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Side-by-side financial comparison of Farmland Partners Inc. (FPI) and Village Farms International, Inc. (VFF). Click either name above to swap in a different company.
Farmland Partners Inc. is the larger business by last-quarter revenue ($20.7M vs $12.2M, roughly 1.7× Village Farms International, Inc.). Farmland Partners Inc. runs the higher net margin — 103.4% vs 19.9%, a 83.5% gap on every dollar of revenue. On growth, Village Farms International, Inc. posted the faster year-over-year revenue change (31.5% vs -3.5%).
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.
Grafton Village Cheese Company is a cheesemaker in the town of Grafton in the U.S. state of Vermont. The company produces hand-crafted aged cheddar cheese.
FPI vs VFF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.7M | $12.2M |
| Net Profit | $21.4M | $2.4M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 103.4% | 19.9% |
| Revenue YoY | -3.5% | 31.5% |
| Net Profit YoY | -63.5% | 128.2% |
| EPS (diluted) | $0.44 | $0.01 |
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 | $12.2M | ||
| Q3 25 | $11.3M | $66.7M | ||
| Q2 25 | $10.0M | $59.9M | ||
| Q1 25 | $10.3M | $77.1M | ||
| Q4 24 | $21.5M | — | ||
| Q3 24 | $13.3M | $54.9M | ||
| Q2 24 | $11.4M | $53.6M | ||
| Q1 24 | $12.0M | $78.1M |
| Q4 25 | $21.4M | $2.4M | ||
| Q3 25 | $483.0K | $10.2M | ||
| Q2 25 | $7.6M | $26.5M | ||
| Q1 25 | $2.0M | $-6.7M | ||
| Q4 24 | $58.7M | — | ||
| Q3 24 | $1.8M | $-820.0K | ||
| Q2 24 | $-2.0M | $-23.5M | ||
| Q1 24 | $1.4M | $-2.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | 47.9% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 14.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 25.4% | ||
| Q1 24 | — | 19.9% |
| Q4 25 | — | — | ||
| Q3 25 | 4.3% | 23.3% | ||
| Q2 25 | 78.2% | 20.8% | ||
| Q1 25 | 20.6% | -8.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | 13.9% | 3.8% | ||
| Q2 24 | -17.9% | -43.5% | ||
| Q1 24 | 11.9% | -3.0% |
| Q4 25 | 103.4% | 19.9% | ||
| Q3 25 | 4.3% | 15.3% | ||
| Q2 25 | 76.3% | 44.2% | ||
| Q1 25 | 19.9% | -8.7% | ||
| Q4 24 | 273.6% | — | ||
| Q3 24 | 13.5% | -1.5% | ||
| Q2 24 | -17.5% | -43.9% | ||
| Q1 24 | 11.5% | -3.7% |
| Q4 25 | $0.44 | $0.01 | ||
| Q3 25 | $0.00 | $0.08 | ||
| Q2 25 | $0.14 | $0.24 | ||
| Q1 25 | $0.03 | $-0.06 | ||
| Q4 24 | $1.09 | — | ||
| Q3 24 | $0.02 | $-0.01 | ||
| Q2 24 | $-0.06 | $-0.21 | ||
| Q1 24 | $0.01 | $-0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $81.2M |
| Total DebtLower is stronger | $161.6M | $33.7M |
| Stockholders' EquityBook value | $467.4M | $299.9M |
| Total Assets | $719.1M | $423.1M |
| Debt / EquityLower = less leverage | 0.35× | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $81.2M | ||
| Q3 25 | — | $82.6M | ||
| Q2 25 | — | $60.0M | ||
| Q1 25 | — | $15.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $28.7M | ||
| Q2 24 | — | $29.7M | ||
| Q1 24 | — | $26.7M |
| Q4 25 | $161.6M | $33.7M | ||
| Q3 25 | $170.4M | $34.6M | ||
| Q2 25 | $193.4M | $39.1M | ||
| Q1 25 | $202.6M | $39.2M | ||
| Q4 24 | $204.6M | — | ||
| Q3 24 | $394.0M | $43.3M | ||
| Q2 24 | $393.0M | $44.4M | ||
| Q1 24 | $383.0M | $46.1M |
| Q4 25 | $467.4M | $299.9M | ||
| Q3 25 | $457.3M | $295.4M | ||
| Q2 25 | $473.5M | $284.3M | ||
| Q1 25 | $492.2M | $248.3M | ||
| Q4 24 | $494.6M | — | ||
| Q3 24 | $519.4M | $274.4M | ||
| Q2 24 | $521.5M | $275.2M | ||
| Q1 24 | $526.7M | $296.2M |
| Q4 25 | $719.1M | $423.1M | ||
| Q3 25 | $738.5M | $418.4M | ||
| Q2 25 | $776.7M | $403.7M | ||
| Q1 25 | $810.5M | $377.1M | ||
| Q4 24 | $869.6M | — | ||
| Q3 24 | $1.0B | $417.8M | ||
| Q2 24 | $1.0B | $425.4M | ||
| Q1 24 | $1.0B | $458.4M |
| Q4 25 | 0.35× | 0.11× | ||
| Q3 25 | 0.37× | 0.12× | ||
| Q2 25 | 0.41× | 0.14× | ||
| Q1 25 | 0.41× | 0.16× | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.76× | 0.16× | ||
| Q2 24 | 0.75× | 0.16× | ||
| Q1 24 | 0.73× | 0.16× |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 90.8% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.4M | — | ||
| Q3 25 | $-2.0M | $24.4M | ||
| Q2 25 | $-2.2M | — | ||
| Q1 25 | $6.4M | $-6.4M | ||
| Q4 24 | $16.1M | — | ||
| Q3 24 | $-4.3M | $4.3M | ||
| Q2 24 | $-6.1M | $5.7M | ||
| Q1 24 | $11.9M | $-50.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | $22.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-8.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.5M | ||
| Q2 24 | — | $4.8M | ||
| Q1 24 | — | $-1.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | 33.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -11.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 9.0% | ||
| Q1 24 | — | -2.5% |
| Q4 25 | — | 90.8% | ||
| Q3 25 | — | 2.7% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.1% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | 0.81× | — | ||
| Q3 25 | -4.04× | 2.39× | ||
| 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.
VFF
| International Sales | $8.7M | 71% |
| Cannabis United States Segment | $3.4M | 27% |
