Farmland Partners Inc. Financial Ratios — FPI Stock

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	683,440	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	0.09	-0.47	0.45	0.86	0.87	1.06	1.24	0.65	0.9	1.02	2.83	6.33	3.97
Return on Capital (%)	- -	3.47	- -	3.09	3.64	3.18	3.97	4.98	3.58	3.92	5.09	- -	- -	- -
Return on Invested Capital (%)	- -	3.67	- -	2.46	3.73	2.61	2.77	2.66	2.19	1.55	2.19	- -	- -	- -
Gross Margin (%)	91.26	98.4	94.1	91.97	92.33	86.46	85.8	83.53	78.82	82.88	76.87	76.66	80.58	80.33
EBITDA Margin (%)	88.9	64.9	25.58	53.58	63.57	67.61	68.52	64.71	59.8	47.35	52.35	54.56	53.4	52.18
Operating Margin (%)	83.03	58.58	17.78	47.08	58.56	50.75	53.28	49.18	44.07	32.6	40.98	41.51	43.8	44.19
Incremental Operating Margin (%)	- -	-170.18	-33.55	60.04	67.71	34.86	65.13	140.92	139.23	-521.14	86.76	32.83	216.97	40.49
Pretax Margin (%)	27.62	1.45	-15.91	12.35	19.39	19.81	25.04	27.72	14.86	19.83	19.91	54.84	105.51	61.63
Profit Margin (%)	27.62	1.45	-13.47	8.92	13.88	17.12	21.86	25.92	14.04	19.31	19.07	53.79	102.89	60.46
Net Income to Common Margin (%)	27.62	1.45	-13.47	8.92	13.88	17.12	21.86	2.62	-10.29	-0.12	13.83	48.63	97.79	55.51
Effective Tax Rate (%)	- -	- -	- -	0.59	0.18	- -	- -	- -	- -	- -	1.86	- -	- -	- -
Dvd Payout Ratio (%)	507.09	19,796.65	-214.34	205.86	85.76	201.39	170.58	185.55	-135.26	1,338.95	126.45	42.45	36.04	212.24
Sustainable Growth Rate (%)	- -	-134,614,800	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	36	43	114	187	309	514	524	511	507	511	437	361	204	161
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	36	43	114	187	309	514	524	511	507	511	437	361	204	161
Total Debt/EBITDA	19.18	28.23	105.2	25.38	15.67	16.45	13.63	14.76	16.72	20.88	13.64	11.52	6.56	5.91
Net Debt/EBITDA	19.16	28.22	73.94	22.19	13.28	14.74	13.19	14.39	15.82	19.64	13.39	11.33	4.03	5.57
Total Debt/EBIT	20.53	31.28	151.35	28.88	17.01	21.91	17.53	19.42	22.68	30.32	17.43	15.14	7.99	6.98
Net Debt/EBIT	20.51	31.27	106.37	25.25	14.41	19.63	16.96	18.94	21.46	28.52	17.11	14.9	4.91	6.57
EBITDA to Interest Expense	1.62	1.14	0.79	1.6	1.98	2.3	2.04	1.77	1.71	1.54	1.99	1.38	1.65	2.83
EBITDA-CapEx/Interest Expense	1.25	0.76	0.75	1.6	1.98	2.3	2.04	1.77	1.71	1.54	1.99	1.38	1.65	2.83
EBIT to Interest Expense	1.52	1.03	0.55	1.4	1.82	1.73	1.59	1.34	1.26	1.06	1.55	1.05	1.35	2.39
Interest Expense	1	1	1	5	10	14	19	20	18	16	16	23	19	10
Common Equity/Total Assets	- -	- -	-1.31	0.23	-1.56	-2.2	-3.29	-3.83	-4.9	-5.9	-6.02	-6.27	-8.23	-8.61
Long-Term Debt/Equity (%)	10,858.49	- -	135.9	135.04	92.03	80.87	108.41	112.07	89.5	86.3	62.08	57.27	34.18	29.93
Long-Term Debt/Capital (%)	100	100	88.64	85.81	65.39	64.29	77.63	81.04	69.47	88.25	89.09	87.65	82.57	90.59
Long-Term Debt/Total Assets (%)	98.06	108.56	56.57	54.23	47.1	44.09	45.95	46.39	46.45	45.6	37.68	35.35	23.44	22.39
Total Debt/Equity (%)	10,858.49	-911.83	135.9	135.04	92.03	80.87	108.41	112.07	89.5	86.3	62.08	57.27	34.18	29.93
Total Debt/Capital (%)	100	100	88.64	85.81	65.39	64.29	77.63	81.04	69.47	88.25	89.09	87.65	82.57	90.59
Total Debt/Total Assets (%)	98.06	108.56	56.57	54.23	47.1	44.09	45.95	46.39	46.45	45.6	37.68	35.35	23.44	22.39
Net Debt to Equity	10,845.6	-911.46	95.51	118.06	77.97	72.45	104.91	109.3	84.67	81.2	60.95	56.34	20.99	28.17
Net Debt/Capital (%)	100	100	84.58	84.09	61.55	61.73	77.05	80.64	68.27	87.58	88.85	87.39	74.33	89.97
EBITDA	2	2	1	7	20	31	38	35	30	24	32	31	31	27
EBITDA-CapEx	1	1	1	7	20	31	38	35	30	24	32	31	31	27
Operating Income (Loss)	2	1	1	6	18	23	30	26	22	17	25	24	26	23

Liquidity (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.11	0.01	9.32	2.44	4.2	3.28	1.47	1	1.79	1.8	0.41	0.18	1.13	0.46
Current Ratio	0.11	0.36	9.58	2.95	5.45	4.49	3.39	2.22	2.48	2.88	2.29	1.57	2.03	4.79
Quick Ratio	0.11	0.36	9.47	2.8	4.82	4.28	3.05	1.83	2.22	2.46	1.96	1.48	1.99	4.68
CFO/Avg Current Liab	- -	0.03	0.72	1.16	0.48	0.07	1.44	1.5	1.42	0.49	0.96	0.53	0.33	0.39
Common Equity/Total Assets	- -	- -	-1.31	0.23	-1.56	-2.2	-3.29	-3.83	-4.9	-5.9	-6.02	-6.27	-8.23	-8.61
Long-Term Debt/Equity (%)	10,858.49	- -	135.9	135.04	92.03	80.87	108.41	112.07	89.5	86.3	62.08	57.27	34.18	29.93
Long-Term Debt/Capital (%)	100	100	88.64	85.81	65.39	64.29	77.63	81.04	69.47	88.25	89.09	87.65	82.57	90.59
Long-Term Debt/Total Assets (%)	98.06	108.56	56.57	54.23	47.1	44.09	45.95	46.39	46.45	45.6	37.68	35.35	23.44	22.39
Total Debt/Equity (%)	10,858.49	-911.83	135.9	135.04	92.03	80.87	108.41	112.07	89.5	86.3	62.08	57.27	34.18	29.93
Total Debt/Capital (%)	100	100	88.64	85.81	65.39	64.29	77.63	81.04	69.47	88.25	89.09	87.65	82.57	90.59
Total Debt/Total Assets (%)	98.06	108.56	56.57	54.23	47.1	44.09	45.95	46.39	46.45	45.6	37.68	35.35	23.44	22.39
CFO/Total Liabilities	2.12	0.05	1.52	3.73	1.58	0.18	3.05	2.78	3.76	1.49	3.74	3.29	5.91	9.62
CFO/CapEx	1.76	0.05	38.51	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.2	0.15	0.43	0.48	0.48	0.44	0.25	0.28	0.36	0.52	0.9	1.03	1.38	1.6

Working Capital (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	365.28	24.12	26.46	12.69	8.53	8.77	9.19	10.52	11.47	10.24	7.77	9.68	12
Days Sales Outstanding	- -	1	15.13	13.8	28.75	42.77	41.62	39.7	34.69	31.82	35.64	47	37.71	30.41
Inventory Turnover	- -	- -	- -	8.87	8.94	30.6	34.09	9.33	8.05	4.24	4.83	5.22	4.53	4.13
Days Inventory Outstanding	- -	- -	- -	41.16	40.81	11.93	10.71	39.11	45.33	86.06	75.64	69.97	80.62	88.47
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	1	15.13	54.96	69.56	54.69	52.33	78.81	80.02	117.87	111.28	116.97	118.33	118.88
Inventory to Cash Days	- -	1	15.13	-27.37	-12.06	30.84	30.91	0.59	-10.64	-54.24	-39.99	-22.98	-42.91	-58.06
Inventories	- -	- -	- -	- -	- -	- -	- -	2	1	3	3	2	3	2
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	2	1	3	3	2	3	2
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	44	106	147	269	146	205	256	414	635	627	559	428
- Cash & Cash Equivalents	- -	- -	34	24	47	54	17	13	27	30	8	5	78	9
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	144	144	143	140	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	17	30	174	167	45	19	136	134	123	115	115	79
+ Total Debt	36	43	114	187	309	514	524	511	507	511	437	361	204	161
Enterprise Value	36	43	141	299	583	1,041	841	865	1,011	1,029	1,188	1,098	799	659
Total Capital	36	43	128	218	472	800	675	631	729	580	491	412	247	178
Total Debt/Capital (%)	100	100	88.64	85.81	65.39	64.29	77.63	81.04	69.47	88.25	89.09	87.65	82.57	90.59
Total Debt / EV	1	1	0.8	0.63	0.53	0.49	0.62	0.59	0.5	0.5	0.37	0.33	0.26	0.24
EV/Sales	17.03	18.32	33.51	21.75	18.79	22.53	15	16.16	19.95	19.9	19.41	19.1	13.73	12.62
EV/EBITDA	19.16	28.22	130.99	40.6	29.56	33.32	21.9	24.97	33.36	42.03	37.07	35.01	25.7	24.19
EV/EBIT	20.51	31.27	188.46	46.2	32.09	44.39	28.16	32.85	45.26	61.03	47.35	46.01	31.34	28.56
EV/Cash Flow to Firm	18.67	31.52	44.8	24.36	38.89	71.86	21.68	23.03	27.03	43.28	36.11	30.78	22.83	24.34
EV/Free Cash Flow to Firm	15.22	23.04	44.15	24.36	38.89	71.86	21.68	23.03	27.03	43.28	36.11	30.78	22.83	24.34
Diluted Market Cap	- -	- -	44	106	147	269	146	205	256	414	635	727	658	497
Diluted Enterprise Value	36	43	141	299	583	1,041	841	865	1,011	1,029	1,188	1,198	898	727
EV per Share	9.01	10.72	33.14	31.11	44.12	33.54	26.16	28.68	34.42	29.72	23.31	21.85	16.81	14.9
TTM Sales	2	2	4	14	31	46	56	54	51	52	61	57	58	52
TTM EBITDA	2	2	1	7	20	31	38	35	30	24	32	31	31	27
TTM Operating Income	2	1	1	6	18	23	30	26	22	17	25	24	26	23
TTM Cash Flow to Firm	2	1	3	12	15	14	39	38	37	24	33	36	35	27
TTM Free Cash Flow to Firm	2	2	3	12	15	14	39	38	37	24	33	36	35	27

Multiples (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	24.27	13.73	29.23	290.07	7.3	11.37	12.96	52.69	37.23	56.45	40.79	28.5
EV/EBIT	20.51	31.27	188.46	46.2	32.09	44.39	28.16	32.85	45.26	61.03	47.35	46.01	31.34	28.56
Enterprise Value	36	43	141	299	583	1,041	841	865	1,011	1,029	1,188	1,098	799	659
Low Price	- -	- -	9.1	9.76	9.54	8.06	4.45	4.5	5.05	8.45	10.62	9.44	9.7	9.37
EV/Sales	17.03	18.32	33.51	21.75	18.79	22.53	15	16.16	19.95	19.9	19.41	19.1	13.73	12.62
EV/EBITDA	19.16	28.22	130.99	40.6	29.56	33.32	21.9	24.97	33.36	42.03	37.07	35.01	25.7	24.19
Price/Earnings	- -	- -	- -	86	34.25	34.05	11.92	146	- -	- -	75.01	22.44	9.82	14.79
Price/Earnings Average	- -	- -	-88.43	86.32	33.76	38.17	19.36	135.6	-38.53	-6,887.61	81.47	20.62	9.3	16.46
Price/Earnings High	- -	- -	-105.12	98.38	36.77	46.13	24.12	155.47	-50.87	-8,433.1	98.91	24.56	10.73	19.64
Price/Earnings Low	- -	- -	-68.33	76.51	29.28	31.62	11.68	96.9	-28.45	-4,798.63	63.93	16.97	8.1	14.3
Price/Book Value	- -	- -	-16.92	135.8	-14.45	-10.48	-3.89	-4.84	-4.78	-6.26	-9.09	-9.79	-7.81	-6.92
Price/Book Value Average	- -	- -	-19.15	136.31	-14.24	-11.75	-6.32	-4.5	-3.76	-6.35	-9.87	-9	-7.4	-7.7
Price/Book Value High	- -	- -	-22.76	155.36	-15.51	-14.2	-7.87	-5.16	-4.97	-7.78	-11.98	-10.72	-8.53	-9.19
Price/Book Value Low	- -	- -	-14.79	120.82	-12.35	-9.73	-3.81	-3.21	-2.78	-4.43	-7.75	-7.41	-6.44	-6.69
Price/Tangible Book Value	- -	- -	0.53	0.76	0.44	0.55	0.43	0.65	0.6	0.7	0.91	1	0.94	0.8
Price/Tangible Book Value Average	- -	- -	0.6	0.76	0.43	0.61	0.7	0.61	0.47	0.71	0.99	0.92	0.89	0.89
Price/Tangible Book Value High	- -	- -	0.71	0.87	0.47	0.74	0.87	0.69	0.62	0.87	1.2	1.1	1.03	1.06
Price/Tangible Book Value Low	- -	- -	0.46	0.68	0.38	0.51	0.42	0.43	0.35	0.5	0.77	0.76	0.78	0.77
Price/Sales	- -	- -	10.53	7.67	4.75	5.83	2.6	3.82	5.04	8	10.37	10.91	9.6	8.21
Price/Sales Average	- -	- -	11.91	7.7	4.68	6.54	4.23	3.55	3.96	8.12	11.27	10.03	9.09	9.14
Price/Sales High	- -	- -	14.16	8.78	5.1	7.9	5.27	4.07	5.23	9.94	13.68	11.94	10.49	10.9
Price/Sales Low	- -	- -	9.2	6.82	4.06	5.41	2.55	2.53	2.93	5.66	8.84	8.25	7.92	7.94
Price/Cash Flow	- -	- -	24.9	13.71	29.23	290.07	7.3	11.37	12.96	52.69	37.23	48.66	34.64	24.58
Price/Cash Flow Average	- -	- -	28.17	13.76	28.81	325.17	11.86	10.56	10.19	53.48	40.44	44.72	32.8	27.36
Price/Cash Flow High	- -	- -	33.49	15.69	31.38	393	14.78	12.11	13.45	65.48	49.1	53.26	37.85	32.64
Price/Cash Flow Low	- -	- -	21.77	12.2	24.99	269.35	7.15	7.54	7.52	37.26	31.74	36.8	28.57	23.76
Price/Free Cash Flow Average	- -	- -	27.46	13.78	28.81	325.17	11.86	10.56	10.19	53.48	40.44	51.88	38.63	31.73
Price/Free Cash Flow High	- -	- -	32.64	15.7	31.38	393	14.78	12.11	13.45	65.48	49.1	61.79	44.57	37.85
Price/Free Cash Flow Low	- -	- -	21.22	12.21	24.99	269.35	7.15	7.54	7.52	37.26	31.74	42.7	33.64	27.56
EV/Sales Average	17.03	18.32	34.89	21.78	18.72	23.23	16.63	15.88	18.87	20.02	20.3	18.22	13.22	13.55
EV/Sales High	17.03	18.32	37.14	22.86	19.14	24.6	17.67	16.4	20.14	21.84	22.71	20.13	14.62	15.32
EV/Sales Low	17.03	18.32	32.19	20.91	18.1	22.11	14.95	14.87	17.83	17.55	17.87	16.44	12.04	12.35
EV/EBITDA Average	19.16	28.22	136.4	40.66	29.45	34.36	24.27	24.54	31.56	42.28	38.78	33.39	24.75	25.97
EV/EBITDA High	19.16	28.22	145.18	42.66	30.11	36.38	25.79	25.35	33.68	46.13	43.38	36.9	27.37	29.35
EV/EBITDA Low	19.16	28.22	125.82	39.02	28.48	32.7	21.82	22.98	29.82	37.08	34.14	30.14	22.55	23.67
EV/EBIT Average	20.51	31.27	196.23	46.26	31.98	45.78	31.21	32.3	42.82	61.4	49.53	43.89	30.18	30.67
EV/EBIT High	20.51	31.27	208.87	48.55	32.69	48.46	33.17	33.35	45.7	66.99	55.42	48.5	33.37	34.66
EV/EBIT Low	20.51	31.27	181.01	44.4	30.91	43.57	28.06	30.24	40.46	53.84	43.62	39.61	27.5	27.95
Last Price	- -	- -	10.41	10.97	11.16	8.68	4.54	6.78	8.7	11.95	12.46	12.48	11.76	9.69
High Price	- -	- -	14	12.55	11.98	11.76	9.19	7.22	9.03	14.85	16.43	13.66	12.85	12.87
Enterprise Value Average	36	43	147	300	580	1,074	932	851	957	1,036	1,243	1,047	770	707
Enterprise Value High	36	43	157	314	593	1,137	991	879	1,021	1,130	1,390	1,157	851	799
Enterprise Value Low	36	43	136	288	561	1,022	838	797	904	908	1,094	945	701	644

Shares Outstanding	4	4	8	12	17	33	31	30	31	45	54	48	46	43
Diluted Weighted Avg Shares	4	4	4	10	13	31	32	30	29	35	51	58	56	51
Basic Weighted Avg Shares	4	4	4	10	13	31	32	30	29	35	51	50	48	44
Revenue per Share	0.53	0.59	0.99	1.43	2.35	1.49	1.74	1.78	1.73	1.49	1.2	1.14	1.22	1.18
EBITDA per Share	0.47	0.38	0.25	0.77	1.49	1.01	1.19	1.15	1.03	0.71	0.63	0.62	0.65	0.62
Operating Income per Share	0.44	0.34	0.18	0.67	1.37	0.76	0.93	0.87	0.76	0.49	0.49	0.47	0.54	0.52
Basic EPS, GAAP	0.15	0.01	-0.13	0.13	0.33	0.25	0.38	0.05	-0.18	- -	0.17	0.56	1.2	0.66
Basic EPS from Cont Ops	0.15	0.01	-0.16	0.18	0.45	0.29	0.44	0.49	0.26	0.3	0.23	0.63	1.29	0.73
Diluted EPS, GAAP	0.15	0.01	-0.13	0.13	0.33	0.25	0.38	0.05	-0.18	- -	0.17	0.48	1.02	0.57
Diluted EPS from Cont Ops	0.15	0.01	-0.16	0.18	0.45	0.29	0.44	0.49	0.26	0.3	0.23	0.54	1.1	0.63
Dividend per Share	0.74	1.69	0.39	0.46	0.5	0.67	0.84	0.62	0.62	0.47	0.29	0.31	0.52	1.51
Cash Flow per Share	0.19	0.01	0.42	0.8	0.38	0.03	0.62	0.6	0.67	0.23	0.33	0.26	0.34	0.39
Free Cash Flow per Basic Share	0.08	-0.12	0.41	0.8	0.38	0.03	0.62	0.6	0.67	0.23	0.33	0.26	0.34	0.39
Cash & Equivalents per Share	0.01	- -	7.91	2.44	3.57	1.72	0.53	0.42	0.93	0.87	0.15	0.11	1.65	0.21
Book Value per Share	- -	- -	-0.62	0.08	-0.77	-0.83	-1.17	-1.4	-1.82	-1.91	-1.37	-1.27	-1.51	-1.4
Tangible Book Value per Share	0.08	-1.18	19.58	14.4	25.41	15.83	10.55	10.39	14.52	16.97	13.73	12.46	12.46	12.17

Farmland Partners Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)