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Ken GriffinReduced
Citadel Advisors · Q2 2026
$845.05K
87.3K shares · 0.0% of portfolio
Farmland Partners Inc.
Farmland Partners Inc. (FPI) is listed on NYSE and classified in REIT - Specialty, part of the Real Estate sector. It is headquartered in Denver, United States and has 11 employees. The company is worth $439.24M and trades at 19.2x its earnings of the last twelve months; the median for its sector is 22.1x. Revenue was $52.18M in fiscal 2025, down 10.4% from the year before. Net income was $31.55M. The share price is 24.4% below its 52-week high of $13.23. It pays a dividend yielding 3.60%. 5 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Two Sigma (Two Sigma Investments), at $11.12M. In that quarter, 1 of them opened or added to the position and 2 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▼ -10.7% over 5Y.
today you would have $1,178.30▲ +17.8%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 12 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $9.69 | $11.76 | $12.48 | $12.46 | $11.95 | $8.70 | $6.78 | $4.54 | $8.68 | $11.16 | $10.97 | $10.41 | |
| P/E | 77.9x | 15.9x | 11.1x | 23.5x | 77.9x | — | — | 169.5x | — | 289.3x |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 25.0% a year plus a 3.6% dividend yield. Growth capped at 25%.
Median P/E of 22.1 among peers in the sector.
Median P/E of 77.9 across this company’s own years on record.
Cash flow growing 15.0% a year for 10 years, discounted at 10%, then 2.5% forever.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Dividend growing 0.0% a year against a 7.5% required return, from the stock’s beta.
Companies of similar size in Real Estate, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| XRNChiron Real Estate Inc. | $30.34 | 8.2x | 0.9x | 6.33% | 10.38% | $439.33M |
| TCITranscontinental Realty Investors Inc | $48.41 | 52.1x | 0.5x | 0.00% | 1.00% | $424.75M |
| BRSPBrightSpire Capital, Inc. | $3.69 | — | 0.5x | 17.34% | -3.74% | $466.87M |
| TRTXTPG RE Finance Trust, Inc. |
| 124.0x |
| 137.1x |
| — |
| P/S | 9.4x | 8.1x | 9.3x | 10.4x | 11.1x | 10.5x | 5.3x | 3.8x | 2.6x | 6.3x | 11.6x | 9.6x | 19.1x |
| P/B | 1.0x | 0.9x | 1.1x | 1.1x | 1.1x | 1.2x | 0.9x | 0.6x | 0.4x | 0.8x | 1.7x | 0.9x | 1.0x |
| EPS | $0.61 | $1.06 | $0.53 | $0.16 | -$0.17 | -$0.18 | $0.04 | -$0.01 | $0.03 | $0.09 | $0.08 | -$0.15 |
| Dividend yield | 4.07% | 4.54% | 11.31% | 3.61% | 1.85% | 1.67% | 2.30% | 2.95% | 7.84% | 5.90% | 4.59% | 4.56% | 3.13% |
| Payout | 321.88% | 72.13% | 125.47% | 84.91% | 143.75% | — | — | 500.00% | — | 1706.67% | 568.89% | 625.00% | — |
| Profit margin | 19.19% | 60.46% | 102.89% | 53.79% | 19.07% | 19.31% | 14.04% | 25.92% | 21.86% | 17.12% | 13.88% | 8.92% | -13.47% |
| ROE | 2.23% | 6.75% | 12.11% | 5.85% | 1.97% | 2.12% | 2.33% | 4.43% | 3.61% | 2.13% | 2.00% | 0.89% | -0.68% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
6 methods answered, across 3 families.
Room for errors in the reported numbers.
+18.5% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| $6.22 |
| 10.7x |
| 0.5x |
| 15.43% |
| 5.44% |
| $477.5M |
| ILPTIndustrial Logistics Properties Trust | $7.17 | — | 1.0x | 4.19% | -9.16% | $478.23M |
| OLPOne Liberty Properties Inc | $22.37 | 14.2x | 1.5x | 8.05% | 11.65% | $489.91M |