Cal-Maine Foods, Inc. (CALM) Stock

Cal-Maine Foods, Inc. (CALM) is a Consumer Staples stock trading at $78.83 (as of 2026-09-02), with a market capitalization of $3.70B and a trailing P/E of 11.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Cal-Maine Foods, Inc., together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, and 4-Grain brand names, as well as under private labels. It sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, foodservice distributors, and egg product consumers primarily in the southwestern, southeastern, mid-western, and mid-Atlantic regions of the United States. Cal-Maine Foods, Inc. was founded in 1957 and is headquartered in Ridgeland, Mississippi.

Understand Cal-Maine Foods, Inc.: how it makes money

Cal-Maine produces and sells shell eggs (conventional and specialty) to grocery chains, club stores, and foodservice distributors across the U.S. Most revenue rides on conventional egg volume, but specialty and prepared-foods lines are the growth engine, and pricing swings hard with the egg cycle.

Profit is the thin spread between feed cost per dozen and the egg selling price; when the cycle turns, that spread flips negative almost overnight.

Business quality (Weak): Commodity cyclicality is doing real damage: revenue is down 50% year over year, operating margin is negative 11%, and the 6% gross margin leaves almost no cushion when egg prices fall below feed costs.

Valuation: At 13× earnings, CALM trades 32% below the Agriculture average (18×).

Bull case

Specialty mix now dominates: Management reported specialty eggs and prepared foods reached 53% of quarterly sales, meaning more than half of revenue now comes from higher-margin, less cyclical lines rather than commodity conventional eggs.
Prepared foods opens growth runway: Capacity expansion in prepared foods provides a stated growth path through fiscal 2028, giving the company a volume lever that is not tied to the egg price cycle.
Valuation prices in prolonged pain: At 12.5x earnings versus the Agriculture industry average of 18x (32% below), the stock already reflects a sustained commodity trough, so any meaningful price recovery would expand the multiple alongside earnings.

Bear case

Core conventional business in freefall: Conventional shell-egg revenue declined 70% year over year in Q4, and total quarterly revenue fell 50% to $600M, showing the cyclical hit to the core line is severe and not yet stabilizing.
Price recovery proves elusive: First-five-week Q1 prices averaged 72 cents per dozen, 54% below Q4 levels, and with operating margin at negative 11%, the company cannot generate operating profit until prices climb well above current trough levels.
No income while losses persist: No cash dividend is payable until cumulative losses are fully recovered, so shareholders in the trough receive neither income nor a capital-return cushion while the balance sheet works through history.

Valuation — source: SEC EDGAR (first-party)
Price	$78.83
Market Cap	$3.70B
P/E Ratio	11.7
EV / EBITDA	7.6
Price / Book	1.40
Price / Sales	1.27
Dividend Yield	6.3%
FCF Yield	8.9%
DCF Value (model)	$94.10
DCF Upside vs Price	19.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$2.91B
Net Margin	10.9%
Return on Equity	12.0%
Current Ratio	7.70
Revenue Growth (YoY)	-31.7%
EPS Growth (YoY)	-73.4%
FCF Growth (YoY)	-69.1%

Financial Health — source: SEC EDGAR
Altman Z-Score	7.84 (safe)

Valuation vs Sector & Industry
Stock P/E	11.7
Sector P/E (Consumer Staples)	25.7
Industry P/E (Agriculture)	26.4
vs Sector	-54.6%
vs Industry	-55.8%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($549.96M)
Institutional Holders Tracked	10

Company
Sector	Consumer Staples
Industry	Agriculture
CEO	Sherman L. Miller
Employees	2,929
Country	US
IPO Date	1996-12-12

Cal-Maine Foods, Inc. earnings call transcripts

CALM Q4 FY26 earnings call transcript (reported 2026-07-22) · analysis
CALM Q2 FY26 earnings call transcript (reported 2026-01-07) · analysis
CALM Q1 FY26 earnings call transcript (reported 2025-10-01) · analysis

All CALM earnings calls

Related Companies (Agriculture; 8 comparable companies)

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.