Limoneira Co
LMNR Consumer Defensive Farm Products
Limoneira Co’s revenue for fiscal 2025 (year ended October 2025) was $159.7 million, down 16.6% from fiscal 2024. In the quarter to July 2026, revenue fell 7.73%, EPS fell 183.3%, free cash flow grew 34.6% and total debt rose 60.2%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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Limoneira Co (LMNR) Beneish M-score
Limoneira Co's Beneish M-score for fiscal 2025 is 18.39; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 18.39 | 21.39 |
| FY2024 | −3.00 | (2.11) |
| FY2023 | −0.89 | 1.95 |
| FY2022 | −2.84 | 0.40 |
| FY2021 | −3.24 | (3.08) |
| FY2020 | −0.17 | 1.72 |
| FY2019 | −1.89 | 0.22 |
| FY2018 | −2.10 | 0.60 |
| FY2017 | −2.71 | (0.58) |
| FY2016 | −2.13 | 0.38 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.26 | — | 1.16 | |
| Gross margin index | 40.98 | — | 21.64 | |
| Asset quality index | 0.85 | — | 0.34 | |
| Sales growth index | 0.83 | — | 0.74 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 1.07 | — | −0.18 | |
| Total accruals to total assets | (0.03) | — | −0.16 | |
| Leverage index | 1.32 | — | −0.43 | |
| Beneish M-score | Flagged by the model | 18.39 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| VFF Village Farms International, Inc. compare | −3.1× |
| AFRI Forafric Global PLC compare | −2.9× |
| DOLE Dole PLC compare | −2.3× |
| LND Brasilagro Cia Brasileira De Propriedades Agricolas compare | −2.0× |
| VITL Vital Farms, Inc. compare | −1.3× |
| PFAI Pinnacle Food Group Limited compare | −1.1× |
| LMNR Limoneira Co | 18.4× |
| PME Pingtan Marine Enterprise Ltd. compare | — |
| ALCO Alico, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI