Cal-Maine Foods

CALM · Nasdaq · Consumer Staples · Financials, fiscal 2017 to 2026

CALM · Last close · October 26, 2026

$62.32

Cal-Maine Foods' revenue fell 31.7% to $2.9 billion in fiscal 2026. Its operating margin was 12.0%, down from 36.0% a year earlier. Free cash flow was $329 million, down 69.1%. It paid out $232 million in dividends and buybacks, 70% of free cash flow. The diluted share count fell 2.3%.

CAL-MAINE FOODS, INC. Latest fiscal year ended May 30, 2026 10-K filed July 22, 2026 · 0001562762-26-000080 Updated October 20, 2026

Revenue

$2.9B

31.7%

Operating margin

12.0%

24.0 pts

Net income

$317M

74.0%

Free cash flow

$329M

69.1%

Return on equity

12.2%

43.8 pts

Market cap

$2.9B

Oct 26 close

P/E

51.1x

On $1.22 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Interest coverage for fiscal 2026 is blank: the 10-K's structured data has no interest expense for that year.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2018 to 2026, earnings per share grew 12.4% a year and net income 12.2% a year, as the share count fell by 1%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Cal-Maine Foods yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Cal-Maine Foods' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Cal-Maine Foods' net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at May 30, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Cal-Maine Foods's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 10% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $62.32
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Cal-Maine Foods' earnings per share of $1.22 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 27.3×, the middle of Cal-Maine Foods' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 29, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Del Monte, Marzetti, Flowers Foods, J&J Snack Foods.

Earnings growth in the years ahead (% a year) Starts at Cal-Maine Foods' revenue growth over the last 3 years, -2.6% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $62.32
Value at this multiple, against the last close: —
Cal-Maine Foods' P/E at the last close: 51.1×

Company	Last close	Earnings per share	P/E today
Cal-Maine FoodsCALM	$62.32	$1.22	51.1×
Del MonteDMC	$29.10	$0.70	41.6×
J&J Snack FoodsJJSF	$83.02	$2.61	31.8×
Flowers FoodsFLO	$6.14	$0.27	22.7×
MarzettiMZTI	$109.03	$6.98	15.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	174	648	812	1,392	924
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	356.2x	1,659.9x	569.1x	2,510.7x	—
Current ratio	3.6x	6.2x	5.5x	6.4x	7.7x
Quick ratio	2.2x	4.6x	4.3x	5.4x	5.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

No officer, director or 10% owner of Cal-Maine Foods reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Fail
F-score	—	—	—
Accruals ratio	−8.4%	−0.2%	−5.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Cal-Maine Foods side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Cal-Maine Foods	FY26	−31.7%	12.0%	11.3%	—	—	—
Del Monte	FY25	1.0%	3.2%	4.2%	4.5%	0.7x	7	Compare
Marzetti	FY26	1.1%	12.4%	10.7%	18.2%	0.6x	6	Compare
Flowers Foods	FY25	3.0%	3.3%	6.1%	4.6%	5.1x	5	Compare
J&J Snack Foods	FY25	0.5%	5.3%	5.2%	7.3%	−0.7x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	1,074	1,503	1,361	1,352	1,349	1,777	3,146	2,326	4,262	2,912
Revenue growth	−43.7%	39.9%	−9.4%	−0.7%	−0.2%	31.7%	77.0%	−26.1%	83.2%	−31.7%
Gross profit	46	361	223	180	161	337	1,196	542	1,851	672
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	−134	100	46	1	−26	144	968	312	1,536	350
Net income	−74	126	54	18	2	133	758	278	1,220	317
Diluted EPS (US$)	−1.54	2.60	1.12	0.38	0.04	2.72	15.52	5.69	24.95	6.63
Diluted shares (millions)	48	48	49	49	49	49	49	49	49	48
Cash flow
Cash from operations	−46	200	115	74	26	126	863	451	1,225	480
Capital expenditure	67	20	68	124	95	72	137	147	161	151
Free cash flow	−113	181	47	−51	−69	54	726	304	1,063	329
Dividends paid	0	0	42	0	2	6	252	92	330	232
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	86	0	18	45	0	45	0	54	116	428
Stock-based compensation	3	4	4	4	4	4	4	4	4	6
Balance sheet at fiscal year end
Cash and short-term investments	18	48	69	232	170	174	648	812	1,392	924
Debt incl. finance leases	11	6	3	—	—	—	—	—	—	—
Total assets	1,033	1,150	1,156	1,207	1,229	1,428	1,954	2,185	3,085	3,108
Total liabilities	189	195	166	197	216	323	345	388	519	467
Shareholders' equity	843	953	987	1,010	1,013	1,105	1,611	1,800	2,561	2,633
Margins and ratios
Gross margin	4.2%	24.0%	16.4%	13.3%	11.9%	19.0%	38.0%	23.3%	43.4%	23.1%
Operating margin	−12.5%	6.7%	3.4%	0.1%	−1.9%	8.1%	30.8%	13.4%	36.0%	12.0%
Net margin	−6.9%	8.4%	4.0%	1.4%	0.1%	7.5%	24.1%	11.9%	28.6%	10.9%
Free cash flow margin	−10.5%	12.0%	3.5%	−3.7%	−5.1%	3.0%	23.1%	13.1%	24.9%	11.3%
Return on capital	−12.1%	11.5%	3.9%	—	—	—	—	—	—	—
Return on equity	−8.4%	14.0%	5.6%	1.8%	0.2%	12.5%	55.8%	16.3%	56.0%	12.2%
Return on assets	−6.9%	11.5%	4.7%	1.6%	0.2%	10.0%	44.8%	13.4%	46.3%	10.2%
Net debt to EBITDA	—	−0.3x	−0.7x	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Cal-Maine Foods' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Cal-Maine Foods.