NASDAQ · CALM

Cal-Maine Foods, Inc.

Consumer Defensive · Agricultural Farm Products

$72.89▼ 1.62% ($1.20)at close

After hours$72.91▲ 0.03%7:30 PM ET

52-week

$71.92$101.86

Market cap

$3.42B

P/E

11.00

EPS (TTM)

$6.63

Next earnings

Sep 30, 2026

What the market price implies · Reverse DCF

To support a price of $72.89, this model requires revenue to grow by -0.84%/yr over the next 10 years, compounded annually.

Historical revenue grew by 13.14%/yr over the past 4 years. The required annual growth rate is 13.97 percentage points lower.

Selected forecast · Base scenario

0.8%/yr · actual 10-year annualized revenue growth

Year 1 growth: 0%

Market-implied · Base operating assumptions + edited margins

-0.84%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$72.89

Estimated value / share

$78.57

Base scenario

This estimate is 7.79% above the price used.

USD · TTM ending 2026-05-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 0% · Ending margin 8.08% · Discount rate 7.75%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-05-30
Data refreshed: Sep 20, 2026, 2:26 PM UTC · provider

Why this method?

FCFF is positive, but the series is too unstable to anchor a direct cash-flow CAGR and the business still fails the steady-state comparability checks. Use a revenue-and-margin transition model instead of normalizing and compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 5 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 2051.7%.

Do you have 5+ years of positive FCFF history? 5 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Operating margin moved 28.0 percentage points across the last five years, above the 10.0-point stability threshold, so steady-state FCFF is not a reliable anchor yet.

Price vs Fundamentals

Why The Stock Is Moving

Likely fundamental deteriorationModerate confidence

Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.

1Y Price: -30.23%Revenue (TTM): -31.68%FCF (TTM): -68.87%P/FCF: 50th pct

What changed

The stock fell 30.23% over the last year. Revenue declined 31.68% over the trailing twelve months. Operating margin moved from 36.05% to 12.03%. Free cash flow declined 68.87% over the trailing twelve months.

What the market seems to be pricing

The market is reacting to weaker business momentum more than just compressing the valuation multiple. Even if the shares already screen cheap on P/FCF, investors are still discounting lower future earnings power.

What would invalidate this read

Operating margin stands at 12.03%. Revenue declined 31.68% — this read reverses if that trend stabilizes. Free cash flow fell 68.87% — a return toward positive territory would undermine the deterioration thesis. If margins and cash flow stabilize while the stock stays depressed, the gap shifts from fundamental damage toward pure multiple compression.

Performance

Return analysis

Company profile

Cal-Maine Foods, Inc., along with its various subsidiary companies, handles the full scope of shell egg operations, from production and sorting to packaging, promotion, and delivery.

CEOSherman L. Miller

SectorConsumer Defensive

IndustryAgricultural Farm Products

Employees4,836

IPO dateDec 12, 1996

https://www.calmainefoods.com

Market multiples

Forward P/E—

EV/EBITDA7.39

Enterprise value$3.45B

Stock splits

Nov 3, 2014↑ Forward

Every 1 shares became 2

+100%

Apr 26, 2004↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth-49.93%

Gross margin (FY2026)23.08%▼20.3ppvs FY2025

Operating margin (FY2026)11.77%▼24.3ppvs FY2025

ROE12.2%▼43.8ppYoY

Analyst consensus

RatingHold

Target price$90.00▲23.47%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Sep 30, 2026

Q4 FY26 · EPS est -$0.68 · Revenue est $578.51M

View

Dividends

$4.81/shareQuarterlyAdequate

CALM pays a dividend with a 6.6% dividend yield, growing at 35.29% annually, covered 1.4× by free cash flow.

Dividend Yield

6.6%

Annual Div / Share

$4.81

5yr CAGR

+35.29%

Doubles every ~2.3yr

Payout Ratio

73.14%

Adequate

Dividend Growth Rate

3yr CAGR

-2.25%

5yr CAGR

+35.29%

10yr CAGR

+8.8%

Dividend Safety

5/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$4.81-29.0%

2025$6.77+261.4%

2024$1.87-63.6%

2023$5.15+788.3%

2019$0.58-64.4%

2018$1.63-14.4%

2015$1.90+115.3%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$66/yr

$6/mo

In 5 yrs

$116/yr+76%

$10/mo

In 10 yrs

$205/yr+211%

$17/mo

Today	In 5 yrs	In 10 yrs
$66/yr $6/mo	$116/yr+76% $10/mo	$205/yr+211% $17/mo

Long-range projections use a capped 12% annual growth assumption.

Yield-on-cost grows from 6.6% → 20.5% over 10yr

Analysis

Dividend Strengths

Strong dividend growth rate

The 5-year CAGR of 35.29% meaningfully outpaces inflation, compounding real income growth for long-term holders.

Risks to Watch

No strong risk signal stands out from the latest period pair.

NASDAQ · CALM

Cal-Maine Foods, Inc.

Consumer Defensive · Agricultural Farm Products

$72.89▼ 1.62% ($1.20)at close

After hours$72.91▲ 0.03%7:30 PM ET

52-week

$71.92$101.86

Market cap

$3.42B

P/E

11.00

EPS (TTM)

$6.63

Next earnings

Sep 30, 2026

What the market price implies · Reverse DCF

To support a price of $72.89, this model requires revenue to grow by -0.84%/yr over the next 10 years, compounded annually.

Historical revenue grew by 13.14%/yr over the past 4 years. The required annual growth rate is 13.97 percentage points lower.

Selected forecast · Base scenario

0.8%/yr · actual 10-year annualized revenue growth

Year 1 growth: 0%

Market-implied · Base operating assumptions + edited margins

-0.84%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$72.89

Estimated value / share

$78.57

Base scenario

This estimate is 7.79% above the price used.

USD · TTM ending 2026-05-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 0% · Ending margin 8.08% · Discount rate 7.75%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-05-30
Data refreshed: Sep 20, 2026, 2:26 PM UTC · provider

Why this method?

Is FCFF positive and has it been for 3+ consecutive years? 5 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 2051.7%.

Do you have 5+ years of positive FCFF history? 5 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Likely fundamental deteriorationModerate confidence

Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.

1Y Price: -30.23%Revenue (TTM): -31.68%FCF (TTM): -68.87%P/FCF: 50th pct

What changed

What the market seems to be pricing

What would invalidate this read

Performance

Return analysis

Company profile

Cal-Maine Foods, Inc., along with its various subsidiary companies, handles the full scope of shell egg operations, from production and sorting to packaging, promotion, and delivery.

CEOSherman L. Miller

SectorConsumer Defensive

IndustryAgricultural Farm Products

Employees4,836

IPO dateDec 12, 1996

https://www.calmainefoods.com

Market multiples

Forward P/E—

EV/EBITDA7.39

Enterprise value$3.45B

Stock splits

Nov 3, 2014↑ Forward

Every 1 shares became 2

+100%

Apr 26, 2004↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth-49.93%

Gross margin (FY2026)23.08%▼20.3ppvs FY2025

Operating margin (FY2026)11.77%▼24.3ppvs FY2025

ROE12.2%▼43.8ppYoY

Analyst consensus

RatingHold

Target price$90.00▲23.47%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Sep 30, 2026

Q4 FY26 · EPS est -$0.68 · Revenue est $578.51M

View

Dividends

$4.81/shareQuarterlyAdequate

CALM pays a dividend with a 6.6% dividend yield, growing at 35.29% annually, covered 1.4× by free cash flow.

Dividend Yield

6.6%

Annual Div / Share

$4.81

5yr CAGR

+35.29%

Doubles every ~2.3yr

Payout Ratio

73.14%

Adequate

Dividend Growth Rate

3yr CAGR

-2.25%

5yr CAGR

+35.29%

10yr CAGR

+8.8%

Dividend Safety

5/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$4.81-29.0%

2025$6.77+261.4%

2024$1.87-63.6%

2023$5.15+788.3%

2019$0.58-64.4%

2018$1.63-14.4%

2015$1.90+115.3%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$66/yr

$6/mo

In 5 yrs

$116/yr+76%

$10/mo

In 10 yrs

$205/yr+211%

$17/mo

Today	In 5 yrs	In 10 yrs
$66/yr $6/mo	$116/yr+76% $10/mo	$205/yr+211% $17/mo

Long-range projections use a capped 12% annual growth assumption.

Yield-on-cost grows from 6.6% → 20.5% over 10yr

Analysis

Dividend Strengths

Strong dividend growth rate

The 5-year CAGR of 35.29% meaningfully outpaces inflation, compounding real income growth for long-term holders.

Risks to Watch

No strong risk signal stands out from the latest period pair.