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Side-by-side financial comparison of Farmland Partners Inc. (FPI) and FTC Solar, Inc. (FTCI). Click either name above to swap in a different company.
FTC Solar, Inc. is the larger business by last-quarter revenue ($32.9M vs $20.7M, roughly 1.6× Farmland Partners Inc.). Farmland Partners Inc. runs the higher net margin — 103.4% vs -110.7%, a 214.1% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs -3.5%). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs 31.4%).
Farmland Industries was the largest agricultural cooperative in North America when it eventually sold all of its assets in 2002–04. During its 74-year history, Farmland served its farmer membership as a diversified, integrated organization, playing a significant role in agricultural markets both domestically and worldwide.
FTC Solar, Inc. is a leading global provider of advanced solar tracker systems, associated components, and supporting software for solar projects. It serves utility-scale, commercial, and industrial solar segments across key global markets, helping customers boost energy generation efficiency and lower overall project costs.
FPI vs FTCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.7M | $32.9M |
| Net Profit | $21.4M | $-36.4M |
| Gross Margin | — | 14.9% |
| Operating Margin | — | -17.2% |
| Net Margin | 103.4% | -110.7% |
| Revenue YoY | -3.5% | 148.9% |
| Net Profit YoY | -63.5% | -197.4% |
| EPS (diluted) | $0.44 | $-2.31 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $20.7M | $32.9M | ||
| Q3 25 | $11.3M | $26.0M | ||
| Q2 25 | $10.0M | $20.0M | ||
| Q1 25 | $10.3M | $20.8M | ||
| Q4 24 | $21.5M | $13.2M | ||
| Q3 24 | $13.3M | $10.1M | ||
| Q2 24 | $11.4M | $11.4M | ||
| Q1 24 | $12.0M | $12.6M |
| Q4 25 | $21.4M | $-36.4M | ||
| Q3 25 | $483.0K | $-23.9M | ||
| Q2 25 | $7.6M | $-15.4M | ||
| Q1 25 | $2.0M | $-3.8M | ||
| Q4 24 | $58.7M | $-12.2M | ||
| Q3 24 | $1.8M | $-15.4M | ||
| Q2 24 | $-2.0M | $-12.2M | ||
| Q1 24 | $1.4M | $-8.8M |
| Q4 25 | — | 14.9% | ||
| Q3 25 | — | 6.1% | ||
| Q2 25 | — | -19.6% | ||
| Q1 25 | — | -16.6% | ||
| Q4 24 | — | -29.1% | ||
| Q3 24 | — | -42.5% | ||
| Q2 24 | — | -20.5% | ||
| Q1 24 | — | -16.7% |
| Q4 25 | — | -17.2% | ||
| Q3 25 | 4.3% | -29.6% | ||
| Q2 25 | 78.2% | -57.5% | ||
| Q1 25 | 20.6% | -50.8% | ||
| Q4 24 | — | -101.7% | ||
| Q3 24 | 13.9% | -147.8% | ||
| Q2 24 | -17.9% | -104.3% | ||
| Q1 24 | 11.9% | -99.3% |
| Q4 25 | 103.4% | -110.7% | ||
| Q3 25 | 4.3% | -92.0% | ||
| Q2 25 | 76.3% | -77.2% | ||
| Q1 25 | 19.9% | -18.4% | ||
| Q4 24 | 273.6% | -92.7% | ||
| Q3 24 | 13.5% | -151.5% | ||
| Q2 24 | -17.5% | -107.1% | ||
| Q1 24 | 11.5% | -69.7% |
| Q4 25 | $0.44 | $-2.31 | ||
| Q3 25 | $0.00 | $-1.61 | ||
| Q2 25 | $0.14 | $-1.18 | ||
| Q1 25 | $0.03 | $-0.58 | ||
| Q4 24 | $1.09 | $-0.95 | ||
| Q3 24 | $0.02 | $-1.21 | ||
| Q2 24 | $-0.06 | $-0.97 | ||
| Q1 24 | $0.01 | $-0.70 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $21.1M |
| Total DebtLower is stronger | $161.6M | $9.9M |
| Stockholders' EquityBook value | $467.4M | $-43.0M |
| Total Assets | $719.1M | $111.8M |
| Debt / EquityLower = less leverage | 0.35× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $21.1M | ||
| Q3 25 | — | $24.4M | ||
| Q2 25 | — | $3.5M | ||
| Q1 25 | — | $5.9M | ||
| Q4 24 | — | $11.2M | ||
| Q3 24 | — | $8.3M | ||
| Q2 24 | — | $10.8M | ||
| Q1 24 | — | $14.0M |
| Q4 25 | $161.6M | $9.9M | ||
| Q3 25 | $170.4M | $16.6M | ||
| Q2 25 | $193.4M | $10.9M | ||
| Q1 25 | $202.6M | $10.2M | ||
| Q4 24 | $204.6M | $9.5M | ||
| Q3 24 | $394.0M | — | ||
| Q2 24 | $393.0M | — | ||
| Q1 24 | $383.0M | — |
| Q4 25 | $467.4M | $-43.0M | ||
| Q3 25 | $457.3M | $-13.7M | ||
| Q2 25 | $473.5M | $9.0M | ||
| Q1 25 | $492.2M | $15.5M | ||
| Q4 24 | $494.6M | $19.0M | ||
| Q3 24 | $519.4M | $30.4M | ||
| Q2 24 | $521.5M | $44.2M | ||
| Q1 24 | $526.7M | $55.2M |
| Q4 25 | $719.1M | $111.8M | ||
| Q3 25 | $738.5M | $111.5M | ||
| Q2 25 | $776.7M | $83.0M | ||
| Q1 25 | $810.5M | $84.1M | ||
| Q4 24 | $869.6M | $89.9M | ||
| Q3 24 | $1.0B | $91.7M | ||
| Q2 24 | $1.0B | $100.3M | ||
| Q1 24 | $1.0B | $115.0M |
| Q4 25 | 0.35× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.41× | 1.20× | ||
| Q1 25 | 0.41× | 0.65× | ||
| Q4 24 | 0.41× | 0.50× | ||
| Q3 24 | 0.76× | — | ||
| Q2 24 | 0.75× | — | ||
| Q1 24 | 0.73× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $17.4M | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.4M |
| FCF MarginFCF / Revenue | — | -25.7% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.4M | $-8.0M | ||
| Q3 25 | $-2.0M | $-14.6M | ||
| Q2 25 | $-2.2M | $-2.3M | ||
| Q1 25 | $6.4M | $-8.5M | ||
| Q4 24 | $16.1M | $-16.7M | ||
| Q3 24 | $-4.3M | $-2.4M | ||
| Q2 24 | $-6.1M | $-3.8M | ||
| Q1 24 | $11.9M | $-11.9M |
| Q4 25 | — | $-8.4M | ||
| Q3 25 | — | $-15.1M | ||
| Q2 25 | — | $-2.5M | ||
| Q1 25 | — | $-8.6M | ||
| Q4 24 | — | $-17.0M | ||
| Q3 24 | — | $-2.6M | ||
| Q2 24 | — | $-4.5M | ||
| Q1 24 | — | $-12.3M |
| Q4 25 | — | -25.7% | ||
| Q3 25 | — | -57.9% | ||
| Q2 25 | — | -12.4% | ||
| Q1 25 | — | -41.2% | ||
| Q4 24 | — | -128.6% | ||
| Q3 24 | — | -25.6% | ||
| Q2 24 | — | -39.2% | ||
| Q1 24 | — | -97.6% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 6.1% | ||
| Q1 24 | — | 3.4% |
| Q4 25 | 0.81× | — | ||
| Q3 25 | -4.04× | — | ||
| Q2 25 | -0.29× | — | ||
| Q1 25 | 3.12× | — | ||
| Q4 24 | 0.27× | — | ||
| Q3 24 | -2.39× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 8.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FPI
Segment breakdown not available.
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
