MeritValue

Limoneira CO

LMNRdata completeness 88%17 fiscal years on file
The thesis, from the filings

Limoneira CO earns about 0% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$161.4M1$179.3M2$174.4M3$185.9M3$153.7M3
Net income−$3.44M4−$236,0005$9.4M6$7.72M6−$16M6
Operating cash flow$9.61M7$14.8M8−$15.9M9$17.9M9−$6.01M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$265.7M10$211.6M11$82M12$81.2M13$145M13
Cash & equivalents$439,00014$857,00015$3.63M15$3M15$1.51M15
Diluted shares17.6M17.5M17.6M17.7M17.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$100.95
your share of equity
Profit it earned you last year
−$8.96
Free cash flow it threw off
—
Debt you’d be carrying
$81.28

10 shares is a claim on $100.95 of net worth that earned you −$8.96 last year, against $81.28 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
0% avg · 5y
FY21 -0%FY22 0%FY23 3%FY24 3%FY25 -5%

It earned an average 0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 45% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-10-31 · accession 0001342423-23-000037 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-10-31 · accession 0001342423-24-000035 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-10-31 · accession 0001342423-25-000039 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-10-31 · accession 0001342423-23-000037 (NetIncomeLoss)
  5. 10-K · period ending 2022-10-31 · accession 0001342423-24-000035 (NetIncomeLoss)
  6. 10-K · period ending 2023-10-31 · accession 0001342423-25-000039 (NetIncomeLoss)
  7. 10-K · period ending 2021-10-31 · accession 0001342423-23-000037 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-10-31 · accession 0001342423-24-000035 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-10-31 · accession 0001342423-25-000039 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-10-31 · accession 0001342423-22-000038 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-10-31 · accession 0001342423-23-000037 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2023-10-31 · accession 0001342423-24-000035 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2024-10-31 · accession 0001342423-25-000039 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2021-10-31 · accession 0001342423-24-000035 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2022-10-31 · accession 0001342423-25-000039 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)