# Cal-Maine Foods, Inc. (CALM)

> Source: Nexqual · https://nexqual.com/CALM · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Cal-Maine Foods, Inc. (CALM), nexqual.com/CALM" · informational, not investment advice.

**Price:** USD 62.6 (-1.93% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 63.83 · day 62.52–64.19 · 52w 60.13–95.25 · market cap $2.92B · NMS

## Key facts
- Last four reported quarters (through Aug 29, 2026): revenue $2.53B, net income $58.7M (2.3% margin), free cash flow -$32.8M (SEC filings).
- Valuation: P/E 49.8x (avg 8.6x at the last 3 fiscal year-ends).
- Earnings quality: non-operating income $54.7M vs operating income $18.8M over the last four quarters; P/E excluding non-operating income ≈243.4x (estimate: non-operating income taxed at the company's 14.6% effective rate).
- 2 of 80 tracked superinvestors hold CALM (13F, Q2 2026): 1 new, 0 added, 0 reduced, 1 unchanged.
- Total return with dividends: 1Y -28.4% vs S&P 500 +13.4%; 5Y +124.4% vs S&P 500 +76.9%.
- Next earnings: 2026-09-30, EPS estimate USD -1.01, revenue estimate $576M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.78B | $3.15B | $2.33B | $4.26B | $2.91B | $2.53B |
| Gross profit | $337M | $1.20B | $542M | $1.85B | $672M | — |
| Operating income | $144M | $968M | $312M | $1.54B | $350M | $18.8M |
| Net income | $133M | $758M | $278M | $1.22B | $317M | $58.7M |
| EPS (diluted) | $2.72 | $15.52 | $5.69 | $24.95 | $6.63 | — |
| Free cash flow | $53.8M | $726M | $304M | $1.06B | $329M | -$32.8M |
| Gross margin | 19.0% | 38.0% | 23.3% | 43.4% | 23.1% | — |
| Operating margin | 8.1% | 30.8% | 13.4% | 36.1% | 12.0% | 0.7% |
| Net margin | 7.5% | 24.1% | 11.9% | 28.6% | 10.9% | 2.3% |
| Revenue growth | +31.7% | +77.0% | -26.1% | +83.2% | -31.7% | — |
| Cash + short-term investments | $175M | $648M | $812M | $1.39B | $924M | — |
Fiscal years end May. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 29, 2026)
P/E 49.8x · P/E ex non-operating (est.) ≈243.4x · P/S 1.2x · P/B 1.1x · FCF yield -1.12% · Earnings yield 2.01% · Dividend yield (paid, TTM) 4.02%
P/E at fiscal year-ends: May 2026 11.3x, May 2025 3.8x, Jun 2024 10.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold CALM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 1.18% | $5.0M | Unchanged |
| First Eagle Investment | First Eagle Investment Management | 0.01% | $5.4M | New position |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-01 | Stephens & Co. | Target lowered | Equal-Weight | $80 → $70 |
| 2026-09-24 | BMO Capital | Target lowered | Market Perform | $83 → $75 |
| 2026-09-22 | Stephens & Co. | Target lowered | Equal-Weight | $90 → $80 |
| 2026-09-04 | StoneX | Downgrade | Buy → Hold |  |
| 2026-07-23 | BMO Capital | Target raised | Market Perform | $75 → $83 |
| 2026-07-14 | Stephens & Co. | Target lowered | Equal-Weight | $90 → $85 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -28.4% | +124.4% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -28.5% | +17.6% |
| Volatility (annualized) | 29.9% | 33.2% |
| Max drawdown | -35.2% (Jul 2026→Oct 2026) | -44.5% (Aug 2025→Oct 2026) |

## Peers (Farm Products)
AGRO (Adecoagro S.A.) USD 10.12 +2.95% · DMC (Del Monte Corporation) USD 29.51 -1.40% · DOLE (Dole plc) USD 13.44 -0.59% · BG (Bunge Limited) USD 103.22 +0.07% · TSN (Tyson Foods, Inc.) USD 56.7 -0.65% · VITL (Vital Farms, Inc.) USD 9.14 -2.87%

## More
Full page: https://nexqual.com/CALM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-08-29)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Reportable Segment Aggregation Before Other Operating | $484.0M | 89.7% | -41.6% |
| — Specialty Shell Egg Sales (part of Reportable Segment Aggregation Before Other Operating) | $229.1M | 42.5% | -15.0% |
| — Conventional Shell Egg (part of Reportable Segment Aggregation Before Other Operating) | $191.9M | 35.6% | -60.6% |
| — Prepared Foods (part of Reportable Segment Aggregation Before Other Operating) | $63.0M | 11.7% | -13.0% |
| All Other Segments | $55.6M | 10.3% | -40.9% |
| Total revenue | $539.6M | 100% | — |

## Revenue by product line (quarter ended 2026-08-29)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Retail | $161.6M | 29.9% | -60.3% |
| Food & Beverage | $25.6M | 4.7% | -63.4% |
| Service Other | $3.6M | 0.7% | -55.5% |
| Industrial | $1.1M | 0.2% | -17.9% |
| Total revenue | $539.6M | 100% | — |
The lines above cover 35.6% of total revenue.

## Customer concentration

Period ended 2025-05-31: 33.6% of revenue from unnamed direct customers (10-K, filed 2026-07-22).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $-1.00 | $1.12 | -189.7% | $575.5M | 2 |
| Next quarter (ends 2027-02-28) | $-0.56 | $1.08 | -151.4% | $616.5M | 2 |
| Current fiscal year (ends 2027-05-31) | $-2.98 | $3.08 | -196.9% | $2.32B | 2 |
| Next fiscal year (ends 2028-05-31) | $1.01 | $0.00 | — | $2.61B | 2 |