# Mission Produce, Inc. (AVO)

> Source: Nexqual · https://nexqual.com/AVO · data as of 2026-10-23 15:28 UTC · cite as "Nexqual, Mission Produce, Inc. (AVO), nexqual.com/AVO" · informational, not investment advice.

**Price:** USD 11.61 (-1.78% today) · US market open, as of October 23, 2026 at 15:28 UTC; quotes may be delayed. Prev close 11.82 · day 11.6–11.84 · 52w 10.07–15.53 · market cap $1.02B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $1.34B, net income $1.6M (0.1% margin), free cash flow -$2.3M (SEC filings).
- Valuation: P/E 636.2x (avg 22.3x at the last 2 fiscal year-ends), EV/EBITDA 21.0x, net debt $353M.
- Earnings quality: non-operating income -$4.3M vs operating income $24.0M over the last four quarters; P/E excluding non-operating income ≈231.6x (estimate: non-operating income taxed at the company's 35% effective rate).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (5 analysts), mean target USD 16.32 (range 15–18).
- Total return with dividends: 1Y -1.1% vs S&P 500 +14.8%; 5Y -38.9% vs S&P 500 +77.6%.
- Next earnings: 2026-09-08, EPS estimate USD 0.32, revenue estimate $435M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $892M | $1.05B | $954M | $1.23B | $1.39B | $1.34B |
| Gross profit | $125M | $89.8M | $83.3M | $153M | $161M | — |
| Operating income | $60.9M | -$37.2M | $6.9M | $65.7M | $65.2M | $24.0M |
| Net income | $44.9M | -$34.6M | -$2.8M | $36.7M | $37.7M | $1.6M |
| EPS (diluted) | $0.63 | -$0.49 | -$0.04 | $0.52 | $0.53 | — |
| Free cash flow | -$26.4M | -$26.0M | -$20.6M | $61.2M | $37.2M | -$2.3M |
| Gross margin | 14.0% | 8.6% | 8.7% | 12.4% | 11.6% | — |
| Operating margin | 6.8% | -3.6% | 0.7% | 5.3% | 4.7% | 1.8% |
| Net margin | 5.0% | -3.3% | -0.3% | 3.0% | 2.7% | 0.1% |
| Revenue growth | +3.4% | +17.3% | -8.8% | +29.4% | +12.7% | — |
| Cash + short-term investments | $84.5M | $52.8M | $42.9M | $58.0M | $64.8M | — |
| Total debt | $164M | $140M | $152M | $114M | $95.8M | — |
Fiscal years end Oct. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 636.2x · P/E ex non-operating (est.) ≈231.6x · P/S 0.8x · EV/EBITDA 21.0x · EV/Sales 1.0x · P/B 1.3x · FCF yield -0.23% · Earnings yield 0.16% · Buyback yield (TTM) 0.98% · Net debt $353M · EV $1.37B
P/E at fiscal year-ends: Oct 2025 21.8x, Oct 2024 22.8x.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 5 analysts; mean target USD 16.32 (low 15, high 18).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Stephens & Co. | Reiterated | Overweight | $15 |
| 2026-09-10 | Roth Capital | Reiterated | Buy | $17 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -1.1% | -38.9% |
| S&P 500 (SPY) | +14.8% | +77.6% |
| Per year | -1.1% | -9.4% |
| Volatility (annualized) | 37.0% | 35.5% |
| Max drawdown | -34.1% (Apr 2026→Jun 2026) | -57.5% (Nov 2021→Nov 2023) |

## Peers (Food Distribution)
ANDE (The Andersons, Inc.) USD 64.6 -0.77% · UNFI (United Natural Foods, Inc.) USD 46.2 -2.28% · CHEF (The Chefs' Warehouse, Inc.) USD 106.13 -1.08% · PFGC (Performance Food Group Company) USD 95.39 -2.56% · USFD (US Foods Holding Corp.) USD 101.58 -2.37% · SYY (Sysco Corporation) USD 82.05 -2.29%

## More
Full page: https://nexqual.com/AVO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Marketing & Distribution | $414.3M | 92.1% | +20.4% |
| International Farming | $45.8M | 10.2% | -6.5% |
| Prepared Foods | $15.5M | 3.4% | — |
| Blueberries | $5.4M | 1.2% | +20.0% |
| Total revenue | $450.0M | 100% | — |
The lines above cover 106.9% of total revenue.

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Avocado | $398.2M | 88.5% | +21.8% |
| Mango | $24.2M | 5.4% | +6.1% |
| Prepared Foods | $15.5M | 3.4% | — |
| Other | $6.7M | 1.5% | +97.1% |
| Blueberry | $5.4M | 1.2% | +20.0% |
| Total revenue | $450.0M | 100% | — |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $354.3M | 78.7% | +26.8% |
| Rest of world | $95.7M | 21.3% | +22.4% |
| Total revenue | $450.0M | 100% | — |

## Customer concentration

Period ended 2025-10-31: 19%, 12% of revenue from unnamed direct customers (10-K, filed 2025-12-18).

## Company outlook (8-K filed 2026-09-08)

- "For t he fourth quarter of fiscal year 2026, the Company is providing the following industry outlook that will drive performance: • Avocado industry volumes in the fiscal 2026 fourth quarter are expected to increase by approximately 10% versus the prior year period."
- "This disclosure is intended to support evaluation of the acquisition and should not be viewed as establishing an ongoing guidance practice. • The Company is reaffirming its fiscal second-half 2026 Adjusted EBITDA outlook of $84 million to $88 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.32 | $0.34 | -5.4% | $434.5M | 5 |
| Next quarter (ends 2027-01-31) | $0.09 | $0.13 | -26.3% | $346.1M | 3 |
| Current fiscal year (ends 2026-10-31) | $0.64 | $0.63 | +1.4% | $1.45B | 5 |
| Next fiscal year (ends 2027-10-31) | $0.80 | $0.83 | -4.7% | $1.75B | 5 |