Limoneira
LMNR on Nasdaq. Limoneira grows and sells lemons and other fruit to grocery stores and food buyers. Market value $217m.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to October 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Everyday goods stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-14.06 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -2 cents a year. Above 10 is good.
Quality score: 28 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$12.18 a share, 5% above its 1-year low
Over the past year the price has ranged from $11.55 to $15.43.
Dividend: 1.2% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $31 million in the past 12 months, a shortfall of $20 million in the year to October 2025.
| Revenue | |||||
| Revenue | $166m | $185m | $180m | $192m | $160m |
| Operating margin | |||||
| Operating margin | -3.8% | 1.2% | 6.0% | -3.2% | -12.8% |
| Debt to equity | |||||
| Debt to equity | 0.71 | 0.59 | 0.22 | 0.22 | 0.41 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Warning signs
- Financial strength (Piotroski)2 of 9
- Profit backed by cash (accruals)Yes
- Debt0.41× equity
- Revenue growth, five yearsShrinking, 0.6% a year
- Buying back its own sharesRoughly flat
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $44 million last quarter, down 8% on a year ago.
- A loss of $3 million, compared with a loss of $855,000 a year ago.
- It loses 36 cents on each $1 of sales, compared with 8 cents a year earlier.
- Over the past 12 months it spent $31 million more cash than it brought in, compared with $13 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $103 million more than cash, up from $63 million a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $44m |
| January 2025 | $34m |
| April 2025 | $35m |
| July 2025 | $47m |
| October 2025 | $43m |
| January 2026 | $18m |
| April 2026 | $24m |
| July 2026 | $44m |
| Quarter to | Amount |
|---|---|
| October 2024 | -$2m |
| January 2025 | -$3m |
| April 2025 | -$3m |
| July 2025 | -$855,000 |
| October 2025 | -$9m |
| January 2026 | -$9m |
| April 2026 | -$21m |
| July 2026 | -$3m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 23 December 2025
- Next quarterly (estimated, 10-Q)
- 9 December 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 112 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $4m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $4m | <0.1% |
Largest holders overall
- Global Alpha Capital Management$38m
- BlackRock$15mAdded
- Vanguard Capital Management$9mCut
- First Wilshire Securities Management$8m
- Ameriprise Financial$7mNew
- Geode Capital Management$5m
- Dimensional Fund Advisors LP$5mCut
- Flax Pond Capital$5mAdded
- State Street$5mAdded
- Peapod Lane Capital$4mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Global Alpha Capital Management Ltd.Passive investor16.2%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Global Alpha Capital Management Ltd. Passive investor | 16.2% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $319,029 of shares on the open market. 1 sold $104,665, $104,665 of it under preset trading plans.
- Hamm Gregory C.VP, CFO and TreasurerSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 1,000
- Price
- $11.90
- Value
- $11,905
- Hamm Gregory C.VP, CFO and TreasurerSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 1,000
- Price
- $13.79
- Value
- $13,791
- Hamm Gregory C.VP, CFO and TreasurerSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 1,000
- Price
- $12.99
- Value
- $12,986
- Hamm Gregory C.VP, CFO and TreasurerSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 1,000
- Price
- $13.05
- Value
- $13,054
- Hamm Gregory C.VP, CFO and TreasurerSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 1,000
- Price
- $12.77
- Value
- $12,770
- Hamm Gregory C.VP, CFO and TreasurerSoldunder a preset trading plan
- Date
- 1 May 2026
- Shares
- 1,000
- Price
- $12.78
- Value
- $12,780
- Hamm Gregory C.VP, CFO and TreasurerSoldunder a preset trading plan
- Date
- 2 April 2026
- Shares
- 1,000
- Price
- $13.41
- Value
- $13,410
- Hamm Gregory C.VP, CFO and TreasurerSoldunder a preset trading plan
- Date
- 3 March 2026
- Shares
- 1,000
- Price
- $13.97
- Value
- $13,970
- Slater Scott SDirectorBought
- Date
- 8 January 2026
- Shares
- 5,000
- Price
- $12.85
- Value
- $64,250
- NOLAN PETER JDirectorBought
- Date
- 5 January 2026
- Shares
- 3,580
- Price
- $12.78
- Value
- $45,752
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Hamm Gregory C. VP, CFO and Treasurer | Sold under a preset trading plan | 1,000 | $11.90 | $11,905 |
| 1 September 2026 | Hamm Gregory C. VP, CFO and Treasurer | Sold under a preset trading plan | 1,000 | $13.79 | $13,791 |
| 3 August 2026 | Hamm Gregory C. VP, CFO and Treasurer | Sold under a preset trading plan | 1,000 | $12.99 | $12,986 |
| 1 July 2026 | Hamm Gregory C. VP, CFO and Treasurer | Sold under a preset trading plan | 1,000 | $13.05 | $13,054 |
| 1 June 2026 | Hamm Gregory C. VP, CFO and Treasurer | Sold under a preset trading plan | 1,000 | $12.77 | $12,770 |
| 1 May 2026 | Hamm Gregory C. VP, CFO and Treasurer | Sold under a preset trading plan | 1,000 | $12.78 | $12,780 |
| 2 April 2026 | Hamm Gregory C. VP, CFO and Treasurer | Sold under a preset trading plan | 1,000 | $13.41 | $13,410 |
| 3 March 2026 | Hamm Gregory C. VP, CFO and Treasurer | Sold under a preset trading plan | 1,000 | $13.97 | $13,970 |
| 8 January 2026 | Slater Scott S Director | Bought | 5,000 | $12.85 | $64,250 |
| 5 January 2026 | NOLAN PETER J Director | Bought | 3,580 | $12.78 | $45,752 |
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 warning signs we check for were found.
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 23 Dec 2025, plus the 10-Q filed 9 Sep 2026 and 12 later 8-Ks.
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: 0.6% a year.
- Its accounts show patterns that sometimes come before companies have to correct past results (Beneish score).
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
Your first deep dive is free.
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.