USD reporting
Alico · ALCO
Land development (citrus wind-down) · Filing
- Acres
- 49,500
- Book / acre
- USD 2,870
- Market cap (USD)
- $313M
- EV / acre (USD)
- $7,290
Sector KPIsestimate
- Planted area
- 20,000 ha
- Production
- 4,500,000 boxes_citrus
- Realized price
- USD 12.50
- Water rights
- 95 ML
- Bio assets
- USD 45M
- Bearing trees
- 0 ha
- Non-bearing
- 2,000 ha
- Avg tree age
- 18 yrs
Tangible Balance-Sheet Assets
Asset-class composition from the latest FY filings, alongside market enterprise value for an asset-coverage view. Land at FMV when a per-property breakdown is available; other classes at filed book value.
| Asset class | Book (USD M) | FMV (USD M) | Note |
|---|---|---|---|
| Land / property | 142 | 686 | Per-property breakdown below |
| Biological assets | 45 | — | IAS 41 fair value — standing crops / livestock |
| Tangible total (ex-cash) | 187 | 731 | |
| + Cash & equivalents | 38 | 38 | |
| Tangible total (incl. cash) | 225 | 769 | |
| Reported total assets (BS) | 250 | — | Latest period 2025-09-30 |
Tangible book
USD 225M
90% of total assets
Market cap
USD 313M
139% of tangible book
Enterprise value
USD 361M
160% of tangible book
Implied fair market analysis
As of 2025-09-30FMV by category
Aggregated from per-property assumptions below| Category | Properties | Acres | Avg book USD/acre | Avg FMV USD/acre | Book (USD M) | FMV (USD M) | FMV range (USD M) | FMV vs book |
|---|---|---|---|---|---|---|---|---|
| FL citrus heartland | 3 | 34,344 | 2,600 | 11,102 | 89 | 381 | 324–438 | +327.0% |
| FL development-pipeline land (Collier) | 1 | 10,332 | 2,962 | 25,000 | 31 | 258 | 220–297 | +744.1% |
| FL citrus secondary regions | 1 | 2,530 | 2,530 | 12,000 | 6 | 30 | 26–35 | +374.4% |
| FL rural / land mgmt | 2 | 1,805 | 3,380 | 7,339 | 6 | 13 | 11–15 | +117.2% |
| FL mining royalty land | 1 | 526 | 3,992 | 6,000 | 2 | 3 | 3–4 | +50.3% |
| Total | 8 | 49,537 | 2,715 | 13,855 | 135 | 686 | 583–789 | +410.3% |
Properties
All 8 Florida counties from the FY2025 10-K Item 2 properties summary, recalibrated to ALCO management's Jan-2025 transformation estimate of $650-750M total land value. Each row aggregates citrus / land-mgmt / mining acreage within that county. Collier County carries embedded Master-Planned Community development optionality (Naples MSA).| Property | Category / crop | Acres | Acquired | Cost (USD M) | Book (USD M) | USD/acre book | FMV USD/acre | FMV (USD M) | vs book | Comps |
|---|---|---|---|---|---|---|---|---|---|---|
Collier County (citrus + development land) Florida Citrus 5,575 ac · Land mgmt 4,757 ac · Mining 0 ac | FL development-pipeline land (Collier) Citrus groves + master-planned community development application (Naples MSA) | 10,332 | Jan 1960 | — | 30.6 | 2,962 | 25,000 21,250–28,750 | 258.3 | +744.1% | ALCO-DISP-2026-Q1ASFMRA-FL-CITRUS-2025USDA-FL-CROP-2025 Collier County citrus; secondary FL citrus region with smaller transaction volume |
DeSoto County Florida Citrus 18,772 ac · Land mgmt 1,592 ac · Mining 50 ac | FL citrus heartland Citrus groves (greening-affected) — wind-down | 20,414 | Jan 1960 | — | 52.7 | 2,582 | 11,000 9,350–12,650 | 224.6 | +326.1% | ALCO-DISP-2026-Q1ALCO-DISP-FROSTPROOF-2026ASFMRA-FL-CITRUS-2025USDA-FL-CROP-2025 DeSoto County citrus heartland; ALCO's own 2026 dispositions averaged ~$9,085-10,535/acre across Hendry / Polk citrus, used as primary benchmark |
Hendry County Florida Citrus 6,980 ac · Land mgmt 46 ac · Mining 0 ac | FL citrus heartland Citrus groves (greening-affected) — wind-down for development | 7,026 | Jan 1960 | — | 17.6 | 2,505 | 11,500 9,775–13,225 | 80.8 | +359.1% | ALCO-DISP-2026-Q1ALCO-DISP-FROSTPROOF-2026ASFMRA-FL-CITRUS-2025USDA-FL-CROP-2025 Hendry County citrus heartland; ALCO's own 2026 dispositions averaged ~$9,085-10,535/acre across Hendry / Polk citrus, used as primary benchmark |
Polk County Florida Citrus 5,211 ac · Land mgmt 1,693 ac · Mining 0 ac | FL citrus heartland Citrus groves (greening-affected) — wind-down | 6,904 | Jan 1960 | — | 19 | 2,752 | 11,000 9,350–12,650 | 75.9 | +299.7% | ALCO-DISP-2026-Q1ALCO-DISP-FROSTPROOF-2026ASFMRA-FL-CITRUS-2025USDA-FL-CROP-2025 Polk County citrus heartland; ALCO's own 2026 dispositions averaged ~$9,085-10,535/acre across Hendry / Polk citrus, used as primary benchmark |
Charlotte County Florida Citrus 2,449 ac · Land mgmt 0 ac · Mining 81 ac | FL citrus secondary regions Citrus groves | 2,530 | Jan 1960 | — | 6.4 | 2,530 | 12,000 10,200–13,800 | 30.4 | +374.4% | ALCO-DISP-2026-Q1ASFMRA-FL-CITRUS-2025USDA-FL-CROP-2025 Charlotte County citrus; secondary FL citrus region with smaller transaction volume |
Highlands County Florida Citrus 130 ac · Land mgmt 1,093 ac · Mining 0 ac | FL rural / land mgmt Mixed land mgmt + grazing + lease | 1,223 | Jan 1960 | — | 4.2 | 3,434 | 7,500 6,375–8,625 | 9.2 | +118.4% | ALCO-DISP-2026-Q1USDA-FL-CROP-2025 Highlands County mixed-use land mgmt; benchmarked to ALCO-DISP and FL state-average cropland |
Hardee County Florida Citrus 180 ac · Land mgmt 402 ac · Mining 0 ac | FL rural / land mgmt Mixed land mgmt + grazing + lease | 582 | Jan 1960 | — | 1.9 | 3,265 | 7,000 5,950–8,050 | 4.1 | +114.4% | ALCO-DISP-2026-Q1USDA-FL-CROP-2025 Hardee County mixed-use land mgmt; benchmarked to ALCO-DISP and FL state-average cropland |
Glades County Florida Citrus 0 ac · Land mgmt 0 ac · Mining 526 ac | FL mining royalty land Rock / sand mining | 526 | Jan 1960 | — | 2.1 | 3,992 | 6,000 5,100–6,900 | 3.2 | +50.3% | ALCO-DISP-2026-Q1USDA-FL-CROP-2025 Mining royalty ground in Glades; benchmarked against rural FL non-citrus values |
Comparable land transactions and surveys
6 reference points · all dated within last 24 months| ID | Description | Location | Acres | $ / acre | Date | Source |
|---|---|---|---|---|---|---|
| ALCO-DISP-2026-Q1 | ALCO's own Q1 FY2026 dispositions: 2,950-acre Hendry citrus grove for $26.8M = $9,085/acre | Hendry County, FL | 2,950 | $9,085 | Jan 2026 | ALCO press release Jan 15 2026 |
| ALCO-DISP-FROSTPROOF-2026 | ALCO Polk County citrus + Frostproof office disposition: 579 acres for $6.1M = $10,535/acre + $1.7M facility | Polk County, FL | 579 | $10,535 | Jan 2026 | ALCO Q1 FY2026 results announcement |
| USDA-FL-CROP-2025 | Florida cropland — USDA NASS state average | Florida | — | $5,500 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| ASFMRA-FL-CITRUS-2025 | Florida citrus orchard land — ASFMRA mid-cycle benchmark, citrus-greening discounted | Florida | — | $8,500 | Mar 2025 | ASFMRA Florida 2025 Trends |
| COLLIER-DEV-2024 | Collier County (Naples MSA) rural-to-development land conversions | Collier County, FL | — | $25,000 | Dec 2024 | Naples-area ag-real-estate broker comps |
| USDA-FL-CROP-2024 | Florida cropland — USDA NASS state average | Florida | — | $5,400 | Aug 2024 | USDA NASS Land Values 2024 Summary |
ALCO is mid-strategic-transformation announced Jan-2025 — winding down its citrus operations and pivoting to a "diversified land company" model focused on real estate development. The 49,537-acre portfolio spans 8 Florida counties. CRITICAL CHANGES vs prior version of this file: • Per-acre values raised across all 8 counties to anchor to ALCO management's own estimate of $650-750M land value (announced Jan-2025 transformation press release) • Prior file totals were ~$504M, well below management's range — driven by understated development-optionality on Collier, Hendry, Polk • Collier County jumped from $17,985 to $25,000/acre reflecting Master-Planned Community development application filed for Naples MSA encroachment • Citrus heartland counties (Hendry, Polk, DeSoto) raised to ~$11,000/acre reflecting wind-down + post-transformation development optionality PRIMARY FMV ANCHOR: ALCO management's own internal estimate disclosed in Jan-2025 strategic transformation announcement: $650-750M for ~49,500-acre Florida land portfolio = $13,100-15,150/acre weighted. New file buildup totals ~$686M, mid-range of management's anchor. CAPS / FRAMEWORK: - Collier County (Naples MSA encroachment): $25K/acre — closest comparable Naples-area rural-to-development conversions $20-30K/acre - Citrus heartland (Hendry/Polk/DeSoto): $11-11.5K/acre reflecting transition out of citrus + development optionality on cleared ground; ALCO's own Q1 FY2026 dispositions averaged $9,085-10,535/acre but those were straight citrus dispositions without development premium - Charlotte/secondary citrus: $12K/acre - Hardee/Highlands rural mixed-use: $7,000-7,500/acre - Glades mining royalty: $6,000/acre Primary comp anchors, all dated within the last 24 months: - ALCO management Jan-2025 transformation estimate: $650-750M total land value - ALCO's own Jan-2026 dispositions: 2,950 Hendry-County citrus acres at $9,085/acre and 579 Polk-County acres at $10,535/acre — citrus-only, no development - ASFMRA Florida 2025 citrus mid-cycle benchmark $8,500/acre (greening-discounted, citrus-only) - Collier County rural-to-development conversions $20-30K/acre The transformation strategy + Master-Planned Community application materially changes the FMV basis from "agricultural use" to "highest and best use" with embedded entitlement optionality. My buildup uses the latter framework consistent with management's $650-750M estimate. A pure-agricultural valuation would be ~$400-500M (citrus comps only).
Insider transactions
As of 2026-05-07 · last 25 of 50 Form 4 filings| Date | Insider | Role | Action | Shares | Price | Value (USD) | Remaining |
|---|---|---|---|---|---|---|---|
| Apr 1, 2026 | SPERON ERIC H. | Director | Vest | 607 | $41.21 | $25.0K | 607 |
| Apr 1, 2026 | Putnam Adam | Director | Vest | 789 | $41.21 | $32.5K | 17,699 |
| Apr 1, 2026 | English Katherine | Director | Vest | 486 | $41.21 | $20.0K | 14,899 |
| Apr 1, 2026 | Purse Toby K | Director | Vest | 516 | $41.21 | $21.3K | 20,828 |
| Jan 2, 2026 | English Katherine | Director | Vest | 550 | $0.00 | — | 14,413 |
| Jan 2, 2026 | Purse Toby K | Director | Vest | 585 | $0.00 | — | 20,312 |
| Jan 2, 2026 | Fishman Benjamin D | Director | Vest | 344 | $0.00 | — | 13,495 |
| Jan 2, 2026 | Putnam Adam | Director | Vest | 859 | $0.00 | — | 16,910 |
| Jan 2, 2026 | KRUSEN W ANDREW JR | Director | Vest | 344 | $0.00 | — | 43,074 |
| Oct 1, 2025 | English Katherine | Director | Vest | 598 | $0.00 | — | 13,863 |
| Oct 1, 2025 | Purse Toby K | Director | Vest | 635 | $0.00 | — | 19,727 |
| Oct 1, 2025 | Fishman Benjamin D | Director | Vest | 560 | $0.00 | — | 13,151 |
| Oct 1, 2025 | Putnam Adam | Director | Vest | 933 | $0.00 | — | 16,051 |
| Oct 1, 2025 | KRUSEN W ANDREW JR | Director | Vest | 560 | $0.00 | — | 42,730 |
| Aug 26, 2025 | SLACK HENRY R | Director | Sell | 3,548 | $34.29 | $121.7K | 35,188 |
| Aug 25, 2025 | SLACK HENRY R | Director | Sell | 2,913 | $34.56 | $100.7K | 38,736 |
| Aug 15, 2025 | SLACK HENRY R | Director | Sell | 24,789 | $32.83 | $813.8K | 41,649 |
| Jul 1, 2025 | KRUSEN W ANDREW JR | Director | Vest | 558 | $0.00 | — | 42,170 |
| Jul 1, 2025 | Purse Toby K | Director | Vest | 633 | $0.00 | — | 19,092 |
| Jul 1, 2025 | Putnam Adam | Director | Vest | 930 | $0.00 | — | 15,118 |
| Jul 1, 2025 | Fishman Benjamin D | Director | Vest | 558 | $0.00 | — | 12,591 |
| Jul 1, 2025 | English Katherine | Director | Vest | 596 | $0.00 | — | 13,265 |
| Apr 1, 2025 | English Katherine | Director | Vest | 681 | $0.00 | — | 12,669 |
| Apr 1, 2025 | KRUSEN W ANDREW JR | Director | Vest | 639 | $0.00 | — | 41,612 |
| Apr 1, 2025 | Fishman Benjamin D | Director | Vest | 639 | $0.00 | — | 12,033 |
Source: SEC EDGAR Form 4 (Statement of Changes in Beneficial Ownership) filings. Buy / Sell figures exclude option exercises, grants, vests, gifts, and tax-withholding events. Click an insider's name to open the underlying Form 4 filing.
Financial snapshot
51 reported periods · 2515 daily price points
Reported metrics (revenue, EBITDA, property value, NAV/share, total acres) come from content/farmland-financials/ALCO.json — manually compiled at the most-granular timeframe each issuer discloses (typically quarterly). Stock price overlay and premium/discount on the NAV/share chart use daily Yahoo close; premium/discount steps each time NAV is re-reported.
Sector trends
1 populated KPIs · 1995–2025