The paper uses the alternative Markowitz portfolio theory approach, by replacing the stock return with return on equity (ROE) and estimates the systematic risk of unquoted agricultural farms. The systematic risk is standardly measured by the mean-variance model and standard deviation of stock return. In case of unquoted firms the information regarding the market rate of return is missing. To assess the risk and return, the use of individual financial statements is necessary. The systematic risk in Slovak agriculture over the period 2009-2012 was 3% of equity or capital invested with the average return 0,048%. We calculated the systematic risk separately for two prevailing legal forms in Slovak agriculture: cooperatives and companies (JSC., Ltd.). Cooperatives represent farms with lower individual risk and lower ROE, but higher systematic risk. Companies represent farms established after 1989. These farms generate higher profit for the owner with lower systematic risk.