Limoneira Company (LMNR) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	-17.09	0.39	8.83	18.28	25.98	30.6	25.38	25.05	18.07	46.12	-12.42	-40.21	-14.96	-3.94	51.04
Return on Assets (%)	-2.03	0.21	1	1.9	2.56	3.06	2.74	2.8	2.05	5.31	-1.45	-4.16	-0.88	-0.06	2.81
Return on Capital (%)	- -	- -	2.41	3.3	5.15	7.42	6.15	6.75	5.41	- -	- -	- -	- -	-1.88	8.43
Return on Invested Capital (%)	- -	- -	1.12	2.02	2.08	3.66	1.39	- -	- -	- -	- -	- -	- -	0.98	-5.03
Gross Margin (%)	15.78	26.04	21.97	22.9	20.43	23.84	18.3	20.13	21.38	20.94	8.51	1.69	7.95	10.57	3.4
EBITDA Margin (%)	3.01	10.06	8.41	10.16	9.3	13.38	8.74	13	15.21	14.16	1.2	-5.11	2.16	4.06	-6.54
Operating Margin (%)	-3.73	5.75	4.2	6.92	6.47	9.98	4.57	8.22	9.88	8.54	-3.84	-11.25	-3.75	-1.25	-11.3
Incremental Operating Margin (%)	- -	22.75	51.26	17.63	4.92	26.03	182.32	40.12	29.36	-11.62	- -	- -	- -	- -	- -
Pretax Margin (%)	-14.31	-0.17	4.39	7.79	9.59	10.21	11.02	11.92	8.76	10.42	-3.83	-16.06	-2.51	0.19	7.43
Profit Margin (%)	-8.26	0.6	3.04	4.79	5.78	6.76	7.06	7.21	5.44	15.6	-3.47	-9.99	-2.07	-0.13	5.23
Net Income to Common Margin (%)	-9.01	0.11	2.55	4.39	5.47	6.31	6.43	6.65	4.97	15.22	-3.76	-10.29	-2.37	-0.4	4.95
Effective Tax Rate (%)	- -	- -	30.67	38.57	39.74	33.82	35.94	39.53	38.37	- -	- -	- -	- -	235.82	31.78
Dvd Payout Ratio (%)	-22.42	2,300	104.79	50.9	41.86	35.08	39.38	38.14	53.09	20.4	-97.1	-26.85	-109.25	-438.17	64.59
Sustainable Growth Rate (%)	-20.92	-8.48	-0.42	8.97	15.11	19.87	15.38	15.5	8.48	36.72	-24.47	-51	-31.3	-21.21	18.07

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	70	86	83	90	62	68	90	91	105	80	109	127	136	113	45
ST Debt	- -	1	1	1	1	1	1	3	3	3	3	4	3	4	3
LT Debt	69	85	82	89	62	68	89	88	102	77	106	123	133	109	43
Total Debt/EBITDA	66.59	15.74	18.78	13.4	7.87	4.94	10.23	6.24	5.7	4.37	53.19	-15.08	37.89	15.05	-3.87
Net Debt/EBITDA	66.01	15.69	18.77	13.4	7.86	4.93	10.22	6.24	5.67	4.34	52.83	-14.91	36.9	14	-3.18
Total Debt/EBIT	-53.59	27.52	37.57	19.67	11.31	6.62	19.57	9.87	8.77	7.25	-16.56	-6.85	-21.84	-49.11	-2.24
Net Debt/EBIT	-53.12	27.44	37.56	19.67	11.3	6.61	19.56	9.86	8.73	7.2	-16.45	-6.77	-21.27	-45.65	-1.84
EBITDA to Interest Expense	1.51	1.51	3.5	13.16	63.68	- -	59.24	10.31	10.38	13.85	0.88	-4.11	2.39	3.27	-23.8
EBITDA-CapEx/Interest Expense	-8.83	-0.01	-1.54	9.63	60.65	- -	36.34	-0.41	3.12	3.94	0.71	-9.28	-4.16	-1.12	-44.66
EBIT to Interest Expense	-1.88	0.86	1.75	8.97	44.3	- -	30.97	6.52	6.74	8.35	-2.81	-9.04	-4.15	-1	-41.16
Interest Expense	1	4	1	1	- -	- -	- -	1	2	1	2	2	2	2	- -
Common Equity/Total Assets	11.63	9.49	9.49	9.56	9.16	9.5	10.16	10.46	10.28	11.99	13.32	7.95	5.54	4.25	6.37
Long-Term Debt/Equity (%)	133.79	163.76	157.79	168.64	55.64	51.87	66.7	63.55	69.16	33.47	45.55	59.34	66.69	56.88	21.42
Long-Term Debt/Capital (%)	77.62	81.96	81.35	81.43	72.97	65.08	68.89	65.38	67.45	54.2	56.16	67.22	73.63	72.28	49.54
Long-Term Debt/Total Assets (%)	48.81	53.42	51.65	51.49	29.33	27.45	33.07	28.86	30.11	18.27	26.48	31.46	33.88	29.62	14.26
Total Debt/Equity (%)	134.69	164.96	159.21	170.08	56.15	52.31	67.14	65.36	71.21	34.83	46.9	61.39	68.24	58.84	22.68
Total Debt/Capital (%)	78.14	82.56	82.08	82.12	73.64	65.64	69.35	67.24	69.45	56.4	57.84	69.55	75.34	74.77	52.46
Total Debt/Total Assets (%)	49.14	53.82	52.11	51.93	29.6	27.69	33.29	29.68	31	19.01	27.27	32.55	34.66	30.64	15.1
Net Debt to Equity	133.52	164.47	159.17	170.06	56.08	52.24	67.11	65.33	70.88	34.57	46.58	60.68	66.44	54.7	18.64
Net Debt/Capital (%)	78	82.51	82.08	82.12	73.62	65.61	69.34	67.23	69.35	56.21	57.63	68.94	73.54	69.9	45
EBITDA	1	5	4	7	8	14	9	15	18	18	2	-8	4	7	-12
EBITDA-CapEx	-6	- -	-2	5	8	-12	5	-1	6	5	2	-19	-6	-3	-22
Operating Income (Loss)	-1	3	2	5	5	10	5	9	12	11	-7	-19	-6	-2	-20

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.12	0.04	- -	- -	0.01	- -	- -	- -	0.02	0.02	0.02	0.02	0.01	0.02	0.11
Current Ratio	1.47	1.17	0.95	0.81	0.93	0.7	0.7	0.78	0.98	1.15	1.11	1.35	1.19	0.96	0.91
Quick Ratio	1.13	0.78	0.61	0.43	0.44	0.4	0.38	0.51	0.51	0.66	0.66	0.93	0.77	0.53	0.71
CFO/Avg Current Liab	-0.16	1.22	0.91	0.71	0.43	0.9	0.38	0.66	0.78	0.73	0.05	-0.36	0.29	0.4	-0.44
Common Equity/Total Assets	11.63	9.49	9.49	9.56	9.16	9.5	10.16	10.46	10.28	11.99	13.32	7.95	5.54	4.25	6.37
Long-Term Debt/Equity (%)	133.79	163.76	157.79	168.64	55.64	51.87	66.7	63.55	69.16	33.47	45.55	59.34	66.69	56.88	21.42
Long-Term Debt/Capital (%)	77.62	81.96	81.35	81.43	72.97	65.08	68.89	65.38	67.45	54.2	56.16	67.22	73.63	72.28	49.54
Long-Term Debt/Total Assets (%)	48.81	53.42	51.65	51.49	29.33	27.45	33.07	28.86	30.11	18.27	26.48	31.46	33.88	29.62	14.26
Total Debt/Equity (%)	134.69	164.96	159.21	170.08	56.15	52.31	67.14	65.36	71.21	34.83	46.9	61.39	68.24	58.84	22.68
Total Debt/Capital (%)	78.14	82.56	82.08	82.12	73.64	65.64	69.35	67.24	69.45	56.4	57.84	69.55	75.34	74.77	52.46
Total Debt/Total Assets (%)	49.14	53.82	52.11	51.93	29.6	27.69	33.29	29.68	31	19.01	27.27	32.55	34.66	30.64	15.1
CFO/Total Liabilities	-1.11	6.56	5.61	5.44	5.71	13.85	5.67	8.58	9.65	9.61	0.82	-6.18	4.98	8.39	-15.76
CFO/CapEx	-0.14	1.28	0.94	3.63	15.12	0.62	2.27	0.95	1.43	1.4	3.44	-1.07	0.98	1.47	-1.54
Altman's Z-Score	1.45	1.81	1.62	1.85	2.87	2.48	1.58	1.53	1.65	1.97	1.81	1.23	1.38	1.25	2

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	10.59	15.24	18.1	19.76	15.91	15.15	13.69	13.37	11.98	10.32	11.73	10.49	9.84	11.14	11.95
Days Sales Outstanding	34.47	23.95	20.16	18.47	22.94	24.09	26.66	27.29	30.47	35.36	31.12	34.8	37.09	32.76	30.54
Inventory Turnover	29.28	93.58	88.47	31.92	59.93	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	12.46	3.9	4.13	11.43	6.09	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	14.6	21.24	17.9	12.39	9.93	7.8	6.29	6.24	6.22	6.25	8.29	9.07	8.82	8.11	8.49
Accounts Payable Turnover Days	25	17.19	20.39	29.45	36.74	46.82	58.04	58.49	58.7	58.41	44	40.25	41.37	45.03	42.98
Cash Conversion Cycle	21.94	10.67	3.89	0.45	-7.71	-22.73	-31.38	-31.2	-28.24	-23.06	-12.88	-5.46	-4.28	-12.28	-12.43
Inventory to Cash Days	22.01	20.05	16.04	7.04	16.85	24.09	26.66	27.29	30.47	35.36	31.12	34.8	37.09	32.76	30.54
Inventories	1	- -	1	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	1	- -	1	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	158	226	197	253	373	352	233	260	327	442	340	247	288	206	258
- Cash & Cash Equivalents	1	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	- -	1	4
+ Preferred Equity and Hybrid Capital	3	3	3	3	3	12	12	12	11	11	11	11	11	11	11
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	1	1	15	14	12	12	11
+ Total Debt	70	86	83	90	62	68	90	91	105	80	109	127	136	113	45
Enterprise Value	230	315	283	345	438	433	335	363	443	532	475	398	447	341	321
Total Capital	89	104	101	109	84	104	129	135	151	142	189	182	180	151	87
Total Debt/Capital (%)	78.14	82.56	82.08	82.12	73.64	65.64	69.35	67.24	69.45	56.4	57.84	69.55	75.34	74.77	52.46
Total Debt / EV	0.3	0.27	0.29	0.26	0.14	0.16	0.27	0.25	0.24	0.15	0.23	0.32	0.3	0.33	0.14
EV/Sales	6.6	5.8	5.39	5.24	5.16	4.18	3.34	3.25	3.65	4.11	2.77	2.42	2.69	1.85	1.79
EV/EBITDA	219.48	57.66	64.07	51.61	55.44	31.24	38.18	24.99	24	29.06	231.47	- -	124.51	45.43	- -
EV/EBIT	- -	100.8	128.16	75.75	79.69	41.88	73.03	39.51	36.96	48.21	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	39.85	41.13	50.49	76.21	26.88	42.97	23.95	22.62	26.12	143.15	- -	40.58	29.07	- -
EV/Free Cash Flow to Firm	35.19	23.49	21.37	39.98	71.54	10.31	29.94	12	13.64	15.9	127.84	591.61	21.43	15.64	- -
Diluted Market Cap	157	227	197	252	340	351	233	260	325	406	336	248	286	204	253
Diluted Enterprise Value	230	315	283	345	405	432	334	363	441	496	471	398	445	339	317
EV per Share	20.4	28.12	25.23	30.81	31.23	30.72	23.68	25.61	30.74	30.17	26.72	22.58	25.26	19.26	17.92
TTM Sales	35	54	52	66	85	103	100	112	121	129	171	165	166	185	180
TTM EBITDA	1	5	4	7	8	14	9	15	18	18	2	-8	4	7	-12
TTM Operating Income	-1	3	2	5	5	10	5	9	12	11	-7	-19	-6	-2	-20
TTM Cash Flow to Firm	-1	8	7	7	6	16	8	15	20	20	3	-10	11	12	-16
TTM Free Cash Flow to Firm	7	13	13	9	6	42	11	30	32	33	4	1	21	22	-5

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	3,712.16	147.36	87.43	73.15	53.8	36.07	34.99	53.82	19.8	- -	- -	- -	- -	28.41
Price/Earnings Average	-49.02	3,108	178.26	67.16	57.7	49.85	46.83	31.11	48.53	19.3	-57.45	-16.49	-74.88	-325.3	29.58
Price/Earnings High	-59.81	4,518.92	241.54	86.5	73.45	57.61	56.09	37.24	56.03	25.71	-68.75	-21.97	-86.31	-386.14	34.6
Price/Earnings Low	-41.19	2,297.13	117.42	54.96	48.69	44.14	34.73	21.93	39.49	15.54	-48.97	-11.99	-60.21	-253.07	24.15
Price/Book Value	9.56	14.92	13.04	15.29	19.37	15.01	8.51	8.14	9.38	8.74	6.38	7.96	13.27	13.15	13.42
Price/Book Value Average	9.34	12.49	15.78	11.75	15.28	13.91	11.05	7.24	8.46	8.52	7.02	8.99	13.68	15.44	13.98
Price/Book Value High	11.4	18.16	21.38	15.13	19.45	16.07	13.23	8.67	9.77	11.35	8.4	11.97	15.77	18.33	16.35
Price/Book Value Low	7.85	9.23	10.39	9.62	12.9	12.31	8.19	5.1	6.88	6.86	5.98	6.53	11	12.01	11.41
Price/Tangible Book Value	3.23	4.61	4.26	5.24	3.55	3.04	1.96	2.1	2.46	2.09	1.64	1.35	1.62	1.2	1.42
Price/Tangible Book Value Average	3.16	3.86	5.15	4.03	2.8	2.82	2.55	1.87	2.22	2.04	1.8	1.52	1.67	1.41	1.48
Price/Tangible Book Value High	3.86	5.61	6.98	5.19	3.57	3.26	3.05	2.23	2.56	2.71	2.16	2.03	1.92	1.67	1.73
Price/Tangible Book Value Low	2.66	2.85	3.39	3.3	2.36	2.5	1.89	1.32	1.8	1.64	1.54	1.11	1.34	1.09	1.21
Price/Sales	4.52	4.17	3.75	3.84	4	3.4	2.32	2.33	2.68	3.01	1.96	1.5	1.72	1.11	1.41
Price/Sales Average	4.42	3.49	4.54	2.95	3.16	3.15	3.01	2.07	2.41	2.94	2.16	1.7	1.78	1.3	1.46
Price/Sales High	5.39	5.08	6.15	3.79	4.02	3.64	3.6	2.48	2.79	3.91	2.58	2.26	2.05	1.54	1.71
Price/Sales Low	3.71	2.58	2.99	2.41	2.66	2.79	2.23	1.46	1.96	2.36	1.84	1.23	1.43	1.01	1.19
Price/Cash Flow	-157.07	32.11	32.81	38.7	59.92	21.84	30.22	18.18	17.57	21.19	246.51	-21.87	29.81	13.77	-15.93
Price/Cash Flow Average	-153.56	26.88	39.69	29.73	47.26	20.23	39.24	16.16	15.85	20.66	271.21	-24.68	30.73	16.17	-16.59
Price/Cash Flow High	-187.37	39.08	53.78	38.29	60.17	23.38	46.99	19.34	18.29	27.52	324.55	-32.87	35.42	19.19	-19.4
Price/Cash Flow Low	-129.02	19.87	26.14	24.33	39.89	17.91	29.1	11.39	12.9	16.63	231.18	-17.94	24.71	12.58	-13.54
Price/Free Cash Flow	25.56	18.04	15.93	30.35	56.2	8.37	20.98	8.84	10.35	12.87	190.97	-344.71	14.73	8.2	-45.42
Price/Free Cash Flow Average	24.99	15.1	19.28	23.31	44.33	7.76	27.24	7.86	9.33	12.55	210.1	-388.95	15.19	9.63	-47.3
Price/Free Cash Flow High	30.49	21.96	26.12	30.02	56.43	8.97	32.62	9.41	10.77	16.71	251.43	-518.17	17.5	11.43	-55.32
Price/Free Cash Flow Low	21	11.16	12.7	19.08	37.41	6.87	20.2	5.54	7.59	10.1	179.09	-282.71	12.21	7.49	-38.62
EV/Sales	6.6	5.8	5.39	5.24	5.16	4.18	3.34	3.25	3.65	4.11	2.77	2.42	2.69	1.85	1.79
EV/Sales Average	6.49	5.12	6.17	4.35	4.23	3.93	4.03	2.99	3.39	4.03	2.97	2.61	2.74	2.04	1.85
EV/Sales High	7.47	6.7	7.78	5.2	5.18	4.42	4.62	3.4	3.76	5.13	3.4	3.17	3.02	2.29	2.1
EV/Sales Low	5.79	4.21	4.62	3.82	3.69	3.57	3.25	2.38	2.93	3.38	2.65	2.15	2.39	1.75	1.57
EV/EBITDA	219.48	57.66	64.07	51.61	55.44	31.24	38.18	24.99	24	29.06	231.47	- -	124.51	45.43	- -
EV/EBITDA Average	216.11	50.92	73.42	42.86	45.47	29.38	46.1	23	22.26	28.46	248.08	-51.04	127	50.21	-28.25
EV/EBITDA High	248.52	66.66	92.58	51.21	55.63	33.04	52.92	26.14	24.73	36.26	283.96	-62.04	139.64	56.25	-32.12
EV/EBITDA Low	192.59	41.87	55	37.59	39.66	26.68	37.2	18.3	19.29	23.88	221.16	-42	110.76	43.04	-24.06
EV/EBIT	- -	100.8	128.16	75.75	79.69	41.88	73.03	39.51	36.96	48.21	- -	- -	- -	- -	- -
EV/EBIT Average	-173.92	89.02	146.88	62.91	65.36	39.38	88.19	36.37	34.28	47.2	-77.25	-23.19	-73.21	-163.79	-16.33
EV/EBIT High	-200	116.54	185.2	75.16	79.97	44.29	101.22	41.33	38.08	60.14	-88.43	-28.19	-80.5	-183.48	-18.57
EV/EBIT Low	-154.99	73.2	110.03	55.17	57.01	35.76	71.15	28.94	29.7	39.61	-68.87	-19.08	-63.85	-140.41	-13.91
Last Price	14	20.2	17.57	22.54	26.59	25	16.47	18.35	22.69	25.02	19.14	14.01	16.31	11.66	14.36
High Price	16.7	24.59	28.8	22.3	26.7	26.77	25.61	19.53	23.62	32.49	25.2	21.06	19.38	16.25	17.49
Low Price	11.5	12.5	14	14.17	17.7	20.51	15.86	11.5	16.65	19.64	17.95	11.49	13.52	10.65	12.21
Enterprise Value	230	315	283	345	438	433	335	363	443	532	475	398	447	341	321
Enterprise Value Average	226	278	324	287	359	407	404	334	411	521	509	429	456	377	332
Enterprise Value High	260	364	409	342	439	457	464	380	456	664	582	522	501	422	378
Enterprise Value Low	202	229	243	251	313	369	326	266	356	437	453	353	397	323	283

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	11	11	11	11	14	14	14	14	14	18	18	18	18	18	18
Diluted Weighted Avg Shares	11	11	11	11	13	14	14	14	14	16	18	18	18	18	18
Basic Weighted Avg Shares	11	11	11	11	13	14	14	14	14	16	18	18	18	18	18
Revenue per Share	3.1	4.84	4.68	5.88	6.64	7.36	7.1	7.89	8.47	8.3	9.75	9.32	9.46	10.54	10.22
EBITDA per Share	0.09	0.49	0.39	0.6	0.62	0.98	0.62	1.03	1.29	1.18	0.12	-0.48	0.2	0.43	-0.67
Operating Income per Share	-0.12	0.28	0.2	0.41	0.43	0.73	0.32	0.65	0.84	0.71	-0.37	-1.05	-0.35	-0.13	-1.16
Basic EPS, GAAP	-0.28	0.01	0.12	0.26	0.36	0.46	0.46	0.52	0.42	1.26	-0.37	-0.96	-0.22	-0.04	0.51
Basic EPS from Cont Ops	-0.25	0.03	0.14	0.28	0.38	0.5	0.5	0.57	0.46	1.3	-0.31	-1.02	-0.22	-0.03	0.52
Diluted EPS, GAAP	-0.28	0.01	0.12	0.26	0.36	0.46	0.46	0.52	0.42	1.21	-0.37	-0.96	-0.22	-0.04	0.51
Diluted EPS from Cont Ops	-0.25	0.03	0.14	0.28	0.38	0.5	0.5	0.57	0.46	1.25	-0.31	-1.02	-0.22	-0.03	0.52
Dividend per Share	0.09	0.15	0.15	0.15	0.17	0.2	0.22	0.24	0.26	0.29	0.33	0.33	0.33	0.33	0.33
Cash Flow per Share	-0.09	0.63	0.54	0.58	0.44	1.14	0.55	1.01	1.29	1.18	0.08	-0.64	0.55	0.85	-0.9
Free Cash Flow per Basic Share	-0.73	0.14	-0.03	0.42	0.41	-0.7	0.3	-0.06	0.39	0.34	0.06	-1.24	-0.01	0.27	-1.49
Cash & Equivalents per Share	0.05	0.02	- -	- -	0.01	0.01	- -	- -	0.03	0.03	0.03	0.03	0.02	0.05	0.2
Book Value per Share	1.46	1.35	1.35	1.47	1.37	1.67	1.94	2.25	2.42	2.86	3	1.76	1.23	0.89	1.07
Tangible Book Value per Share	4.33	4.39	4.13	4.3	7.49	8.21	8.39	8.74	9.23	11.98	11.68	10.39	10.1	9.74	10.12

Limoneira Company

LMNR US

19.52

19.52