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Side-by-side financial comparison of Farmland Partners Inc. (FPI) and TPG Mortgage Investment Trust, Inc. (MITT). Click either name above to swap in a different company.
Farmland Partners Inc. is the larger business by last-quarter revenue ($20.7M vs $20.4M, roughly 1.0× TPG Mortgage Investment Trust, Inc.). Farmland Partners Inc. runs the higher net margin — 103.4% vs 65.0%, a 38.4% gap on every dollar of revenue. On growth, TPG Mortgage Investment Trust, Inc. posted the faster year-over-year revenue change (17.7% vs -3.5%). Over the past eight quarters, Farmland Partners Inc.'s revenue compounded faster (31.4% CAGR vs 9.1%).
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.
TPG Mortgage Investment Trust, Inc. is a real estate investment trust managed by global alternative asset firm TPG. It primarily invests in residential and commercial mortgage-backed securities, performing and non-performing mortgage loans, and other credit-linked real estate assets, with its core market being the United States. It generates returns via net interest income from holdings and strategic asset disposition gains.
FPI vs MITT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.7M | $20.4M |
| Net Profit | $21.4M | $13.3M |
| Gross Margin | — | — |
| Operating Margin | — | 67.1% |
| Net Margin | 103.4% | 65.0% |
| Revenue YoY | -3.5% | 17.7% |
| Net Profit YoY | -63.5% | -7.0% |
| EPS (diluted) | $0.44 | $0.27 |
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 | $20.4M | ||
| Q3 25 | $11.3M | $19.5M | ||
| Q2 25 | $10.0M | $17.8M | ||
| Q1 25 | $10.3M | $18.8M | ||
| Q4 24 | $21.5M | $17.4M | ||
| Q3 24 | $13.3M | $14.9M | ||
| Q2 24 | $11.4M | $16.4M | ||
| Q1 24 | $12.0M | $17.2M |
| Q4 25 | $21.4M | $13.3M | ||
| Q3 25 | $483.0K | $20.0M | ||
| Q2 25 | $7.6M | $3.9M | ||
| Q1 25 | $2.0M | $11.5M | ||
| Q4 24 | $58.7M | $14.3M | ||
| Q3 24 | $1.8M | $16.6M | ||
| Q2 24 | $-2.0M | $3.9M | ||
| Q1 24 | $1.4M | $20.9M |
| Q4 25 | — | 67.1% | ||
| Q3 25 | 4.3% | — | ||
| Q2 25 | 78.2% | 20.9% | ||
| Q1 25 | 20.6% | 54.6% | ||
| Q4 24 | — | 76.7% | ||
| Q3 24 | 13.9% | — | ||
| Q2 24 | -17.9% | 18.4% | ||
| Q1 24 | 11.9% | — |
| Q4 25 | 103.4% | 65.0% | ||
| Q3 25 | 4.3% | 102.5% | ||
| Q2 25 | 76.3% | 22.2% | ||
| Q1 25 | 19.9% | 60.9% | ||
| Q4 24 | 273.6% | 82.2% | ||
| Q3 24 | 13.5% | 111.3% | ||
| Q2 24 | -17.5% | 24.0% | ||
| Q1 24 | 11.5% | 121.6% |
| Q4 25 | $0.44 | $0.27 | ||
| Q3 25 | $0.00 | $0.47 | ||
| Q2 25 | $0.14 | $-0.05 | ||
| Q1 25 | $0.03 | $0.21 | ||
| Q4 24 | $1.09 | $0.30 | ||
| Q3 24 | $0.02 | $0.40 | ||
| Q2 24 | $-0.06 | $-0.02 | ||
| Q1 24 | $0.01 | $0.55 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $57.8M |
| Total DebtLower is stronger | $161.6M | — |
| Stockholders' EquityBook value | $467.4M | $560.7M |
| Total Assets | $719.1M | $8.7B |
| Debt / EquityLower = less leverage | 0.35× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $57.8M | ||
| Q3 25 | — | $59.0M | ||
| Q2 25 | — | $88.7M | ||
| Q1 25 | — | $115.5M | ||
| Q4 24 | — | $118.7M | ||
| Q3 24 | — | $102.5M | ||
| Q2 24 | — | $120.9M | ||
| Q1 24 | — | $100.3M |
| Q4 25 | $161.6M | — | ||
| Q3 25 | $170.4M | — | ||
| Q2 25 | $193.4M | — | ||
| Q1 25 | $202.6M | — | ||
| Q4 24 | $204.6M | — | ||
| Q3 24 | $394.0M | — | ||
| Q2 24 | $393.0M | — | ||
| Q1 24 | $383.0M | — |
| Q4 25 | $467.4M | $560.7M | ||
| Q3 25 | $457.3M | $559.8M | ||
| Q2 25 | $473.5M | $536.4M | ||
| Q1 25 | $492.2M | $543.9M | ||
| Q4 24 | $494.6M | $543.4M | ||
| Q3 24 | $519.4M | $540.1M | ||
| Q2 24 | $521.5M | $533.5M | ||
| Q1 24 | $526.7M | $539.6M |
| Q4 25 | $719.1M | $8.7B | ||
| Q3 25 | $738.5M | $9.0B | ||
| Q2 25 | $776.7M | $7.5B | ||
| Q1 25 | $810.5M | $7.3B | ||
| Q4 24 | $869.6M | $6.9B | ||
| Q3 24 | $1.0B | $7.0B | ||
| Q2 24 | $1.0B | $7.1B | ||
| Q1 24 | $1.0B | $6.4B |
| Q4 25 | 0.35× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.41× | — | ||
| Q1 25 | 0.41× | — | ||
| Q4 24 | 0.41× | — | ||
| 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 | $59.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.81× | 4.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.4M | $59.6M | ||
| Q3 25 | $-2.0M | $17.4M | ||
| Q2 25 | $-2.2M | $11.5M | ||
| Q1 25 | $6.4M | $12.0M | ||
| Q4 24 | $16.1M | $55.8M | ||
| Q3 24 | $-4.3M | $14.5M | ||
| Q2 24 | $-6.1M | $13.7M | ||
| Q1 24 | $11.9M | $12.0M |
| Q4 25 | 0.81× | 4.48× | ||
| Q3 25 | -4.04× | 0.87× | ||
| Q2 25 | -0.29× | 2.92× | ||
| Q1 25 | 3.12× | 1.05× | ||
| Q4 24 | 0.27× | 3.91× | ||
| Q3 24 | -2.39× | 0.87× | ||
| Q2 24 | — | 3.50× | ||
| Q1 24 | 8.66× | 0.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
