USD reporting
Limoneira · LMNR
Lemons / avocados · Filing
- Acres
- 10,500
- Book / acre
- USD 16,443
- Market cap (USD)
- $234M
- EV / acre (USD)
- $29,034
Sector KPIsestimate
- Planted area
- 4,250 ha
- Owned / leased
- 4,250 / 1,150 ha
- Production
- 95,000 MT_lemon
- Realized price
- USD 1850.00
- Water rights
- 38 ML
- Bio assets
- USD 175M
- Bearing trees
- 4,250 ha
- Non-bearing
- 600 ha
- Avg tree age
- 14 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 | 173 | 300 | Per-property breakdown below |
| Biological assets | 175 | — | IAS 41 fair value — standing crops / livestock |
| Tangible total (ex-cash) | 348 | 475 | |
| + Cash & equivalents | 2 | 2 | |
| Tangible total (incl. cash) | 349 | 477 | |
| Reported total assets (BS) | 365 | — | Latest period 2025-10-31 |
Tangible book
USD 349M
96% of total assets
Market cap
USD 234M
67% of tangible book
Enterprise value
USD 305M
87% of tangible book
Implied fair market analysis
As of 2025-10-31FMV 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 |
|---|---|---|---|---|---|---|---|---|
| CA Ventura coastal citrus / avocado | 4 | 3,300 | 2,322 | 35,000 | 8 | 116 | 98–133 | +1407.0% |
| California water rights (8,500 AF adjudicated) | 1 | — | — | — | 0 | 77 | 55–119 | — |
| Arizona water rights (11,500 AF Class-3 Colorado) | 1 | — | — | — | 0 | 29 | 17–52 | — |
| AZ Yuma citrus / specialty | 1 | 1,300 | 11,154 | 16,000 | 15 | 21 | 18–24 | +43.4% |
| CA Paso Robles wine grape | 1 | 700 | 23,089 | 25,000 | 16 | 18 | 15–20 | +8.3% |
| Chile La Serena (held-for-sale at FY25) | 2 | 3,500 | 2,254 | 5,000 | 8 | 18 | 15–20 | +121.9% |
| CA San Diego avocado | 1 | 200 | 80,135 | 80,000 | 16 | 16 | 14–18 | -0.2% |
| Argentina Jujuy lemon | 1 | 1,200 | 7,167 | 4,500 | 9 | 5 | 5–6 | -37.2% |
| Diversified misc | 1 | 300 | 2,720 | 8,000 | 1 | 2 | 2–3 | +194.1% |
| Total | 13 | 10,500 | 6,824 | 28,605 | 72 | 300 | 238–395 | +319.1% |
Properties
All 11 named ranches from the FY2025 10-K Item 2 properties summary. Book values are exactly as filed.| Property | Category / crop | Acres | Acquired | Cost (USD M) | Book (USD M) | USD/acre book | FMV USD/acre | FMV (USD M) | vs book | Comps |
|---|---|---|---|---|---|---|---|---|---|---|
California water assets — Santa Paula Basin (8,500 acre-feet adjudicated) Ventura County, CA (Santa Paula Basin aquifer, adjudicated) Acre-feet of permanent adjudicated water rights, not farmland acres. Plus additional ~2,600 AF un-adjudicated Fillmore Basin (not separately valued; less liquid) | California water rights (8,500 AF adjudicated) Adjudicated CA groundwater rights — premium tier | 8,500 | — | — | — | — | 9,000 6,500–14,000 | 76.5 | — | CA-WATER-RECENT-2025CA-WATER-FRIANT-2024CA-GROUNDWATER-2024 Adjudicated Santa Paula Basin water rights — premium tier with court-confirmed extraction rights. 2024-25 California adjudicated groundwater traded at $7K-15K+/AF; mid-point $9K/AF |
Limoneira/Olivelands Ranch Santa Paula, Ventura County, CA | CA Ventura coastal citrus / avocado Lemons / avocados | 1,700 | Jan 1907 | — | 0.8 | 451 | 35,000 29,750–40,250 | 59.5 | +7657.5% | ASFMRA-CA-AVOCADO-2025ASFMRA-CA-CITRUS-2025ASFMRA-CA-COASTAL-2025USDA-CA-CROP-2025 Ventura County coastal specialty citrus + avocado; ASFMRA 2025 weighted avocado $35K + lemon $25-30K — historic ranches acquired 1907-1994 carry tiny book vs. current FMV |
Orchard Farm Ranch Santa Paula, Ventura County, CA | CA Ventura coastal citrus / avocado Lemons / avocados / row crops | 1,100 | Jan 1990 | — | 3.2 | 2,945 | 35,000 29,750–40,250 | 38.5 | +1088.3% | ASFMRA-CA-AVOCADO-2025ASFMRA-CA-CITRUS-2025ASFMRA-CA-COASTAL-2025USDA-CA-CROP-2025 Ventura County coastal specialty citrus + avocado; ASFMRA 2025 weighted avocado $35K + lemon $25-30K — historic ranches acquired 1907-1994 carry tiny book vs. current FMV |
Arizona water assets — YMIDD Class-3 Colorado River (11,500 acre-feet) Yuma County, AZ (YMIDD service area, Class-3 Colorado River) Acre-feet of Class-3 Colorado River allocation, not farmland acres | Arizona water rights (11,500 AF Class-3 Colorado) Yuma Mesa Irrigation District Class-3 Colorado River allocation | 11,500 | — | — | — | — | 2,500 1,500–4,500 | 28.8 | — | AZ-COLORADO-WATER-2024 Yuma Class-3 Colorado River water — junior priority but reliable. 2024-25 Arizona/Colorado River transactions $1,500-$4,500/AF; mid-point $2,500/AF reflects junior priority discount vs. CA adjudicated |
Associated Citrus Packers Yuma County, AZ | AZ Yuma citrus / specialty Lemons / specialty citrus | 1,300 | Jan 2013 | — | 14.5 | 11,154 | 16,000 13,600–18,400 | 20.8 | +43.4% | AZ-YUMA-VEG-2025AZ-YUMA-CITRUS-2024USDA-AZ-CROP-2025 Yuma County premium specialty citrus + lemon ground; Colorado River-irrigated, transactions in $14-18K/acre range 2024-2025 |
Windfall Farms San Luis Obispo County, CA (Paso Robles) | CA Paso Robles wine grape Wine grapes | 700 | Jan 2009 | — | 16.2 | 23,089 | 25,000 21,250–28,750 | 17.5 | +8.3% | ASFMRA-CA-WINE-PASO-2025USDA-CA-CROP-2025 Paso Robles wine grape vineyard; ASFMRA 2025 mid-cycle Paso Robles vineyard $20-30K/acre depending on varietal |
San Pablo La Serena, Chile Held for sale at Oct 31 2025; sold Nov 7 2025 | Chile La Serena (held-for-sale at FY25) Citrus | 3,300 | Jan 2018 | — | 5.6 | 1,695 | 5,000 4,250–5,750 | 16.5 | +195.0% | CHILE-LA-SERENA-2024 La Serena (Chilean Coquimbo region) avocado/citrus ground; held-for-sale at FY25 close, sold Nov 7 2025 |
Limco Del Mar San Diego County, CA | CA San Diego avocado Avocados (premium) | 200 | Jan 2025 | — | 16 | 80,135 | 80,000 68,000–92,000 | 16 | -0.2% | LMNR-LIMCO-2025ASFMRA-CA-AVOCADO-2025 San Diego North County premium avocado terroir; Limco Del Mar acquired by LMNR in 2025 at $80K/acre — most direct mark for similar ground |
La Campana Ranch Santa Paula, Ventura County, CA | CA Ventura coastal citrus / avocado Lemons / specialty citrus | 300 | Jan 1964 | — | 0.8 | 2,527 | 35,000 29,750–40,250 | 10.5 | +1285.2% | ASFMRA-CA-AVOCADO-2025ASFMRA-CA-CITRUS-2025ASFMRA-CA-COASTAL-2025USDA-CA-CROP-2025 Ventura County coastal specialty citrus + avocado; ASFMRA 2025 weighted avocado $35K + lemon $25-30K — historic ranches acquired 1907-1994 carry tiny book vs. current FMV |
Rancho La Cuesta Ranch Ventura County, CA | CA Ventura coastal citrus / avocado Lemons / avocados | 200 | Jan 1994 | — | 2.9 | 14,495 | 35,000 29,750–40,250 | 7 | +141.5% | ASFMRA-CA-AVOCADO-2025ASFMRA-CA-CITRUS-2025ASFMRA-CA-COASTAL-2025USDA-CA-CROP-2025 Ventura County coastal specialty citrus + avocado; ASFMRA 2025 weighted avocado $35K + lemon $25-30K — historic ranches acquired 1907-1994 carry tiny book vs. current FMV |
Santa Clara Jujuy, Argentina (Trapani Fresh) | Argentina Jujuy lemon Lemons | 1,200 | Jan 2019 | — | 8.6 | 7,167 | 4,500 3,825–5,175 | 5.4 | -37.2% | ARG-JUJUY-LEMON-2024 Jujuy Province (Argentine NW) lemon production; export-focused but Argentine peso/country-risk discount applied |
Other land Various | Diversified misc Mixed agricultural | 300 | — | — | 0.8 | 2,720 | 8,000 6,800–9,200 | 2.4 | +194.1% | USDA-CA-CROP-2025 Mixed misc holdings |
Pan de Azucar La Serena, Chile Held for sale at Oct 31 2025; sold Nov 7 2025 | Chile La Serena (held-for-sale at FY25) Avocados / citrus | 200 | Jan 2017 | — | 2.3 | 11,475 | 5,000 4,250–5,750 | 1 | -56.4% | CHILE-LA-SERENA-2024 La Serena (Chilean Coquimbo region) avocado/citrus ground; held-for-sale at FY25 close, sold Nov 7 2025 |
Comparable land transactions and surveys
16 reference points · all dated within last 24 months| ID | Description | Location | Acres | $ / acre | Date | Source |
|---|---|---|---|---|---|---|
| USDA-CA-CROP-2025 | California cropland — USDA NASS state average | California | — | $13,200 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| USDA-AZ-CROP-2025 | Arizona cropland — USDA NASS state average | Arizona | — | $11,500 | Aug 2025 | USDA NASS Land Values 2025 Summary |
| LMNR-LIMCO-2025 | LMNR's own 2025 acquisition: Limco Del Mar (200 ac San Diego avocado) at $80,136/acre book — premium SD County avocado ground | San Diego County, CA | 200 | $80,136 | Jun 2025 | LMNR FY2025 10-K Item 2 disclosure |
| ASFMRA-CA-AVOCADO-2025 | California avocado orchard — ASFMRA Cal Chapter benchmark | Ventura / San Diego, CA | — | $35,000 | Apr 2025 | ASFMRA Cal Chapter Outlook & Trends 2025 |
| ASFMRA-CA-CITRUS-2025 | California lemon / specialty citrus orchard | Ventura / San Joaquin, CA | — | $27,000 | Apr 2025 | ASFMRA Cal Chapter 2025 |
| ASFMRA-CA-COASTAL-2025 | California coastal specialty crop ground | Ventura / Santa Cruz / Monterey, CA | — | $60,000 | Apr 2025 | ASFMRA Cal Chapter 2025 |
| ASFMRA-CA-WINE-PASO-2025 | Paso Robles AVA wine grape vineyard | San Luis Obispo County, CA | — | $25,000 | Apr 2025 | ASFMRA Cal Chapter 2025 + Paso Robles Wine Country Alliance |
| CA-WATER-RECENT-2025 | California permanent water rights — H1 2025 transactions across districts | California (multiple districts) | — | $8,500 | Apr 2025 | WestWater Research H1 2025 Water Market Insider |
| AZ-YUMA-VEG-2025 | Yuma winter vegetable ground — irrigated by Colorado River | Yuma County, AZ | — | $16,000 | Feb 2025 | Arizona Agricultural Land Sales 2024-2025 review |
| CA-GROUNDWATER-2024 | California groundwater pumping rights / SGMA-affected basins | California (San Joaquin Valley basins) | — | $5,500 | Dec 2024 | DWR + WestWater Research SGMA basin reports 2024 |
| CHILE-LA-SERENA-2024 | La Serena (Coquimbo) avocado/citrus ground — recent transaction | La Serena, Chile | — | $5,500 | Nov 2024 | Chile ag-real-estate broker comps; LMNR Pan de Azucar / San Pablo dispositions Nov 2025 |
| AZ-COLORADO-WATER-2024 | Arizona Colorado River water rights (junior priority) | Arizona (lower Colorado River) | — | $2,500 | Oct 2024 | Arizona Department of Water Resources transaction reports 2024 |
| AZ-YUMA-CITRUS-2024 | Yuma citrus / lemon orchard land | Yuma County, AZ | — | $17,000 | Sep 2024 | AZ specialty citrus broker comps |
| CA-WATER-FRIANT-2024 | California Friant Class-1 water rights — recent transactions | California (Friant-Kern Canal service area) | — | $9,500 | Sep 2024 | California water market reports + WestWater Research 2024 transaction data |
| ARG-JUJUY-LEMON-2024 | Jujuy Province lemon production land | Jujuy, Argentina | — | $4,500 | Sep 2024 | Argentine ag broker reports + Trapani Fresh 2024 disclosures |
| USDA-CA-CROP-2024 | California cropland — USDA NASS state average | California | — | $11,800 | Aug 2024 | USDA NASS Land Values 2024 Summary |
LMNR's 10,500-acre portfolio is unusually well-disclosed: the FY2025 10-K Item 2 lists each of the 11 named ranches with acres, book value, acquisition year, and book value per acre. That table is reproduced here directly. All book values are exactly as filed. The most striking data point is acquisition vintage. Limoneira/Olivelands Ranch (1,700 acres in Santa Paula, CA) was acquired in 1907-1920 at a book value of $451/acre — that ground today, prime coastal Ventura citrus/avocado, marks at $35K+/acre. The book/FMV gap on the historic California ranches is essentially the appreciation of California specialty crop land over a century. Limco Del Mar — LMNR's 2025 acquisition of 200 San Diego County avocado acres at $80,136/acre — is also the cleanest internal benchmark and is used as the FMV anchor for that property (no markup vs book since it just transacted). Chile and Argentina holdings (Pan de Azucar, San Pablo, Santa Clara, $19.4M aggregate book) are valued conservatively given country-risk + agricultural-land discount. Pan de Azucar and San Pablo were classified as held-for-sale at FY25 close and sold November 7 2025 (at undisclosed-but-presumably-near-book values given the held-for-sale classification). Primary FMV anchors, all dated within the last 24 months: - ASFMRA Cal Chapter Outlook & Trends 2025 (April 2025) for CA permanent crop benchmarks - LMNR's own 2025 Limco Del Mar acquisition at $80K/acre for San Diego avocado - USDA NASS 2025 Land Values Summary for state-level anchors - Yuma AZ specialty citrus broker comps 2024-2025 - Country-discounted rates for Chile and Argentina holdings WATER RIGHTS NOTE: LMNR's 8,500 AF adjudicated Santa Paula Basin water + 11,500 AF YMIDD Class-3 Colorado River water are now broken out as separate non-land asset rows (excludeFromAcreTotals). California adjudicated groundwater commands a premium ($9K/AF mid; $6.5-14K range) reflecting court-confirmed extraction rights. Yuma Class-3 Colorado is junior priority and trades at lower per-AF ($2.5K/AF mid; $1.5-4.5K range). Combined water rights: $105M base / $77-$155M range. The ~2,600 AF un-adjudicated Fillmore Basin water referenced in the 10-K isn't separately valued because un-adjudicated rights are less liquid.
Insider transactions
As of 2026-05-07 · last 25 of 50 Form 4 filings| Date | Insider | Role | Action | Shares | Price | Value (USD) | Remaining |
|---|---|---|---|---|---|---|---|
| May 1, 2026 | Hamm Gregory C. | VP, CFO and Treasurer | Sell | 1,000 | $12.78 | $12.8K | 78,668 |
| Apr 2, 2026 | Hamm Gregory C. | VP, CFO and Treasurer | Sell | 1,000 | $13.41 | $13.4K | 79,668 |
| Mar 25, 2026 | Slater Scott S | Director | Vest | 6,315 | $0.00 | — | 70,762 |
| Mar 25, 2026 | Mora Elizabeth | Director | Vest | 6,315 | $0.00 | — | 23,850 |
| Mar 25, 2026 | TERRY EDGAR A. | Director | Vest | 6,315 | $0.00 | — | 32,590 |
| Mar 25, 2026 | Carbone Barbara | Director | Vest | 6,315 | $0.00 | — | 19,293 |
| Mar 25, 2026 | Kimball Gordon E | Director | Vest | 6,315 | $0.00 | — | 60,858 |
| Mar 25, 2026 | NOLAN PETER J | Director | Vest | 6,315 | $0.00 | — | 1,140,177 |
| Mar 3, 2026 | Hamm Gregory C. | VP, CFO and Treasurer | Sell | 1,000 | $13.97 | $14.0K | 80,668 |
| Feb 9, 2026 | PALAMOUNTAIN MARK | EVP, CFO and Treasurer | Other | 31,248 | $14.25 | $445.3K | 75,958 |
| Jan 8, 2026 | Slater Scott S | Director | Buy | 5,000 | $12.85 | $64.3K | 64,447 |
| Jan 5, 2026 | NOLAN PETER J | Director | Buy | 3,580 | $12.78 | $45.8K | 1,133,862 |
| Jan 2, 2026 | NOLAN PETER J | Director | Buy | 16,420 | $12.73 | $209.0K | 1,130,282 |
| Dec 22, 2025 | PALAMOUNTAIN MARK | EVP, CFO and Treasurer | Other | 3,745 | $14.40 | $53.9K | 107,206 |
| Dec 22, 2025 | Edwards Harold S | Director, President and CEO | Other | 6,151 | $14.40 | $88.6K | 243,609 |
| Dec 18, 2025 | Edwards Harold S | Director, President and CEO | Other | 3,370 | $14.95 | $50.4K | 249,760 |
| Dec 18, 2025 | PALAMOUNTAIN MARK | EVP, CFO and Treasurer | Other | 2,335 | $14.95 | $34.9K | 110,951 |
| Nov 17, 2025 | PALAMOUNTAIN MARK | EVP, CFO and Treasurer | Vest | 18,825 | $0.00 | — | 113,286 |
| Nov 17, 2025 | Edwards Harold S | Director, President and CEO | Vest | 37,651 | $0.00 | — | 253,130 |
| Oct 31, 2025 | Edwards Harold S | Director, President and CEO | Other | 16,798 | $14.13 | $237.4K | 208,492 |
| Oct 31, 2025 | PALAMOUNTAIN MARK | EVP, CFO and Treasurer | Other | 9,970 | $14.13 | $140.9K | 90,313 |
| Jun 5, 2025 | Edwards Harold S | Director, President and CEO | Other | 10,958 | $15.08 | $165.2K | 225,290 |
| Jun 5, 2025 | PALAMOUNTAIN MARK | SVP, CFO and Treasurer | Other | 5,375 | $15.08 | $81.1K | 100,283 |
| Apr 9, 2025 | Slater Scott S | Director | Vest | 5,090 | $0.00 | — | 59,447 |
| Apr 9, 2025 | Kimball Gordon E | Director | Vest | 5,090 | $0.00 | — | 54,543 |
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
41 reported periods · 2513 daily price points
Reported metrics (revenue, EBITDA, property value, NAV/share, total acres) come from content/farmland-financials/LMNR.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 · 2005–2025