Limoneira Co (LMNR) AI Stock Analysis

• Market Cap: $238.11M
• Dividend Yield: 1.99%
• Average Volume (3M): 85.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.71
• Revenue Growth: -14.97%
• EPS Growth: -278.36%
• Country: US
• Employees: 241
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Farm Products
• EPS (TTM): -0.48
• Shares Outstanding: 18,106,876
• 10 Day Avg. Volume: 86,164
• 30 Day Avg. Volume: 85,263
• PEG Ratio: 0.05
• Price to Book (P/B): 1.47
• Price to Sales (P/S): 1.58
• P/FCF Ratio: -13.12
• Enterprise Value/Market Cap: 1.38
• Enterprise Value/Revenue: 2.29
• Enterprise Value/Gross Profit: -59.11
• Enterprise Value/Ebitda: -20.77
• 1Y Price Target: $19.00
• Price Target Upside: 44.49% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.13
• Revenue Forecast (FY): $125.21M

• Rating: 49 Neutral
• Price Target: $13.00 ▼(-1.14% Downside)
• Action: Reiterated Date: 03/15/26
• Date: Action: Reiterated 03/15/26

LMNR scores below average primarily due to sharply weaker recent profitability and negative operating/free cash flow, reinforced by bearish technical signals (below key moving averages with negative MACD). Offsetting factors include a modest dividend yield and a more balanced earnings-call outlook driven by reiterated FY2026 volume guidance and quantified cost/asset-monetization initiatives, though near-term losses and leverage/liquidity concerns keep the score restrained.

Positive Factors

Conservative balance sheet

Low reported leverage gives the company durable financial flexibility to absorb cyclical agricultural shocks, pursue staged real‑estate monetizations, or bridge cash shortfalls without immediate distressed financing. Over 2–6 months this supports execution of strategic asset sales and capex for avocado acreage while limiting forced liquidation risk if operations remain soft.

Sunkist partnership & SG&A savings

A quantified $10M annual SG&A reduction is a structural cost advantage that can materially improve margins and free cash flow if sustained. Beyond expense savings, leveraging Sunkist's marketing/distribution network enhances channel access to major U.S. retailers, reinforcing competitive positioning and supporting more predictable commercial flows over the medium term.

Real estate monetization pipeline

A sizable, multi‑year $155M monetization plan is a durable non‑operational liquidity source that can de‑risk the agribusiness earnings cycle. Real estate proceeds can fund deleveraging, strategic investments (avocado maturation, JV), or cushion operating cash flow deficits, enabling an asset‑light pivot and longer‑term capital allocation optionality if executed on schedule.

Negative Factors

Weak cash generation

Sustained negative operating and free cash flow undermines the firm's ability to self‑fund cyclical working capital, agronomic investments, and JV buildouts. Over months this raises reliance on asset sales or external financing, increasing execution risk and the chance the company must defer long‑term projects or monetize core assets at unfavorable times.

Earnings volatility & recent profit collapse

Sharp swings from prior profitable years to deeply negative gross and operating results highlight high earnings volatility tied to crop yields, pricing, and business transitions. This structural variability complicates planning, makes margin recovery uncertain, and demands repeated operational fixes that may take multiple seasons to restore sustainable profitability.

Rising leverage and low cash cushion

Higher absolute debt alongside very limited cash creates a persistent liquidity constraint that can limit investment and increase covenant sensitivity. Even with low leverage ratios historically, this trend makes the company vulnerable to adverse harvests or slower real‑estate realizations and may force asset sales or restrictive financing terms within a multi‑month horizon.

Limoneira Co Business Overview & Revenue Model

Company Description

Limoneira Company operates as an agribusiness and real estate development company in the United States and internationally. The company operates through three divisions: Agribusiness, Rental Operations, and Real Estate Development. It grows, processes, packs, markets, and sells lemons. The company also grows avocado, oranges, and specialty citrus and other crops, including Moro blood oranges, Cara Cara oranges, Minneola tangelos, Star Ruby grapefruit, pummelos, pistachios, and wine grapes. It has approximately 6,100 acres of lemons planted primarily in Ventura, Tulare, San Luis Obispo, and San Bernardino Counties in California; and Jujuy, Argentina, as well in Yuma County, Arizona, and La Serena, Chile; 800 acres of avocados planted in Ventura County; 1,000 acres of oranges planted in Tulare County, California; and 900 acres of specialty citrus and other crops. In addition, the company rents residential housing units and commercial office buildings, as well as leases approximately 500 acres of its land to third-party agricultural tenants. Further, it is involved in organic recycling operations; and the development of land parcels, multi-family housing, and single-family homes. The company markets and sells its lemons directly to food service, wholesale, and retail customers; avocados to a packing and marketing company; oranges, specialty citrus, and other crops through Sunkist and other third-party packinghouses; and wine grapes to wine producers. Limoneira Company was founded in 1893 and is headquartered in Santa Paula, California.

How the Company Makes Money

Limoneira makes money primarily through (1) agricultural product sales and related services, and (2) real estate/land-related activities. Agricultural revenue is generated by growing lemons and other crops on company-owned and managed acreage and selling fresh fruit into commercial channels; the company also earns revenue through packing, sorting, and marketing/distribution services associated with getting fruit to end markets, which can include handling fruit sourced from both its own farms and third parties (as applicable). Pricing and volumes are influenced by harvest yields, fruit quality, commodity pricing/market supply, and demand from retail, foodservice, and wholesale buyers, as well as costs and availability of water, labor, and logistics. Separately, the company can generate earnings from its land portfolio via property sales, entitlements, development participation, or leasing arrangements connected to its real estate assets, which may be episodic and project-driven compared with recurring agricultural sales. Significant partnerships or named counterparties: null.

Limoneira Co Financial Statement Overview

Summary

Overall fundamentals are pressured. The income statement shows a sharp TTM deterioration (revenue down ~10% and deeply negative gross/operating results), and cash flow is weak with negative operating and free cash flow. The balance sheet is a relative offset with low leverage noted in the provided statements, but recent losses and cash burn elevate near-term financial risk.

Income Statement

Profitability has deteriorated meaningfully in TTM (Trailing-Twelve-Months): revenue fell about 10% and the company moved to deeply negative gross profit and operating results, driving a net loss and sharply negative margins. This reverses the stronger profitability seen in FY2023–FY2024 (positive gross profit and net income), highlighting high earnings volatility and weaker recent pricing/cost dynamics. The main positive is the business has shown it can be profitable in prior years, but the current trajectory is clearly unfavorable.

Balance Sheet

The balance sheet looks conservatively levered in TTM (Trailing-Twelve-Months), with very low debt relative to equity, which provides financial flexibility. However, returns on equity are currently negative due to the recent losses, and leverage has swung materially year-to-year (debt-to-equity was much higher in earlier annual periods), suggesting capital structure can change meaningfully. Overall, asset and equity levels appear supportive, but sustained losses would pressure book value over time.

Cash Flow

Cash generation is weak in TTM (Trailing-Twelve-Months): operating cash flow is negative and free cash flow is meaningfully negative, indicating the business is not currently self-funding. Cash flow has also been volatile across years (positive in FY2022 and FY2024, negative in FY2021 and FY2023), which increases execution risk. A mitigating factor is that free cash flow is positive relative to net income in loss periods (losses were larger than cash burn), but absolute cash flow is still pressured.

Breakdown	TTM	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021
Income Statement
Total Revenue	143.62M	159.72M	191.50M	179.90M	184.60M	166.03M
Gross Profit	-5.56M	-530.00K	21.42M	6.12M	19.52M	13.20M
EBITDA	-15.83M	-9.69M	21.62M	23.29M	12.88M	7.67M
Net Income	-22.33M	-15.98M	7.72M	9.40M	-474.00K	-3.90M
Balance Sheet
Total Assets	307.53M	318.22M	298.81M	301.21M	368.52M	392.28M
Cash, Cash Equivalents and Short-Term Investments	1.27M	1.51M	3.00M	3.63M	857.00K	439.00K
Total Debt	91.88M	74.50M	43.70M	45.48M	105.81M	132.82M
Total Liabilities	126.88M	127.38M	96.31M	100.71M	176.65M	193.03M
Stockholders Equity	161.31M	171.52M	191.95M	189.29M	180.25M	187.28M
Cash Flow
Free Cash Flow	-17.00M	-19.21M	8.44M	-26.18M	4.76M	-229.00K
Operating Cash Flow	-4.52M	-5.67M	17.85M	-15.87M	14.83M	9.61M
Investing Cash Flow	-18.58M	-18.68M	-9.19M	90.58M	19.43M	-10.24M
Financing Cash Flow	23.55M	22.84M	-9.29M	-71.92M	-33.52M	534.00K

Limoneira Co Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 13.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMNR, the sentiment is Negative. The current price of 13.15 is below the 20-day moving average (MA) of 13.81, below the 50-day MA of 14.02, and below the 200-day MA of 14.52, indicating a bearish trend. The MACD of -0.23 indicates Positive momentum. The RSI at 36.67 is Neutral, neither overbought nor oversold. The STOCH value of 29.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LMNR.

Limoneira Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CALM	86 Outperform	$3.73B	9.73	44.65%	10.53%	65.80%	197.95%
FDP	70 Outperform	$1.89B	18.92	4.53%	3.34%	1.11%	414.23%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
ALCO	58 Neutral	$294.55M	-19.99	-127.44%	0.55%	-5.52%	-2194.72%
AGRO	53 Neutral	$2.00B	-484.91	-0.54%	4.40%	-7.37%	-84.53%
LMNR	49 Neutral	$238.11M	-6.84	-4.88%	1.99%	-14.97%	-278.36%
LND	49 Neutral	$391.72M	191.55	-0.07%	3.39%	-3.22%	-108.24%

Limoneira Co Corporate Events

Limoneira Engages Consultant for Strategic Financial Advisory Support

On February 12, 2026, Limoneira Company entered into a three-month consulting agreement with Mark Palamountain under which he will provide strategic, financial, and transactional advisory services starting February 16, 2026. The arrangement, which includes a monthly fee of $18,750 and potential performance-based compensation of up to $200,000, signals the company’s intent to leverage external expertise for near-term financial and strategic initiatives while retaining flexibility through a 30-day termination provision.

The consulting role underscores Limoneira’s focus on enhancing its capital allocation, deal evaluation, or restructuring efforts during this period, which may influence its operational direction and financial decision-making. For stakeholders, the engagement suggests the board is actively pursuing targeted advisory support that could shape upcoming corporate actions without committing to a long-term management change.

The most recent analyst rating on (LMNR) stock is a Hold with a $14.50 price target. To see the full list of analyst forecasts on Limoneira Co stock, see the LMNR Stock Forecast page.

Limoneira Adopts New Transaction Incentives for Executives

On January 27, 2026, Limoneira’s board terminated prior retention bonus arrangements for President and CEO Harold S. Edwards and executive Gregory C. Hamm, replacing them with new Transaction Incentive Agreements executed on February 1 and February 5, 2026, respectively, with Hamm’s agreement contingent on his appointment as chief financial officer by February 8, 2026. Under the new plans, Edwards and Hamm are eligible through October 31, 2031 to receive capped annual and total cash and restricted share bonuses tied to a percentage of profits from specified asset sales and real estate development earnings, aligning their compensation with the company’s shift to an asset-light model and conditioning payouts on board committee approval, continued employment and the company’s incentive compensation recoupment policy.

The most recent analyst rating on (LMNR) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Limoneira Co stock, see the LMNR Stock Forecast page.

Limoneira Appoints Gregory Hamm as New Chief Financial Officer

On January 22, 2026, Limoneira’s Chief Financial Officer and Treasurer, Mark Palamountain, informed the company he would resign from his roles to pursue opportunities outside the business, though his departure date is still to be determined and he will continue in an advisory capacity to support the transition. On January 27, 2026, the board appointed long-time finance executive Gregory C. Hamm, the company’s Vice President and Corporate Controller since 2008, as the next CFO and Treasurer, setting his base salary at $350,000 and aligning his transaction bonus and change-in-control agreements with those of his predecessor, while elevating finance executive Kelly Lindell to Corporate Controller as part of a broader succession plan designed to preserve strategic continuity and reassure investors and other stakeholders about the stability of Limoneira’s financial leadership during an important period of operational evolution and partnership expansion.

The most recent analyst rating on (LMNR) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Limoneira Co stock, see the LMNR Stock Forecast page.

Limoneira Co Amends Loan Agreement with AgWest

On December 12, 2025, Limoneira Company amended its Master Loan Agreement with AgWest Farm Credit, PCA, to adjust financial covenants. The modifications include maintaining a minimum debt service coverage ratio of 1.25 to 1.00 and a total net leverage ratio not exceeding 4.50 to 1.00 for fiscal periods ending October 31, 2027, and beyond. Additionally, a new debt to capitalization ratio requirement of not greater than 0.45 to 1.00 was introduced, to be measured quarterly starting January 31, 2026, through July 31, 2027. These changes could impact the company’s financial strategy and stakeholder expectations.

The most recent analyst rating on (LMNR) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Limoneira Co stock, see the LMNR Stock Forecast page.