Forensic Analysis · General / Diversified · as of Jul 13, 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
1.3
Altman Z-score
Watch
Earnings quality
4
Forensic signals
-24.5%
ROE
$252M
Market cap
2.26%
Dividend yield
Limoneira CO earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is 1.3, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
34d DSOReceivables vs revenue.Days sales outstanding moved from 28 to 34 days FY2024→FY2025 (receivables +5% vs revenue -17%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-6%Return on invested capital.Return on invested capital is -6% in the latest fiscal year and slipping from 0% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
FCF ($20M)Shareholder returns.Returned $5M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($20M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
+0.6%/yrShare-count dilution.Diluted share count changed +2% over the last 3 years to FY2025 (+0.6%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Net Margin-10.0%
Debt / Equity0.40x
Free Cash Flow$-33.3M
Latest Revenue$159.7M
Return on Equity-8.9%
Revenue CAGR (3yr)-4.7%
Revenue Growth YoY-16.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Limoneira CO:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about LMNR's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown