Cal-Maine Foods
CALM Nasdaq Packaged Foods & Meats Financials FY2017–FY2026
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%.
Revenue
Total sales reported in the income statement.
$2.9B
31.7%
vs prior year
Operating margin
Operating income as a share of revenue.
12.0%
24.0 pts
Net income
Profit after all expenses, interest and tax.
$317M
74.0%
Free cash flow
Cash from operations minus capital spending.
$329M
69.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$2.9B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
51.3x
On $1.22 EPS (TTM)
About these figures. Interest coverage for fiscal 2026 is blank: the 10-K's structured data has no interest expense for that year.
What Cal-Maine Foods does
No business description yet.
- Legal name
- CAL-MAINE FOODS, INC.
- Fiscal year ends
- May 30, 2026
- Latest annual report
- —
- Accession · CIK
- 0001562762-26-000080
0000016160
Revenue and margins
Cal-Maine Foods had $2.9B of revenue in fiscal 2026, down 31.7% on the year before.
FY17
Revenue $1.1B
FY18
Revenue $1.5B
FY19
Revenue $1.4B
FY20
Revenue $1.4B
FY21
Revenue $1.3B
FY22
Revenue $1.8B
FY23
Revenue $3.1B
FY24
Revenue $2.3B
FY25
Revenue $4.3B
FY26
Revenue $2.9B
Q2 '24
Revenue $523M
Q3 '24
Revenue $703M
Q4 '24
Revenue $641M
Q1 '25
Revenue $786M
Q2 '25
Revenue $955M
Q3 '25
Revenue $1.4B
Q4 '25
Revenue $1.1B
Q1 '26
Revenue $923M
Q2 '26
Revenue $770M
Q3 '26
Revenue $667M
Q4 '26
Revenue $553M
Q1 '27
Revenue $540M
FY17
Gross 4.2%
Operating −12.5%
Net −6.9%
FCF −10.5%
FY18
Gross 24.0%
Operating 6.7%
Net 8.4%
FCF 12.0%
FY19
Gross 16.4%
Operating 3.4%
Net 4.0%
FCF 3.5%
FY20
Gross 13.3%
Operating 0.1%
Net 1.4%
FCF −3.7%
FY21
Gross 11.9%
Operating −2.0%
Net 0.2%
FCF −5.1%
FY22
Gross 19.0%
Operating 8.1%
Net 7.5%
FCF 3.0%
FY23
Gross 38.0%
Operating 30.8%
Net 24.1%
FCF 23.1%
FY24
Gross 23.3%
Operating 13.4%
Net 11.9%
FCF 13.1%
FY25
Gross 43.4%
Operating 36.1%
Net 28.6%
FCF 25.0%
FY26
Gross 23.1%
Operating 12.0%
Net 10.9%
FCF 11.3%
Gross
Operating
Net
FCF
Q2 '24
Gross 17.4%
Operating 2.7%
Net 3.3%
FCF 2.1%
Q3 '24
Gross 31.1%
Operating 23.2%
Net 20.9%
FCF 19.0%
Q4 '24
Gross 29.1%
Operating 22.2%
Net 17.7%
FCF 25.4%
Q1 '25
Gross 31.5%
Operating 23.8%
Net 19.1%
FCF 10.4%
Q2 '25
Gross 37.3%
Operating 29.1%
Net 23.0%
FCF 9.7%
Q3 '25
Gross 50.5%
Operating 44.8%
Net 35.9%
FCF 36.8%
Q4 '25
Gross 48.2%
Operating 39.5%
Net 31.0%
FCF 33.3%
Q1 '26
Gross 33.7%
Operating 27.0%
Net 21.6%
FCF 25.3%
Q2 '26
Gross 27.0%
Operating 16.1%
Net 13.4%
FCF 6.2%
Q3 '26
Gross 17.9%
Operating 5.4%
Net 7.6%
FCF 10.8%
Q4 '26
Gross 6.2%
Operating −10.6%
Net −6.5%
FCF −4.5%
Q1 '27
Gross 0.1%
Operating −15.2%
Net −10.9%
FCF −23.7%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income −$74.3M
FY18
Net income $126M
FY19
Net income $54.2M
FY20
Net income $18.4M
FY21
Net income $2.1M
FY22
Net income $133M
FY23
Net income $758M
FY24
Net income $278M
FY25
Net income $1.2B
FY26
Net income $317M
Q2 '24
Net income $17.0M
Q3 '24
Net income $147M
Q4 '24
Net income $113M
Q1 '25
Net income $150M
Q2 '25
Net income $219M
Q3 '25
Net income $509M
Q4 '25
Net income $343M
Q1 '26
Net income $199M
Q2 '26
Net income $103M
Q3 '26
Net income $50.5M
Q4 '26
Net income −$35.9M
Q1 '27
Net income −$58.6M
FY17
Diluted EPS −$1.54
FY18
Diluted EPS $2.60
FY19
Diluted EPS $1.12
FY20
Diluted EPS $0.38
FY21
Diluted EPS $0.04
FY22
Diluted EPS $2.72
FY23
Diluted EPS $15.52
FY24
Diluted EPS $5.69
FY25
Diluted EPS $24.95
FY26
Diluted EPS $6.63
Q2 '24
Diluted EPS $0.35
Q3 '24
Diluted EPS $3.00
Q4 '24
Diluted EPS $2.32
Q1 '25
Diluted EPS $3.06
Q2 '25
Diluted EPS $4.47
Q3 '25
Diluted EPS $10.38
Q4 '25
Diluted EPS $7.03
Q1 '26
Diluted EPS $4.12
Q2 '26
Diluted EPS $2.13
Q3 '26
Diluted EPS $1.06
Q4 '26
Diluted EPS −$0.71
Q1 '27
Diluted EPS −$1.26
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital −12.1%
Return on equity −8.5%
Return on assets −6.9%
FY18
Return on capital 11.5%
Return on equity 14.0%
Return on assets 11.5%
FY19
Return on capital 3.9%
Return on equity 5.6%
Return on assets 4.7%
FY20
Return on capital —
Return on equity 1.8%
Return on assets 1.6%
FY21
Return on capital —
Return on equity 0.2%
Return on assets 0.2%
FY22
Return on capital —
Return on equity 12.5%
Return on assets 10.0%
FY23
Return on capital —
Return on equity 55.8%
Return on assets 44.8%
FY24
Return on capital —
Return on equity 16.3%
Return on assets 13.4%
FY25
Return on capital —
Return on equity 56.0%
Return on assets 46.3%
FY26
Return on capital —
Return on equity 12.2%
Return on assets 10.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $329M in fiscal 2026, 11.3% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow −$113M
FY18
Free cash flow $181M
FY19
Free cash flow $47.1M
FY20
Free cash flow −$50.6M
FY21
Free cash flow −$68.9M
FY22
Free cash flow $53.8M
FY23
Free cash flow $726M
FY24
Free cash flow $304M
FY25
Free cash flow $1.1B
FY26
Free cash flow $329M
Q2 '24
Free cash flow $10.9M
Q3 '24
Free cash flow $134M
Q4 '24
Free cash flow $163M
Q1 '25
Free cash flow $81.7M
Q2 '25
Free cash flow $92.9M
Q3 '25
Free cash flow $522M
Q4 '25
Free cash flow $367M
Q1 '26
Free cash flow $233M
Q2 '26
Free cash flow $47.9M
Q3 '26
Free cash flow $72.0M
Q4 '26
Free cash flow −$24.7M
Q1 '27
Free cash flow −$128M
FY17
Cash from operations −$45.9M
Capital spending $66.7M
FY18
Cash from operations $200M
Capital spending $19.7M
FY19
Cash from operations $115M
Capital spending $68.0M
FY20
Cash from operations $73.6M
Capital spending $124M
FY21
Cash from operations $26.1M
Capital spending $95.1M
FY22
Cash from operations $126M
Capital spending $72.4M
FY23
Cash from operations $863M
Capital spending $137M
FY24
Cash from operations $451M
Capital spending $147M
FY25
Cash from operations $1.2B
Capital spending $161M
FY26
Cash from operations $480M
Capital spending $151M
Cash from operations
Capital spending
Q2 '24
Cash from operations $50.0M
Capital spending $39.1M
Q3 '24
Cash from operations $164M
Capital spending $30.2M
Q4 '24
Cash from operations $214M
Capital spending $51.1M
Q1 '25
Cash from operations $118M
Capital spending $35.8M
Q2 '25
Cash from operations $123M
Capital spending $29.8M
Q3 '25
Cash from operations $572M
Capital spending $49.8M
Q4 '25
Cash from operations $413M
Capital spending $45.9M
Q1 '26
Cash from operations $279M
Capital spending $45.3M
Q2 '26
Cash from operations $94.8M
Capital spending $46.8M
Q3 '26
Cash from operations $104M
Capital spending $31.6M
Q4 '26
Cash from operations $2.8M
Capital spending $27.5M
Q1 '27
Cash from operations −$101M
Capital spending $26.6M
Cash from operations
Capital spending
Dividends, buybacks and share count
Cal-Maine Foods returned $232M to shareholders in fiscal 2026, 71% of free cash flow. The diluted share count fell 2.3%.
FY17
Dividends $0.0M
Buybacks $0.0M
FY18
Dividends $0.0M
Buybacks $0.0M
FY19
Dividends $41.7M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $1.7M
Buybacks $0.0M
FY22
Dividends $6.1M
Buybacks $0.0M
FY23
Dividends $252M
Buybacks $0.0M
FY24
Dividends $91.9M
Buybacks $0.0M
FY25
Dividends $330M
Buybacks $0.0M
FY26
Dividends $232M
Buybacks $0.0M
Dividends
Buybacks
Q2 '24
Dividends $0.3M
Buybacks $0.0M
Q3 '24
Dividends $5.7M
Buybacks $0.0M
Q4 '24
Dividends $48.9M
Buybacks $0.0M
Q1 '25
Dividends $37.8M
Buybacks $0.0M
Q2 '25
Dividends $50.0M
Buybacks $0.0M
Q3 '25
Dividends $73.0M
Buybacks $0.0M
Q4 '25
Dividends $170M
Buybacks $0.0M
Q1 '26
Dividends $114M
Buybacks $0.0M
Q2 '26
Dividends $66.4M
Buybacks $0.0M
Q3 '26
Dividends $34.3M
Buybacks $0.0M
Q4 '26
Dividends $16.8M
Buybacks $0.0M
Q1 '27
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
FY17
Diluted shares 0.05B
FY18
Diluted shares 0.05B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.05B
FY26
Diluted shares 0.05B
Value Cal-Maine Foods yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 47.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 51.3x · peers 27.4x · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Cal-Maine Foods can carry it.
FY17
Cash $17.6M
Debt $10.9M
FY18
Cash $48.4M
Debt $6.1M
FY19
Cash $69.2M
Debt $3.4M
FY20
Cash $232M
Debt —
FY21
Cash $170M
Debt —
FY22
Cash $175M
Debt —
FY23
Cash $648M
Debt —
FY24
Cash $812M
Debt —
FY25
Cash $1.4B
Debt —
FY26
Cash $924M
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $175M | $648M | $812M | $1.4B | $924M |
| 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 |
| Total assets | $1.4B | $2.0B | $2.2B | $3.1B | $3.1B |
| Total liabilities | $323M | $345M | $388M | $519M | $467M |
| Shareholders' equity | $1.1B | $1.6B | $1.8B | $2.6B | $2.6B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✓ |
| Gross margin rose | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −8.4% | −0.2% | −5.3% |
| Altman Z'' | 11.49 | 14.78 | 12.50 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Cal-Maine Foods CALM | $2.9B | −31.7% | 12.0% | 11.3% | — | 51.3x | — | |
| Del Monte DMC | $1.4B | 1.0% | 3.2% | 4.2% | 4.5% | 42.2x | 7 | Compare → |
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| Flowers Foods FLO | $1.3B | 3.0% | 3.3% | 6.1% | 4.6% | 22.8x | 5 | Compare → |
| J&J Snack Foods JJSF | $1.6B | 0.5% | 5.3% | 5.2% | 7.3% | 32.1x | 4 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.1B | $1.5B | $1.4B | $1.4B | $1.3B | $1.8B | $3.1B | $2.3B | $4.3B | $2.9B |
| Gross profit | $45.5M | $361M | $223M | $180M | $161M | $337M | $1.2B | $542M | $1.9B | $672M |
| Operating income | −$134M | $101M | $45.8M | $1.3M | −$26.3M | $144M | $968M | $313M | $1.5B | $350M |
| Interest expense | $0.3M | $0.3M | $0.6M | $0.5M | $0.2M | $0.4M | $0.6M | $0.5M | $0.6M | — |
| Pretax income | −$114M | $117M | $70.8M | $20.1M | −$9.9M | $166M | $999M | $360M | $1.6B | $411M |
| Income tax | −$39.9M | −$8.9M | $15.7M | $1.7M | −$12.0M | $33.6M | $242M | $83.7M | $385M | $92.9M |
| Net income | −$74.3M | $126M | $54.2M | $18.4M | $2.1M | $133M | $758M | $278M | $1.2B | $317M |
| Diluted EPS | −$1.54 | $2.60 | $1.12 | $0.38 | $0.04 | $2.72 | $15.52 | $5.69 | $24.95 | $6.63 |
| Diluted shares | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | −$45.9M | $200M | $115M | $73.6M | $26.1M | $126M | $863M | $451M | $1.2B | $480M |
| Capital expenditure | $66.7M | $19.7M | $68.0M | $124M | $95.1M | $72.4M | $137M | $147M | $161M | $151M |
| Free cash flow | −$113M | $181M | $47.1M | −$50.6M | −$68.9M | $53.8M | $726M | $304M | $1.1B | $329M |
| Depreciation and amortization | $49.1M | $54.0M | $54.6M | $58.1M | $59.5M | $68.4M | $72.2M | $80.2M | $94.0M | $124M |
| Stock-based compensation | $3.4M | $3.5M | $3.6M | $3.6M | $3.8M | $4.1M | $4.2M | $4.4M | $4.5M | $5.8M |
| Acquisitions | $85.8M | $0.0M | $17.9M | $44.6M | $0.0M | $44.8M | $0.0M | $53.7M | $116M | $428M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $41.7M | $0.0M | $1.7M | $6.1M | $252M | $91.9M | $330M | $232M |
| Dividends and buybacks | $0.0M | $0.0M | $41.7M | $0.0M | $1.7M | $6.1M | $252M | $91.9M | $330M | $232M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $17.6M | $48.4M | $69.2M | $232M | $170M | $175M | $648M | $812M | $1.4B | $924M |
| Total debt | $10.9M | $6.1M | $2.3M | — | — | — | — | — | — | — |
| Finance lease liabilities | $0.0M | $0.0M | $1.1M | $0.9M | $0.7M | $0.4M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $436M | $588M | $568M | $522M | $520M | $662M | $1.1B | $1.2B | $2.0B | $1.6B |
| Current liabilities | $64.7M | $108M | $74.9M | $93.2M | $90.1M | $185M | $183M | $228M | $308M | $206M |
| Inventory | $161M | $169M | $172M | $187M | $218M | $263M | $284M | $262M | $296M | $375M |
| Property and equipment, net | $458M | $425M | $455M | $557M | $589M | $678M | $745M | $857M | $1.0B | $1.3B |
| Total assets | $1.0B | $1.2B | $1.2B | $1.2B | $1.2B | $1.4B | $2.0B | $2.2B | $3.1B | $3.1B |
| Total liabilities | $189M | $195M | $167M | $197M | $216M | $323M | $345M | $388M | $519M | $467M |
| Shareholders' equity | $843M | $953M | $987M | $1.0B | $1.0B | $1.1B | $1.6B | $1.8B | $2.6B | $2.6B |
| Margins | ||||||||||
| 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% | −2.0% | 8.1% | 30.8% | 13.4% | 36.1% | 12.0% |
| EBITDA margin | −7.9% | 10.3% | 7.4% | 4.4% | 2.5% | 11.9% | 33.1% | 16.9% | 38.3% | 16.3% |
| Net margin | −6.9% | 8.4% | 4.0% | 1.4% | 0.2% | 7.5% | 24.1% | 11.9% | 28.6% | 10.9% |
| FCF margin | −10.5% | 12.0% | 3.5% | −3.7% | −5.1% | 3.0% | 23.1% | 13.1% | 25.0% | 11.3% |
| Returns | ||||||||||
| Return on capital | −12.1% | 11.5% | 3.9% | — | — | — | — | — | — | — |
| Return on capital employed | −13.4% | 10.0% | 4.3% | 0.1% | −2.3% | 12.1% | 64.2% | 16.8% | 64.9% | 12.3% |
| Return on equity | −8.5% | 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% |
| Growth | ||||||||||
| Revenue growth | −43.7% | 39.9% | −9.4% | −0.7% | −0.2% | 31.7% | 77.0% | −26.1% | 83.2% | −31.7% |
| Net income growth | −123.5% | — | −56.9% | −66.1% | −88.8% | 6,339.3% | 471.5% | −63.3% | 339.0% | −74.0% |
| EPS growth | −123.6% | — | −56.9% | −66.1% | −89.5% | 6,700.0% | 470.6% | −63.3% | 338.5% | −73.4% |
| FCF growth | −136.1% | — | −73.9% | −207.4% | — | — | 1,250.0% | −58.1% | 249.5% | −69.1% |
| Share count change | −0.0% | 0.2% | 0.3% | −0.0% | 0.2% | 0.2% | 0.2% | 0.1% | 0.0% | −2.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | −0.3x | −0.7x | — | — | — | — | — | — | — |
| Debt / equity | 0.0x | 0.0x | 0.0x | — | — | — | — | — | — | — |
| Interest coverage | −421.8x | 379.3x | 71.1x | 2.6x | −123.3x | 356.2x | 1,659.9x | 569.1x | 2,510.7x | — |
| Current ratio | 6.7x | 5.5x | 7.6x | 5.6x | 5.8x | 3.6x | 6.2x | 5.5x | 6.4x | 7.7x |
| Quick ratio | 4.3x | 3.9x | 5.3x | 3.6x | 3.4x | 2.2x | 4.6x | 4.3x | 5.4x | 5.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.2% | 1.3% | 5.0% | 9.2% | 7.1% | 4.1% | 4.3% | 6.3% | 3.8% | 5.2% |
| Stock comp / revenue | 0.3% | 0.2% | 0.3% | 0.3% | 0.3% | 0.2% | 0.1% | 0.2% | 0.1% | 0.2% |
| Payouts / FCF | — | 0.0% | 88.6% | — | — | 11.4% | 34.7% | 30.2% | 31.1% | 70.5% |
| Quality scores | ||||||||||
| Piotroski F-score | 3.0 | 7.0 | 5.0 | — | — | — | — | — | — | — |
| Altman Z'' | 8.8 | 11.1 | 12.0 | 10.4 | 9.7 | 8.9 | 14.0 | 11.5 | 14.8 | 12.5 |
| Accruals ratio | −2.6% | −6.8% | −5.3% | −4.7% | −2.0% | 0.5% | −6.2% | −8.4% | −0.2% | −5.3% |
Source: SEC EDGAR XBRL filings (CIK 0000016160). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.