Latest Ratios: P/E Ratio 11.0x · EV/EBITDA 7.1x · ROE 12.2%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $3.6B | $4.7B | $3.0B | $2.3B | $2.3B | $1.7B | $2.2B | $1.8B | $2.3B | $1.8B |
| Enterprise Value | $3.3B | $3.5B | $4.2B | $2.8B | $2.0B | $2.3B | $1.6B | $2.1B | $1.7B | $2.3B | $1.8B |
| P/E Ratio → | 11.03 | 11.27 | 3.84 | 10.84 | 3.06 | 17.55 | 825.30 | 117.26 | 33.05 | 18.48 | — |
| P/S Ratio | 1.18 | 1.23 | 1.10 | 1.30 | 0.74 | 1.31 | 1.26 | 1.60 | 1.32 | 1.55 | 1.67 |
| P/B Ratio | 1.32 | 1.35 | 1.83 | 1.68 | 1.44 | 2.11 | 1.68 | 2.14 | 1.82 | 2.44 | 2.13 |
| P/FCF | 10.34 | 10.76 | 4.39 | 9.91 | 3.20 | 43.23 | — | — | 38.19 | 12.89 | — |
| P/OCF | 7.10 | 7.39 | 3.82 | 6.68 | 2.69 | 18.43 | 64.99 | 29.34 | 15.63 | 11.62 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.19 | 0.98 | 1.19 | 0.64 | 1.28 | 1.22 | 1.54 | 1.27 | 1.52 | 1.67 |
| EV / EBITDA | 7.09 | 7.39 | 2.57 | 7.07 | 1.95 | 10.70 | 49.49 | 35.12 | 17.24 | 14.80 | — |
| EV / EBIT | 9.66 | 10.07 | 2.61 | 7.70 | 2.03 | 13.63 | — | 101.42 | 24.24 | 19.44 | — |
| EV / FCF | — | 10.42 | 3.92 | 9.12 | 2.79 | 42.16 | — | — | 36.77 | 12.65 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.1% | 23.1% | 43.4% | 23.3% | 38.0% | 19.0% | 11.9% | 13.3% | 16.4% | 24.0% | 4.2% |
| Operating Margin | 11.8% | 11.8% | 36.1% | 13.4% | 30.8% | 8.1% | -1.9% | 0.1% | 3.4% | 6.7% | -12.5% |
| Net Profit Margin | 10.9% | 10.9% | 28.6% | 11.9% | 24.1% | 7.5% | 0.2% | 1.4% | 4.0% | 8.4% | -6.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.2% | 12.2% | 55.9% | 16.3% | 55.9% | 12.5% | 0.2% | 1.8% | 5.6% | 14.0% | -8.4% |
| ROA | 10.2% | 10.2% | 46.0% | 13.4% | 44.6% | 9.9% | 0.2% | 1.6% | 4.7% | 11.5% | -6.9% |
| ROIC | 11.2% | 11.2% | 63.6% | 16.3% | 61.4% | 10.7% | -2.1% | 0.1% | 3.7% | 8.6% | -11.5% |
| ROCE | 12.0% | 12.0% | 64.5% | 16.7% | 63.8% | 11.9% | -2.3% | 0.1% | 4.3% | 10.0% | -13.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 |
| Debt / EBITDA | — | — | — | — | — | 0.01 | 0.07 | 0.06 | 0.02 | 0.04 | — |
| Net Debt / Equity | — | -0.04 | -0.20 | -0.13 | -0.18 | -0.05 | -0.05 | -0.07 | -0.07 | -0.04 | -0.01 |
| Net Debt / EBITDA | -0.24 | -0.24 | -0.31 | -0.61 | -0.28 | -0.27 | -1.66 | -1.26 | -0.67 | -0.27 | — |
| Debt / FCF | — | -0.34 | -0.47 | -0.78 | -0.40 | -1.07 | — | — | -1.42 | -0.23 | — |
| Interest Coverage | 617.54 | 617.54 | 2620.51 | 656.68 | 1713.78 | 412.95 | -45.71 | 41.28 | 110.95 | 443.78 | -358.42 |
Net cash position: cash ($114M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.70 | 7.70 | 6.38 | 5.45 | 6.16 | 3.58 | 5.77 | 5.60 | 7.58 | 5.45 | 6.74 |
| Quick Ratio | 5.87 | 5.87 | 5.42 | 4.30 | 4.60 | 2.16 | 3.35 | 3.60 | 5.28 | 3.88 | 4.26 |
| Cash Ratio | 4.53 | 4.53 | 4.52 | 3.57 | 3.55 | 0.94 | 1.88 | 2.49 | 4.26 | 3.07 | 2.41 |
| Asset Turnover | — | 0.93 | 1.37 | 1.06 | 1.60 | 1.24 | 1.09 | 1.11 | 1.18 | 1.31 | 1.04 |
| Inventory Turnover | 5.97 | 5.97 | 8.15 | 6.82 | 6.86 | 5.47 | 5.44 | 6.26 | 6.61 | 6.77 | 6.40 |
| Days Sales Outstanding | — | 33.15 | 23.33 | 25.49 | 21.72 | 45.06 | 34.27 | 26.57 | 19.24 | 20.85 | 39.81 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.6% | 6.5% | 7.0% | 3.0% | 10.9% | 0.3% | 0.1% | — | 2.3% | — | — |
| Payout Ratio | 73.1% | 73.1% | 27.1% | 33.1% | 33.3% | 4.6% | 80.2% | — | 76.9% | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.1% | 8.9% | 26.0% | 9.2% | 32.6% | 5.7% | 0.1% | 0.9% | 3.0% | 5.4% | — |
| FCF Yield | 9.7% | 9.3% | 22.8% | 10.1% | 31.3% | 2.3% | — | — | 2.6% | 7.8% | — |
| Buyback Yield | 3.8% | 3.7% | 1.2% | 0.1% | 0.1% | 0.0% | 0.1% | 0.0% | 0.1% | 0.0% | 0.1% |
| Total Shareholder Yield | 10.5% | 10.2% | 8.2% | 3.1% | 10.9% | 0.3% | 0.1% | 0.0% | 2.4% | 0.0% | 0.1% |
| Shares Outstanding | — | $48M | $49M | $49M | $49M | $49M | $49M | $48M | $49M | $48M | $48M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CALM stock.
Cal-Maine Foods, Inc.'s current P/E ratio is 11.0x. The historical average is 17.0x. This places it at the 50th percentile of its historical range.
Cal-Maine Foods, Inc.'s current EV/EBITDA is 7.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
Cal-Maine Foods, Inc.'s return on equity (ROE) is 12.2%. The historical average is 17.3%.
Based on historical data, Cal-Maine Foods, Inc. is trading at a P/E of 11.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cal-Maine Foods, Inc.'s current dividend yield is 6.63% with a payout ratio of 73.1%.
Cal-Maine Foods, Inc. has 23.1% gross margin and 11.8% operating margin. Operating margin between 10-20% is typical for established companies.
Key Metrics
Top Statement Risk
Egg price normalization
Metrics are mathematically derived from official filings.
Margin Collapse from Peak to Trough
Gross margin plunged from 50.5% in 2025Q3 to 6.2% in 2026Q4, as per financial statements, signaling a return to normalized, lower profitability after the HPAI-driven windfall.
The sequential deterioration in gross margin from 17.9% in 2026Q3 to 6.2% in 2026Q4 suggests that the pricing power from supply constraints has fully unwound, and the company is now operating at a level closer to its historical cost-plus reality. Operating margin turned deeply negative at -11.0% in 2026Q4, indicating that fixed costs and feed expenses are not being covered by current egg prices, which may reflect a temporary trough rather than a structural impairment. Investors should monitor whether the specialty egg mix, which typically carries higher margins, can provide a floor as conventional egg prices normalize.
Return on Capital Decays Sharply
ROIC fell from 25.1% in 2025Q3 to -1.9% in 2026Q4, as reported in quarterly data, indicating that the company is currently destroying value on its invested capital.
The collapse in ROIC mirrors the margin compression, but it also reflects the increased capital base from cage-free conversion investments, which have not yet generated returns at current price levels. The negative ROIC in 2026Q4 suggests that the company's expansion into specialty eggs is not yet paying off, though this may be a cyclical trough rather than a permanent decline. Over the full cycle, the cumulative returns were strong, but the current quarter highlights the volatility inherent in a commodity business with high fixed costs.
Working Capital Cycle Lengthens
Cash conversion cycle extended from 45 days in 2025Q3 to 87 days in 2026Q4, as per financial statements, reflecting slower inventory turnover and delayed collections amid falling prices.
The increase in DSO from 24 to 41 days and DIO from 39 to 64 days suggests that customers are taking longer to pay and that inventory is building up as demand softens, which is typical in a downcycle. The stable DPO around 18-19 days indicates that Cal-Maine is not stretching supplier payments, which is consistent with its conservative balance sheet but may limit working capital flexibility. This lengthening cycle could pressure cash flow if the trend persists, though the company's fortress balance sheet provides a buffer.
Debt-Free Balance Sheet Provides Flexibility
Cal-Maine maintains zero debt across all reported quarters, with interest coverage exceeding 1,700x at peak, as per financial statements, underscoring a fortress capital structure.
The absence of debt means that the company faces no refinancing risk and is insulated from rising interest rates, which is a significant advantage over leveraged peers. The negative interest coverage in 2026Q4 is due to net interest expense from cash holdings, but this is not a concern given the lack of borrowings. This financial flexibility allows Cal-Maine to weather the current downturn and potentially acquire distressed competitors, as it has done historically.
Liquidity Remains Ample Despite Cash Drawdown
Current ratio stands at 7.7 in 2026Q4, down from 8.2 in 2026Q3, as per reported figures, indicating robust short-term coverage even as cash reserves decline.
The quick ratio of 5.87 suggests that even without selling inventory, Cal-Maine can cover its current liabilities nearly six times over, which is exceptionally strong. The decline in cash from $500M to $113.5M over the year reflects dividend payments and capital expenditures, but the company still has ample liquidity to fund operations and strategic initiatives. This liquidity position provides a cushion against prolonged low egg prices and supports the company's ability to maintain its variable dividend policy when profitable.
P/E Misleads in Cyclical Downturn
The trailing P/E of 13.24 appears low, but as reported in financial statements, it is based on peak earnings that have already reversed, making it a misleading valuation metric.
Using P/E on trailing earnings is inappropriate for Cal-Maine because the earnings are highly cyclical and currently in a trough; the forward P/E of 11.86 may also be unreliable if analysts are extrapolating normalized earnings. A better approach is to use EV/EBITDA over a full cycle or to normalize earnings using mid-cycle margins, as the current P/E does not reflect the true earning power. Investors should focus on the company's ability to generate cash flow across the cycle, as evidenced by cumulative OCF exceeding net income, rather than a single-year P/E.