CAL-MAINE Foods Inc. (CALM) intrinsic value & 10-year financials
CAL-MAINE Foods Inc. (CALM) has a Graham intrinsic value of $190.59 per share. At $63.65 on Oct 17, 2026, the stock trades 67% below that value. Over the last 10 fiscal years revenue grew 11.7% a year to $2.9B, with an average return on invested capital of 16.4%.
- Graham intrinsic value
- $190.59
- Share price (Oct 17, 2026)
- $63.65
- Price vs Graham value
- 67% below
- Market cap
- $3.0B
- Revenue (FY2026)
- $2.9B
- Revenue growth (10-yr CAGR)
- 11.7%
- ROIC (10-yr avg)
- 16.4%
- Free cash flow (FY2026)
- $328.5M
CALM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $2.9B | $316.7M | $6.63 | $328.5M | 12.0% | 10.4% |
| FY2025 | $4.3B | $1.2B | $24.95 | $1.1B | 36.1% | 53.6% |
| FY2024 | $2.3B | $277.9M | $5.69 | $304.3M | 13.4% | 14.1% |
| FY2023 | $3.1B | $758.0M | $15.52 | $726.4M | 30.8% | 70.1% |
| FY2022 | $1.8B | $132.7M | $2.72 | $53.8M | 8.1% | 11.4% |
| FY2021 | $1.3B | $2.1M | $0.04 | -$68.9M | -1.9% | -1.4% |
| FY2020 | $1.4B | $18.4M | $0.38 | -$50.6M | 0.1% | 0.1% |
| FY2019 | $1.4B | $54.2M | $1.12 | $47.1M | 3.4% | 3.9% |
| FY2018 | $1.5B | $125.9M | $2.60 | $180.7M | 6.8% | 11.8% |
| FY2017 | $1.1B | -$74.3M | -$1.54 | -$116.0M | -12.3% | -10.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CAL-MAINE FOODS INC is a consistent compounder, expanding top-line revenue at 11.7% annually over the past decade.
CAL-MAINE FOODS INC returns on capital have been average, hovering around 12.2% ROIC over the decade.
CAL-MAINE FOODS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CAL-MAINE FOODS INC is modeled at 12.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $190.59 per share.