CALM Consumer Defensive

Cal-Maine Foods, Inc.

$66.17+0.20%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Consumer Defensive
Industry: Farm Products
Country: United States
Market cap: 3.1B USD
Enterprise value: 2.3B USD
Full-time employees: 4,762

Overall health

Strength: lower risk than most peers: a steadier share price and more short-term liquiditylower risk: a steadier share price and more liquidity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #568 of 761 consumer defensive companies (bottom 26%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Cal-Maine Foods reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Profit below an unusually strong FY May 2023. Since FY May 2023 (an unusually strong year for operating profit): revenue −7.5%, operating profit −64%.Since FY May 2023: revenue −7.5%, operating profit −64%.
Since FY May 2023, Cal-Maine Foods's revenue changed −7.5% while operating profit fell 64%: costs rose faster than sales.
Revenue is falling. Revenue fell 43% in the 12 months to August 2026 vs the 12 months before.
Cal-Maine Foods's revenue fell 43% in the 12 months to August 2026 vs the 12 months before.
Thin margins. Operating margin 0.7% (12 months to Aug 2026) vs a peer median of 7.6%.Operating margin 0.7% vs peers 7.6%.
Cal-Maine Foods keeps 0.7% of revenue as operating profit, less than most peers (median 7.6%), leaving less room if costs rise.

StockQuotient Score

37/ 100

Oct 5 49 → Nov 4 37 (-12)

Valuation

Is the price right?

24/100

Weak▼ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 26 → 24

Share price +6.1%-1
Company's reported figures updated-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ FCF yield
▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.9%

SEC filings · 12 months to Aug 2026Reported value30% base weight · Z-score -0.88Sector median: 0.0453 · MAD: 0.0301

EBITDA yield6.4%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.53Sector median: 0.0865 · MAD: 0.0435

Free cash flow yield-1.1%

SEC filings · 12 months to Aug 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.41Sector median: 0.0622 · MAD: 0.0441

Other data (not scored)

Book yield83.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5381 · MAD: 0.2865

Growth

Is it growing?

4/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 13.2%

Why

Weaker than most peers on:

▼ EPS growth
▼ Revenue growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-95.2%

SEC filings · 12 months to Aug 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -2.72Sector median: 0.0154 · MAD: 0.2529

3-year revenue growth-5.0%

SEC filings · 3 years to Aug 2026Reported value33% base weight · Z-score -1.84Sector median: 0.0366 · MAD: 0.0470

Revenue growth-42.5%

SEC filings · 12 months to Aug 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.60Sector median: 0.0278 · MAD: 0.0585

Profitability

Does it earn well?

19/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 11.3 points to 0.7%
Free cash flow turned negative over the last 12 months

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin0.7%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -1.35Sector median: 0.0759 · MAD: 0.0508

Return on assets1.9%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -0.76Sector median: 0.0396 · MAD: 0.0262

Return on invested capital0.6%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -1.05Sector median: 0.0766 · MAD: 0.0673

Other data (not scored)

Gross margin14.3%

SEC filings · 12 months to Aug 2026Reported valueInformational · 0% composite weightSector median: 0.3182 · MAD: 0.1263

Return on equity2.3%

SEC filings · 12 months to Aug 2026Reported valueInformational · 0% composite weightSector median: 0.0831 · MAD: 0.0675

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.23

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 1.07Sector median: 0.4070 · MAD: 0.1690

Current ratio7.70×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 6.96Sector median: 1.5250 · MAD: 0.6460

Debt / equityUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.4234 · MAD: 0.3581

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Cal-Maine Foods

Is Cal-Maine Foods getting weaker?: Its latest SEC filing (Sep 30, 2026) got weaker in some ways: operating margin fell 11.3 points to 0.7%; 12-month revenue fell 13.2%. Its overall score is unchanged at 37/100 since Oct 28, 2026.
How is Cal-Maine Foods valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 24/100 against 823 consumer defensive peers. Free cash flow yield -1.1% vs a peer median of 6.2% (weaker than 100% of peers).Free cash flow yield -1.1% vs peers 6.2% (weaker than 100% of peers).
Is Cal-Maine Foods growing?: More slowly than most of its peers. Growth scores 4/100 against 823 consumer defensive peers. Earnings per share growth -95.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings per share growth -95.2% vs peers 1.5% (weaker than 100% of peers).
How profitable is Cal-Maine Foods?: Less profitable than most of its peers. Profitability scores 19/100 against 823 consumer defensive peers. Operating margin 0.7% vs a peer median of 7.6% (weaker than 85% of peers).Operating margin 0.7% vs peers 7.6% (weaker than 85% of peers).
How risky is Cal-Maine Foods?: Lower risk relative to 823 consumer defensive peers, judged on debt, liquidity and share-price swings. Current ratio 7.70× vs a peer median of 1.52× (stronger than 95% of peers).Current ratio 7.70× vs peers 1.52× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Aug 29, 2026 · filed Sep 30, 2026 · compared with the quarter ended May 30, 2026

Got weaker

Operating margin fell 11.3 points to 0.7%
12-month revenue fell 13.2%
Free cash flow turned negative over the last 12 months

Worth watching: Cal-Maine Foods is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.9B USD	2.5B USD	−13.2%
Net income (12 months)	316.7M USD	58.7M USD	−81.5%
Operating margin	12.0%	0.7%	−11.3 pts
Free cash flow (12 months)	328.5M USD	−32.8M USD	turned negative
Cash	107.2M USD	113.5M USD	+5.9%
Shares outstanding	46.9M	46.7M	−0.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Defensive · 91 companies

Valuations in Consumer Defensive are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
18% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −4% and earnings +7% (medians): prices and earnings moved broadly together.
Median price-to-sales is −58% vs the whole market, against a usual −39%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Defensive: too few Farm Products companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY May 2022	FY May 2023	FY May 2024	FY May 2025	FY May 2026	Change
Gross margin	19.0%	38.0%	23.3%	43.4%	23.1%	▼ 20 pts
Operating margin	8.1%	30.8%	13.4%	36.1%	12.0%	▼ 24 pts
Net margin	7.5%	24.1%	11.9%	28.6%	10.9%	▼ 18 pts
Return on assets (ROA)	9.3%	38.8%	12.7%	39.6%	10.2%	▼ 29 pts
Return on equity (ROE)	12.0%	47.1%	15.4%	47.6%	12.0%	▼ 36 pts
Free cash flow margin	3.0%	23.1%	13.1%	25.0%	11.3%	▼ 14 pts
Current ratio	3.58×	6.16×	5.45×	6.38×	7.70×	▲ 21%
Quick ratio	2.16×	4.60×	4.30×	5.42×	5.87×	▲ 8.2%
Interest coverage	356.17×	1659.91×	569.13×	2510.68×	—	—

CALM price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: a steadier share price and more short-term liquiditylower risk: a steadier share price and more liquidity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #568 of 761 consumer defensive companies (bottom 26%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Cal-Maine Foods reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Profit below an unusually strong FY May 2023. Since FY May 2023 (an unusually strong year for operating profit): revenue −7.5%, operating profit −64%.Since FY May 2023: revenue −7.5%, operating profit −64%.

Since FY May 2023, Cal-Maine Foods's revenue changed −7.5% while operating profit fell 64%: costs rose faster than sales.

Revenue is falling. Revenue fell 43% in the 12 months to August 2026 vs the 12 months before.

Cal-Maine Foods's revenue fell 43% in the 12 months to August 2026 vs the 12 months before.

Thin margins. Operating margin 0.7% (12 months to Aug 2026) vs a peer median of 7.6%.Operating margin 0.7% vs peers 7.6%.

Cal-Maine Foods keeps 0.7% of revenue as operating profit, less than most peers (median 7.6%), leaving less room if costs rise.

Questions investors ask about Cal-Maine Foods

Is Cal-Maine Foods getting weaker?

Its latest SEC filing (Sep 30, 2026) got weaker in some ways: operating margin fell 11.3 points to 0.7%; 12-month revenue fell 13.2%. Its overall score is unchanged at 37/100 since Oct 28, 2026.

How is Cal-Maine Foods valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 24/100 against 823 consumer defensive peers. Free cash flow yield -1.1% vs a peer median of 6.2% (weaker than 100% of peers).Free cash flow yield -1.1% vs peers 6.2% (weaker than 100% of peers).

Is Cal-Maine Foods growing?

More slowly than most of its peers. Growth scores 4/100 against 823 consumer defensive peers. Earnings per share growth -95.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings per share growth -95.2% vs peers 1.5% (weaker than 100% of peers).

How profitable is Cal-Maine Foods?

Less profitable than most of its peers. Profitability scores 19/100 against 823 consumer defensive peers. Operating margin 0.7% vs a peer median of 7.6% (weaker than 85% of peers).Operating margin 0.7% vs peers 7.6% (weaker than 85% of peers).

How risky is Cal-Maine Foods?

Lower risk relative to 823 consumer defensive peers, judged on debt, liquidity and share-price swings. Current ratio 7.70× vs a peer median of 1.52× (stronger than 95% of peers).Current ratio 7.70× vs peers 1.52× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.9B USD

2.5B USD

−13.2%

Net income (12 months)

316.7M USD

58.7M USD

−81.5%

Operating margin

12.0%

0.7%

−11.3 pts

Free cash flow (12 months)

328.5M USD

−32.8M USD

turned negative

Cash

107.2M USD

113.5M USD

+5.9%

Shares outstanding

46.9M

46.7M

−0.4%

Key ratios

FY May 2022

FY May 2023

FY May 2024

FY May 2025

FY May 2026

Change

Gross margin

19.0%

38.0%

23.3%

43.4%

23.1%

▼ 20 pts

Operating margin

8.1%

30.8%

13.4%

36.1%

12.0%

▼ 24 pts

Net margin

7.5%

24.1%

11.9%

28.6%

10.9%

▼ 18 pts

Return on assets (ROA)

9.3%

38.8%

12.7%

39.6%

10.2%

▼ 29 pts

Return on equity (ROE)

12.0%

47.1%

15.4%

47.6%

12.0%

▼ 36 pts

Free cash flow margin

3.0%

23.1%

13.1%

25.0%

11.3%

▼ 14 pts

Current ratio

3.58×

6.16×

5.45×

6.38×

7.70×

▲ 21%

Quick ratio

2.16×

4.60×

4.30×

5.42×

5.87×

▲ 8.2%

Interest coverage

356.17×

1659.91×

569.13×

2510.68×

—