FPIFarmland Partners Inc.
Is it safe?
No red flags in what's measurable: comfortable debt (AA) and steady price behavior.
Rock-solid balance sheet, low leverage. A rule of thumb on leverage, not a credit rating.
Relatively steady, low volatility. Worst drawdown -57% · now 19% below its 52-week high.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can FPI take a bad year?
Farmland Partners Inc. carries $213M of net debt at 8.39× EBITDA: a heavy load to carry through a bad year.
Net debt · as at Q2 2026 · over four years of earnings before interest, tax and depreciation, heavy
- Net debt / EBITDA
- 8.39×
Net debt / EBITDA · 12.9× a year ago · the load is coming down
- Interest cover
- 2.10×
Interest cover · operating profit covers the interest bill, with room to spare
- Annualised volatility
- 24%
Annualised volatility · about as steady as the market itself
Details›
- Total debtQ2 2026
- $225M
- Cash and short-term investments
- $11M
- Net debt
- $213M
- EBITDA, trailing twelve months
- $25M
- Operating profit, trailing twelve months
- $22M
- Debt / equity
- 0.48×
- Total debt / EBITDA
- 8.84×
- Annualised volatilitytwo years of daily moves
- 24%
- Worst drawdown on file
- −57%
- Below its 52-week high
- 19%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
REIT, Specialty
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