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Alico

ALCO on Nasdaq. Alico grows and sells citrus fruit and land to food companies and developers. Market value $285m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to September 2025.

Capital spending looks too small to be complete, so we leave free cash flow out.

Recent profit includes a one-time gain, so we price the company excluding that gain.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Real estate stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to September 2025
n/a

We could not compute this from the filings.

Price to profit
annual report to September 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to September 2025
-10.8%five-year median

Each dollar kept in the business earns -11 cents a year. Above 10 is good.

Quality score: 20 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$38.39 a share, 23% above its 1-year low

Over the past year the price has ranged from $31.32 to $45.01.

Dividend: 0.5% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

-0.0
-0.0
-0.0
-0.0
n/a
20212022202320242025
Revenue
$109m$92m$40m$47m$44m
Operating margin
13.3%-27.0%-10.5%-144.6%-462.7%
Debt to equity
n/a0.430.420.330.81
Shares outstanding
0.01bn0.01bn0.01bn0.01bn0.01bn

Health checks

  • Free cash flow positive0 of 4 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt0.81× equity
  • Revenue growth, five yearsShrinking, 13.8% a year
  • Buying back its own sharesYes, 2% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $9 million last quarter, up 8% on a year ago.
  • Profit: $2 million, after a loss of $18 million a year ago.
  • 3% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $27 million more than cash, down from $41 million a year ago.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$935,000
December 2024$17m
March 2025$18m
June 2025$8m
September 2025$802,000
December 2025$2m
March 2026$5m
June 2026$9m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$18m
December 2024-$9m
March 2025-$111m
June 2025-$18m
September 2025-$8m
December 2025-$3m
March 2026$11m
June 2026$2m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
24 November 2025
Next quarterly (estimated, 10-Q)
9 November 2026

Who owns it

None of the long-term investors we follow own it. 111 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $49,665 of shares on the open market.

  • SPERON ERIC H.
    Director
    Bought
    Date
    20 August 2026
    Shares
    1,250
    Price
    $39.73
    Value
    $49,665

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Nov 2025, plus the 10-Q filed 10 Aug 2026 and 11 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 87.2% last year. Losing that customer would hurt.

    “Revenue from Tropicana represented 87.2% and 86.8%, of our consolidated revenue for the years ended September 30, 2025 and 2024, respectively.”

    From the 10-K filed 24 November 2025, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 13.8% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.