# Limoneira Company (LMNR)

> Source: Nexqual · https://nexqual.com/LMNR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Limoneira Company (LMNR), nexqual.com/LMNR" · informational, not investment advice.

**Price:** USD 10.96 (+1.86% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 10.76 · day 10.81–11.09 · 52w 10.65–15.43 · market cap $199M · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $129M, net income -$42.5M (-33.0% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $77K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (3 analysts), mean target USD 20.83 (range 15–31).
- Total return with dividends: 1Y -24.6% vs S&P 500 +14.9%; 5Y -24.6% vs S&P 500 +80.3%.
- Next earnings: 2026-09-09, EPS estimate USD 0.09, revenue estimate $34.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $166M | $185M | $180M | $192M | $160M | $129M |
| Gross profit | $17.5M | $24.0M | $10.7M | $26.7M | $4.9M | — |
| Operating income | -$6.3M | $2.2M | $10.8M | -$6.2M | -$20.4M | -$46.3M |
| Net income | -$3.4M | -$236K | $9.4M | $7.7M | -$16.0M | -$42.5M |
| EPS (diluted) | -$0.23 | -$0.04 | $0.50 | $0.40 | -$0.93 | — |
| Gross margin | 10.6% | 13.0% | 6.0% | 13.9% | 3.1% | — |
| Operating margin | -3.8% | 1.2% | 6.0% | -3.2% | -12.8% | -35.9% |
| Net margin | -2.1% | -0.1% | 5.2% | 4.0% | -10.0% | -33.0% |
| Revenue growth | +0.9% | +11.2% | -2.5% | +6.4% | -16.6% | — |
| Cash + short-term investments | $439K | $857K | $3.6M | $3.0M | $1.5M | — |
| Total debt | $133M | $106M | $41.0M | $40.6M | $72.5M | — |
Fiscal years end Oct. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/S 1.5x · EV/Sales 2.3x · P/B 1.3x · Earnings yield -21.40% · Dividend yield (paid, TTM) 1.36% · Net debt $99.3M · EV $298M
P/E at fiscal year-ends: Oct 2024 58.9x, Oct 2023 26.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Hamm Gregory C. | VP, CFO and Treasurer | 1,000 | $12K | 1.2% | Yes (adopted December 30, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-01 | Hamm Gregory C. | VP, CFO and Treasurer | 1,000 | $14K | 1.2% | Yes (adopted December 30, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Hamm Gregory C. | VP, CFO and Treasurer | 1,000 | $13K | 1.1% | Yes (adopted December 30, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Hamm Gregory C. | VP, CFO and Treasurer | 1,000 | $13K | 1.1% | Yes (adopted December 30, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Hamm Gregory C. | VP, CFO and Treasurer | 1,000 | $13K | 1.1% | Yes (adopted December 30, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Hamm Gregory C. | VP, CFO and Treasurer | 1,000 | $13K | 1.1% | Yes (adopted December 30, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 3 analysts; mean target USD 20.83 (low 15, high 31).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-10 | Lake Street | Target lowered | Buy | $18 → $16.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -24.6% | -24.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -24.6% | -5.5% |
| Volatility (annualized) | 31.8% | 34.8% |
| Max drawdown | -28.4% (Sep 2026→Oct 2026) | -59.9% (Nov 2024→Oct 2026) |

## Peers (Farm Products)
AFRI (Forafric Global PLC) USD 12.07 +0.84% · VFF (Village Farms International, In) USD 2.71 -1.45% · VITL (Vital Farms, Inc.) USD 9.41 +15.18% · DOLE (Dole plc) USD 13.52 +3.13% · DMC (Del Monte Corporation) USD 29.93 +7.28% · AGRO (Adecoagro S.A.) USD 9.83 +3.69%

## More
Full page: https://nexqual.com/LMNR · 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

## Supply chain and relationships (SEC annual reports)

Named in LMNR's own 10-K filed 2025-12-23 (https://www.sec.gov/Archives/edgar/data/1342423/000134242325000039/lmnr-20251031.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Limoneira Lewis Community Builders | "To consummate the transaction, we formed Limoneira Lewis Community Builders, LLC ("LLCB") as the development entity, contributed our East Area I property to the joint venture and sold a 50% interest in the joint venture …" |
| Partner | LLCB II | "We formed LLCB II, LLC as the development entity, contributed our Retained Property to the joint venture and sold a 50% interest to Lewis." |
| Partner | Agromin | "On April 8, 2025, we announced that we are entering into a letter of intent to form a 50%/50% joint venture with Agromin Corporation, the largest organics waste recycler in California, to significantly expand Agromin Cor…" |
| Partner | Sunkist Growers | "On June 6, 2025, we entered into a Commercial Packinghouse License Agreement with Sunkist Growers, Inc., a nonprofit marketing cooperative ("Sunkist"), effective as of November 1, 2025." |

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

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Fresh Lemons | $17.9M | 40.8% | -9.0% | $1.4M | 7.7% |
| Lemon Packing | $15.9M | 36.3% | +9.2% | $2.5M | 15.5% |
| Avocados | $8.0M | 18.3% | -5.4% | $2.7M | 33.1% |
| Other Agribusiness | $381,000 | 0.9% | -88.3% | $142,000 | 37.3% |
| Corporate costs (not allocated) | — | — | — | -$7.9M | — |
| Total revenue | $43.8M | 100% | — | -$3.0M | -6.8% |
The lines above cover 96.2% of total revenue.

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Other | $381,000 | 0.9% | -55.3% |
| Total revenue | $43.8M | 100% | — |
The lines above cover 0.9% of total revenue.

## Customer concentration

Period ended 2026-07-31: 81% of revenue from unnamed direct customers (10-Q, filed 2026-09-09).

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

- "Guidance for Full Year Fiscal 2026 SANTA PAULA, Calif.-- (BUSINESS WIRE) – September 9, 2026 -- Limoneira Company (the "Company" or "Limoneira") (Nasdaq: LMNR), a diversified lemon and avocado growing and lemon packing company with related agribusiness activities and real estate development operations, today reported financial results for the third quarter ended July 31, 2026."
- "We now expect to achieve the lower end of our lemon volume guidance as a result of higher imports, and we are again raising our avocado volume guidance for fiscal year 2026."
- "Looking ahead, we expect to produce more than 10 million pounds of avocados in fiscal year 2027, an increase of approximately 30 percent over fiscal year 2026."
- "This anticipated growth next year is primarily driven by the 400 acres of avocados we planted in 2023 and 2024, which we expect will set a crop this year and contribute to fiscal year 2027 volumes." We expect the sale of Windfall Farms for $15 million t"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.09 | $0.23 | -62.9% | $34.2M | 3 |
| Next quarter (ends 2027-01-31) | $-0.16 | $-0.17 | -5.9% | $19.4M | 2 |
| Current fiscal year (ends 2026-10-31) | $-0.66 | $-0.35 | +89.4% | $120.1M | 3 |
| Next fiscal year (ends 2027-10-31) | $0.45 | $0.51 | -12.3% | $141.7M | 3 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 61.6% | ±20.3% |
| 2027-03-19 | 147 | 34.2% | ±18.7% |
| 2027-06-17 | 237 | 34.2% | ±23.0% |