Limoneira Co (LMNR) AI Stock Analysis

• Market Cap: $262.55M
• Dividend Yield: 1.99%
• Average Volume (3M): 85.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.67
• Revenue Growth: -14.97%
• EPS Growth: -278.36%
• Country: US
• Employees: 241
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Farm Products
• EPS (TTM): -0.45
• Shares Outstanding: 18,119,118
• 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: 1.27
• Enterprise Value/Revenue: 2.08
• Enterprise Value/Gross Profit: 1.70K
• Enterprise Value/Ebitda: -31.04
• 1Y Price Target: $19.00
• Price Target Upside: 31.12% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $14.50 ▲(0.07% Upside)

The score is held back primarily by weak FY2025 financial performance (losses and negative/volatile cash flow) and bearish technicals (below major moving averages with negative MACD). Offsetting factors include a constructive earnings-call outlook with quantified cost savings and monetization initiatives, plus a modest dividend yield despite loss-driven (negative) P/E.

Positive Factors

Moderate leverage and sizable equity base

A sizable equity base versus moderate debt (debt-to-equity ~0.43) provides financial flexibility to fund transformation initiatives and absorb agricultural cyclicality. Improved leverage versus earlier years reduces refinancing risk and supports access to the $115M credit facility while initiatives scale.

Concrete cost savings and strategic partnership

Quantified ~$10M FY2026 savings and Sunkist packing/channel access materially lower per-carton selling costs and improve retail/foodservice placement. Durable SG&A reduction and stronger category selling can lift margins and stabilize gross economics beyond short-term crop cycles if execution holds.

Material real estate monetization pipeline

A defined $155M real estate distribution pipeline provides a non-commodity, multi-year liquidity source to fund capex, de-lever, or accelerate avocado planting. Episodic land monetization diversifies cash generation away from volatile produce cycles and supports strategic investments over a 2–5 year horizon.

Negative Factors

Substantial operating and net losses in FY2025

Large FY2025 operating and net losses erode retained earnings and undermine return on capital, limiting reinvestment capacity and dividend sustainability. Persistent losses raise execution risk for the transformation plan and require consistent positive EBITDA to restore long-term financial health.

Volatile and negative cash generation

Negative and inconsistent operating cash flow increases dependence on asset sales and credit availability to fund operations and growth. Unreliable cash conversion constrains ability to internally finance avocado acreage, JV capital needs, and development timing, elevating medium-term execution risk.

Elevated net debt and covenant sensitivity

Rising long-term debt and a near-term net debt position increase interest and covenant pressure during a transformational period. The company will need to monetize assets or realize business savings to de-lever; failure to hit targets could restrict strategic options and investable cash over the next 2–3 years.

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 generates revenue through multiple streams, primarily from the sale of fresh lemons and avocados. The company sells its produce to wholesalers, retailers, and food service operators, both in the United States and internationally. Key revenue streams include fresh fruit sales, which account for the bulk of its income, and value-added products that cater to food manufacturers and other businesses. Additionally, Limoneira benefits from strategic partnerships with distributors and retailers, enhancing its market reach. The company also engages in agribusiness operations, including land leasing and selling agricultural products, which further contribute to its earnings. Seasonal demand fluctuations, crop yields, and market pricing play crucial roles in influencing the company's overall financial performance.

Limoneira Co Financial Statement Overview

Summary

Recent fundamentals are weak: FY2025 showed a sharp profitability reversal with losses and pressured margins, and cash generation turned negative with volatile free cash flow. The balance sheet is a relative offset with moderate leverage supported by equity, but returns are currently negative and earnings power looks inconsistent.

Income Statement

Profitability weakened materially in 2025, with revenue down sharply (about -65% year over year) and margins turning negative (gross profit slightly negative and a sizable operating loss). This follows a stronger 2023–2024 period where the company was profitable with positive margins, highlighting volatility in results and sensitivity to operating conditions. Overall, the income statement shows inconsistent earnings power and a weak most recent year.

Balance Sheet

The balance sheet is supported by a sizable equity base (equity of ~$172M vs. debt of ~$75M in 2025), keeping leverage moderate (debt-to-equity ~0.43). Leverage has improved versus earlier years (2021–2022 were notably higher), which is a positive trend. The key weakness is returns: the 2025 loss drove a negative return on equity, indicating the capital base is not currently generating profits.

Cash Flow

Cash generation deteriorated in 2025, with operating cash flow turning negative and free cash flow deeply negative, signaling weaker cash conversion and/or higher investment needs. Cash flow has been uneven across years (positive in 2021–2022 and 2024, negative in 2020, 2023, and 2025), which raises reliability concerns. While free cash flow improved versus the prior year (less negative), the overall profile remains volatile and currently pressured.

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

Limoneira Co Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.49
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMNR, the sentiment is Positive. The current price of 14.49 is above the 20-day moving average (MA) of 13.94, above the 50-day MA of 13.82, and below the 200-day MA of 14.76, indicating a neutral trend. The MACD of 0.21 indicates Negative momentum. The RSI at 59.57 is Neutral, neither overbought nor oversold. The STOCH value of 50.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LMNR.

Limoneira Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CALM	73 Outperform	$4.00B	3.55	48.69%	10.53%	65.80%	197.95%
FDP	71 Outperform	$1.89B	24.16	3.95%	3.34%	1.11%	414.23%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
ALCO	58 Neutral	$317.52M	-2.18	-83.19%	0.55%	-5.52%	-2194.72%
AGRO	52 Neutral	$1.23B	37.26	1.69%	4.40%	-7.37%	-84.53%
LMNR	48 Neutral	$262.55M	-15.44	-4.88%	1.99%	-14.97%	-278.36%
LND	48 Neutral	$401.79M	-89.45	-1.12%	3.39%	-3.22%	-108.24%

Limoneira Co Corporate Events

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.

Limoneira Co Sells Chilean Land for $15 Million

On November 7, 2025, Limoneira Company’s Chilean subsidiaries sold 500 acres of lemons, 100 acres of oranges, and other unplanted lands to San Pedro, SpA for approximately $15 million. The transaction aligns with Limoneira’s strategy to monetize non-strategic land and water assets, while maintaining a 47% interest in a Chilean citrus packing, selling, and marketing business. This sale is part of Limoneira’s broader value creation strategy, which includes streamlining operations, expanding avocado production, optimizing lemon packing through a partnership with Sunkist, and selling non-strategic land and water rights.

The most recent analyst rating on (LMNR) stock is a Hold with a $15.50 price target. To see the full list of analyst forecasts on Limoneira Co stock, see the LMNR Stock Forecast page.