The bias against mangrove areas in siting fish farms prompted a comparison of the cost structure and yield performance in upland and mangrove locations. Tools utilized included descriptive statistics, budgetary and cash flow analyses and profitability ratios. Empirical results revealed that substantial revenue could be realized from both farms. While the upland farms yielded average gross revenue per hectare per year of $9,183.53, the mangrove farms made $8,135.93 revealing a slight difference. Results of combined cash flow and sensitivity analysis buttressed that of budgetary analysis. NPVs were $10,888.11 and $10,375.84, B/Cs were 1.28 and 1.29 and IRR were 48.55% and 48.51% for the upland and mangrove farms, respectively. Profitability ratios were also comparable but slightly higher in the upland farms. The conclusion is that there was little or no difference in yield performance. However, the high risk of investment loss in years of excessive flood should prompt investors in mangrove farms to compulsorily insure their farms.