Limoneira Co. (LMNR) intrinsic value & 10-year financials
Limoneira Co. (LMNR) has a Graham intrinsic value of $5.42 per share. At $11.94 on Oct 17, 2026, the stock trades 120% above that value. Over the last 10 fiscal years revenue grew 3.6% a year to $153.7M, with an average return on invested capital of -0.3%.
- Graham intrinsic value
- $5.42
- Share price (Oct 17, 2026)
- $11.94
- Price vs Graham value
- 120% above
- Market cap
- $212.9M
- Revenue (FY2025)
- $153.7M
- Revenue growth (10-yr CAGR)
- 3.6%
- ROIC (10-yr avg)
- -0.3%
- Free cash flow (FY2025)
- -$19.5M
LMNR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $153.7M | -$16.0M | -$0.93 | -$19.5M | -13.3% | -6.6% |
| FY2024 | $185.9M | $7.7M | $0.40 | $8.4M | -3.3% | -1.7% |
| FY2023 | $174.4M | $9.4M | $0.50 | -$26.2M | 6.2% | 2.9% |
| FY2022 | $179.3M | -$236.0K | -$0.04 | $4.8M | 1.2% | 0.4% |
| FY2021 | $161.4M | -$3.4M | -$0.23 | -$229.0K | -3.9% | -1.8% |
| FY2020 | $159.9M | -$16.4M | -$0.96 | -$21.9M | -11.9% | -3.8% |
| FY2019 | $166.5M | -$5.9M | -$0.37 | -$14.5M | -3.3% | -1.5% |
| FY2018 | $124.3M | $20.2M | $1.25 | $4.5M | 7.6% | 3.5% |
| FY2017 | $121.3M | $6.6M | $0.42 | $5.6M | 9.8% | 3.2% |
| FY2016 | $111.8M | $8.1M | $0.52 | -$1.9M | 8.2% | 2.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Limoneira CO has demonstrated mature, steady growth, with revenue compounding at 3.6% annually over the past decade.
Limoneira CO has historically struggled to out-earn its cost of capital, averaging just -0.3% ROIC.
Limoneira CO has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Limoneira CO is modeled at 3.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $5.42 per share.