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olivLaw · US equity research

Limoneira Company LMNR

Agricultural Production-Crops · SIC 0100 · Vertical: Agricultural Production-Crops (SIC 0100)

10.52USD+4.57% · 1 dayClose 04 Nov 2026

Limoneira is an agricultural company based in Santa Paula, California, that grows and packs lemons and avocados and develops real estate. The company is in a strategic transition, moving citrus marketing to Sunkist and monetizing land and water, so the trend of operating losses and revenue is key for investors.

At the close of 04 Nov 2026, Limoneira Company (LMNR) stock was 10.52 USD (+4.57% on the day), with market capitalisation 190.7 m USD, dividend yield 2.85%, beta 0.66, 52-week range 10.06–15.10 USD. Latest reported quarter (Q3 2026): revenue of 43.8 m USD (−7.7% YoY), net income of -3.0 m USD, diluted EPS -0.17 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
190.7 m USD
shares as of 31 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -2.39 · TTM to 31 Jul 2026
E/P (TTM)
-22.68%
TTM to 31 Jul 2026
Dividend yield
2.85%
DPS 12m 0.30
Beta (2y)
0.66
Volatility (1y) 32%
52-week range
10.0615.10

Price history

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Technical reading

RSI (14)
36.5
weak (30–45)
Bollinger (20, 2)
9.93 – 12.52
in the lower half of the band · %B 0.23 · band width 23.0%
SMA 50 / 200
12.33 / 13.15
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.52 / -0.50
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−12.2%−1.1%−11.1 pp—
3 months−23.3%−0.5%−22.8 pp—
6 months−18.8%+4.4%−23.2 pp—
Year to date−16.7%+12.3%−29.0 pp—
1 year−24.2%+13.5%−37.7 pp−26.0%
3 years−26.3%+76.4%−102.7 pp−25.8%
5 years−36.5%+63.7%−100.1 pp—
Max drawdown (1y)
−33.4%
16 Dec 2025 → 03 Nov 2026
Max drawdown (5y)
−65.2%
06 Nov 2024 → 03 Nov 2026
Compound annual growth (5y)
−8.7%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 31 Jul 2026

Revenue
43.8 m USD
−7.7% YoY
Net income
-3.0 m USD
unavailable YoY
Diluted EPS
-0.17
unavailable YoY
net / operating
-6.8% / -6.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue43.9 m34.3 m35.1 m47.5 m42.8 m18.2 m23.9 m43.8 m
Cost of revenue39.8 m33.5 m31.7 m42.1 m47.6 m23.0 m23.2 m37.3 m
SG&A5.8 m6.5 m5.7 m5.0 m7.3 m4.6 m5.4 m4.0 m
Operating income-2.8 m-5.3 m-3.3 m-630.0 k-11.1 m-10.6 m-21.7 m-3.0 m
Depreciation & amortisation2.1 m2.0 m2.1 m2.5 m2.6 m2.2 m2.0 m1.9 m
Pre-tax income-1.6 m-5.5 m-3.1 m-734.0 k-11.7 m-12.0 m-27.6 m-4.0 m
Income tax322.0 k-2.4 m301.0 k182.0 k-2.7 m-2.7 m-5.3 m-1.0 m
Net income-1.9 m-3.1 m-3.4 m-855.0 k-8.7 m-9.4 m-21.4 m-3.0 m
Diluted EPS-0.10 ≈-0.18-0.20-0.06-0.49 ≈-0.53-1.20-0.17
Operating cash flow6.6 m-12.9 m8.9 m ≈-3.0 m ≈942.0 k-11.7 m-4.5 m ≈316.0 k ≈
Dividends paid1.4 m1.4 m1.4 m ≈1.4 m ≈1.4 m1.4 m0 ≈0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue129.4 m171.4 m164.6 m166.0 m184.6 m179.9 m191.5 m159.7 m
Revenue YoY+6.7%+32.5%−4.0%+0.9%+11.2%−2.5%+6.4%−16.6%
Net income20.2 m-5.9 m-16.4 m-3.4 m-236.0 k9.4 m7.7 m-16.0 m
Net income YoY+206.1%−129.4%unavailableunavailableunavailableunavailable−17.9%−307.1%
Diluted EPS1.25-0.37-0.96-0.23-0.040.500.40-0.93
Diluted EPS YoY+197.6%−129.6%unavailableunavailableunavailableunavailable−20.0%−332.5%
net %15.6%-3.5%-10.0%-2.1%-0.1%5.2%4.0%-10.0%
Free cash flow4.5 m-14.5 munavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Oct 2025

Cash
1.5 m USD
Financial debt
72.5 m USD
Net debt
71.0 m USD
Equity
180.0 m USD
Total assets
311.1 m USD
Debt / equity
0.40x
Current ratio
1.35x
ROE
-8.6%
ROA
-5.2%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
179.9 m
2024
191.5 m
2025
159.7 m

SEC (XBRL)· 23 Dec 2025verified

Cost of revenue
2023
169.2 m
2024
164.8 m
2025
154.8 m

SEC (XBRL)· 23 Dec 2025verified

Gross profit
2023
10.7 m ≈
2024
26.7 m ≈
2025
4.9 m ≈

SEC (XBRL)· 23 Dec 2025derived

SG&A
2023
26.5 m
2024
27.5 m
2025
24.5 m

SEC (XBRL)· 23 Dec 2025verified

Operating income
2023
10.8 m
2024
-6.2 m
2025
-20.4 m

SEC (XBRL)· 23 Dec 2025verified

Depreciation & amortisation
2023
8.6 m
2024
8.4 m
2025
9.2 m

SEC (XBRL)· 23 Dec 2025verified

EBITDA
2023
19.4 m ≈
2024
2.2 m ≈
2025
-11.2 m ≈

SEC (XBRL)· 23 Dec 2025derived

Interest expense
2023
—
2024
—
2025
—

SEC (XBRL)· 10 Jan 2022verified

Pre-tax income
2023
13.4 m
2024
11.5 m
2025
-21.0 m

SEC (XBRL)· 23 Dec 2025verified

Income tax
2023
4.2 m
2024
4.4 m
2025
-4.6 m

SEC (XBRL)· 23 Dec 2025verified

Net income
2023
9.4 m
2024
7.7 m
2025
-16.0 m

SEC (XBRL)· 23 Dec 2025verified

Diluted EPS
2023
0.50
2024
0.40
2025
-0.93

SEC (XBRL)· 23 Dec 2025verified

Weighted average diluted shares
2023
17.6 m
2024
17.7 m
2025
17.8 m

SEC (XBRL)· 23 Dec 2025verified

Dividend per share
2023
0.30
2024
0.30
2025
0.30

SEC (XBRL)· 23 Dec 2025verified

Balance sheet · USD

Cash
2023
3.6 m
2024
3.0 m
2025
1.5 m

SEC (XBRL)· 23 Dec 2025verified

Receivables
2023
14.5 m
2024
14.7 m
2025
15.4 m

SEC (XBRL)· 23 Dec 2025verified

Current assets
2023
30.2 m
2024
25.8 m
2025
40.5 m

SEC (XBRL)· 23 Dec 2025verified

Property, plant & equipment, net
2023
160.6 m
2024
162.0 m
2025
172.6 m

SEC (XBRL)· 23 Dec 2025verified

Goodwill
2023
1.5 m
2024
1.5 m
2025
1.5 m

SEC (XBRL)· 23 Dec 2025verified

Intangibles (excl. goodwill)
2023
6.7 m
2024
5.2 m
2025
2.6 m

SEC (XBRL)· 23 Dec 2025verified

Total assets
2023
301.2 m
2024
298.8 m
2025
311.1 m

SEC (XBRL)· 23 Dec 2025verified

Accounts payable
2023
9.9 m
2024
7.3 m
2025
7.9 m

SEC (XBRL)· 23 Dec 2025verified

Short-term debt
2023
381.0 k
2024
559.0 k
2025
31.0 k

SEC (XBRL)· 23 Dec 2025verified

Long-term debt
2023
40.6 m
2024
40.0 m
2025
72.5 m

SEC (XBRL)· 23 Dec 2025verified

Current liabilities
2023
33.4 m
2024
34.8 m
2025
30.1 m

SEC (XBRL)· 23 Dec 2025verified

Total liabilities
2023
100.7 m
2024
96.3 m
2025
120.3 m

SEC (XBRL)· 23 Dec 2025verified

Equity
2023
189.7 m
2024
191.7 m
2025
180.0 m

SEC (XBRL)· 23 Dec 2025verified

Cash flow · USD

Operating cash flow
2023
-15.9 m
2024
17.9 m
2025
-6.0 m

SEC (XBRL)· 23 Dec 2025verified

Investing cash flow
2023
90.6 m
2024
-9.2 m
2025
-18.3 m

SEC (XBRL)· 23 Dec 2025verified

Financing cash flow
2023
-71.9 m
2024
-9.3 m
2025
22.8 m

SEC (XBRL)· 23 Dec 2025verified

Dividends paid
2023
5.4 m
2024
5.4 m
2025
5.4 m

SEC (XBRL)· 23 Dec 2025verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 22 Dec 2022verified

Computed indicators

Growth

Revenue growth (YoY)
-16.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
-4.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-0.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
-307.1%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-332.5%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
-1.7%
computed by olivLawTTM to 31 Jul 2026
EBITDA margin
-29.2%
computed by olivLawTTM to 31 Jul 2026
EBIT margin
-35.9%
computed by olivLawTTM to 31 Jul 2026
Net margin
-33.0%
computed by olivLawTTM to 31 Jul 2026
FCF margin
unavailable
input data missing

Returns

ROE
-25.7%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
ROA
-14.2%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
ROIC
-15.8%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
ROCE
-16.9%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
99.3 m USD
computed by olivLawbalance sheet at 31 Jul 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.7x
computed by olivLawbalance sheet at 31 Jul 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 31 Jul 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Jul 2026

Cash

Operating cash flow
-14.9 m USD
computed by olivLawTTM to 31 Jul 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
49 days
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
19 days
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
190.7 m USD
computed by olivLawbalance sheet at 31 Jul 2026
Enterprise value
290.1 m USD
computed by olivLawbalance sheet at 31 Jul 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-22.7%
computed by olivLawTTM to 31 Jul 2026
P/B
1.3x
computed by olivLawbalance sheet at 31 Jul 2026
P/S
1.5x
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
2.3x
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
2.9%
computed by olivLawTTM to 31 Jul 2026
Shareholder yield (distributions)
1.4%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 35.4% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

10.52 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 190.7 m USD

Key indicators

Market capitalisation
190.7 m USD
computed by olivLawbalance sheet at 31 Jul 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.3x
computed by olivLawbalance sheet at 31 Jul 2026
EV/EBITDA
unavailable
insufficient data
ROE
-25.7%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Net margin
-33.0%
computed by olivLawTTM to 31 Jul 2026
Revenue growth (YoY)
-16.6%
computed by olivLawFY 2025
Dividend yield
2.9%
computed by olivLawTTM to 31 Jul 2026

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Jul 2026
Latest balance sheet date: 31 Jul 2026
Share count (cover of the latest filing), as of: 31 Aug 2026
Source: SEC (XBRL)published 09 Sept 2026
verified 2483derived 214

Score by group

35% · Insufficient data

Estimated value range

Low
3.94
USD per share
Mid
4.52
USD per share
High
5.30
USD per share
Price: 10.52 USD
The price is above the range
Potential to the central value: -57.0% (value / price − 1)
Margin of safety: -132.6% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.94 – 5.30 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)3.94 – 5.30 (Mid 4.52)
Multiple comparisons use the SIC vertical: Agricultural Production-Crops (SIC 0100)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%

FactorValueScoreWeight used
ROIC · Quality-15.8%29 (vs peers)29%
Net margin · Quality-33.0%27 (vs peers)18%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-4.7%0 (on a fixed band)24%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.5x59 (on a fixed band)12%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns1.4%20 (on a fixed band)18%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial59/100 · 1/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality28/100 · 2/3 factors with a value
  • Returns· partial20/100 · 1/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

LIMONEIRA COMPANY (LMNR). Latest full fiscal year: 2025; data up to 2026-07-31.

Figures computed from the financial statements: revenue 159.7 m USD in 2025; YoY growth -16.6%; net margin -33.0%; ROE -25.7%.

The estimated value range is 3.94–5.30 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.52 USD, the price of 10.52 USD leaves a potential of -57.0% (value / price − 1) and a margin of safety of -132.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROIC: -15.8%
  • Net margin: -33.0%
  • Revenue CAGR 3Y: -4.7%
  • Shareholder yield (distributions): 1.4%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Agricultural Production-Crops (SIC 0100) · same industry (4-digit SIC) · compared with 11 companies

Multiples and returns vs the median

P/E
—
vertical median 16.6x
EV/EBITDA
—
vertical median 7.0x
P/S
1.5x
vertical median 0.4x
above median (+234.8%)
P/B
1.3x
vertical median 0.9x
above median (+42.6%)
ROE
-25.7%
vertical median 4.5%
below median (−672.2%)
Net margin
-33.0%
vertical median 1.9%
below median (−1,876.5%)
EBIT margin
-35.9%
vertical median 2.3%
below median (−1,649.6%)
Revenue YoY
-16.6%
vertical median 8.2%
below median (−301.6%)
Net debt/EBITDA
—
vertical median 1.3x
Dividend yield
2.9%
vertical median 4.2%
below median (−31.8%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
CTVACorteva, Inc.8.2 bn8.14.0%5.7%+2.9%+21% / +81%
DMCDel Monte Corporation1.4 bn16.84.0%1.9%+1.0%−21% / +26%
AGROAdecoagro S.A.1.3 bn10.37.1%6.1%+16.9%+14% / −19%
DOLEDole plc1.3 bn21.94.5%0.6%+8.2%−4% / +20%
VFFVillage Farms International, Inc.358.3 m16.47.6%9.8%+10.2%−26% / +271%
LMNRLimoneira Company190.7 m—-25.7%-33.0%−16.6%−24% / −26%
AGRZAgroz Inc.42.0 m48.025.6%8.6%unavailable−98% / unavailable
LOCLLocal Bounti Corporation22.1 m——-130.5%+26.8%−61% / −73%
TULPBloomia Holdings, Inc.10.9 m—-87.9%-23.2%unavailable−40% / −54%
SEEDOrigin Agritech Limited8.6 m——-58.4%−20.6%−49% / −64%
EDBLEdible Garden AG Incorporated1.4 m—-197.1%-51.0%−7.6%−100% / −100%
LNDBrasilAgro – Brazilian Agricultural Real Estate Company——6.3%15.7%+13.8%−12% / −32%

1- and 3-year price returns: for LMNR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Limoneira is an agricultural company based in Santa Paula, California, that grows and packs lemons and avocados and develops real estate. The company is in a strategic transition, moving citrus marketing to Sunkist and monetizing land and water, so the trend of operating losses and revenue is key for investors.

    SWOT

    Strengths

    • The company has long experience in agriculture, diversified plantings and its own packing operations, giving control over product quality 1.
    • Land and water rights form a solid base for monetization and real estate development 13.
    • Partnerships with Sunkist and Lewis could reduce operating risks and bring capital into projects 13.

    Weaknesses

    • Recent operating and net losses point to weak profitability 23.
    • Long-term debt rose over the last year, limiting financial flexibility 3.
    • High fixed packing costs and reliance on lemons bought from third parties compress margins 1.

    Opportunities

    • Higher avocado output in fiscal 2027 could lift revenue if prices hold 3.
    • Monetizing land and water rights could reduce debt and fund higher-return projects 3.
    • Expanding the organic recycling facility could add a new revenue stream 1.

    Threats

    • Lemon imports and global over-supply could push prices down 13.
    • Drought, water restrictions and citrus diseases such as HLB could reduce harvests 1.
    • Changes in immigration law and minimum wage rules could raise labor costs 1.

    Risks

    • Dependence on Sunkisthigh

      Moving citrus marketing to Sunkist could reduce the company's control over sales and could hurt revenue if the cooperative's efforts fall short 1.

    • Climate and disease riskshigh

      Extreme weather, wildfires, earthquakes and citrus diseases could cause major crop losses 1.

    • Water availabilitymedium

      Droughts and water restrictions could limit production and real estate development, and irrigation costs could rise 12.

    • Operating lossesmedium

      Recent operating losses and asset impairments could continue if prices stay low 3.

    • Labor costslow

      Higher minimum wages and immigration enforcement could raise harvesting and packing costs 1.

    Investment thesis

    What would need to be true (bull case)

    • Monetizing land and water could strengthen the balance sheet and fund more profitable development.
    • Higher avocado output in the coming years could restore revenue in the agricultural segment.
    • Lower administrative spending after the Sunkist transition could improve operating results.

    What would break the thesis

    • Repeated operating losses could strain financial resources if monetization is delayed.
    • Dependence on lemon prices, which are weighed down by over-supply, could keep margins thin.
    • Rising debt and asset write-downs could limit the company's ability to invest.

    What to watch

    • Closing of the Windfall Farms saleQ4 2026
    • Monetization of Colorado River water rightsfiscal 2026
    • Avocado output in fiscal 20272027
    • Adjusted EBITDA in the fourth quarterQ4 2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Limoneira is an agricultural company founded in 1893, based in Santa Paula, California, managing about 10,500 acres of land, water resources and other assets. Its activity falls into three divisions: agribusiness, rental operations and real estate development. The company has gradually reduced direct marketing, moving citrus sales to Sunkist from November 1, 2025 12.

    The agribusiness division includes lemons, avocados, oranges and wine grapes, plus lemon packing operations in Santa Paula and Yuma. The company is one of California's oldest citrus growers and, according to the California Avocado Commission, one of the largest avocado growers in the United States 1. Packing lemons from its own orchards and third-party orchards remains an important part of the business 1.

    The real estate division includes joint ventures with Lewis, such as Harvest at Limoneira in Santa Paula, with about 800 residential units in various stages of planning and development 12. The company has also sold land and water rights, and its monetization strategy targets non-strategic assets and water rights 3.

    Segments

    Lemons

    Lemons are the company's largest revenue segment. In fiscal 2025 lemon revenues were 124,958 thousand USD, down from the prior year due to lower prices 1. In the third quarter of fiscal 2026, fresh lemon carton sales rose on better prices, but volume was below expectations 3.

    Avocados

    The company expanded avocado production by 800 acres since fiscal 2023 and plans to add 200 more acres through fiscal 2027 2. Harvest for fiscal 2027 is expected to rise significantly, which could support revenue if prices remain stable 3.

    Real estate and rentals

    The real estate and rental segment includes housing, commercial space, land leasing and organic recycling. Rental revenue is relatively level through the year 2. Real estate projects could generate cash through joint venture distributions, but timing depends on government approvals and demand 1.

    Market context

    The lemon market is over-supplied, and prices are sensitive to weather, disease and imports 1. Avocado demand is supported by consumption trends, but California volumes alternate from year to year because of plant physiology 1.

    Following the Sunkist agreement, the company no longer markets citrus directly, which changes how revenues and costs are formed 2. The California land and water market, where the company holds assets, is shaped by drought and water supply pressures 1.

    Trends

    • Transfer of marketing to Sunkistmixed

      Moving citrus sales to Sunkist could reduce administrative costs, but it could also limit the company's control over prices and volumes sold 13.

    • Rising demand for avocadostailwind

      Consumer demand for avocados could support revenue from expanded plantings, if output materializes as estimated 13.

    • Water pressure and droughtheadwind

      Water restrictions in Arizona and drought in California could raise irrigation costs and limit output 12.

    • Asset monetizationtailwind

      Selling land and water rights could strengthen the balance sheet and reduce debt if transactions close as planned 3.

    Competitive position

    Limoneira competes in lemons and avocados with other growers in California, Chile and Argentina, and prices are shaped by global supply 1. The Sunkist agreement places the company in a cooperative marketing framework, which changes its competitive dynamics 12.

    Import competition, especially from other lemon-producing regions, was cited as a factor affecting volumes sold in the third quarter of fiscal 2026 3.

    • Sunkist Growers

      Marketing cooperative to which the company transferred citrus sales from November 1, 2025 1.

    • Fruit Growers Supply Company

      Manufacturing and supply cooperative affiliated with Sunkist, from which the company must buy most packing supplies 1.

    • Lewis Group of Companies

      Partner in joint real estate projects such as Harvest at Limoneira 13.

    • Rosales S.A.

      Citrus packing, marketing and sales business in Chile in which the company holds an interest 2.

    News & filings

    In the press

    The latest news item in our archive is from 13 Sept 2026; the newest SEC filing is from 22 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    • Current report22 Oct 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Quarterly report09 Sept 2026
    • Current report09 Sept 2026
      Results of operations · Financial statements and exhibits
    • Current report17 Aug 2026
      Material agreement · Material impairment · Other events · Financial statements and exhibits
    • Current report18 Jun 2026
      Termination of a material agreement · Financial statements and exhibits
    • Quarterly report09 Jun 2026
    • Current report09 Jun 2026
      Results of operations · Financial statements and exhibits
    • Current report20 Apr 2026
      Material agreement · Material impairment · Financial statements and exhibits
    • Current report15 Apr 2026
      Material agreement · Other events · Financial statements and exhibits
    • Current report27 Mar 2026
      Shareholder vote · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-10-31 · SEC / Limoneira Company · 23 Dec 2025
    2. [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Limoneira Company · 09 Sept 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Limoneira Company · 09 Sept 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.