FPI vs JOE vs TRC Stock Comparison

Farmland Partners, St Joe and Tejon Ranch Prices as of Oct 29, 2026 Peers: Industry group
FPI Farmland Partners Inc.
$8.79 -20.7% 1M -13.0% 1Y
Market cap
$368.99M
P/E
42.5x
Revenue (TTM)
$49.99M
Div. yield
6.03%
Farmland REITs Real Estate
3 wins
JOE ST JOE Co
$71.88 +8.7% 1M +46.6% 1Y
Market cap
$4.07B
P/E
33.6x
Revenue (TTM)
$542.95M
Div. yield
0.89%
Real Estate Development Real Estate
6 wins
TRC Tejon Ranch Co
$16.78 +2.6% 1M +7.1% 1Y
Market cap
$453.14M
P/E
75.1x
Revenue (TTM)
$56.84M
Div. yield
–
Real Estate Development Real Estate
3 wins

Head to Head

12 decided of 12

St Joe leads on 6 of the 12 questions below (St Joe 6, Farmland Partners 3, Tejon Ranch 3). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionFPIJOETRCLeader
Larger companyMarket capitalisation $368.99M $4.07B $453.14M JOE
Cheaper on earningsLower P/E, profitable companies only 42.5x 33.6x 75.1x JOE
Cheaper on forward earningsLower price / next fiscal year consensus EPS 40.0x 93.4x 98.7x FPI
Faster revenue growthRevenue growth, trailing twelve months -5.6% +11.1% +25.4% TRC
More profitableNet margin, trailing twelve months 17.7% 22.3% 10.6% JOE
Better return on capitalReturn on invested capital 0.4% — 0.0% FPI
Less leveragedLower net debt / EBITDA 35.8x — 12.9x TRC
Higher dividend yieldTrailing dividend yield 6.03% 0.89% 0.00% FPI
Better 1-year returnPrice return, last 12 months -13.0% +46.6% +7.1% JOE
Better 5-year returnAnnualised price return, 5 years -4.8%/yr +8.9%/yr -1.6%/yr JOE
Less volatileAnnualised volatility, 1 year 28.3% 30.1% 21.3% TRC
Higher overall scoreMean of the five percentile scores vs peers 46/100 66/100 59/100 JOE

Percentile Scorecard

FPIJOETRC

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisFPIJOETRC
Valuation 36 #138 of 216 55 #18 of 39 32 #27 of 39
Growth 25 #154 of 204 74 #9 of 32 71 #10 of 32
Profitability 44 #108 of 193 93 #3 of 29 54 #14 of 29
Financial Health 54 #94 of 204 58 #16 of 37 78 #9 of 37
Shareholder Returns 69 #51 of 163 50 #7 of 13 –
Overall 46 66 59
  • FPI ranked among 224 companies in Real Estate
  • JOE ranked among 42 companies in Property Developers
  • TRC ranked among 42 companies in Property Developers

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodFPIJOETRCSPY
1 month -20.7%+8.7%+2.6% +0.7%
3 months -6.8%+14.0%-1.5% +3.7%
6 months -18.2%+11.3%-14.3% +7.1%
Year to date -9.3%+21.1%+6.4% +12.8%
1 year -13.0%+46.6%+7.1% +11.9%
3 years -14.3%+54.9%+8.6% +85.2%
3 years, per year -5.0%+15.7%+2.8% +22.8%
5 years -21.8%+52.9%-7.9% +67.6%
5 years, per year -4.8%+8.9%-1.6% +10.9%
10 years -17.1%+306.1%-23.1% +262.0%
10 years, per year -1.9%+15.0%-2.6% +13.7%

Risk

MeasureFPIJOETRCSPY
Volatility, 1Y 28.3%30.1%21.3% 12.7%
Downside volatility, 1Y 34.3%26.2%20.8% 12.6%
Beta vs S&P 500, 1Y 0.310.460.23 1.00
Return / volatility, 1Y -0.461.550.33 0.94
Max drawdown, 5Y -46.0%-48.7%-32.4% -25.4%
From 52-week high -32.6%-1.3%-18.1% -1.2%
52-week high $13.04$72.79$20.48 $779.14
52-week low $8.79$49.03$15.58 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleFPIJOETRC
P/E now vs peer median 42.5xmedian 23.8x 33.6xmedian 8.7x 75.1xmedian 8.7x
P/S now vs peer median 7.4xmedian 3.9x 7.5xmedian 4.7x 8.0xmedian 4.7x
EV/EBITDA now vs peer median 93.0xmedian 14.3x 17.9xmedian 12.5x 85.4xmedian 12.5x
P/FCF now vs peer median 21.1xmedian 19.8x 25.8xmedian 6.2x -17.4xmedian 6.2x
P/B now vs peer median 0.9xmedian 1.2x 5.3xmedian 0.6x 0.9xmedian 0.6x
PEG now vs peer median -2.61median 1.04 3.24median 0.28 -2.99median 0.28

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsFPIJOETRC
Revenue $49.99M $542.95M $56.84M
Gross profit $46.48M $250.51M –
Operating income $2.71M $173.94M -$515.00K
Net income $10.06M $120.57M $6.04M
Free cash flow $17.47M $157.37M -$26.03M
EPS (diluted) $0.21 $2.14 $0.22
Cash & equivalents $7.88M $117.86M $3.87M
Total debt $239.00M – $377.27M
Shares (diluted) 42.85M 56.76M 27.07M
Enterprise value $325.63M $3.57B $388.12M

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricFPIJOETRC
P/E 42.5x 33.6x 75.1x
P/FCF 21.1x 25.8x -17.4x
P/Operating cash flow 20.4x 21.6x 36.3x
P/S 7.4x 7.5x 8.0x
P/B 0.9x 5.3x 0.9x
P/Tangible book 0.9x 5.3x 0.9x
EV/EBITDA 93.0x 17.9x 85.4x
EV/EBIT 221.8x 22.7x -1,037x
EV/Revenue 12.0x 7.3x 9.4x
EV/FCF 34.4x 25.1x -20.5x
EV/Operating cash flow 33.2x 21.0x 42.8x
PEG (3Y EPS CAGR) -2.61 3.24 -2.99

Growth

14 metrics
MetricFPIJOETRC
Revenue growth (1Y) -5.6% 11.1% 25.4%
Revenue CAGR (3Y) -4.7% 14.2% –
Gross profit growth (1Y) -3.0% 21.2% –
Gross profit CAGR (3Y) -4.6% – –
Operating income growth (1Y) 321.8% 31.3% 94.8%
Operating income CAGR (3Y) -48.7% 27.6% -27.1%
Net income growth (1Y) -85.8% 15.1% 1,237%
Net income CAGR (3Y) -21.3% 10.4% -24.8%
EPS growth (1Y) -86.4% 18.2% 1,233%
EPS CAGR (3Y) -16.3% 10.4% -25.1%
Operating cash flow growth (1Y) 7.4% 6.9% -8.4%
Operating cash flow CAGR (3Y) 8.9% 19.5% 21.0%
Free cash flow growth (1Y) 139.9% 6.1% 55.6%
Free cash flow CAGR (3Y) 37.5% 52.7% -24.6%

Profitability

14 metrics
MetricFPIJOETRC
Gross margin 93.0% 46.1% –
EBITDA margin 12.9% 40.6% 11.0%
Operating margin 5.4% 32.0% -0.9%
Pretax margin 20.1% 29.8% 5.1%
Net margin 17.7% 22.3% 10.6%
FCF margin 34.9% 29.0% -45.8%
Operating cash flow margin 36.2% 34.7% 21.9%
Return on equity 2.3% 15.6% 1.2%
Return on assets 1.5% 8.0% 0.9%
Return on invested capital 0.4% – 0.0%
Return on capital employed – – -0.1%
Asset turnover 0.1x 0.4x 0.1x
Cash conversion (OCF / net income) 1.8x 1.6x 2.1x
Stock comp / revenue 3.9% 0.2% 2.0%

Financial Health

11 metrics
MetricFPIJOETRC
Debt / assets 35.1% – 15.0%
Debt / equity 0.6x – 0.2x
Net debt / EBITDA 35.8x – 12.9x
Debt / FCF 13.7x – -3.7x
Liabilities / assets 37.2% 48.4% 22.9%
Equity / assets 62.8% 51.6% 77.1%
Interest coverage 0.2x 6.2x –
Current ratio – – 2.9x
Quick ratio – – 1.6x
Cash ratio – – 1.4x
Altman Z-score – – 2.23

Shareholder Returns

7 metrics
MetricFPIJOETRC
Dividend yield 6.0% 0.9% –
Net buyback yield 23.1% 2.0% –
Shareholder yield 29.2% 2.9% 0.0%
Payout ratio (earnings) 215.1% 30.4% –
Payout ratio (FCF) 123.9% 23.3% –
Dividend growth (1Y) -66.2% 12.6% –
Dividend CAGR (3Y) 19.7% 14.5% –

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusFPIJOETRC
Forward P/E 40.0xFY2026 93.4xFY2026 98.7xFY2026
EPS, next fiscal year $0.22FY2026 $0.77FY2026 $0.17FY2026
EPS growth, next FY -63.9%FY2026 -42.1%FY2026 +1,600.0%FY2026
EPS growth, the year after -13.6% – +147.1%
Revenue, next fiscal year $32.83MFY2026 $273.72MFY2026 $57.93MFY2026
Revenue growth, next FY -8.6%FY2026 -29.7%FY2026 +16.8%FY2026
Revenue growth, the year after +0.7% – +23.5%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersFPIJOETRC
Held by institutions 53.2% 87.6% 78.6%
Institutions holding 181 320 127
Change in shares held, QoQ -0.8% -0.2% +0.9%
Institutions buying 100 160 61
Institutions selling 51 97 30
Buyers to sellers 1.96 1.65 2.03

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

FPIJOETRC
FPI 1.00 0.16 0.19
JOE 0.16 1.00 0.30
TRC 0.19 0.30 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, FPI, JOE and TRC?

St Joe (JOE) is the largest by market capitalisation: Farmland Partners (FPI) $368.99M, St Joe (JOE) $4.07B, Tejon Ranch (TRC) $453.14M.

Which stock is cheaper, FPI, JOE and TRC?

St Joe (JOE) trades on the lowest price-to-earnings ratio (Farmland Partners (FPI) 42.5x, St Joe (JOE) 33.6x, Tejon Ranch (TRC) 75.1x). On next year's consensus earnings, Farmland Partners (FPI) is cheapest (Farmland Partners (FPI) 40.0x, St Joe (JOE) 93.4x, Tejon Ranch (TRC) 98.7x). A lower multiple can reflect slower expected growth, so read it next to the growth figures.

Which company is growing faster?

Tejon Ranch (TRC) grew revenue fastest over the trailing twelve months: Farmland Partners (FPI) -5.6%, St Joe (JOE) +11.1%, Tejon Ranch (TRC) +25.4%.

Which company is more profitable?

St Joe (JOE) has the highest net margin (Farmland Partners (FPI) 17.7%, St Joe (JOE) 22.3%, Tejon Ranch (TRC) 10.6%). On return on invested capital, Farmland Partners (FPI) leads (Farmland Partners (FPI) 0.4%, Tejon Ranch (TRC) 0.0%).

Which stock has performed better?

Over the past year St Joe (JOE) returned the most: Farmland Partners (FPI) -13.0%, St Joe (JOE) +46.6%, Tejon Ranch (TRC) +7.1%. Over five years, St Joe (JOE) compounded fastest (Farmland Partners (FPI) -4.8%/yr, St Joe (JOE) +8.9%/yr, Tejon Ranch (TRC) -1.6%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Farmland Partners (FPI) has the highest dividend yield: Farmland Partners (FPI) 6.03%, St Joe (JOE) 0.89%, Tejon Ranch (TRC) 0.00%. Tejon Ranch (TRC) pays no regular dividend.

Which stock is riskier?

By one-year price volatility, Tejon Ranch (TRC) has been the steadiest (Farmland Partners (FPI) 28.3%, St Joe (JOE) 30.1%, Tejon Ranch (TRC) 21.3%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, FPI, JOE and TRC?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, St Joe (JOE) leads on 6. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.