The business behind the dividend
| Measure | FPI | Median | Formula |
|---|---|---|---|
| Return on equity | 6.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $28.41m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $10.12m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 61.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 60.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.35x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.34x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.55x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 2.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 6.7% | 12.1% | 5.8% | 2.0% | 2.1% | 2.3% | 4.4% | 3.6% | 2.1% | 2.0% | 2.3% |
| Return on capital employed | 5.1% | 8.8% | 3.5% | 2.4% | 1.7% | 2.7% | 3.2% | 3.4% | 2.5% | 3.0% | 3.0% |
| Operating margin | 61.6% | — | 54.8% | 40.8% | 32.5% | 44.1% | 49.2% | 53.0% | 48.7% | 50.4% | 49.2% |
| Net margin | 60.5% | — | 53.8% | 19.1% | 19.3% | 14.0% | 25.9% | 21.9% | 17.1% | 13.9% | 19.3% |
| Debt to equity | 0.35x | 0.41x | 0.69x | 0.74x | 1.09x | 1.66x | 1.64x | 1.55x | 1.39x | 1.44x | 1.09x |
| Cash conversion | 0.55x | 0.27x | 0.42x | 1.46x | 0.79x | 2.77x | 1.30x | 1.63x | 0.12x | 1.17x | 0.79x |
How it compares in real estate
Among the 20 real estate companies here measured on operating cash flow, Farmland Partners pays out less than 0 of them. The median for that group is 152.3%, against this company’s 365.8%.
Closest on operating cash flow
- Armour Residential REIT (ARR) 218.5%
- Ellington Credit (EARN) 243.8%
- AGNC Investment (AGNC) 245.2%
- Net Lease Office Properties (NLOP) 284.2%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →