Latest Ratios: P/E Ratio 3.4x · EV/EBITDA 2.2x · ROE 55.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.0B | $4.7B | $3.0B | $2.3B | $2.3B | $1.7B | $2.2B | $1.8B | $2.3B | $1.8B | $2.2B |
| Enterprise Value | $3.5B | $4.2B | $2.8B | $2.0B | $2.3B | $1.6B | $2.1B | $1.7B | $2.3B | $1.8B | $2.1B |
| P/E Ratio → | 3.42 | 3.84 | 10.84 | 3.06 | 17.55 | 825.30 | 117.26 | 33.05 | 18.48 | — | 6.81 |
| P/S Ratio | 0.95 | 1.10 | 1.30 | 0.74 | 1.31 | 1.26 | 1.60 | 1.32 | 1.55 | 1.67 | 1.13 |
| P/B Ratio | 1.63 | 1.83 | 1.68 | 1.44 | 2.11 | 1.68 | 2.14 | 1.82 | 2.44 | 2.13 | 2.35 |
| P/FCF | 3.79 | 4.39 | 9.91 | 3.20 | 43.23 | — | — | 38.19 | 12.89 | — | 7.04 |
| P/OCF | 3.29 | 3.82 | 6.68 | 2.69 | 18.43 | 64.99 | 29.34 | 15.63 | 11.62 | — | 5.64 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.98 | 1.19 | 0.64 | 1.28 | 1.22 | 1.54 | 1.27 | 1.52 | 1.67 | 1.13 |
| EV / EBITDA | 2.17 | 2.57 | 7.07 | 1.95 | 10.70 | 49.49 | 35.12 | 17.24 | 14.80 | — | 4.16 |
| EV / EBIT | 2.31 | 2.61 | 7.70 | 2.03 | 13.63 | — | 101.42 | 24.24 | 19.44 | — | 4.40 |
| EV / FCF | — | 3.92 | 9.12 | 2.79 | 42.16 | — | — | 36.77 | 12.65 | — | 7.03 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.4% | 43.4% | 23.3% | 38.0% | 19.0% | 11.9% | 13.3% | 16.4% | 24.0% | 4.2% | 34.0% |
| Operating Margin | 36.1% | 36.1% | 13.4% | 30.8% | 8.1% | -1.9% | 0.1% | 3.4% | 6.7% | -12.5% | 24.7% |
| Net Profit Margin | 28.6% | 28.6% | 11.9% | 24.1% | 7.5% | 0.2% | 1.4% | 4.0% | 8.4% | -6.9% | 16.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 55.9% | 55.9% | 16.3% | 55.9% | 12.5% | 0.2% | 1.8% | 5.6% | 14.0% | -8.4% | 39.0% |
| ROA | 46.0% | 46.0% | 13.4% | 44.6% | 9.9% | 0.2% | 1.6% | 4.7% | 11.5% | -6.9% | 31.0% |
| ROIC | 63.6% | 63.6% | 16.3% | 61.4% | 10.7% | -2.1% | 0.1% | 3.7% | 8.6% | -11.5% | 42.6% |
| ROCE | 64.5% | 64.5% | 16.7% | 63.8% | 11.9% | -2.3% | 0.1% | 4.3% | 10.0% | -13.4% | 50.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.03 |
| Debt / EBITDA | — | — | — | — | 0.01 | 0.07 | 0.06 | 0.02 | 0.04 | — | 0.05 |
| Net Debt / Equity | — | -0.20 | -0.13 | -0.18 | -0.05 | -0.05 | -0.07 | -0.07 | -0.04 | -0.01 | -0.00 |
| Net Debt / EBITDA | -0.31 | -0.31 | -0.61 | -0.28 | -0.27 | -1.66 | -1.26 | -0.67 | -0.27 | — | -0.01 |
| Debt / FCF | — | -0.47 | -0.78 | -0.40 | -1.07 | — | — | -1.42 | -0.23 | — | -0.01 |
| Interest Coverage | 2620.51 | 2620.51 | 656.68 | 1713.78 | 412.95 | -45.71 | 41.28 | 110.95 | 443.78 | -358.42 | 422.50 |
Net cash position: cash ($500M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.38 | 6.38 | 5.45 | 6.16 | 3.58 | 5.77 | 5.60 | 7.58 | 5.45 | 6.74 | 7.50 |
| Quick Ratio | 5.42 | 5.42 | 4.30 | 4.60 | 2.16 | 3.35 | 3.60 | 5.28 | 3.88 | 4.26 | 5.65 |
| Cash Ratio | 4.52 | 4.52 | 3.57 | 3.55 | 0.94 | 1.88 | 2.49 | 4.26 | 3.07 | 2.41 | 4.67 |
| Asset Turnover | — | 1.37 | 1.06 | 1.60 | 1.24 | 1.09 | 1.11 | 1.18 | 1.31 | 1.04 | 1.72 |
| Inventory Turnover | 8.15 | 8.15 | 6.82 | 6.86 | 5.47 | 5.44 | 6.26 | 6.61 | 6.77 | 6.40 | 8.14 |
| Days Sales Outstanding | — | 23.33 | 25.49 | 21.72 | 45.06 | 34.27 | 26.57 | 19.24 | 20.85 | 39.81 | 15.16 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.9% | 7.0% | 3.0% | 10.9% | 0.3% | 0.1% | — | 2.3% | — | — | 5.6% |
| Payout Ratio | 27.1% | 27.1% | 33.1% | 33.3% | 4.6% | 80.2% | — | 76.9% | — | — | 38.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 29.2% | 26.0% | 9.2% | 32.6% | 5.7% | 0.1% | 0.9% | 3.0% | 5.4% | — | 14.7% |
| FCF Yield | 26.4% | 22.8% | 10.1% | 31.3% | 2.3% | — | — | 2.6% | 7.8% | — | 14.2% |
| Buyback Yield | 1.3% | 1.2% | 0.1% | 0.1% | 0.0% | 0.1% | 0.0% | 0.1% | 0.0% | 0.1% | 0.1% |
| Total Shareholder Yield | 9.2% | 8.2% | 3.1% | 10.9% | 0.3% | 0.1% | 0.0% | 2.4% | 0.0% | 0.1% | 5.7% |
| Shares Outstanding | — | $49M | $49M | $49M | $49M | $49M | $48M | $49M | $48M | $48M | $48M |
Commodity price volatility exposure
As reported in recent financial filings, CALM trades at a trailing P/E of 3.22, a multiple that appears to reflect the market's skepticism regarding the sustainability of recent peak earnings rather than the company's long-term competitive positioning within the specialized egg production industry.
The low P/E multiple suggests investors are pricing in a significant mean reversion in egg prices, treating the company as a pure commodity play. However, this valuation may overlook the structural shift toward specialty eggs, which could provide a higher earnings floor than historical cycles would imply.
Based on historical data, ROIC has experienced extreme volatility, peaking at 25.1% in 2025Q3 before contracting to 1.2% in 2026Q3, illustrating the company's sensitivity to supply-side shocks that temporarily inflate returns on invested capital during periods of industry-wide egg shortages.
The sharp decline in ROIC highlights the difficulty of maintaining high returns in a capital-intensive, commodity-linked business model. Investors should monitor whether the ongoing transition to cage-free infrastructure will eventually stabilize these returns or if the increased asset base will permanently dilute capital efficiency.
According to quarterly financial statements, the cash conversion cycle has remained relatively contained, fluctuating between 45 and 72 days, which suggests that management maintains effective control over inventory and receivables despite the inherent perishability of the company's primary product offerings.
The consistency in the cash conversion cycle indicates that operational processes are well-integrated, preventing significant liquidity traps during periods of lower demand. This efficiency is a critical buffer, as it allows the company to manage its working capital requirements without resorting to external debt financing.
As indicated by the most recent balance sheet data, the company maintains a current ratio of 8.21, a figure that underscores a robust liquidity position capable of absorbing significant operational stress without compromising the firm's ability to fund ongoing capital expenditures or strategic acquisitions.
This liquidity profile is exceptionally strong for an industrial agricultural firm, providing a substantial margin of safety against volatile input costs. The lack of significant leverage suggests that the company is well-positioned to act as a consolidator when smaller, less-capitalized competitors face financial distress.
The P/E ratio is frequently misapplied to Cal-Maine, as it fails to account for the company's variable dividend policy and the lumpy nature of earnings driven by HPAI-related supply shocks, which can make the stock appear deceptively cheap or expensive at different points in the cycle.
Investors should instead focus on EV/EBITDA or normalized earnings metrics that strip out the impact of temporary supply-side price spikes. Relying on P/E ratios in a cyclical commodity business often leads to buying at the peak of earnings and selling at the trough, which is counterproductive.
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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 3.4x. The historical average is 17.3x. This places it at the 4th percentile of its historical range.
Cal-Maine Foods, Inc.'s current EV/EBITDA is 2.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
Cal-Maine Foods, Inc.'s return on equity (ROE) is 55.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 17.6%.
Based on historical data, Cal-Maine Foods, Inc. is trading at a P/E of 3.4x. This is at the 4th 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 7.91% with a payout ratio of 27.1%.
Cal-Maine Foods, Inc. has 43.4% gross margin and 36.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.