CALMCal-Maine Foods, Inc.
Is the business good?
The checks split: earnings fully cash-backed (6.2×) and elite returns on assets, but margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 21% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CALM?
Cal-Maine Foods, Inc. earns 0.83% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 8.2 points below what the capital costs: growth destroys value
- Operating margin
- 0.74%
Operating margin · Farm Products median 1.2% · 12 months to Q1 2027
- Cash conversion
- 6.20×
Cash conversion · 1.14× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −3.5%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2021 | −1.9% |
| FY2022 | 8.1% |
| FY2023 | 31% |
| FY2024 | 13% |
| FY2025 | 36% |
| FY2026 | 12% |
Details›
- Gross margin12 months to Q1 2027
- 14%
- Operating margin12 months to Q1 2027
- 0.74%
- Net margin12 months to Q1 2027
- 2.3%
- Free cash flow margin
- −1.3%
- Revenue, trailing twelve months
- $2.53B
- Free cash flow, trailing twelve months
- −$33M
- Net income, trailing twelve months
- $59M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 0.83%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from CALM and who it buys from, as the companies report it.
- WMTWalmart30%
Share of revenue · FY2026 10-K
- Top three customers43%
Combined share of revenue · FY2026 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; CALM’s own figures are from its FY2026 10-K. Smaller customers and suppliers go unreported.
Farm Products
Ranks #2 of 6 by RyuScore