Reading the tape
NASDAQ: CALM
Cal-Maine Foods, Inc.
Consumer Defensive · Agricultural Farm Products
Market Cap
$3.59B
52w High
$126.40
52w Low
$71.92
P/E
5.16
Volume
758.19K
Outstanding Shares
47.38M
Price vs Fundamentals
Why The Stock Is Moving
Likely fundamental deteriorationHigh confidence
1Y Price: -19.91%Revenue (TTM): -8.85%FCF (TTM): -15.85%P/FCF: 22nd pct
What changed
The stock fell 19.91% over the last year. Revenue declined 8.85% over the trailing twelve months. Operating margin moved from 32.72% to 25.08%. Free cash flow declined 15.85% 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 25.08%. Revenue declined 8.85% — this read reverses if that trend stabilizes. Free cash flow fell 15.85% — 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.
Company profile
Cal-Maine Foods, Inc., together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs.
CEOSherman L. Miller
SectorConsumer Defensive
IndustryAgricultural Farm Products
Employees2,929
IPO dateDec 12, 1996
Valuation
Forward P/E—
EV/EBITDA2.46
Enterprise value$4.17B
Stock splits
Nov 3, 2014↑ Forward
Every 1 shares became 2
Apr 26, 2004↑ Forward
Every 1 shares became 2
Profitability & growth
Revenue growth-52.95%
Gross margin33.77%▲86.56%vs FY2024
Operating margin25.08%▲168.44%vs FY2024
ROE47.65%▲208.65%vs FY2024
Analyst consensus
RatingHold
Target price$85.00▲12.09%
1
Buy
5
Hold
2
Sell
⚠ Analyst ratings tend to be lagging indicators — upgrades often follow price gains rather than precede them. Use as one signal among many.
Earnings
Last 3 reported quarters plus the next estimate. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 28, 2026
View
EPS
Actual vs estimate by quarter
Q4FY25
ActualEst.
$4.12
$5.01
Q1FY26
ActualEst.
$2.13
$1.95
Q2FY26
ActualEst.
$1.06
$0.70
Q3FY26
Next Est.
—
Revenue
Actual vs estimate by quarter
Q4FY25
ActualEst.
$922.6M
$960.31M
Q1FY26
ActualEst.
$769.5M
$796.59M
Q2FY26
ActualEst.
$666.95M
$642.48M
Q3FY26
Next Est.
—
Dividends
$4.82/shareQuarterlyEx-div Apr 29, 2026 · in 17dSafeCALM pays a dividend with a 6.35% declared yield, growing at 35.3% annually, covered 3.2× by free cash flow.
Declared Yield
6.35%
Annual Div / Share
$4.82
TTM $7.91
5yr CAGR
+35.3%
Doubles every ~2.3yr
Payout Ratio
55.29%
Safe
Dividend Growth Rate
3yr CAGR
-2.23%
5yr CAGR
+35.3%
10yr CAGR
+8.81%
Dividend Safety
9/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$4.82-28.5%
2025$6.73+259.3%
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
$
Growth rate:
Reinvest dividends
Today
$63/yr
$5/mo
In 5 yrs
$112/yr+76%
$9/mo
In 10 yrs
$197/yr+211%
$16/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$63/yr $5/mo | $112/yr+76% $9/mo | $197/yr+211% $16/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 6.35% → 19.72% over 10yr
Analysis
Dividend Strengths
Well-covered by free cash flow
The dividend is covered 3.2× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 35.3% 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.