ABSTRACT Shrimp fisheries in the Gulf of California underpin a major socio‐economic sector in Mexico, yet their assessment and management are constrained by variable population dynamics and limited species‐ and region‐specific information. For the brown shrimp ( Farfantepenaeus californiensis ), quantitative evaluations of exploitation status are scarce and outdated, with recent assessments relying on equilibrium surplus production models poorly suited to short‐lived species. This lack of updated, process‐based assessments hinders effective management and obscures risks to population replacement. This study provides an updated, data‐limited evaluation of exploitation status in the north‐western Gulf of California (2010–2021). Monthly catch and fishing‐effort data from small‐scale and industrial fleets were analysed using a depletion‐based cohort approach. Annual and monthly catchability coefficients were estimated with the Leslie–DeLury model, enabling derivation of intra‐annual biomass dynamics, harvest rates, recruitment and survival parameters. These estimates defined biologically meaningful reference points, including a population‐replacement limit reference point and supported Kobe diagram diagnostics. Results show exploitation has generally remained below maximum sustainable yield (MSY)‐based thresholds, with no persistent overfishing. However, biomass has remained close to the minimum recruitment threshold, indicating a narrow biological safety margin, especially during weak recruitment. By incorporating cohort dynamics, intra‐annual variability and replacement‐based reference points, this study advances assessment of short‐lived, data‐limited fisheries and provides a precautionary, transferable framework for adaptive management under environmental uncertainty.