annual growth FY2016 to FY2025: 6.0%
Earnings, compound annual growth FY2016 to FY2025: 24.8%
Earnings per share, compound annual growth FY2016 to FY2025: 23.7%
Free cash flow: Fewer than two filed years carry free cash flow.
Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.
8 of 10
Risks and guardrails
The accounting screens, the published tests, and the lines you can set to be told.
ComputedCompany statement
Farmland Partners Inc: accounting screens and published tests, each with its source
Figure
Value, source and document
Beneish M-scoreWhy n/m
The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
2 of the nine Piotroski signals are undefined for an equity REIT: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
Of 30 tests value investors published: 0 met, 9 not met, 21 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.
Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Large cap, low P/E; High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy)
Not measured
Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); EV/EBITDA and coverage; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(25)
Current Ratio: A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.
Debt to Equity: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
P/B Ratio: We do not hold this figure for this company, so there is nothing to show.
Piotroski F-Score: 2 of the nine Piotroski signals are undefined for an equity REIT: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
P/E Ratio: GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
EV/EBIT: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Return on Invested Capital: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Altman Z-Score: Altman's Z-Score rewards working capital and asset turnover, neither of which a property trust has. It reads distress for healthy REITs by construction, so we do not show it.
Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
PEG Ratio: GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
Return on Equity: No shareholders equity line is filed for this year.
Gross Margin: This filer reports no gross profit line, so there is no gross margin to compute. Banks, insurers and REITs do not present cost of revenue.
EV/EBITDA: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Interest Coverage: No operating income line is filed for this year.
Payout Ratio: A REIT pays out of funds from operations, not GAAP earnings. A payout ratio on earnings reads far above 100% for a perfectly safe distribution. Use the FFO payout ratio.
Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
ROIC-WACC Spread: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
Price To Graham: We do not hold this figure for this company, so there is nothing to show.
Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
Dividend Coverage Ratio: Distribution coverage for a REIT is measured against funds from operations, not against free cash flow computed after acquisition capital expenditure.
Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.
Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.
Tangible Equity Ratio: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.
A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.
›More on this company
What this cannot tell you
25 figures could not be read on this company, among them Current Ratio, Debt to Equity, P/B Ratio. Each blank in the table above names the rest, with its reason. 21 named tests come back incomplete because of them, which is neither met nor missed.
And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.
Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.
Margin Notes
Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.
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