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Farm products · Consumer Defensive · Fiscal year ends May 29
Cal-Maine Foods reported revenue of $2.9B in the fiscal year ended May 2026, down 31.7% from the year before. Operating income was $350M, an operating margin of 12.0%, and net income was $317M. Operating cash flow of $480M less capital expenditure of $151M left free cash flow of $329M.
Ranks among the 7 farm products companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | May 2022 | Jun 2023 | Jun 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue | 1,777 | 3,146 | 2,326 | 4,262 | 2,912 |
| Cost of revenue | 1,440 | 1,950 | 1,785 | 2,411 | 2,240 |
| Gross profit | 337 | 1,196 | 542 | 1,851 | 672 |
| Selling, general & admin | 199 | 232 | 253 | 314 | 329 |
| Operating income | 144 | 968 | 312 | 1,537 | 350 |
| Interest expense | 0.4 | 0.6 | 0.5 | 0.6 | – |
| Pre-tax income | 166 | 999 | 360 | 1,603 | 411 |
| Income tax | 33.6 | 242 | 83.7 | 385 | 92.9 |
| Net income | 133 | 758 | 278 | 1,220 | 317 |
| Diluted EPS | 2.72 | 15.52 | 5.69 | 24.95 | 6.63 |
| Diluted shares | 48.7 | 48.8 | 48.9 | 48.9 | 47.8 |
| Fiscal year | May 2022 | Jun 2023 | Jun 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 59.1 | 293 | 238 | 499 | 107 |
| Receivables | 169 | 111 | 139 | 244 | 157 |
| Inventory | 263 | 284 | 262 | 296 | 375 |
| Current assets | 662 | 1,125 | 1,242 | 1,968 | 1,582 |
| Net PP&E | 678 | 745 | 857 | 1,027 | 1,318 |
| Goodwill | 44.0 | 44.0 | 45.8 | 46.8 | 97.1 |
| Total assets | 1,427 | 1,955 | 2,185 | 3,085 | 3,108 |
| Payables | 82.0 | 82.6 | 75.9 | 101 | 96.1 |
| Current liabilities | 185 | 183 | 228 | 308 | 206 |
| Total liabilities | 323 | 345 | 388 | 519 | 467 |
| Shareholders' equity | 1,105 | 1,611 | 1,800 | 2,561 | 2,633 |
| Fiscal year | May 2022 | Jun 2023 | Jun 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 126 | 863 | 451 | 1,225 | 480 |
| Capital expenditure | 72.4 | 137 | 147 | 161 | 151 |
| Free cash flow | 53.8 | 726 | 304 | 1,063 | 329 |
| Depreciation & amortisation | 68.4 | 72.2 | 80.2 | 94.0 | 124 |
| Stock-based compensation | 4.1 | 4.2 | 4.4 | 4.5 | 5.8 |
| Acquisitions | 44.8 | 0.0 | 53.7 | 116 | 428 |
| Dividends paid | 6.1 | 252 | 91.9 | 330 | 232 |
| Dividend per share | 0.87 | 5.16 | 1.89 | 8.32 | 2.46 |
| Fiscal year | May 2022 | Jun 2023 | Jun 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 77.0% | −26.1% | 83.2% | −31.7% |
| Operating income growth (YoY) | – | 574.2% | −67.7% | 391.8% | −77.2% |
| EPS growth (YoY) | – | 470.6% | −63.3% | 338.5% | −73.4% |
| Gross margin | 19.0% | 38.0% | 23.3% | 43.4% | 23.1% |
| Operating margin | 8.1% | 30.8% | 13.4% | 36.1% | 12.0% |
| Net margin | 7.5% | 24.1% | 11.9% | 28.6% | 10.9% |
| Return on equityBlank when equity is negative | 12.0% | 47.1% | 15.4% | 47.6% | 12.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.5% | 54.6% | 16.0% | 55.3% | 12.1% |
| Free cash flow margin | 3.0% | 23.1% | 13.1% | 25.0% | 11.3% |
| Cash conversion (CFO ÷ net income) | 0.95x | 1.14x | 1.62x | 1.00x | 1.51x |
| Receivable days | 35 | 13 | 22 | 21 | 20 |
| Inventory days | 67 | 53 | 54 | 45 | 61 |
| Payable days | 21 | 15 | 16 | 15 | 16 |
| Interest cover | 356x | 1660x | 569x | 2511x | – |
| Current ratio | 3.58x | 6.16x | 5.45x | 6.38x | 7.70x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.