Limoneira Company
- Open
- 13.77
- Day high
- 13.99
- Day low
- 13.61
- Prev close
- 13.76
- Volume
- 10K
- Mkt cap
- $252M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.7
- P/S
- 1.9
- Yield
- 1.08%
- Per share
- $0.15
- ▼Insiders net selling -$13K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Limoneira Company (LMNR) is a Consumer Defensive company listed on NASDAQ. The stock is down 12% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering LMNR.
Limoneira Company (LMNR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LMNR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 9, 2026 | $-0.26 | $-0.29 | -11.5% | $24M | +11.7% |
| Mar 12, 2026 | $-0.33 | $-0.48 | -45.5% | $18M | +13.4% |
| Sep 9, 2025 | $-0.11 | $-0.02 | +81.3% | $47M | +27.3% |
| Jun 9, 2025 | $-0.01 | $-0.17 | -1600.0% | $35M | -42.3% |
| Mar 12, 2025 | $-0.24 | $-0.14 | +41.7% | $34M | -31.8% |
| Dec 23, 2024 | $-0.10 | $-0.09 | +10.0% | $44M | +9.1% |
| Sep 9, 2024 | $0.34 | $0.42 | +23.5% | $63M | +47.7% |
| Jun 6, 2024 | $0.18 | $0.44 | +144.4% | $45M | -16.9% |
| Mar 7, 2024 | $-0.29 | $-0.18 | +37.9% | $40M | -1.7% |
| Dec 21, 2023 | $-0.15 | $-0.15 | +0.0% | $41M | +9.3% |
| Sep 7, 2023 | $0.15 | $0.02 | -86.7% | $52M | +34.5% |
| Jun 6, 2023 | $0.20 | $0.21 | +5.0% | $48M | -0.7% |
LMNR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 11, 2026 | Hamm Gregory C.officer: VP, CFO and Treasurer | Sell | 1,000 | $12.99 |
| Nov 19, 2025 | PALAMOUNTAIN MARKofficer: EVP, CFO and Treasurer | Grant | 18,825 | — |
| Nov 19, 2025 | Edwards Harold Sdirector, officer: President and CEO | Grant | 37,651 | — |
| Nov 7, 2025 | PALAMOUNTAIN MARKofficer: EVP, CFO and Treasurer | Tax | 5,822 | $14.13 |
| Nov 7, 2025 | Edwards Harold Sdirector, officer: President and CEO | Tax | 9,811 | $14.13 |
| Nov 4, 2025 | PALAMOUNTAIN MARKofficer: EVP, CFO and Treasurer | Tax | 9,970 | $14.13 |
| Nov 4, 2025 | Edwards Harold Sdirector, officer: President and CEO | Tax | 16,798 | $14.13 |
| Jun 6, 2025 | Edwards Harold Sdirector, officer: President and CEO | Tax | 10,958 | $15.08 |
| Jun 6, 2025 | PALAMOUNTAIN MARKofficer: SVP, CFO and Treasurer | Tax | 5,375 | $15.08 |
| Apr 11, 2025 | Mora Elizabethdirector | Grant | 5,090 | — |
| Apr 11, 2025 | TERRY EDGAR A.director | Grant | 5,090 | — |
| Apr 11, 2025 | Slater Scott Sdirector | Grant | 5,090 | — |
| Apr 11, 2025 | Carbone Barbaradirector | Grant | 5,090 | — |
| Apr 11, 2025 | Kimball Gordon Edirector | Grant | 5,090 | — |
| Apr 11, 2025 | NOLAN PETER Jdirector | Grant | 5,090 | — |
Source: LMNR SEC Form 4 filings, latest Aug 11, 2026. For informational purposes only — not investment advice.
See the full LMNR insider & 13F page →Limoneira Company company profile
Overview
Limoneira Company (NASDAQ:LMNR) is a California-based agribusiness and real estate development company founded in 1893. Originally established as a citrus farming operation in Santa Paula, California, the company has evolved into a diversified agricultural enterprise with operations spanning multiple states and countries. Today, Limoneira operates through three main divisions: Agribusiness (primarily citrus and avocado farming), Rental Operations, and Real Estate Development. The company has been publicly traded since 2003 and is currently undergoing a strategic transformation toward an asset-lighter business model while exploring strategic alternatives to maximize shareholder value.
Business
Limoneira operates in the agricultural sector with three distinct business segments that generate revenue through different mechanisms. The Agribusiness division represents the company's core agricultural operations and generates approximately 85-90% of total revenue. This segment involves growing, processing, packing, marketing, and selling various crops across roughly 8,800 acres of farmland. The primary crop is lemons, with approximately 6,100 acres planted primarily in California's Ventura, Tulare, San Luis Obispo, and San Bernardino Counties, as well as international operations in Argentina, Arizona, and Chile. The company produces around 5-5.5 million cartons of fresh lemons annually. Beyond lemons, Limoneira cultivates 800 acres of avocados in Ventura County (with aggressive expansion plans to reach 2,000 acres by 2027), 1,000 acres of oranges in Tulare County, and 900 acres of specialty citrus including Moro blood oranges, Cara Cara oranges, Minneola tangelos, Star Ruby grapefruit, pummelos, pistachios, and wine grapes. The Rental Operations division generates approximately 5-10% of revenue through leasing residential housing units, commercial office buildings, and agricultural land to third-party tenants. This includes leasing approximately 500 acres of land to agricultural tenants and managing various rental properties. The Real Estate Development division contributes 5-10% of revenue through the development and sale of land parcels, multi-family housing, and single-family homes. The flagship project is "Harvest at Limoneira," a residential development that has been approved to expand from 1,500 to 2,050 units, with expected total proceeds of $180 million over seven fiscal years.
Revenue model
Limoneira generates revenue through multiple streams across its three business segments. The Agribusiness division operates on a traditional agricultural product sales model, selling fresh lemons directly to food service, wholesale, and retail customers at prices averaging $17-20 per carton. Avocados are sold to packing and marketing companies at $1.50-2.25 per pound, while oranges, specialty citrus, and other crops are marketed through established cooperatives like Sunkist and third-party packinghouses. The company also provides farm management services to third-party growers, earning service fees that totaled approximately $2-3 million annually. The Rental Operations segment generates steady recurring revenue through lease agreements with residential tenants, commercial office tenants, and agricultural operators who rent farmland. This provides a relatively stable income stream that helps offset the seasonal volatility inherent in agricultural operations. The Real Estate Development segment monetizes the company's valuable California land holdings through strategic development projects. The primary revenue driver is the Harvest at Limoneira residential project, which generates proceeds through home sales in partnership with Lewis Group, a homebuilder. Several factors significantly impact Limoneira's profitability margins. Weather conditions directly affect crop yields and quality, with frost, drought, or excessive rain potentially devastating harvests. Commodity pricing cycles create substantial margin volatility, as evidenced by lemon prices fluctuating between $17-20 per carton and avocado prices ranging from $1.47-2.25 per pound across recent quarters. Labor costs and availability represent major expense categories in agriculture, with rising minimum wages and labor shortages pressuring margins. Water availability and costs are critical factors, particularly in drought-prone California, though the company has begun monetizing water rights as an additional revenue stream. International trade dynamics affect pricing, especially competition from Mexican avocados and global lemon markets. Input costs including fertilizers, pesticides, and fuel directly impact profitability, while transportation and logistics expenses affect the company's ability to deliver products to market efficiently.
Competitive moat
Limoneira's competitive moat is moderate and primarily derived from its strategic land holdings and operational expertise, though it faces significant competitive pressures. The company's prime agricultural real estate in California's coastal growing regions provides natural advantages through favorable microclimates and proximity to major markets. These locations are increasingly scarce and expensive to replicate, particularly as urban development pressures intensify. The company's water rights and infrastructure represent valuable assets in water-scarce California, with recent transactions demonstrating values of $30,000 per acre-foot. The company has developed operational expertise and relationships over 130 years in business, including established customer relationships with major retailers and food service companies, as well as partnerships with marketing cooperatives like Sunkist. This provides some barriers to entry for new competitors. However, Limoneira's moat faces several challenges. Agricultural commoditization means the company largely competes on price and quality rather than unique product differentiation. International competition, particularly from Mexican avocado and citrus producers with lower labor costs, pressures pricing power. Climate change and water scarcity threaten the long-term viability of California agriculture, potentially eroding location-based advantages. Consolidation pressures in the agricultural sector favor larger, more efficient operators with greater economies of scale. The company's strategic pivot toward real estate development and water monetization represents an attempt to leverage its land assets more effectively, but this also exposes it to real estate market cycles and regulatory risks. Overall, while Limoneira possesses some defensive characteristics through its land holdings and operational experience, its moat is not particularly wide or durable given the commodity nature of its core agricultural business and increasing competitive pressures.
Risks & safety
Limoneira presents moderate financial risk with mixed liquidity indicators and seasonal cash flow volatility. **Liquidity and Solvency:** - Current ratio of 1.05 indicates tight short-term liquidity - Cash position of only $1.1 million is concerningly low for operations - Free cash flow highly volatile: ranging from -$17.0 million (Q1 2025) to +$21.6 million (Q3 2024) - Seasonal business creates predictable cash flow swings **Debt Position:** - Debt-to-equity ratio of 0.32 is manageable - Total debt of approximately $63 million against $298 million in assets - Net debt position has improved from $58.7 million to current levels **Valuation Metrics:** - Trading at 2.2x book value, indicating premium to asset value - P/E ratio varies widely due to earnings volatility - EV/EBITDA of -36.6x (Q1 2025) reflects recent losses but improved significantly in profitable quarters **Other Considerations:** - Asset-rich company with $298 million in total assets provides downside protection - Real estate development pipeline offers $180 million in future proceeds over 7 years - Water rights monetization provides additional asset backing - Agricultural commodity exposure creates earnings volatility risk
Recent development
Over the past three years, Limoneira has undergone a significant strategic transformation focused on three key initiatives. The company has aggressively pursued an asset-lighter business model, selling approximately $150 million in non-core assets including Northern Properties ($98 million), the Oxnard packing facility ($20 million), and various other properties. This divestiture strategy aims to reduce debt, improve cash flow, and focus resources on core profitable operations. The most significant operational pivot involves a massive avocado expansion program, with plans to increase avocado acreage from 800 to 2,000 acres by fiscal year 2027. This expansion utilizes high-density planting techniques (180 trees per acre versus 90 previously) and advanced irrigation technologies, targeting production of 30 million pounds annually by 2029. Management projects this expansion could generate $40-50 million in EBITDA at full bearing, representing a strategic shift away from the more competitive lemon market toward the higher-margin avocado segment during California's seasonal advantage period (May-July). The company has accelerated real estate monetization through the Harvest at Limoneira residential development project, which received approval to expand from 1,500 to 2,050 units. This development partnership with Lewis Group is expected to generate $180 million in proceeds over seven fiscal years, with $15 million received in fiscal 2024. Additionally, Limoneira has begun water rights monetization, completing its first transaction selling 55 acre-feet at $30,000 per acre-foot for $1.5 million in gains. The company is exploring creation of a water utility and additional water sales to capture value from this increasingly scarce California resource. Throughout this transformation, management has been conducting a strategic alternatives review, exploring options including a full enterprise sale or OpCo/PropCo structure separation, with reported interest from strategic, financial, and real estate investors attracted to the company's diversified asset base including citrus operations, avocado expansion potential, real estate development, and water rights.
LMNR company profile · for informational purposes only — not investment advice.
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