Tearsheet

Limoneira (LMNR)


Market Price (3/15/2026): $13.2 | Market Cap: $235.8 Mil
Sector: Consumer Staples | Industry: Agricultural Products & Services

Limoneira (LMNR)


Market Price (3/15/2026): $13.2
Market Cap: $235.8 Mil
Sector: Consumer Staples
Industry: Agricultural Products & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Dividend Yield is 2.3%
Weak multi-year price returns
2Y Excs Rtn is -59%, 3Y Excs Rtn is -83%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -15%
1 Low stock price volatility
Vol 12M is 34%
Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.14
Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.2%, Rev Chg QQuarterly Revenue Change % is -2.4%
2 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, Water Infrastructure, and Sustainable Resource Management. Themes include Organic & Natural Products, Show more.
  Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.6%
0 Attractive yield
Dividend Yield is 2.3%
1 Low stock price volatility
Vol 12M is 34%
2 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, Water Infrastructure, and Sustainable Resource Management. Themes include Organic & Natural Products, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -59%, 3Y Excs Rtn is -83%
4 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.14
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -15%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.2%, Rev Chg QQuarterly Revenue Change % is -2.4%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.6%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Limoneira (LMNR) stock has lost about 5% since 11/30/2025 because of the following key factors:

1. Significantly Deteriorated Q1 FY2026 Financial Performance: Limoneira reported a substantial decline in total net revenues to $18.2 million for the first quarter of fiscal year 2026, marking a 47% decrease compared to $34.3 million in Q1 FY2025. This resulted in a widened net loss of $9.6 million, or $0.53 per diluted share, an increase from a $3.2 million net loss, or $0.18 per diluted share, in the prior year period. These losses were primarily attributed to lower agribusiness and lemon revenues, and included approximately $2.5 million in specific expenses related to packinghouse repairs and the closing of Chilean farming operations.

2. Ongoing Strategic Business Transformation and Its Near-Term Revenue Impact: The company's stock movement reflects the transitional effects of a major strategic shift, notably the Commercial Packinghouse License agreement with Sunkist, effective November 1, 2025. This partnership has transferred lemon sales and marketing activities, causing a shift in lemon sales timing, with lower volumes and revenues expected in the first and second quarters moving into the third and fourth quarters. Additionally, the exit from its brokerage business in Q1 FY2026 and its farm management business in FY2025 further contributed to the year-over-year revenue decline.

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Stock Movement Drivers

Fundamental Drivers

The -4.4% change in LMNR stock from 11/30/2025 to 3/13/2026 was primarily driven by a -3.7% change in the company's P/S Multiple.
(LTM values as of)113020253132026Change
Stock Price ($)13.8113.20-4.4%
Change Contribution By: 
Total Revenues ($ Mil)161160-0.6%
P/S Multiple1.51.5-3.7%
Shares Outstanding (Mil)1818-0.1%
Cumulative Contribution-4.4%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
LMNR-4.4% 
Market (SPY)-3.1%12.6%
Sector (XLP)6.8%7.2%

Fundamental Drivers

The -15.3% change in LMNR stock from 8/31/2025 to 3/13/2026 was primarily driven by a -9.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120253132026Change
Stock Price ($)15.5913.20-15.3%
Change Contribution By: 
Total Revenues ($ Mil)177160-9.6%
P/S Multiple1.61.5-6.2%
Shares Outstanding (Mil)1818-0.2%
Cumulative Contribution-15.3%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
LMNR-15.3% 
Market (SPY)3.0%21.1%
Sector (XLP)5.6%17.2%

Fundamental Drivers

The -38.9% change in LMNR stock from 2/28/2025 to 3/13/2026 was primarily driven by a -26.3% change in the company's P/S Multiple.
(LTM values as of)22820253132026Change
Stock Price ($)21.6113.20-38.9%
Change Contribution By: 
Total Revenues ($ Mil)192160-16.6%
P/S Multiple2.01.5-26.3%
Shares Outstanding (Mil)1818-0.6%
Cumulative Contribution-38.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
LMNR-38.9% 
Market (SPY)12.4%38.7%
Sector (XLP)4.0%28.5%

Fundamental Drivers

The -11.7% change in LMNR stock from 2/28/2023 to 3/13/2026 was primarily driven by a -13.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820233132026Change
Stock Price ($)14.9413.20-11.7%
Change Contribution By: 
Total Revenues ($ Mil)185160-13.5%
P/S Multiple1.41.53.6%
Shares Outstanding (Mil)1818-1.4%
Cumulative Contribution-11.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
LMNR-11.7% 
Market (SPY)73.4%33.0%
Sector (XLP)26.5%22.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LMNR Return-8%-17%72%20%-47%9%-10%
Peers Return2%-23%3%13%5%14%10%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
LMNR Win Rate50%33%58%75%17%33% 
Peers Win Rate56%48%48%46%52%58% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
LMNR Max Drawdown-11%-29%0%-15%-49%0% 
Peers Max Drawdown-14%-27%-18%-17%-17%-2% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CVGW, 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 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventLMNRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-47.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven90.9%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven590 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-47.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven89.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven1,513 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-46.0%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven85.3%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-66.8%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven200.9%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1,480 days

Compare to CVGW, AVO, FDP, ALCO

In The Past

Limoneira's stock fell -47.6% during the 2022 Inflation Shock from a high on 6/8/2021. A -47.6% loss requires a 90.9% 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 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.

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.

  • 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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Better Bets vs. Limoneira (LMNR)

Latest Trefis Analyses

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Trade Ideas

Select ideas related to LMNR.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
BRBR_2272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG02272026BRBRBellRing BrandsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
0.0%0.0%0.0%
STZ_2132026_Dip_Buyer_FCFYield02132026STZConstellation BrandsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
5.7%5.7%0.0%
KMB_2132026_Insider_Buying_GTE_1Mil_EBITp+DE_V202132026KMBKimberly-ClarkInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
1.9%1.9%-1.7%
AVO_2062026_Insider_Buying_GTE_1Mil_EBITp+DE_V202062026AVOMission ProduceInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
1.1%1.1%-2.7%
CALM_1022026_Dip_Buyer_FCFYield01022026CALMCal-Maine FoodsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
12.0%12.0%-7.7%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

LMNRCVGWAVOFDPALCOMedian
NameLimoneiraCalavo G.Mission .Fresh De.Alico  
Mkt Price13.2023.6712.1541.3838.5223.67
Mkt Cap0.20.40.92.00.30.4
Rev LTM1606481,3914,32229648
Op Inc LTM-242065186-20220
FCF LTM-2019371811919
FCF 3Y Avg-12526144-165
CFO LTM-622892452222
CFO 3Y Avg-11070202-410

Growth & Margins

LMNRCVGWAVOFDPALCOMedian
NameLimoneiraCalavo G.Mission .Fresh De.Alico  
Rev Chg LTM-16.6%-2.0%12.7%1.0%-41.4%-2.0%
Rev Chg 3Y Avg-4.2%-4.5%11.1%-0.9%-25.7%-4.2%
Rev Chg Q-2.4%-26.6%-10.0%0.6%-88.8%-10.0%
QoQ Delta Rev Chg LTM-0.6%-6.5%-2.5%0.1%-34.1%-2.5%
Op Mgn LTM-15.1%3.0%4.7%4.3%-693.9%3.0%
Op Mgn 3Y Avg-9.8%2.7%3.6%4.0%-284.0%2.7%
QoQ Delta Op Mgn LTM-6.4%-0.5%0.1%0.6%-231.2%-0.5%
CFO/Rev LTM-3.8%3.3%6.4%5.7%76.6%5.7%
CFO/Rev 3Y Avg-1.1%1.5%5.7%4.7%1.2%1.5%
FCF/Rev LTM-12.2%3.0%2.7%4.2%66.3%3.0%
FCF/Rev 3Y Avg-7.5%0.7%1.8%3.3%-26.5%0.7%

Valuation

LMNRCVGWAVOFDPALCOMedian
NameLimoneiraCalavo G.Mission .Fresh De.Alico  
Mkt Cap0.20.40.92.00.30.4
P/S1.50.70.60.510.10.7
P/EBIT-12.116.512.413.9-1.712.4
P/E-14.821.323.521.7-2.121.3
P/CFO-39.219.610.08.013.210.0
Total Yield-4.5%7.2%4.2%4.6%-48.1%4.2%
Dividend Yield2.3%2.5%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-4.6%1.6%2.6%9.5%-8.7%1.6%
D/E0.30.10.20.20.30.2
Net D/E0.3-0.10.20.20.20.2

Returns

LMNRCVGWAVOFDPALCOMedian
NameLimoneiraCalavo G.Mission .Fresh De.Alico  
1M Rtn-6.4%-5.7%-11.1%4.4%-6.0%-6.0%
3M Rtn-10.9%11.4%-3.9%9.4%2.3%2.3%
6M Rtn-12.5%-12.1%-4.6%18.0%13.6%-4.6%
12M Rtn-27.3%13.9%22.4%42.0%38.3%22.4%
3Y Rtn-14.2%8.7%15.4%50.3%55.7%15.4%
1M Excs Rtn-4.0%-3.3%-8.7%6.8%-3.6%-3.6%
3M Excs Rtn-8.0%15.5%0.7%15.6%4.3%4.3%
6M Excs Rtn-16.7%-16.1%-3.2%14.5%10.2%-3.2%
12M Excs Rtn-58.0%-8.7%-4.0%21.1%14.5%-4.0%
3Y Excs Rtn-82.6%-65.7%-59.4%-22.8%-17.0%-59.4%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Fresh Lemons117121125124134
Lemon Packing5252435046
Other Agribusiness2919121411
Avocados717795
Corporate and Other65555
Eliminations-31-30-26-37-30
Total180185166165171


Operating Income by Segment
$ Mil20252024202320222021
Lemon Packing69788
Corporate and Other6-16-19-22-20
Other Agribusiness4121-2
Avocados312342
Eliminations00   
Fresh Lemons-069-113
Depreciation and amortization -9-9-9-8
Total182-6-19-6


Price Behavior

Price Behavior
Market Price$13.20 
Market Cap ($ Bil)0.2 
First Trading Date10/07/2003 
Distance from 52W High-28.6% 
   50 Days200 Days
DMA Price$13.97$14.57
DMA Trenddownup
Distance from DMA-5.5%-9.4%
 3M1YR
Volatility28.6%31.2%
Downside Capture22.5091.66
Upside Capture-48.0541.03
Correlation (SPY)8.5%38.0%
LMNR Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta0.520.520.280.490.680.74
Up Beta1.531.351.261.600.710.73
Down Beta0.280.860.830.820.570.71
Up Capture29%69%-16%-10%30%35%
Bmk +ve Days9203170142431
Stock +ve Days12273561123366
Down Capture31%-52%-35%19%101%95%
Bmk -ve Days12213054109320
Stock -ve Days9132459122371

[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-37.1%33.8%-1.32-
Sector ETF (XLP)8.4%13.9%0.3428.8%
Equity (SPY)19.6%18.9%0.8138.3%
Gold (GLD)71.9%26.3%2.05-2.4%
Commodities (DBC)19.3%17.3%0.8912.7%
Real Estate (VNQ)6.2%16.3%0.1942.6%
Bitcoin (BTCUSD)-15.3%44.2%-0.2533.2%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LMNR
LMNR-4.5%35.9%-0.05-
Sector ETF (XLP)8.1%13.1%0.4020.0%
Equity (SPY)13.1%17.0%0.6127.5%
Gold (GLD)24.1%17.3%1.147.0%
Commodities (DBC)11.2%19.0%0.4712.1%
Real Estate (VNQ)4.8%18.8%0.1626.1%
Bitcoin (BTCUSD)6.3%56.7%0.3317.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LMNR
LMNR1.0%39.3%0.15-
Sector ETF (XLP)7.8%14.7%0.4028.5%
Equity (SPY)14.5%17.9%0.7035.9%
Gold (GLD)14.4%15.6%0.771.4%
Commodities (DBC)8.6%17.6%0.4015.4%
Real Estate (VNQ)5.6%20.7%0.2332.6%
Bitcoin (BTCUSD)67.4%66.8%1.0713.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity0.4 Mil
Short Interest: % Change Since 2152026-2.4%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest10.1 days
Basic Shares Quantity17.9 Mil
Short % of Basic Shares2.2%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/12/2026-4.2%  
12/23/2025-6.9%-8.4%4.9%
9/9/2025-5.3%-4.5%-6.0%
6/9/20252.3%-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%
6/6/20244.4%-2.9%-1.7%
...
SUMMARY STATS   
# Positive987
# Negative141415
Median Positive5.6%5.5%6.9%
Median Negative-5.7%-6.5%-6.0%
Max Positive22.3%24.9%20.0%
Max Negative-23.6%-16.1%-23.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
10/31/202512/23/202510-K
07/31/202509/09/202510-Q
04/30/202506/09/202510-Q
01/31/202503/12/202510-Q
10/31/202412/23/202410-K
07/31/202409/09/202410-Q
04/30/202406/06/202410-Q
01/31/202403/07/202410-Q
10/31/202312/21/202310-K
07/31/202309/07/202310-Q
04/30/202306/06/202310-Q
01/31/202303/09/202310-Q
10/31/202212/22/202210-K
07/31/202209/08/202210-Q
04/30/202206/07/202210-Q
01/31/202203/10/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Nolan, Peter JDirectBuy106202612.7316,420209,01214,387,473Form
2Nolan, Peter JDirectBuy106202612.783,58045,76014,493,137Form
3Slater, Scott SDirectBuy109202612.855,00064,250828,144Form
4Hamm, Gregory CVP, CFO and TreasurerDirectSell303202613.971,00013,9681,126,779Form