A Business at a Glance
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Mission Produce, Inc. together with its consolidated subsidiaries (“Mission Produce” or the “Company,” “Registrant,” or “Issuer,” and generally referred to as “we” or “us”), is a global leader in the avocado industry. The Company’s expertise lies in the farming, packaging, marketing and distribution of avocados to food retailers, distributors and produce wholesalers worldwide. The Company procures avocados principally from California, Mexico and Peru. Through our various operating facilities, we grow, sort, pack, bag and ripen avocados and a small amount of other fruits for distribution to domestic and international markets.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.3B | 1.4B | 1.2B | 954M | 1.0B | 892M |
| Net Income | 33M | 38M | 37M | -2.8M | -35M | 45M |
| EPS | $0.47 | $0.53 | $0.52 | $-0.04 | $-0.49 | $0.63 |
| Free Cash Flow | 38M | 37M | 61M | -21M | -26M | -26M |
| ROIC | 6.2% | 7.2% | 7.3% | 1.1% | -5.4% | 7.2% |
| Gross Margin | 12.0% | 11.6% | 12.4% | 8.7% | 8.6% | 14.0% |
| Debt/Equity | 0.17 | 0.30 | 0.35 | 0.46 | 0.42 | 0.39 |
| Dividends/Share | $0.00 | - | - | - | $0.21 | $0.21 |
| Operating Income | 58M | 65M | 66M | 6.9M | -37M | 61M |
| Operating Margin | 4.4% | 4.7% | 5.3% | 0.7% | -3.6% | 6.8% |
| ROE | 5.6% | 6.6% | 6.7% | -0.6% | -6.9% | 8.4% |
| Shares Outstanding | 71M | 71M | 71M | 70M | 71M | 71M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 883M | 862M | 892M | 1.0B | 954M | 1.2B | 1.4B | 1.3B |
| Gross Margin | 17.5% | 14.4% | 14.0% | 8.6% | 8.7% | 12.4% | 11.6% | 12.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 48M | 56M | 64M | 78M | 76M | 87M | 96M | 102M |
| EBIT | 107M | 68M | 61M | -37M | 6.9M | 66M | 65M | 58M |
| Op. Margin | 12.1% | 7.9% | 6.8% | -3.6% | 0.7% | 5.3% | 4.7% | 4.4% |
| Net Income | 72M | 29M | 45M | -35M | -2.8M | 37M | 38M | 33M |
| Net Margin | 8.1% | 3.3% | 5.0% | -3.3% | -0.3% | 3.0% | 2.7% | 2.5% |
| Non-Recurring | 0 | 0 | 0 | 50M | 1.3M | 1.3M | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | 26.0% | 11.1% | 7.2% | -5.4% | 1.1% | 7.3% | 7.2% | 6.2% |
| ROE | 20.7% | 6.1% | 8.4% | -6.9% | -0.6% | 6.7% | 6.6% | 5.6% |
| ROA | N/A | 3.7% | 5.1% | -3.9% | -0.3% | 3.8% | 3.9% | 3.3% |
| Cash Flow | ||||||||
| Op. Cash Flow | 93M | 79M | 47M | 35M | 29M | 93M | 89M | 87M |
| Free Cash Flow | 63M | 12M | -26M | -26M | -21M | 61M | 37M | 38M |
| Owner Earnings | 76M | 56M | 24M | 6.8M | -8.1M | 49M | 45M | 43M |
| CapEx | 30M | 67M | 73M | 61M | 50M | 32M | 51M | 49M |
| Maint. CapEx | 17M | 18M | 20M | 25M | 33M | 38M | 35M | 35M |
| Growth CapEx | 13M | 49M | 53M | 36M | 17M | 0 | 17M | 13M |
| D&A | 17M | 18M | 20M | 25M | 33M | 38M | 35M | 35M |
| CapEx/OCF | N/A | 85.3% | 156.2% | 173.9% | 170.5% | 34.5% | 58.0% | 55.9% |
| Capital Allocation | ||||||||
| Dividends Paid | 5.6M | 13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | 1.6% | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 900K | 1.9M | 0 | 0 | 600K | 0 | 6.1M | 5.8M |
| Buyback Yield | 0.0% | 0.2% | N/A | N/A | 0.1% | N/A | 0.7% | 0.6% |
| Stock-Based Comp | 0 | 5.0M | 2.6M | 3.6M | 4.5M | 7.1M | 8.8M | 8.2M |
| Debt Repayment | 14M | 6.3M | 11M | 63M | 3.5M | 3.4M | 3.0M | 3.0M |
| Balance Sheet | ||||||||
| Net Debt | -50M | -67M | 41M | 106M | 147M | 75M | 45M | 11M |
| Cash & Equiv. | 64M | 124M | 85M | 53M | 43M | 58M | 65M | 90M |
| Long-Term Debt | 14M | 167M | 155M | 137M | 149M | 111M | 93M | 97M |
| Debt/Equity | 0.04 | 0.38 | 0.39 | 0.42 | 0.46 | 0.35 | 0.30 | 0.17 |
| Interest Coverage | 10.3 | 10.2 | 16.5 | -6.8 | 0.6 | 5.2 | 6.9 | 6.6 |
| Equity | 379M | 474M | 534M | 502M | 504M | 547M | 587M | 587M |
| Total Assets | -200K | 777M | 874M | 880M | 915M | 972M | 983M | 998M |
| Total Liabilities | 5.2M | 304M | 339M | 357M | 387M | 394M | 363M | 378M |
| Intangibles | N/A | N/A | 0 | 2.0M | 500K | N/A | N/A | N/A |
| Retained Earnings | N/A | 251M | 309M | 274M | 271M | 308M | 339M | 339M |
| Working Capital | N/A | 170M | 158M | 126M | 123M | 130M | 128M | 127M |
| Current Assets | N/A | 248M | 247M | 228M | 220M | 279M | 262M | 274M |
| Current Liabilities | 3.1M | 78M | 89M | 102M | 98M | 149M | 135M | 147M |
| Per Share Data | ||||||||
| EPS | 1.13 | 0.45 | 0.63 | -0.49 | -0.04 | 0.52 | 0.53 | 0.47 |
| Owner EPS | 1.20 | 0.87 | 0.34 | 0.10 | -0.12 | 0.69 | 0.64 | 0.61 |
| Book Value | 5.97 | 7.40 | 7.50 | 7.11 | 7.19 | 7.75 | 8.26 | 8.28 |
| Cash Flow/Share | 1.46 | 1.23 | 0.66 | 0.50 | 0.42 | 1.32 | 1.25 | 0.96 |
| Dividends/Share | 0.09 | 0.20 | 0.21 | 0.21 | N/A | N/A | N/A | 0.00 |
| Shares Out. | 63.5M | 64.0M | 71.3M | 70.6M | 70.0M | 70.6M | 71.1M | 70.8M |
| Valuation | ||||||||
| P/E Ratio | N/A | 29.4 | 29.6 | N/A | N/A | 23.0 | 22.0 | 31.3 |
| P/FCF | N/A | 73.0 | N/A | N/A | N/A | 13.8 | 22.3 | 27.2 |
| EV/EBIT | N/A | 13.1 | 23.1 | N/A | 110.7 | 13.7 | 13.3 | 18.1 |
| Price/Book | N/A | 1.8 | 2.5 | 2.3 | 1.3 | 1.5 | 1.4 | 1.8 |
| Price/Sales | N/A | 1.0 | 1.5 | 1.0 | 0.9 | 0.6 | 0.6 | 0.8 |
| FCF Yield | N/A | 1.4% | -2.0% | -2.2% | -3.2% | 7.3% | 4.5% | 3.7% |
| Market Cap | 0 | 847M | 1.3B | 1.2B | 652M | 843M | 829M | 1.0B |
| Avg. Price | 0.00 | 12.90 | 18.62 | 14.90 | 11.91 | 10.85 | 11.92 | 14.72 |
| Year-End Price | 0.00 | 13.23 | 18.65 | 16.52 | 9.31 | 11.95 | 11.66 | 14.72 |
Mission Produce, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
Mission Produce, Inc. trades at 27.8x trailing earnings, compared to its 15-year median P/E of 26.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 27.9x vs a median of 22.3x. The company's 5-year average ROIC is 3.5% with a gross margin of 11.0%. Total shareholder yield (buybacks) is 0.6%. At current prices, the estimated annualized return to fair value is +69.7%.
Mission Produce, Inc. (AVO) has a current P/E ratio of 27.8, compared to its historical median P/E of 26.2. The stock is currently considered Fair based on its historical valuation range.
Mission Produce, Inc. (AVO) has a 5-year average return on invested capital (ROIC) of 3.5%. This is below average and may indicate limited pricing power.
Mission Produce, Inc. (AVO) has a market capitalization of $1.0B. It is classified as a small-cap stock.
Mission Produce, Inc. (AVO) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.56%.
Based on historical P/E analysis, Mission Produce, Inc. (AVO) appears fair. The current P/E of 27.8 is 6% above its historical median of 26.2. The estimated fair value CAGR (P/E method) is -6.6%.
Mission Produce, Inc. (AVO) operates in the Agricultural Services industry, within the Consumer Defensive sector.
Mission Produce, Inc. (AVO) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Mission Produce, Inc. (AVO) has a net profit margin of 2.7%. This is a modest margin.
Mission Produce, Inc. (AVO) generated $37 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Mission Produce, Inc. (AVO) has a debt-to-equity ratio of 0.30. This indicates a conservatively financed balance sheet.
Mission Produce, Inc. (AVO) reported earnings per share (EPS) of $0.53 in its most recent fiscal year.
Mission Produce, Inc. (AVO) has a return on equity (ROE) of 6.6%. This indicates moderate shareholder returns.
Mission Produce, Inc. (AVO) has a 5-year average gross margin of 11.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 7 years of financial data for Mission Produce, Inc. (AVO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Mission Produce, Inc. (AVO) has a book value per share of $8.26, based on its most recent annual SEC filing.