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Limoneira Co (LMNR)
NASDAQ:LMNR
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Limoneira Co
(NASDAQ:LMNR)
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Select Model
Rating:48Neutral
Price Target:
$12.50
â–¼(-8.83% Downside)
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
Strategic Partnership
The Sunkist partnership is expected to enhance operational efficiencies and reduce costs, providing a durable competitive advantage and improving profitability in the long term.
Real Estate Development
Real estate development success offers a significant revenue stream, diversifying income sources and providing financial stability beyond agricultural sales.
Avocado Production Expansion
Expansion in avocado production positions Limoneira to capitalize on growing demand, supporting long-term revenue growth and market position diversification.
Negative Factors
Revenue Decline
A significant decline in revenue indicates challenges in maintaining market share and pricing power, which could affect long-term financial health and competitive positioning.
Operating Loss
Operating losses highlight inefficiencies and cost pressures, which may undermine profitability and require strategic adjustments to restore financial stability.
Cash Flow Volatility
Volatile cash flow raises concerns about the company's ability to fund operations and investments, potentially limiting growth opportunities and financial flexibility.
Limoneira Co (LMNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$248.05M
Dividend Yield1.99%
Average Volume (3M)85.26K
Price to Earnings (P/E)―
Beta (1Y)0.67
Revenue Growth-14.97%
EPS Growth-278.36%
CountryUS
Employees241
SectorConsumer Defensive
Sector Strength42
IndustryAgricultural Farm Products
Share Statistics
EPS (TTM)-0.45
Shares Outstanding18,119,118
10 Day Avg. Volume86,164
30 Day Avg. Volume85,263
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.47
Price to Sales (P/S)1.58
P/FCF Ratio-13.12
Enterprise Value/Market Cap1.31
Enterprise Value/Revenue2.04
Enterprise Value/Gross Profit1.67K
Enterprise Value/Ebitda-30.39
Forecast
1Y Price Target
$19.00Price Target Upside38.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Limoneira Co Business Overview & Revenue Model
Company DescriptionLimoneira 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 MoneyLimoneira 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 Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Reveals profitability across different business areas, highlighting which segments drive earnings and where there might be challenges or opportunities for improvement.
Reveals profitability across different business areas, highlighting which segments drive earnings and where there might be challenges or opportunities for improvement.
Data provided by:
The Fly
The FlyLimoneira Co Earnings Call Summary
Earnings Call Date:Dec 23, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Mar 05, 2026
Earnings Call Sentiment Neutral
The call presented a balanced message: management laid out a clear multi‑year transformation plan with several tangible value drivers (Sunkist partnership, avocado expansion, organic recycling JV, significant real estate and water monetization opportunities) and quantifiable near‑term cost savings (~$10M in FY2026). However, fiscal 2025 results showed material operating and adjusted EBITDA losses, a significant year‑over‑year revenue decline (~16.6%), elevated debt (long‑term debt $72.5M) and temporary cash/earnings headwinds (strategic transformation charges, reduced avocado revenue due to alternate bearing). Overall, the company provided credible pathways to improve margins and diversify revenues, but near‑term financial metrics remain weak and will require execution of the announced initiatives to realize the projected benefits.Q4-2025 Updates
Positive Updates
Sunkist Partnership and Immediate Cost Savings
Announced return to Sunkist expected to deliver approximately $10.0M in cost savings in fiscal 2026 (including an estimated 50% reduction in SG&A). Sales & marketing cost per carton reduced from ~$1.50 to $0.60, and improved access to premium retail and foodservice accounts (enhanced contracted exposure and category selling).
Avocado Acreage Expansion / Capacity Growth
1,500 acres planted with avocados (800 acres currently bearing, 700 acres nonbearing). The 700 nonbearing acres are expected to begin bearing over the next 3–4 years — representing nearly a 100% increase in production capacity; fiscal 2026 avocado volume guidance is 5–6M pounds.
Real Estate Pipeline and Expected Distributions
Harvest at Limoneira real estate project: expected future distributions of $155M over the next five fiscal years; Phase 3 includes ~500 home lots and ~300 apartments. Additional 35-acre East Area Two medical pavilion and Limco Del Mar (221-acre infill) represent material long‑term development value.
Organic Recycling Joint Venture
Planned 50/50 organic recycling JV with Agerman expected to process 300,000 tons annually and contribute $4–$5M in EBITDA beginning in fiscal 2027, adding a non‑commodity cash flow engine.
Asset Monetization Progress
Completed sale of Chilean assets for $15M; advancing monetization of Windfall Farms vineyard and Argentina agricultural assets (~$40M target by end of FY2026). Water rights monetization progressing (realized $1.7M this year).
Water Rights Value Opportunity
Company expects to capture $50–$70M in value through FY2027 from class three Colorado River water rights and Santa Paula Basin conserved pumping rights; positioned to participate in federal/state water programs tied to Colorado River adjustments.
Improvement in Lemon Sales Mix and Pricing (Q4)
Q4 fresh packed lemon sales rose to $19.2M with ~821k cartons sold at an average $23.33 per carton (vs 470k cartons at $17.95 prior year) — carton volumes +74.9% and average price per carton +29.9% year-over-year for the quarter.
Liquidity Actions and Banking Covenants
Received $10M distribution from real estate JV; negotiated more favorable banking covenants enabling continued access to the $115M credit facility (availability $41.6M as of 10/31/2025).
Negative Updates
Substantial Operating and Net Losses in FY2025
Fiscal year 2025 operating loss of $20.4M (vs operating loss $6.2M prior year) and net loss applicable to common stock of $16.5M (vs net income $7.2M prior year). Net loss per diluted share was $0.93 vs prior year net income per diluted share of $0.40.
Adjusted EBITDA and Adjusted EPS Declines
Adjusted EBITDA for FY2025 was a loss of $6.5M compared to income of $26.7M in FY2024 (swing of ~$33.2M). Adjusted net loss per diluted share FY2025 was $0.79 vs adjusted net income per diluted share $0.62 in FY2024.
Revenue Decline Year-over-Year
Total net revenue for fiscal year 2025 declined to $159.7M from $191.5M in FY2024, a decrease of $31.8M (~-16.6%). Quarter-over-quarter Q4 revenue modestly declined to $42.8M from $43.9M (~-2.5%).
Avocado Revenue and Volume Collapse (Quarter)
Q4 avocado revenue fell to $0.3M from $8.9M prior year; volumes sold ~396k pounds vs ~4.6M pounds prior year (~-91.4% volume). Average price per pound declined from $1.92 to $0.79 (~-58.9%), driven by alternate-bearing crop dynamics.
Higher Costs and Strategic Transformation Charges
Total cost and expenses for Q4 were $53.9M vs $46.6M prior year. The company incurred $6.7M of strategic transformation costs (Sunkist transition, tree disposals for avocado expansion, nonrecurring items), plus costs from a storage power outage (insurance recovery expected in 2026).
Loss of Farm Management Revenue and Lower Specialty Revenues
Termination of the farm management agreement effective 03/31/2025 resulted in $0 farm management revenue in FY2025 vs $2.9M in FY2024. Specialty citrus, wine grape and other revenues declined to $2.9M from $3.5M.
Leverage Increased; Net Debt Position
Long-term debt rose to $72.5M as of 10/31/2025 from $40.0M the prior year; net debt position was ~$71.0M (debt less $1.5M cash), reflecting elevated leverage while transformation initiatives are executed.
Near‑term Earnings Pressure Despite Long‑Term Plans
Despite strategic initiatives, fiscal 2025 results reflect meaningful near-term earnings pressure and cash needs while investments (avocado expansion, development, JV activity) and transformation costs remain in progress.
Company Guidance
For fiscal 2026 the company guided to fresh lemon volumes of 4.0–4.5 million cartons and avocado volumes of 5–6 million pounds, and said it expects approximately $10 million of cost savings (about a 50% reduction in SG&A) vs. fiscal 2025 driven largely by the Sunkist transition; longer‑term operational metrics include 1,500 acres of avocados planted (800 acres currently bearing, 700 nonbearing that should begin bearing over the next 3–4 years — roughly a near‑100% increase in capacity), a planned 50/50 organic recycling JV with Agerman to process ~300,000 tons/year and contribute $4–5 million of EBITDA beginning FY2027, and real estate distributions of $155 million expected over the next five fiscal years (phase three ~500 home lots and ~300 apartments, plus a 35‑acre East Area Two medical pavilion potentially monetizable in FY2026 and a 221‑acre Limco Del Mar infill asset); the company is also monetizing assets (Chilean sale closed for $15 million, Windfall Farms + Argentina assets ~ $40 million targeted by end FY2026), has realized $1.7 million from Santa Paula Basin pumping rights and believes it can capture an additional $50–70 million from class three Colorado River and conserved Santa Paula Basin rights through FY2027, and enters FY2026 with long‑term debt of $72.5 million (net debt ~$71 million after $1.5 million cash) and a $115 million credit facility with ~$41.6 million of availability.Limoneira Co Financial Statement Overview
Summary
Results weakened sharply in 2025: revenue fell materially and profitability turned negative, with operating losses and negative/volatile cash flow. The balance sheet is a relative support with moderate leverage and a sizable equity base, but the current earnings and cash-generation profile is the key risk.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
Neutral
13.71
Price Trends
13.64
Positive
14.32
Negative
14.91
Negative
Market Momentum
-0.16
Negative
53.90
Neutral
85.60
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMNR, the sentiment is Neutral. The current price of 13.71 is above the 20-day moving average (MA) of 13.54, above the 50-day MA of 13.64, and below the 200-day MA of 14.91, indicating a neutral trend. The MACD of -0.16 indicates Negative momentum. The RSI at 53.90 is Neutral, neither overbought nor oversold. The STOCH value of 85.60 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for LMNR.
Limoneira Co Risk Analysis
Limoneira Co disclosed 48 risk factors in its most recent earnings report. Limoneira Co reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Limoneira Co Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $3.52B | 3.06 | 48.69% | 10.53% | 65.80% | 197.95% | |
64 Neutral | $1.74B | 22.32 | 3.95% | 3.34% | 1.11% | 414.23% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
58 Neutral | $283.91M | -1.93 | -83.19% | 0.55% | -5.52% | -2194.72% | |
52 Neutral | $1.16B | 35.80 | 1.69% | 4.40% | -7.37% | -84.53% | |
48 Neutral | $248.05M | -14.78 | -4.88% | 1.99% | -14.97% | -278.36% | |
48 Neutral | $371.51M | -81.98 | -1.12% | 3.39% | -3.22% | -108.24% |
* Consumer Defensive Sector Average
LMNR
Limoneira Co
13.71
-9.30
-40.42%
AGRO
Adecoagro SA
8.36
-1.30
-13.48%
ALCO
Alico
37.27
7.11
23.57%
CALM
Cal-Maine Foods
72.44
-30.60
-29.69%
FDP
Fresh Del Monte Produce
36.58
6.22
20.49%
LND
BrasilAgro Cia Brasileira de Propriedades Agricolas
3.73
0.10
2.75%
Limoneira Co Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Limoneira Co Amends Loan Agreement with AgWest
Neutral
Dec 16, 2025
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.
Business Operations and StrategyM&A Transactions
Limoneira Co Sells Chilean Land for $15 Million
Positive
Nov 13, 2025
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.
Business Operations and Strategy
Limoneira Co Ends Agreement with PAI Centurion Citrus
Neutral
Oct 22, 2025
Limoneira Company and PAI Centurion Citrus, LLC mutually agreed to terminate their Grower Packing & Marketing Agreement, effective October 13, 2025. The termination acknowledges the delivery of the 2024/2025 lemon crop and releases both parties from future obligations, except for certain surviving payment and cost provisions.
The most recent analyst rating on (LMNR) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on Limoneira Co stock, see the LMNR Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.