# Cal-Maine Foods (CALM.US)

Canonical: https://gigainvestors.com/s/CALM

Analysis as of: 2026-10-16T07:27:13.385Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $63.59 per share; close as of 2026-10-15.

Estimated value: low $77.59 per share, central $85.71 per share, high $96.52 per share. Buy at or below the central value $85.71 per share. Valuation as of 2026-10-16T07:27:13.385Z; scenarios are not confidence intervals.

Expected annual return: 13.6% at the stated quote. About 13.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 1

- Operating margin variation: 1.44×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.12×

- FY2018: 0.07×

- FY2019: 0.03×

- FY2020: 0.00×

- FY2021: -0.02×

- FY2022: 0.08×

- FY2023: 0.31×

- FY2024: 0.13×

- FY2025: 0.36×

- FY2026: 0.12×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.7%

- ROIC, second-lowest year: -2.6%

- Typical minus recent gross margin: -2.1 pp

- Typical gross margin (annual median): 21.0%

- Recent gross margin (lower of latest and 3-year median): 23.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 15.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -15.8%

- FY2018: 17.3%

- FY2019: 5.6%

- FY2020: 0.2%

- FY2021: -2.6%

- FY2022: 12.9%

- FY2023: 79.7%

- FY2024: 25.5%

- FY2025: >100%

- FY2026: 16.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.6B

- Net income, five-year total: $2.7B

- Return on incremental invested capital: -6.2%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -1.8 pp

- Working capital / revenue, final three-year average: 14.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.76×

- FY2025: 1.00×

- FY2026: 0.92×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.6% vs 25.5%

- Per-share earnings: 2.60 to 6.63 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: $1.8B

- Cumulative retained earnings: $1.9B

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 12.4%

- Per-share value change: $4.03

- Per-share value, starting three-year median: $2.60

- Per-share value, ending three-year median: $6.63

- Buybacks concentrated in cheaper years (correlation): 0.39

- Average buyback yield: 0.5%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $147M

- Cumulative net income, 10 years: $2.8B

- ROIC, first three-year median: 5.6%

- ROIC, last three-year median: 25.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$1.54

- FY2018: $2.60

- FY2019: $1.12

- FY2020: $0.38

- FY2021: $0.04

- FY2022: $2.72

- FY2023: $15.52

- FY2024: $5.69

- FY2025: $24.95

- FY2026: $6.63

### accounting: pass

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 1.42×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 1.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.4%

- FY2018: -6.5%

- FY2019: -5.3%

- FY2020: -4.5%

- FY2021: -1.9%

- FY2022: 0.4%

- FY2023: -5.3%

- FY2024: -7.9%

- FY2025: -0.3%

- FY2026: -5.4%

## Holders

- [Bill Miller](https://gigainvestors.com/LMM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 45% since Aug 2025 · "Cal-Maine Foods slides after lower egg prices impact FQ1 results" (seekingalpha.com, Sep 2026) · sales -31.7%

Story as of 2026-10-16T09:58:27.341Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.1% a year for ten years

- 2025-07-23: Higher Egg Prices Lift Results for Cal-Maine Foods; Shares Hit a Record ([finance.yahoo.com](https://finance.yahoo.com/news/higher-egg-prices-lift-results-142650099.html))

- 2025-10-01: Cal-Maine Foods stock dips on first-quarter profit miss ([finance.yahoo.com](https://finance.yahoo.com/news/cal-maine-foods-stock-dips-104230049.html))

- 2025-12-30: Cal-Maine shares pressured by egg oversupply, deteriorating fundamentals -- Stephens ([seekingalpha.com](https://seekingalpha.com/news/4535945-cal-maine-shares-pressured-by-egg-oversupply-deteriorating-fundamentals---stephens?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-07: Cal-Maine Foods Fiscal Second-Quarter Results Decline Amid Lower Egg Prices ([finance.yahoo.com](https://finance.yahoo.com/news/cal-maine-foods-fiscal-second-135649825.html))

- 2026-07-23: Does Cal-Maine’s Egg Price-Driven Earnings Slide Reshape The Bull Case For Cal-Maine Foods (CALM)? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/does-cal-maine-egg-price-121253792.html))

- 2026-09-30: Cal-Maine Foods slides after lower egg prices impact FQ1 results ([seekingalpha.com](https://seekingalpha.com/news/4648410-cal-maine-foods-slides-after-lower-egg-prices-impact-fq1-results?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales -31.7%; source https://www.sec.gov/Archives/edgar/data/16160/000156276226000080/calm2026053010K.htm; observed 2026-07-22.

- FY2017: $1.1B 

- FY2018: $1.5B 

- FY2019: $1.4B 

- FY2020: $1.4B 

- FY2021: $1.3B 

- FY2022: $1.8B 

- FY2023: $3.1B 

- FY2024: $2.3B 

- FY2025: $4.3B 

- FY2026: $2.9B 

### Gross margin · FY2026

gross margin 23.1%; source https://www.sec.gov/Archives/edgar/data/16160/000156276226000080/calm2026053010K.htm; observed 2026-07-22.

- FY2017: 4.2% 

- FY2018: 24.0% 

- FY2019: 16.4% 

- FY2020: 13.3% 

- FY2021: 11.9% 

- FY2022: 19.0% 

- FY2023: 38.0% 

- FY2024: 23.3% 

- FY2025: 43.4% 

- FY2026: 23.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in farm products; annual sales are USD 2.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/16160/000156276226000080/calm2026053010K.htm (filed 2026-07-22); FY2026: revenue 2911632000; grossProfit 672049000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CALM.US: Cal-Maine Foods, Inc., together with its subsidiaries, engages in the production, grading, packaging, marketing, and distribution of shell eggs, egg products, and prepared foods in the United Sates. It operates through Conventional Shell Eggs, Specialty Shell Eggs, and Prepared Foods segments. The company offers specialty shell eggs, including cage-free, organic, brown, free-range, and pasture-raised and nutritionally enhanced eggs, as well as conventional and co-pack shell eggs. It also provides prepared food products, such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard-cooked eggs, pancakes, waffles, and specialty wraps. The company offers its products under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, Sunups, 4Grain, Van's, MeadowCreek Foods, and Crepini brand names. It sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, foodservice distributors, and egg product consumers. Cal-Maine Foods, Inc. was founded in 1957 and is headquartered in Ridgeland, Mississippi.

### Why customers stay

Margins ranged from 23.1% to 43.4% during 2024–26; it earns 14.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-22); FY2024: grossProfit / revenue = 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-22); FY2025: grossProfit / revenue = 43.4%.

- Source: https://www.sec.gov/Archives/edgar/data/16160/000156276226000080/calm2026053010K.htm (filed 2026-07-22); FY2026: grossProfit / revenue = 23.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-22); 10-year return on capital observations [[2017,-0.1576169769285957],[2018,0.17317977806676213],[2019,0.05585428557427518],[2020,0.0015558522381918813],[2021,-0.025611585386928423],[2022,0.12902767113082397],[2023,0.7970757095135457],[2024,0.25457763581992277],[2025,1.0418222452698418],[2026,0.16461144725278556]]; median 0.14681955919180478. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 131.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-22); FY2018: growth capex 0; upkeep 19671000; owner earnings 160287000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-22); FY2019: growth capex 0; upkeep 67989000; owner earnings 40890000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-22); FY2022: growth capex 4004000; upkeep 68395000; owner earnings 132650000. Growth capex / owner earnings = 0.030184696569920844.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-22); FY2023: growth capex 64335000; upkeep 72234000; owner earnings 758024000. Growth capex / owner earnings = 0.08487198294513103.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-22); FY2024: growth capex 0; upkeep 147116000; owner earnings 211013000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-22); FY2025: growth capex 67234000; upkeep 94021000; owner earnings 1220048000. Growth capex / owner earnings = 0.05510766789503364.

- Source: https://www.sec.gov/Archives/edgar/data/16160/000156276226000080/calm2026053010K.htm (filed 2026-07-22); FY2026: growth capex 0; upkeep 151220000; owner earnings 289804000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-22); Dividend observations: [[2017,41713000],[2018,41713000],[2019,41713000],[2020,1652000],[2021,1652000],[2022,6117000],[2023,252292000],[2024,91856000],[2025,330290000],[2026,231622000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/16160/000156276226000080/calm2026053010K.htm (filed 2026-07-22); FY2026: cash repurchases 131124000 USD.

### Are managers owners

Insiders own 9.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CALM.US SharesStats.PercentInsiders = 9.925 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.1% yearly over ten years; actual decline was 0.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-22); Ten-year compound average after fade. Initial solved rate -0.07097858092203513. Price 63.59; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 6.53449808745994 → FY2026 6.065256064125908. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $38.65 per share

- 2016-11: $40.70 per share

- 2016-12: $44.18 per share

- 2017-01: $41.70 per share

- 2017-02: $37.95 per share

- 2017-03: $36.80 per share

- 2017-04: $37.75 per share

- 2017-05: $37.20 per share

- 2017-06: $39.60 per share

- 2017-07: $38.15 per share

- 2017-08: $36.45 per share

- 2017-09: $41.10 per share

- 2017-10: $45.00 per share

- 2017-11: $49.75 per share

- 2017-12: $44.45 per share

- 2018-01: $42.55 per share

- 2018-02: $42.60 per share

- 2018-03: $43.70 per share

- 2018-04: $48.70 per share

- 2018-05: $48.05 per share

- 2018-06: $45.85 per share

- 2018-07: $45.00 per share

- 2018-08: $49.45 per share

- 2018-09: $48.30 per share

- 2018-10: $48.67 per share

- 2018-11: $46.72 per share

- 2018-12: $42.30 per share

- 2019-01: $42.18 per share

- 2019-02: $44.10 per share

- 2019-03: $44.63 per share

- 2019-04: $41.11 per share

- 2019-05: $37.02 per share

- 2019-06: $41.72 per share

- 2019-07: $39.77 per share

- 2019-08: $40.54 per share

- 2019-09: $39.96 per share

- 2019-10: $39.89 per share

- 2019-11: $43.53 per share

- 2019-12: $42.75 per share

- 2020-01: $35.69 per share

- 2020-02: $34.89 per share

- 2020-03: $43.98 per share

- 2020-04: $41.51 per share

- 2020-05: $44.56 per share

- 2020-06: $44.48 per share

- 2020-07: $43.95 per share

- 2020-08: $38.59 per share

- 2020-09: $38.37 per share

- 2020-10: $38.35 per share

- 2020-11: $39.13 per share

- 2020-12: $37.54 per share

- 2021-01: $38.34 per share

- 2021-02: $38.10 per share

- 2021-03: $38.42 per share

- 2021-04: $37.36 per share

- 2021-05: $34.91 per share

- 2021-06: $36.21 per share

- 2021-07: $34.89 per share

- 2021-08: $36.16 per share

- 2021-09: $36.16 per share

- 2021-10: $36.06 per share

- 2021-11: $36.06 per share

- 2021-12: $36.99 per share

- 2022-01: $39.00 per share

- 2022-02: $44.27 per share

- 2022-03: $55.22 per share

- 2022-04: $53.73 per share

- 2022-05: $47.73 per share

- 2022-06: $49.41 per share

- 2022-07: $51.11 per share

- 2022-08: $53.61 per share

- 2022-09: $55.59 per share

- 2022-10: $56.51 per share

- 2022-11: $58.28 per share

- 2022-12: $54.45 per share

- 2023-01: $57.22 per share

- 2023-02: $56.80 per share

- 2023-03: $60.89 per share

- 2023-04: $47.50 per share

- 2023-05: $47.55 per share

- 2023-06: $45.00 per share

- 2023-07: $46.19 per share

- 2023-08: $47.79 per share

- 2023-09: $48.42 per share

- 2023-10: $45.31 per share

- 2023-11: $47.92 per share

- 2023-12: $57.39 per share

- 2024-01: $55.42 per share

- 2024-02: $57.49 per share

- 2024-03: $58.85 per share

- 2024-04: $55.33 per share

- 2024-05: $61.67 per share

- 2024-06: $61.11 per share

- 2024-07: $71.57 per share

- 2024-08: $72.04 per share

- 2024-09: $74.84 per share

- 2024-10: $87.78 per share

- 2024-11: $97.61 per share

- 2024-12: $102.92 per share

- 2025-01: $107.90 per share

- 2025-02: $90.39 per share

- 2025-03: $90.90 per share

- 2025-04: $93.37 per share

- 2025-05: $95.93 per share

- 2025-06: $99.63 per share

- 2025-07: $111.14 per share

- 2025-08: $115.64 per share

- 2025-09: $94.10 per share

- 2025-10: $87.80 per share

- 2025-11: $83.32 per share

- 2025-12: $79.57 per share

- 2026-01: $83.53 per share

- 2026-02: $87.11 per share

- 2026-03: $79.15 per share

- 2026-04: $77.26 per share

- 2026-05: $74.72 per share

- 2026-06: $80.56 per share

- 2026-07: $87.78 per share

- 2026-08: $78.92 per share

- 2026-09: $68.06 per share

- 2026-10: $63.59 per share

## Annual estimated value (USD per share)

- FY2017: low $21.19 per share, central $23.73 per share, high $27.10 per share

- FY2018: low $38.30 per share, central $42.72 per share, high $48.61 per share

- FY2019: low $35.00 per share, central $39.00 per share, high $44.32 per share

- FY2020: low $13.36 per share, central $14.62 per share, high $16.30 per share

- FY2022: low $15.98 per share, central $19.30 per share, high $22.05 per share

- FY2023: low $38.29 per share, central $49.57 per share, high $56.13 per share

- FY2024: low $59.77 per share, central $73.01 per share, high $82.73 per share

- FY2025: low $134.24 per share, central $180.30 per share, high $207.13 per share

- FY2026: low $84.42 per share, central $93.56 per share, high $105.72 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/16160/000156276226000080/calm2026053010K.htm); period 2026-05-30, filed 2026-07-22.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.