CALM
Cal-Maine Foods, Inc.
CALM's fundamentals are weak and it looks expensive: trading at 51x earnings, about five times its usual 10x. Its downside scenario is more than ten times its upside.
CALM Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Under pressure | |
| Under pressure | |
| Strong |
CALM's balance sheet is currently strong, but its revenue, profitability and cash flow are under pressure.
CALM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.7x | $4.59 | -93% |
| Fair | 10x | $12.73 | -80% |
| Expensive | 51x | $63.59 | -0.9% |
| Current | 51x | $64.18 | — |
Historical ranges are pointers, not guarantees.
CALM's PE is in its expensive range at 51x.
CALM Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Turning to a loss | |
| Decline | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect CALM's earnings and revenue to decline, with profitability weakening. However, they disagree widely on these estimates.
CALM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $1.25 | -95% |
| Q2 2026 | $6.63 | -73% |
| Q1 2026 | $14.35 | -29% |
| Q4 2025 | $23.67 | +84% |
| Q3 2025 | $26.01 | +198% |
| Q2 2025 | $24.95 | +338% |
| Q1 2025 | $20.23 | +259% |
| Q4 2024 | $12.85 | +39% |
CALM's earnings per share have fallen from their peak: $1.25 over the past year, against $26.01 in mid-2025.
CALM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $539.6M | -42% |
| Q2 2026 | $552.6M | -50% |
| Q1 2026 | $667M | -53% |
| Q4 2025 | $769.5M | -19% |
| Q3 2025 | $922.6M | +17% |
| Q2 2025 | $1.1B | +72% |
| Q1 2025 | $1.4B | +102% |
| Q4 2024 | $954.7M | +82% |
CALM's revenue has slid since its 2025 peak: $540M last quarter, down 42% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -15% | -42 points |
| Q2 2026 | -11% | -50 points |
| Q1 2026 | 5.4% | -40 points |
| Q4 2025 | 16% | -13 points |
| Q3 2025 | 27% | +3.2 points |
| Q2 2025 | 39% | +17 points |
| Q1 2025 | 45% | +22 points |
| Q4 2024 | 29% | +26 points |
CALM's operating margin was −15% last quarter, down 42 points from the same quarter a year ago, near the bottom of its range since 2019.
CALM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$128M | -155% |
| Q2 2026 | -$24.7M | -107% |
| Q1 2026 | $72M | -86% |
| Q4 2025 | $47.9M | -48% |
| Q3 2025 | $233.3M | +186% |
| Q2 2025 | $367.1M | +126% |
| Q1 2025 | $521.8M | +290% |
| Q4 2024 | $92.9M | +755% |
CALM's free cash flow was −$33M over the past year, against $1.2B the year before.
CALM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.3% | -1.1M shares |
| 1 year | -3.6% | -1.7M shares |
| 3 years | -4.4% | -2.1M shares |
| 5 years | -4.4% | -2.2M shares |
| Available history | -3.6% | -1.7M shares |
CALM has 47M diluted shares, down 3.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2021 | $826,000 |
| Q4 2020 | $45,000 |
| Q3 2020 | — |
| Q1 2020 | $889,000 |
| Q4 2019 | $10,000 |
CALM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.8x | Net Cash |
| Q2 2026 | -0.2x | Net Cash |
| Q1 2026 | -0.4x | Net Cash |
| Q4 2025 | -0.2x | Net Cash |
| Q3 2025 | -0.2x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.4x | Net Cash |
| Q4 2024 | -0.2x | Net Cash |
CALM has more cash than debt.
CALM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.7 | Neutral |
| Stochastic | 13.1 | Oversold |
CALM's weekly RSI is 31 (neutral) and its Stochastic is 13 (oversold).
CALM PE vs Consumer Defensive Sector
| Metric | CALM | Sector median | Relative |
|---|---|---|---|
| PE | 51x | 19x | 163% above |
| PE % | 84 | 18 | 66 pts above |
CALM is trading at 51x earnings, a 163% premium to the Consumer Defensive sector's median of 19x.
CALM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $64.6 | 0.7% below |
| 20 week MA | $75.3 | 15% below |
| 50 week MA | $78.2 | 18% below |
| 100 week MA | $88.4 | 27% below |
| 200 week MA | $74.0 | 13% below |
CALM is in a downtrend: it's below all five of its weekly moving averages, and 13% below its 200-week average.
CALM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $43.0 | $37.4 | -13% |
| 2021 | $37.4 | $36.5 | -2.3% |
| 2022 | $36.5 | $64.6 | +77% |
| 2023 | $64.6 | $57.4 | -11% |
| 2024 | $57.4 | $101.1 | +76% |
| 2025 | $101.1 | $82.0 | -19% |
| 2026 YTD | $82.0 | $64.2 | -22% |
CALM has finished lower in four of the last six years. It's down 22% so far in 2026.