Forensic Analysis · General / Diversified · as of Aug 28, 2026
Limoneira Co (LMNR)
A forensic read on Limoneira Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
1.9
Distress distance
Clean
Earnings quality
4
Forensic signals
-6.0
P / E (ttm)
-8.9%
ROE
$250M
Market cap
1.94%
Dividend yield
-16.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Limoneira Co earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 1.9, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-5.7%
FY2025
Return on invested capital.Return on invested capital is -5.7% in the latest fiscal year and slipping from 0% — well below its ~9% cost of capital, and it has been across FY2011–FY2025, so reinvested dollars have not been earning their keep.
FCF ($20M)
FY2025
Shareholder returns.Returned $5M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($20M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
34d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 28 to 34 days FY2024→FY2025 (receivables +5% vs revenue -17%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 37 → 33 → 31 → 28 → 34 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 4 consecutive quarters (Jul 2025 +7, Oct 2025 +2, Jan 2026 +9, Apr 2026 +6 days). In the latest of them the receivable balance grew -22% against sales -32%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid.
+0.6%/yr
FY2022–FY2025
Share count.Diluted share count changed +2% over the last 3 years to FY2025 (+0.6%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$159.7M
Revenue Growth YoY-16.6%
Revenue CAGR (3yr)-4.7%
Net Margin-10.0%
Free Cash Flow-$19.5M
Return on Equity-8.9%
Debt / Equity0.40x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Limoneira Co's actual 10-K/10-Q/8-K filings?