At a glance
Cal-Maine Foods Inc is worth $2.86B, about 9 times its fiscal 2026 earnings. Revenue fell 31.7% to $2.91B in fiscal 2026, with 10.9% kept as profit; over 5 years it has grown 16.6% a year. It pays a 4.0% dividend yield, raised every year for at least 4 years, and returned $912.2M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −28.6% over the past year with dividends reinvested and +16.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 18.1% in the 2020 crash (S&P 500: 33.7%) and 24.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 3 months after the lows.
The business in plain English
Cal-Maine Foods produces and sells fresh shell eggs. Shell eggs made up between 84.6% and 94.3% of its net sales in each of its last three fiscal years. It also sells prepared foods, an area it is trying to grow. Its customers include large retailers, warehouse clubs, foodservice providers and distributors. In the fiscal year ended May 30, 2026, sales were about $2.91 billion and net income about $317 million.
Conventional shell eggs were the largest segment, at 45% of fiscal 2026 sales. Specialty shell eggs brought in 36%, other segments 10.6% and prepared foods 8.4%. By channel, retail accounted for 82.1% of sales, foodservice 15.5% and other 2.5%. Sales are concentrated among a few customers: Walmart, including Sam's Club, made up 30.0% of net sales, and the top three customers together 43.1%.
Profits depend heavily on wholesale egg prices. Some sales, especially of conventional eggs, are priced by formulas linked to independently quoted regional wholesale prices. Those prices tend to jump when bird flu (highly pathogenic avian influenza, or HPAI) cuts supply, then fall as producers add hens. Feed, mainly corn and soybean meal, is the largest cost of producing shell eggs. The result is uneven earnings: sales fell 31.7% in fiscal 2026 after reaching about $4.26 billion in fiscal 2025.
Price history
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CALM -28.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Retail | $2.39B | 82.1% |
| Foodservice | $450.4M | 15.5% |
| Other | $72.0M | 2.5% |
By business segment
| Conventional Shell Egg | $1.31B | 45% |
| Specialty shell egg sales | $1.05B | 36% |
| Other Segments Sales | $308.0M | 10.6% |
| Prepared Foods | $244.8M | 8.4% |
Latest results
- In Q1 FY2027 (ended Aug 29, 2026), revenue was $539.6M, down 41.5% from a year earlier, and net income was $-58.6M (-129.4%).
- For fiscal 2026, revenue was $2.91B (-31.7% year over year; +16.6% a year from FY2021 to FY2026) with a 10.9% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +16.6% good |
|---|---|
| Operating margin | 12% watch |
| Free cash flow margin | 11.3% good |
| Return on equity (FY2026) | 12% watch |
| Return on assets (FY2026) | 10.2% good |
| Cash and investments | $767.6M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.35B | $2.1M | $-68.9M |
| FY2022 | $1.78B | $132.7M | $53.8M |
| FY2023 | $3.15B | $758.0M | $726.4M |
| FY2024 | $2.33B | $277.9M | $304.3M |
| FY2025 | $4.26B | $1.22B | $1.06B |
| FY2026 | $2.91B | $316.7M | $328.5M |
Valuation snapshot
| Market value | $2.86B |
|---|---|
| P/E ratio | 9.2 |
| Dividend yield | 4% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CALM price data to Oct 28, 2026 | -22.1% | -28.6% | +15.8% | +16.7% | +7.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -22.1% |
| 2025 | -15.6% |
| 2024 | +87.1% |
| 2023 | +14.7% |
| 2022 | +51.9% |
| 2021 | -1.4% |
| 2020 | -12.2% |
| 2019 | +2.1% |
| 2018 | -3.9% |
| 2017 | +0.6% |
| 2016 | -2.3% |
| 2015 | +23.4% |
| 2014 | +36.8% |
| 2013 | +55.0% |
| 2012 | +17.7% |
| 2011 | +22.4% |
| 2010 | +1.0% |
| 2009 | +27.2% |
| 2008 | +18.6% |
| 2007 | +210.7% |
| 2006 | +27.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 31.1% over that stretch · deepest drop along the way 62.3%, back to its old high 34.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 4.5% over that stretch · deepest drop along the way 18.1%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 56.3% over that stretch · deepest drop along the way 24.4%, back to its old high 3.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (16 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.1% | Mar 31, 2025 |
| Dimensional Fund Advisors LP | 6.3% | Sep 30, 2026 |
| Vanguard Portfolio Management | 5.75% | Mar 31, 2026 |
ETFs with the most weight in CALM
| PSCC Invesco S&P SmallCap Consumer Staples ETF | 9.46% |
| VLLU Harbor AlphaEdge Large Cap Value ETF | 3.13% |
| PBJ Invesco Food & Beverage ETF | 3.04% |
| ECML Euclidean Fundamental Value ETF | 2.75% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 2.61% |
| QVAL Alpha Architect U.S. Quantitative Value ETF | 2.25% |
| QMOM Alpha Architect U.S. Quantitative Momentum ETF | 2.19% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 2.12% |
What could go wrong
- Heavy reliance on Walmart and a few buyers. Walmart, including Sam's Club, made up 30.0% of fiscal 2026 net sales, and the top three customers 43.1%. These buyers can switch suppliers, push for lower prices or expand store brands.
- Price-fixing lawsuits and antitrust scrutiny. Since November 2025, Cal-Maine has faced class actions (group lawsuits) alleging egg producers fixed conventional egg prices. It settled a Justice Department antitrust case in June 2026, pending court approval.
- Egg prices swing in boom-and-bust cycles. Wholesale egg prices drive results and move widely beyond the company's control. High prices tend to spur more laying hens and later oversupply. Fiscal 2026 sales fell 31.7% and net income 74%.
- Customers pushing to change egg pricing formulas. Some sales, especially of conventional eggs, are priced by formulas tied to wholesale market prices. After bird-flu price spikes, customers pressed to change these long-standing formulas. A shift could cut revenue and profit.
- Echo Lake Foods expansion may slip. Echo Lake Foods has had lower production and higher costs since late in the second quarter of fiscal 2026, during expansion work expected to finish in fiscal 2027. It could run late or over budget.
- Feed costs are the biggest expense. Feed, mainly corn and soybean meal, typically exceeds 50% of farm production costs. Prices depend on weather, trade policy and global conflicts, and the company cannot control them.
Recent events
- Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Other company announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
For income and retirement investors
Cal-Maine pays a dividend, but the amount rises and falls with profits. Dividends per share were $2.46 for fiscal 2026, versus $8.32 in fiscal 2025 and $1.89 in fiscal 2024. The fiscal 2023 and 2025 totals include what appear to be special payments. In fiscal 2026 it paid out 73% of earnings and 71% of free cash flow (cash left after running and investing in the business). The yield was 4% as of October 28, 2026. Shares outstanding fell 3.7% between July 2025 and September 2026. In the quarter ended August 29, 2026, the company reported a $58.6 million net loss.
In the 2008 financial crisis the stock fell 62% from its August 2008 peak and took about 35 months to recover. In the 2020 COVID crash and the 2022 bear market it gained while the broader market fell, despite drops of 18% and 24% along the way. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Cal-Maine Foods make money?
Cal-Maine makes most of its money selling fresh shell eggs, which made up 84.6% to 94.3% of net sales in each of its last three fiscal years. In fiscal 2026 (ended May 30, 2026), conventional eggs brought in 45% of sales, specialty eggs 36%, other segments 10.6% and prepared foods 8.4%. Retail customers accounted for 82.1% of sales, and Walmart, including Sam's Club, alone for 30.0%. Some sales are priced off wholesale egg market quotes, so revenue rises and falls with egg prices.
Does Cal-Maine Foods raise its dividend every year?
Not on a steady schedule. Cal-Maine's dividend has moved up and down with its profits. Dividends per share were $1.89 in fiscal 2024, $8.32 in fiscal 2025 and $2.46 in fiscal 2026. The fiscal 2023 and 2025 totals include what appear to be special dividends (one-time extra payments). Fiscal 2026 dividends equaled 73% of earnings. The yield was 4% as of October 28, 2026, but past payments have changed sharply from year to year.
How does bird flu affect Cal-Maine Foods?
Bird flu tends to push egg prices up, which can lift Cal-Maine's sales, but it also creates risks. Outbreaks of highly pathogenic avian influenza (HPAI) cut the supply of eggs, and some Cal-Maine sales are priced off wholesale market quotes. High prices have historically led the industry to add hens, eventually causing oversupply and lower prices. Price spikes have also brought customer pressure to change pricing formulas, as well as lawsuits and government scrutiny.
Is Cal-Maine Foods involved in the egg price-fixing lawsuits?
Yes. Since November 2025, Cal-Maine has been named, along with other egg producers and industry groups, in class actions (lawsuits filed on behalf of large groups) alleging a conspiracy to fix conventional egg prices, especially during the 2022 bird flu outbreak. Separately, in March 2025 it received a civil investigative demand (a formal request for information) from the Justice Department's Antitrust Division, which was looking into the causes of nationwide egg price increases. Cal-Maine settled that case in June 2026, subject to court approval.
Does Cal-Maine Foods have any debt?
Cal-Maine reported no borrowings on its balance sheet as of August 29, 2026, and held about $768 million in cash and investments. However, a filing on September 2, 2026 reported a major agreement and a new debt or financial obligation. Its borrowing position may have changed after the August balance sheet date, and later filings would show the details.