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what it is
Alico owns 53,371 Florida acres and makes money from citrus, land use, and increasingly selling pieces of the map.
how it gets paid
After the citrus wind-down, FY2025 operating revenue is tiny vs. legacy years; the Nov 2025 release highlights ~$23.8M land sales and a strategic shift to land monetization—use the 10-K segment tables for exact operating revenue.
why growth slowed
FY2025 net loss ~$147.3M attributable to common (large non-cash/impairment mix per release). Recent quarters show net-loss improvement vs. deeper prior-year prints—read the same GAAP quarter in the filing.
what just happened
FY2025 Q4 (ended Sept 30, 2025): third-party recaps cite total operating revenue ~$2.3–2.4M with YoY growth in that quarter off a tiny base—not a bogus “down 89%” headline. Citrus line items collapsed in later fiscal quarters as the wind-down progressed—always match the fiscal period.
At a glance
B balance sheet — gets the job done, barely
10/100 earnings predictability — expect surprises
1.2% return on capital — nothing to write home about
-$19.29 fy2025 eps est
$6M fy2024 rev est
xvary composite: 59/100 — below average
What they do
Alico owns 53,371 Florida acres and makes money from citrus, land use, and increasingly selling pieces of the map.
The real asset is not oranges. It is land. Alico owns 53,371 acres across eight Florida counties, plus about 48,700 acres of mineral rights, which gives you hard assets you can touch when the income statement looks radioactive. Land leasing (renting acreage to others) → getting paid for access → so what: it gives Alico ways to monetize property beyond citrus, which matters when operating margin sits at -462.7%.
How they make money
see 10-K
operating revenue (FY2025) · citrus wind-down + land sales (~$23.8M FY2025 per release)
Illustrative segment bars below reflect older citrus-era mix—replace with FY2025 10-K tables for current lines.
citrus fruit production
$28M
cattle ranching and grazing leases
$6M
sugarcane and sod production
$4M
mineral, rock, sand, and oil activities
$3M
real estate and other land uses
$3M
The products that matter
grows and harvests citrus
citrus groves
~53,371 acres owned · core land base
IR materials cite about 53,371 acres across eight Florida counties (plus mineral rights)—the land base is the balance-sheet story; operating revenue is now dominated by wind-down economics, not old citrus scale.
core asset
adjacent agricultural operations
cattle, sugarcane, and sod
adjacent ag lines · small vs. land story
these lines diversify a small operating top line, but they do not change the main equation—the pivot is land and leasing, not grove economics.
secondary
Key numbers
n/m
operating margin
With tiny operating revenue vs. losses and impairments, trailing operating margin from feeds is not a stable KPI—use the income statement for the fiscal year you mean.
~$23.8M
FY2025 land sales
Company release: land sales exceeded $20M guidance at ~$23.8M—this is the monetization line investors tracked through the transition.
~$85.5M
total debt
FY2025 release: total debt ~$85.5M, net debt ~$47.4M vs. cash ~$38.1M—pair with land-sale cadence.
53,371
acres owned
This is the bull case in one number: the land may be worth more than the farming business suggests.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 70 / 100
- long-term debt ~$85.5M total debt (verify % of capital in 10-K)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ALCO right now.
source: institutional data · return history unavailable
What just happened
transition year
FY2025 close (Sept 30, 2025): ~$23.8M land sales, Adj. EBITDA ~$22.5M (beat guidance), net loss ~$147.3M.
Do not mix FY2025 Q4 (Sept) with calendar Q4 or early FY2026 citrus wind-down quarters—operating revenue can print tiny while strategic land sales carry the narrative.
~$23.8M
FY2025 land sales
~$(147M)
FY2025 net loss (approx.)
~$85.5M
total debt
the number that mattered
Land sales + liquidity through FY2027 (per company commentary) matter more than legacy citrus revenue charts from older years.
source: Alico Q4 & FY2025 results (Nov 2025)
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What could go wrong
the #1 risk is florida citrus exposure — disease, weather, and weak grove economics in the same acreage base.
med
citrus greening keeps hitting the core business
a large part of the operating case sits on florida citrus, and citrus greening has been damaging the state for years. when trees weaken, your $44M revenue base has very little margin for error.
this pressures the operating business directly and leaves the land thesis doing more of the work.
med
weather concentration is real
87,000 acres sounds diversified until you remember it all sits in florida. a hurricane or freeze can hit yields, crop quality, and perceived land value in the same season.
you are exposed to harvest risk and asset risk in one geography.
med
the land thesis can stay a thesis
the stock invites an asset-value argument, but the company still carries $85M of long-term debt and produced just 1.2% return on capital. cheap land stories can stay cheap when the operating business does not help.
if results stay weak, investors are left waiting for acreage value to close the gap.
~$85.5M total debt against a tiny operating revenue base post–wind-down means land sales and leasing execution carry the credit story—not grove yields.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
for ALCO, revenue quality matters more than headline EPS. you want pricing, yield commentary, and any sign the operating business is improving from a 1.2% return on capital base.
valuation
land value versus operating value
the market is paying roughly $3,400 per acre at a $295M market cap. if the acreage is worth materially more than that, the story works. if not, you are left with a weak farm business.
biological risk
citrus disease and weather updates
with only $44M in annual revenue, ALCO does not need a huge pricing or yield swing for fundamentals to move fast. a bad season shows up quickly in a business this small.
balance sheet
debt versus operating progress
~$85.5M total debt is easier to carry when land sales and EBITDA hold; if both slip, the asset cushion becomes the whole case, not the backstop.
Analyst rankings
earnings predictability
10 / 100
in human-speak: this is a hard business to model because crop yields, pricing, disease, and weather do not care about your spreadsheet.
risk rank
2
that puts ALCO in the safer half of the market on balance-sheet terms, even if the income statement looks fragile.
source: institutional data
Institutional activity
institutional ownership data for ALCO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$36
current price
n/a
target midpoint · n/a from current
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