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what it is
Limoneira grows lemons and avocados, then mixes that farm business with rentals and real estate.
how it gets paid
Last year Limoneira made $154M in revenue.
why growth slowed
Revenue fell 17.3% last year. The 49% revenue drop matters most because farm costs do not fall 49% when sales do.
what just happened
Latest quarter revenue fell to $17M, and the loss widened to -$0.53 a share.
At a glance
B balance sheet — gets the job done, barely
20/100 earnings predictability — expect surprises
2.3% dividend yield — cash in your pocket every quarter
3.5% return on capital — nothing to write home about
$0.40 fy2024 eps est
xvary composite: 46/100 — below average
What they do
Limoneira grows lemons and avocados, then mixes that farm business with rentals and real estate.
If you need lemons at scale, 3,800 planted acres matter. Limoneira also has 1,000 avocado acres and 300 acres of specialty citrus and other crops, plus packing and customer relationships across food service, wholesale, and retail. Scale here is literal land under your feet, which helps when smaller growers cannot promise volume.
How they make money
$154M
annual revenue · revenue declined -17.3% last year
total revenue
$154M
17.3%
The products that matter
grows and sells citrus
Fresh Lemons
core agribusiness · $10M savings target tied to the packing shift
lemons are the center of the story. management said the Sunkist transition should deliver $10M in annual savings. after a quarter with a $10.6M operating loss, that number stopped being a nice-to-have.
turnaround hinge
secondary produce crop
Avocados
part of a $154M revenue base
avocados give you crop diversification, but not insulation. they sit inside the same $154M top line and add exposure to another price-sensitive market.
second crop
land monetization
Real Estate Development
11,100 owned acres
the land is the reason this story stays interesting. 11,100 acres give you optionality, but development cash is irregular. you cannot spend optionality like operating income.
asset backstop
Key numbers
13.3%
operating margin
Operating margin → what is left after running the business → so what: Limoneira lost 13.3 cents on every dollar of sales in fiscal 2024.
$63M
long-term debt
Long-term debt → money owed beyond one year → so what: $63 million equals 21% of capital, which is manageable only if profits stop wobbling.
3.5%
return on capital
Return on capital → profit earned on the money tied up in the business → so what: 3.5% is weak for a company carrying farm risk and debt.
2.3%
dividend yield
Dividend yield → your cash payout at today's stock price → so what: you get some income, but negative margins make that payout less comforting.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt $63M (21% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for LMNR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue fell to $17M, and the loss widened to -$0.53 a share.
That was a 49% vs. prior year revenue drop, based on EDGAR figures. EPS went sharply negative versus the prior year — skip headline vs. prior year % on losses and read the dollar EPS in the filing. The quiet part: lower citrus revenue and fixed costs are a bad mix.
$17M
revenue
-$0.53
eps
49%
sales change
the number that mattered
The 49% revenue drop matters most because farm costs do not fall 49% when sales do.
source: company earnings report, 2026
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What could go wrong
the #1 risk is the lemon packing transition failing to deliver the promised $10M in annual savings.
high
Cost savings do not show up
Management framed the Sunkist shift around $10M of annual savings. The latest quarter posted a $10.6M operating loss. If those savings are late or smaller than advertised, the turnaround math breaks fast.
impact: the main path back toward profitability disappears
high
Produce prices and volumes stay weak
Quarterly revenue fell 46.9% to $18.2M. In a business with a 1.2% operating margin, weak pricing or light volumes do not hurt a little. They push the income statement through the floor.
impact: another weak season would leave fixed costs badly exposed
med
Dividend pressure
The dividend yields 2.3% and costs about $5.5M a year. That is manageable in a stable business. It looks different next to a $9.4M quarterly net loss and a $10.6M operating loss.
impact: preserving the payout could limit balance sheet flexibility
A $10.6M quarterly operating loss on $18.2M of revenue leaves little margin for another poor quarter. If the savings plan slips, the dividend and the turnaround both get harder to defend.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
selling and administrative costs
the $10M annual savings target has to show up here. if the Sunkist transition is real, this line should start doing visible work.
date
next earnings report
expected march 12, 2026. you want proof that losses are narrowing, not another explanation for why they are not.
risk
dividend commentary
a $5.5M annual payout against a $9.4M quarterly net loss is not fatal yet, but it turns every management comment on capital allocation into signal.
trend
revenue recovery after the 46.9% drop
one bad quarter happens. two start to look structural. you want sales to climb back above the current $18.2M quarterly level while costs come down.
Analyst rankings
earnings predictability
20 / 100
in human-speak, analysts do not have a clean read on this business. crop timing, pricing, and transition costs make quarterly numbers noisy.
balance sheet grade
B
that means functional, not fortress. you have some cushion, but not enough to shrug off repeated losses.
price stability
55 / 100
the stock is not a rollercoaster, but it is not a bunker either. for a $239M company, middling stability is about what it sounds like.
source: institutional data
Institutional activity
institutional ownership data for LMNR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$15
current price
n/a
target midpoint · n/a from current
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