Limoneira (LMNR)
Market Price (7/5/2026): $13.22 | Market Cap: $237.0 MilSector: Consumer Staples | Industry: Agricultural Products & Services
Limoneira (LMNR)
Market Price (7/5/2026): $13.22Market Cap: $237.0 MilSector: Consumer StaplesIndustry: Agricultural Products & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include Health & Wellness Trends, Water Infrastructure, and Sustainable Resource Management. Themes include Organic & Natural Products, Show more. | Weak multi-year price returns2Y Excs Rtn is -69%, 3Y Excs Rtn is -82% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -29 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -22% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -25%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.8%, Rev Chg QQuarterly Revenue Change % is -32% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -25% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -20% Key risksLMNR key risks include [1] heavy reliance on its avocado and lemon business, Show more. |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, Water Infrastructure, and Sustainable Resource Management. Themes include Organic & Natural Products, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -69%, 3Y Excs Rtn is -82% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -29 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -22% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -25%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.8%, Rev Chg QQuarterly Revenue Change % is -32% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -25% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -20% |
| Key risksLMNR key risks include [1] heavy reliance on its avocado and lemon business, Show more. |
Qualitative Assessment
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Limoneira (LMNR) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings and Revenue Performance.
Limoneira reported mixed financial results for fiscal Q2 2026 (ended April 30, 2026) on June 9, 2026, which likely contributed to the stock's stable trend. The company reported an adjusted diluted EPS of -$0.29, missing analysts' consensus estimates of -$0.21 by $0.08. This negative earnings surprise was offset by a revenue beat, with quarterly revenue reaching $23.93 million, exceeding the consensus estimate of $21.42 million. Additionally, the operating loss increased to $21.7 million in fiscal Q2 2026, compared to $3.3 million in fiscal Q2 2025, largely due to decreased agribusiness revenues and $17.1 million in non-cash charges. This combination of an earnings miss but a revenue beat, alongside increased operating losses, presented a balanced picture to investors, leading to limited significant movement.
2. Ongoing Strategic Business Transformation and Asset Divestitures.
The company is actively executing a strategic transformation to streamline operations and focus on long-term value creation, which involved significant non-cash charges in fiscal Q2 2026. These charges totaled $23.8 million, including a $9.3 million impairment related to the sale of an 80% interest in Windfall Farms and a $7.8 million loss on asset disposals primarily related to lemon orchards in Arizona. In April 2026, Limoneira completed a 50%/50% joint venture with Agromin for a commercial composting center, expected to be operational in fiscal year 2027 and generate substantial earnings. While these strategic initiatives are anticipated to create future value, the short-term impact of asset divestitures and associated non-cash charges, coupled with a shift in seasonal revenue cadence under its Sunkist partnership to later fiscal quarters, has kept the stock largely range-bound as investors await clearer benefits.
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Limoneira (LMNR) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings and Revenue Performance.
Limoneira reported mixed financial results for fiscal Q2 2026 (ended April 30, 2026) on June 9, 2026, which likely contributed to the stock's stable trend. The company reported an adjusted diluted EPS of -$0.29, missing analysts' consensus estimates of -$0.21 by $0.08. This negative earnings surprise was offset by a revenue beat, with quarterly revenue reaching $23.93 million, exceeding the consensus estimate of $21.42 million. Additionally, the operating loss increased to $21.7 million in fiscal Q2 2026, compared to $3.3 million in fiscal Q2 2025, largely due to decreased agribusiness revenues and $17.1 million in non-cash charges. This combination of an earnings miss but a revenue beat, alongside increased operating losses, presented a balanced picture to investors, leading to limited significant movement.
2. Ongoing Strategic Business Transformation and Asset Divestitures.
The company is actively executing a strategic transformation to streamline operations and focus on long-term value creation, which involved significant non-cash charges in fiscal Q2 2026. These charges totaled $23.8 million, including a $9.3 million impairment related to the sale of an 80% interest in Windfall Farms and a $7.8 million loss on asset disposals primarily related to lemon orchards in Arizona. In April 2026, Limoneira completed a 50%/50% joint venture with Agromin for a commercial composting center, expected to be operational in fiscal year 2027 and generate substantial earnings. While these strategic initiatives are anticipated to create future value, the short-term impact of asset divestitures and associated non-cash charges, coupled with a shift in seasonal revenue cadence under its Sunkist partnership to later fiscal quarters, has kept the stock largely range-bound as investors await clearer benefits.
3. Increased Debt and Paused Common Stock Dividend.
Limoneira's long-term debt increased to $93.7 million as of April 30, 2026, up from $72.5 million at the end of fiscal year 2025. This rise in debt could be a concern for investors, tempering enthusiasm for the stock. Furthermore, in March 2026, Limoneira paused its regular common stock dividend to support strategic investments in expanding avocado production, increasing organic recycling, and pursuing new housing projects. The suspension of the dividend, while intended to fund future growth, likely deterred income-focused investors and contributed to the stock's inability to gain significant upward momentum during the period.
4. Neutral Analyst Sentiment and Price Targets.
Analyst ratings and price targets reflect a neutral outlook for Limoneira, contributing to the stock's stable performance. The consensus analyst rating for LMNR is "Hold" with an average score of 2.33. While some analysts maintain "Buy" ratings, such as Lake Street reiterating a "Buy" with a price target of $19 (down from $23) in December 2025, and Stephens reiterating an "Equal Weight" rating with a $15.00 price target in June 2026, the overall sentiment is mixed. The consensus price target of $18.00 suggests potential upside but is not indicative of strong immediate catalysts for a significant price surge, aligning with the stock remaining largely at the same level.
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Stock Movement Drivers
Fundamental Drivers
The -1.5% change in LMNR stock from 3/31/2026 to 7/4/2026 was primarily driven by a -7.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 7042026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.42 | 13.22 | -1.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 144 | 132 | -7.8% |
| P/S Multiple | 1.7 | 1.8 | 6.9% |
| Shares Outstanding (Mil) | 18 | 18 | -0.1% |
| Cumulative Contribution | -1.5% |
Market Drivers
3/31/2026 to 7/4/2026| Return | Correlation | |
|---|---|---|
| LMNR | -1.5% | |
| Market (SPY) | 14.5% | -8.6% |
| Sector (XLP) | 3.7% | 37.2% |
Fundamental Drivers
The 4.7% change in LMNR stock from 12/31/2025 to 7/4/2026 was primarily driven by a 26.7% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7042026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.62 | 13.22 | 4.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 160 | 132 | -17.1% |
| P/S Multiple | 1.4 | 1.8 | 26.7% |
| Shares Outstanding (Mil) | 18 | 18 | -0.3% |
| Cumulative Contribution | 4.7% |
Market Drivers
12/31/2025 to 7/4/2026| Return | Correlation | |
|---|---|---|
| LMNR | 4.7% | |
| Market (SPY) | 9.5% | 6.0% |
| Sector (XLP) | 10.0% | 27.2% |
Fundamental Drivers
The -14.2% change in LMNR stock from 6/30/2025 to 7/4/2026 was primarily driven by a -25.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7042026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.41 | 13.22 | -14.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 177 | 132 | -25.0% |
| P/S Multiple | 1.6 | 1.8 | 15.1% |
| Shares Outstanding (Mil) | 18 | 18 | -0.6% |
| Cumulative Contribution | -14.2% |
Market Drivers
6/30/2025 to 7/4/2026| Return | Correlation | |
|---|---|---|
| LMNR | -14.2% | |
| Market (SPY) | 21.6% | 14.9% |
| Sector (XLP) | 7.1% | 27.6% |
Fundamental Drivers
The -11.0% change in LMNR stock from 6/30/2023 to 7/4/2026 was primarily driven by a -28.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7042026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.85 | 13.22 | -11.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 185 | 132 | -28.2% |
| P/S Multiple | 1.4 | 1.8 | 26.4% |
| Shares Outstanding (Mil) | 18 | 18 | -1.8% |
| Cumulative Contribution | -11.0% |
Market Drivers
6/30/2023 to 7/4/2026| Return | Correlation | |
|---|---|---|
| LMNR | -11.0% | |
| Market (SPY) | 74.0% | 31.1% |
| Sector (XLP) | 23.5% | 24.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LMNR Return | -8% | -17% | 72% | 20% | -47% | 7% | -11% |
| Peers Return | 15% | -21% | 4% | 21% | 11% | 1% | 30% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| LMNR Win Rate | 50% | 33% | 58% | 75% | 17% | 43% | |
| Peers Win Rate | 58% | 50% | 44% | 47% | 56% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| LMNR Max Drawdown | -28% | -34% | -21% | -17% | -50% | -20% | |
| Peers Max Drawdown | -25% | -34% | -29% | -22% | -21% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AVO, FDP, ALCO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/2/2026 (YTD)
How Low Can It Go
| Event | LMNR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.1% | -24.5% |
| % Gain to Breakeven | 45.1% | 32.4% |
| Time to Breakeven | 288 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.6% | -33.7% |
| % Gain to Breakeven | 80.5% | 50.9% |
| Time to Breakeven | 453 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.0% | -19.2% |
| % Gain to Breakeven | 38.9% | 23.8% |
| Time to Breakeven | 2072 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.4% | -3.7% |
| % Gain to Breakeven | 12.8% | 3.9% |
| Time to Breakeven | 37 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -42.0% | -12.2% |
| % Gain to Breakeven | 72.3% | 13.9% |
| Time to Breakeven | 246 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -51.9% | -6.8% |
| % Gain to Breakeven | 107.8% | 7.3% |
| Time to Breakeven | 503 days | 15 days |
In The Past
Limoneira's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | LMNR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.1% | -24.5% |
| % Gain to Breakeven | 45.1% | 32.4% |
| Time to Breakeven | 288 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.6% | -33.7% |
| % Gain to Breakeven | 80.5% | 50.9% |
| Time to Breakeven | 453 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.0% | -19.2% |
| % Gain to Breakeven | 38.9% | 23.8% |
| Time to Breakeven | 2072 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -42.0% | -12.2% |
| % Gain to Breakeven | 72.3% | 13.9% |
| Time to Breakeven | 246 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -51.9% | -6.8% |
| % Gain to Breakeven | 107.8% | 7.3% |
| Time to Breakeven | 503 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -40.1% | -17.9% |
| % Gain to Breakeven | 67.1% | 21.8% |
| Time to Breakeven | 382 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -45.2% | -53.4% |
| % Gain to Breakeven | 82.3% | 114.4% |
| Time to Breakeven | 559 days | 1085 days |
In The Past
Limoneira's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Limoneira (LMNR)
Limoneira Company (LMNR) operates as a diversified agribusiness and real estate development enterprise. The company's primary focus is its agribusiness division, which involves the cultivation, processing, packing, marketing, and sale of lemons. Limoneira manages over 6,100 acres of lemon groves spanning California, Arizona, Argentina, and Chile, establishing lemons as its most significant agricultural product.
Beyond its extensive lemon operations, Limoneira cultivates a variety of other crops, including avocados, oranges, specialty citrus (such as blood oranges and tangelos), pistachios, and wine grapes across thousands of acres, predominantly in California. Complementing its agricultural ventures, the company also operates a rental division, leasing residential and commercial properties, as well as agricultural land to third-party tenants. Furthermore, Limoneira is active in real estate development, involving the development of land parcels, multi-family housing, and single-family homes, alongside organic recycling operations.
Limoneira's agricultural products serve a wide array of customers and markets globally. Lemons are sold directly to food service, wholesale, and retail customers. Avocados are distributed through a dedicated packing and marketing company, while oranges, specialty citrus, and other crops are marketed via Sunkist and other third-party packinghouses. Wine grapes are supplied to wine producers. For its real estate and rental segments, the company caters to residential and commercial tenants, as well as buyers and developers interested in its housing and land projects.
AI Analysis | Feedback
Here are 1-3 brief analogies for Limoneira (LMNR):
-
Imagine a combination of Fresh Del Monte Produce (FDP) for its fruit farming and a smaller-scale Howard Hughes Corporation (HHC) for its land development and rentals.
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Think of a publicly traded version of the Sunkist brand, widely known for citrus, that also acts as a significant landlord and real estate developer on its extensive land holdings.
AI Analysis | Feedback
- Lemons: Limoneira grows, processes, packs, markets, and sells lemons to various customers.
- Avocados: The company cultivates avocados, which are then sold to a packing and marketing company.
- Oranges and Specialty Citrus: Limoneira grows and sells oranges, blood oranges, Cara Cara oranges, Minneola tangelos, Star Ruby grapefruit, and pummelos.
- Other Agricultural Crops: The company also cultivates and sells crops such as pistachios and wine grapes.
- Residential Property Rentals: Limoneira rents residential housing units.
- Commercial Property Rentals: The company leases commercial office buildings.
- Agricultural Land Leasing: Limoneira leases portions of its land to third-party agricultural tenants.
- Organic Recycling: The company provides organic recycling operations.
- Real Estate Development: Limoneira develops land parcels, multi-family housing, and single-family homes.
AI Analysis | Feedback
Limoneira Company (LMNR) primarily sells its products and services to other companies. Its major customers, as described, include:
- Sunkist (a cooperative that markets oranges, specialty citrus, and other crops for Limoneira)
- Food service companies (for lemons)
- Wholesale companies (for lemons)
- Retail companies (e.g., grocery stores, for lemons)
- Packing and marketing companies (for avocados)
- Other third-party packinghouses (for oranges, specialty citrus, and other crops)
- Wine producers (for wine grapes)
- Third-party agricultural tenants (for leased land)
- Commercial tenants (for office buildings)
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Harold S. Edwards President & CEO
Mr. Edwards has served as President and Chief Executive Officer of Limoneira since November 2004 and as a director since 2009. He is a fifth-generation farmer from Ventura County. Prior to his role at Limoneira, Mr. Edwards was the president of Puritan Medical Products, a division of Airgas Inc. He also held management positions with Fisher Scientific International, Inc., Cargill, Inc., Agribrands International, and The Ralston Purina Company. Notably, he served as Chief Financial Officer for Mission Produce in Oxnard for approximately five years and as CFO of Ralston Purina's Italian division for another five years. Mr. Edwards has extensive international finance experience, having lived and worked abroad. He is currently a member of the board of directors for Compass Group Diversified Holdings LLC and Calavo Growers, Inc., both NASDAQ-listed companies.
Gregory C. Hamm Vice President, Chief Financial Officer and Treasurer
Mr. Hamm was appointed as Vice President, Chief Financial Officer and Treasurer on February 8, 2026. He previously served as the Company's Corporate Controller since 2004 and as Vice President and Corporate Controller since 2008. Before joining Limoneira, Mr. Hamm was the Corporate Controller for Enterprise Fish Co. and Hurry Curry of Tokyo Restaurants. He also served on the Board of Directors for Limoneira's Federal Credit Union since 2011 and as its President from 2011 to 2021.
Kelly Lindell Corporate Controller
Ms. Lindell assumed the role of Corporate Controller as part of the leadership transition in which Gregory C. Hamm was appointed CFO. She has been with Limoneira since 2019 and has been instrumental in the company's SEC reporting processes, reporting directly to Mr. Hamm.
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Here are the key risks to Limoneira's business:
- Agricultural and Environmental Risks: As an agribusiness, Limoneira is highly susceptible to adverse weather conditions, natural disasters, and the impacts of climate change, such as droughts or freezes, which can significantly disrupt crop production and quality. The company also faces ongoing challenges from pest infestations, crop diseases like the Asian Citrus Psyllid and Huanglongbing, and the availability and cost of water, which is critical for its extensive agricultural operations in regions like California. Furthermore, operational costs, including labor availability and expenses, and the pricing and supply of raw materials like fuel and packaging, also pose significant risks to profitability.
- Commodity Price Volatility: Limoneira's revenue and profitability are directly tied to the fluctuating market prices of its primary crops, including lemons, avocados, and oranges. The agribusiness sector is characterized by commodity price volatility driven by supply and demand dynamics, competitive pressures, and market responses to industry volume pressures, which can lead to significant variations in realized revenue per unit.
- Real Estate Market and Financial Risks: Limoneira's real estate development and rental operations are exposed to the cyclical nature of the real estate market, including potential timing delays for projects and shifts in market demand for residential and commercial properties. Additionally, the company faces financial risks associated with its debt levels, including the ability to generate sufficient cash flow to service debt obligations, compliance with loan covenants, and the availability and cost of financing for its land development activities.
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Limoneira Company (LMNR) operates in several agricultural markets, with lemons, avocados, and oranges being its primary fruit products. Here's an overview of the addressable market sizes for these key products:
Lemons
- The global demand for lemons was approximately 15.4 million metric tons in 2021, with projections for 1% annual growth over the subsequent five years.
- Global lemon production in 2021 reached an estimated 20.8 million metric tons, with an anticipated annual growth rate of 1.7% for the next five years.
- For the U.S. market, total lemon and lime imports are projected to reach 970,000 tons in the 2025/2026 marketing year.
Avocados
- The global avocado market was valued at USD 15.83 billion in 2023 and is projected to grow to USD 26.04 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 7.4% from 2024 to 2030.
- North America accounted for the largest share of the global avocado market revenue in 2022, representing 45.0% of the total.
- In the U.S., the total volume of avocados is anticipated to exceed 3 billion pounds (approximately 1.36 million metric tons) in 2025, marking a significant milestone for the industry.
Oranges
- The global orange market was valued at USD 47.01 billion in 2024 and is expected to reach USD 48.54 billion in 2025. It is further projected to grow to USD 62.69 billion by 2033, with a CAGR of 3.25% from 2025 to 2033.
- Another estimate values the global orange market at USD 42.53 billion in 2026, with a projection to reach USD 52.63 billion by 2031 at a CAGR of 4.35%.
- The North American orange market was valued at approximately USD 6.61 billion in 2024 and is projected to reach USD 8.2 billion by 2030, growing at a CAGR of about 5.11% during the 2025-2030 forecast period.
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Here are 3-5 expected drivers of future revenue growth for Limoneira (LMNR) over the next 2-3 years:
- Expansion of Avocado Production: Limoneira plans to significantly increase its avocado production. The company has approximately 800 acres of non-bearing avocados that are scheduled to become fully bearing over the next two to four years, which is expected to nearly double its avocado production capacity. This expansion is a key growth engine, capitalizing on the premium pricing and strong demand for California avocados.
- Real Estate Development and Asset Monetization: Limoneira anticipates substantial proceeds from its real estate development joint ventures, including "Harvest at Limoneira," Limoneira Lewis Community Builders 2, and East Area 2. The company expects to receive an additional $155 million from these projects over the next five fiscal years. Additionally, Limoneira is pursuing the monetization of certain water rights in the near term, which is expected to contribute to its overall financial growth.
- Benefits from the Strategic Sunkist Partnership: While Limoneira's strategic shift to a sales and marketing partnership with Sunkist Growers Inc. has altered the cadence of lemon sales, concentrating more volume in the latter half of the fiscal year, this partnership is expected to improve future performance. It provides enhanced customer access to premium accounts and major U.S. retailers, which is anticipated to drive more consistent revenue and potentially better pricing and volumes for lemons in the long run by optimizing packing and sales.
- Organic Recycling Joint Venture: Limoneira is developing a 50/50 organic recycling joint venture with Agromin, which is projected to become operational in fiscal year 2027. This venture is expected to process approximately 300,000 tons of organic waste annually and contribute to EBITDA, establishing a new and diversified recurring revenue stream less tied to traditional agricultural cycles.
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Share Repurchases
- Limoneira's Board of Directors authorized a share repurchase program of up to $10.0 million in September 2021, with the program concluding by September 2022.
- A new share repurchase authorization of up to $30 million of the company's common stock was approved by the board on March 17, 2025.
- The company has an indicated 3-year average share buyback ratio of -0.7%.
Share Issuance
- Limoneira's shares outstanding have shown a slight increase over the last few years, rising from 17.57 million in October 2021 to 17.87 million by October 2025 and March 2026.
Outbound Investments
- In February 2023, Limoneira sold its Northern Properties for approximately $98.4 million (or $100 million) as part of a strategic asset-lighter approach.
- The company completed the sale of its Chilean Ranches for $15 million in November 2025.
- Limoneira is actively pursuing the monetization of other non-core assets, including the Windfall Farms vineyard, with its disposition targeted for completion by the end of fiscal year 2026.
Capital Expenditures
- Net cash used in investing activities was $3.5 million for the first quarter of fiscal year 2025 and $3.4 million for the first quarter of fiscal year 2026.
- The company is expanding its avocado production, with an additional 800 acres expected to begin bearing fruit over the next two to four years, representing a near 100% increase in avocado production capacity.
- Limoneira is investing in a 50/50 organic recycling joint venture with Agromin, planning to expand an existing facility into a commercial-scale operation capable of processing green and food waste, projected to be operational in fiscal year 2027.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Limoneira Earnings Notes | 12/16/2025 | |
| Would You Still Hold Limoneira Stock If It Fell 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.22 |
| Mkt Cap | 0.3 |
| Rev LTM | 132 |
| Op Inc LTM | -29 |
| FCF LTM | 13 |
| FCF 3Y Avg | -13 |
| CFO LTM | 16 |
| CFO 3Y Avg | -1 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -25.0% |
| Rev Chg 3Y Avg | -9.8% |
| Rev Chg Q | -31.9% |
| QoQ Delta Rev Chg LTM | -7.8% |
| Op Inc Chg LTM | -17.5% |
| Op Inc Chg 3Y Avg | -171.3% |
| Op Mgn LTM | -21.8% |
| Op Mgn 3Y Avg | -12.1% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 6.5% |
| CFO/Rev 3Y Avg | 5.9% |
| FCF/Rev LTM | 2.8% |
| FCF/Rev 3Y Avg | -9.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fresh Lemons | 76 | 87 | 117 | 118 | 125 |
| Lemon Packing | 49 | 49 | 52 | 52 | 43 |
| Other Agribusiness | 17 | 25 | 29 | 22 | 12 |
| Avocados | 12 | 25 | 7 | 17 | 7 |
| Corporate and Other | 6 | 6 | 6 | 5 | 5 |
| Eliminations | -31 | -30 | -26 | ||
| Total | 160 | 192 | 180 | 185 | 166 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Avocados | 6 | 18 | 3 | 12 | 3 |
| Lemon Packing | 2 | 7 | 6 | 9 | 7 |
| Other Agribusiness | 1 | 1 | 4 | 1 | 2 |
| Fresh Lemons | -2 | 3 | -0 | 5 | 9 |
| Corporate and Other | -19 | -27 | 6 | -16 | -19 |
| Eliminations | 0 | 0 | 0 | ||
| Depreciation and amortization | -9 | ||||
| Total | -12 | 1 | 18 | 11 | -6 |
Price Behavior
| Market Price | $13.22 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 10/07/2003 | |
| Distance from 52W High | -19.1% | |
| 50 Days | 200 Days | |
| DMA Price | $12.87 | $13.67 |
| DMA Trend | down | down |
| Distance from DMA | 2.7% | -3.3% |
| 3M | 1YR | |
| Volatility | 34.2% | 28.8% |
| Downside Capture | -34.60 | 36.00 |
| Upside Capture | -12.41 | 4.47 |
| Correlation (SPY) | -8.7% | 14.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.92 | -0.55 | -0.19 | 0.12 | 0.35 | 0.69 |
| Up Beta | 0.29 | 0.02 | 0.48 | 0.62 | 1.03 | 0.76 |
| Down Beta | -1.17 | -0.94 | -1.17 | -0.28 | 0.08 | 0.61 |
| Up Capture | -96% | -33% | -18% | 11% | 4% | 27% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 24 | 33 | 71 | 128 | 370 |
| Down Capture | -138% | -82% | -33% | 0% | 42% | 92% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 17 | 30 | 53 | 120 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LMNR | |
|---|---|---|---|---|
| LMNR | -15.9% | 29.2% | -0.59 | - |
| Sector ETF (XLP) | 5.8% | 13.3% | 0.17 | 27.2% |
| Equity (SPY) | 21.7% | 12.5% | 1.29 | 15.0% |
| Gold (GLD) | 23.1% | 27.7% | 0.73 | -0.2% |
| Commodities (DBC) | 21.3% | 18.6% | 0.90 | -7.3% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 25.2% |
| Bitcoin (BTCUSD) | -42.0% | 42.7% | -1.15 | 19.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LMNR | |
|---|---|---|---|---|
| LMNR | -5.3% | 36.0% | -0.07 | - |
| Sector ETF (XLP) | 6.9% | 13.4% | 0.29 | 20.9% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 25.9% |
| Gold (GLD) | 17.9% | 18.3% | 0.79 | 5.4% |
| Commodities (DBC) | 6.9% | 19.5% | 0.25 | 8.8% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 25.6% |
| Bitcoin (BTCUSD) | 12.2% | 53.8% | 0.41 | 17.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LMNR | |
|---|---|---|---|---|
| LMNR | -1.4% | 39.1% | 0.09 | - |
| Sector ETF (XLP) | 7.5% | 14.8% | 0.37 | 28.9% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 35.2% |
| Gold (GLD) | 12.1% | 16.1% | 0.61 | 1.8% |
| Commodities (DBC) | 5.7% | 18.0% | 0.25 | 13.9% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 32.4% |
| Bitcoin (BTCUSD) | 59.0% | 66.2% | 0.99 | 13.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/9/2026 | 8.9% | 7.4% | |
| 3/12/2026 | -4.2% | -3.5% | -7.1% |
| 12/23/2025 | -6.9% | -8.4% | 4.9% |
| 9/9/2025 | -5.3% | -4.5% | -6.0% |
| 6/9/2025 | 2.3% | -6.6% | -3.1% |
| 3/12/2025 | -13.3% | -14.9% | -23.3% |
| 12/23/2024 | -7.0% | -8.5% | -15.5% |
| 9/9/2024 | -3.0% | 3.9% | 6.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 8 |
| # Negative | 15 | 16 | 16 |
| Median Positive | 6.2% | 7.1% | 5.9% |
| Median Negative | -5.3% | -6.1% | -5.9% |
| Max Positive | 22.3% | 24.9% | 20.0% |
| Max Negative | -13.3% | -14.9% | -23.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/9/2026 | 8.9% | 7.4% | |
| 3/12/2026 | -4.2% | -3.5% | -7.1% |
| 12/23/2025 | -6.9% | -8.4% | 4.9% |
| 9/9/2025 | -5.3% | -4.5% | -6.0% |
| 6/9/2025 | 2.3% | -6.6% | -3.1% |
| 3/12/2025 | -13.3% | -14.9% | -23.3% |
| 12/23/2024 | -7.0% | -8.5% | -15.5% |
| 9/9/2024 | -3.0% | 3.9% | 6.9% |
| 6/6/2024 | 4.4% | -2.9% | -1.7% |
| 3/7/2024 | 2.3% | 3.6% | 8.2% |
| 12/21/2023 | 6.9% | 7.9% | -3.2% |
| 9/7/2023 | -4.2% | 0.5% | -1.7% |
| 6/6/2023 | -7.9% | -1.0% | -5.0% |
| 3/9/2023 | 4.5% | 1.4% | 11.5% |
| 12/22/2022 | -8.4% | -7.9% | -3.3% |
| 9/8/2022 | 10.8% | 8.5% | 4.8% |
| 6/7/2022 | 22.3% | 24.9% | 20.0% |
| 3/10/2022 | -10.0% | -4.3% | -7.1% |
| 1/10/2022 | -1.2% | -5.9% | -13.1% |
| 9/8/2021 | -1.4% | -1.3% | 0.3% |
| 6/8/2021 | -2.9% | -6.3% | -15.4% |
| 3/10/2021 | -1.3% | -7.2% | -5.8% |
| 1/11/2021 | -6.2% | -10.0% | -5.7% |
| 9/9/2020 | 7.2% | -0.5% | 4.0% |
| 6/9/2020 | 5.6% | 7.1% | -6.3% |
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 8 |
| # Negative | 15 | 16 | 16 |
| Median Positive | 6.2% | 7.1% | 5.9% |
| Median Negative | -5.3% | -6.1% | -5.9% |
| Max Positive | 22.3% | 24.9% | 20.0% |
| Max Negative | -13.3% | -14.9% | -23.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 06/09/2026 | 10-Q |
| 01/31/2026 | 03/12/2026 | 10-Q |
| 10/31/2025 | 12/23/2025 | 10-K |
| 07/31/2025 | 09/09/2025 | 10-Q |
| 04/30/2025 | 06/09/2025 | 10-Q |
| 01/31/2025 | 03/12/2025 | 10-Q |
| 10/31/2024 | 12/23/2024 | 10-K |
| 07/31/2024 | 09/09/2024 | 10-Q |
| 04/30/2024 | 06/06/2024 | 10-Q |
| 01/31/2024 | 03/07/2024 | 10-Q |
| 10/31/2023 | 12/21/2023 | 10-K |
| 07/31/2023 | 09/07/2023 | 10-Q |
| 04/30/2023 | 06/06/2023 | 10-Q |
| 01/31/2023 | 03/09/2023 | 10-Q |
| 10/31/2022 | 12/22/2022 | 10-K |
| 07/31/2022 | 09/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 06/09/2026 | 10-Q |
| 01/31/2026 | 03/12/2026 | 10-Q |
| 10/31/2025 | 12/23/2025 | 10-K |
| 07/31/2025 | 09/09/2025 | 10-Q |
| 04/30/2025 | 06/09/2025 | 10-Q |
| 01/31/2025 | 03/12/2025 | 10-Q |
| 10/31/2024 | 12/23/2024 | 10-K |
| 07/31/2024 | 09/09/2024 | 10-Q |
| 04/30/2024 | 06/06/2024 | 10-Q |
| 01/31/2024 | 03/07/2024 | 10-Q |
| 10/31/2023 | 12/21/2023 | 10-K |
| 07/31/2023 | 09/07/2023 | 10-Q |
| 04/30/2023 | 06/06/2023 | 10-Q |
| 01/31/2023 | 03/09/2023 | 10-Q |
| 10/31/2022 | 12/22/2022 | 10-K |
| 07/31/2022 | 09/08/2022 | 10-Q |
| 04/30/2022 | 06/07/2022 | 10-Q |
| 01/31/2022 | 03/10/2022 | 10-Q |
| 10/31/2021 | 01/10/2022 | 10-K |
| 07/31/2021 | 09/08/2021 | 10-Q |
| 04/30/2021 | 06/08/2021 | 10-Q |
| 01/31/2021 | 03/10/2021 | 10-Q |
| 10/31/2020 | 01/14/2021 | 10-K |
| 07/31/2020 | 09/09/2020 | 10-Q |
| 04/30/2020 | 06/09/2020 | 10-Q |
| 01/31/2020 | 03/11/2020 | 10-Q |
| 10/31/2019 | 01/14/2020 | 10-K |
| 07/31/2019 | 09/09/2019 | 10-Q |
Recent Forward Guidance
Updated 6/10/2026Latest: Q2 2026 Earnings Reported 6/9/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Fresh Lemon Volumes | 4.00 Mil | 4.25 Mil | 4.50 Mil | 0 | Affirmed | Guidance: 4.25 Mil for 2026 | |
| 2026 Avocado Volumes | 5.50 Mil | 6.00 Mil | 6.50 Mil | 9.1% | Raised | Guidance: 5.50 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 3/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Insurance Proceeds | 1.40 Mil | ||||||
| 2026 Fresh Lemon Volumes | 4.00 Mil | 4.25 Mil | 4.50 Mil | 0 | Affirmed | Guidance: 4.25 Mil for 2026 | |
| 2026 Avocado Volumes | 5.00 Mil | 5.50 Mil | 6.00 Mil | 0 | Affirmed | Guidance: 5.50 Mil for 2026 | |
| 2026 SG&A Savings | 10.00 Mil | 0 | Affirmed | Guidance: 10.00 Mil for 2026 | |||
Insider Activity
Updated 7/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hamm, Gregory C | VP, CFO and Treasurer | Direct | Sell | 7012026 | 13.05 | 1,000 | 13,054 | 1,146,254 | Form |
| 2 | Hamm, Gregory C | VP, CFO and Treasurer | Direct | Sell | 6022026 | 12.77 | 1,000 | 12,766 | 991,525 | Form |
| 3 | Hamm, Gregory C | VP, CFO and Treasurer | Direct | Sell | 5052026 | 12.78 | 1,000 | 12,784 | 1,005,731 | Form |
| 4 | Hamm, Gregory C | VP, CFO and Treasurer | Direct | Sell | 4032026 | 13.41 | 1,000 | 13,410 | 1,068,348 | Form |
| 5 | Hamm, Gregory C | VP, CFO and Treasurer | Direct | Sell | 3032026 | 13.97 | 1,000 | 13,968 | 1,126,779 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hamm, Gregory C | VP, CFO and Treasurer | Direct | Sell | 7012026 | 13.05 | 1,000 | 13,054 | 1,146,254 | Form |
| 2 | Hamm, Gregory C | VP, CFO and Treasurer | Direct | Sell | 6022026 | 12.77 | 1,000 | 12,766 | 991,525 | Form |
| 3 | Hamm, Gregory C | VP, CFO and Treasurer | Direct | Sell | 5052026 | 12.78 | 1,000 | 12,784 | 1,005,731 | Form |
| 4 | Hamm, Gregory C | VP, CFO and Treasurer | Direct | Sell | 4032026 | 13.41 | 1,000 | 13,410 | 1,068,348 | Form |
| 5 | Hamm, Gregory C | VP, CFO and Treasurer | Direct | Sell | 3032026 | 13.97 | 1,000 | 13,968 | 1,126,779 | Form |
| 6 | Slater, Scott S | Direct | Buy | 1092026 | 12.85 | 5,000 | 64,250 | 828,144 | Form | |
| 7 | Nolan, Peter J | Direct | Buy | 1062026 | 12.78 | 3,580 | 45,760 | 14,493,137 | Form | |
| 8 | Nolan, Peter J | Direct | Buy | 1062026 | 12.73 | 16,420 | 209,012 | 14,387,473 | Form |
Industry Resources
| Consumer Staples Resources |
| FoodNavigator |
| Consumer Goods Technology (CGT) |
| Beverage Digest |
| Agricultural Products & Services Resources |
| AgFunder Network Partners |
| The Packer |
| CropLife |
| Agri-Pulse |
| USDA Data |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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