CALMCAL-MAINE FOODS INC
Agricultural Prod-Livestock & Animal Specialties
- Revenue
- $2.9B
- 32% YoY
- Operating margin
- 12.0%
- 67% YoY
- EBITDA
- $475M
- 71% YoY
- Market cap
- $3.1B
- Employees
- 4,909
- $593K revenue each
- Net debt / EBITDA
- -0.2×
- −$113M net debt
- AI in 10-K
- 0.2
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo151% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo48% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentYes66% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeNo$593K per employeeBottom quartile of its SIC industry
- Quiet on AIYes0.2 per 10K words · 12th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.2× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.1B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.8B | $3.1B | $2.3B | $4.3B | $2.9B | 32% |
| Operating income | $144M | $968M | $312M | $1.5B | $350M | 77% |
| Net income | $133M | $758M | $278M | $1.2B | $317M | 74% |
| Operating cash flow | $126M | $863M | $451M | $1.2B | $480M | 61% |
| Capex | $72M | $137M | $147M | $161M | $151M | 6.2% |
| Stock-based comp | $4M | $4M | $4M | $5M | $6M | 27% |
| Dividends | $6M | $252M | $92M | $330M | $232M | 30% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 5, 2025 | BAKER ADOLPHUS B | SCHEDULE 13D/A | 10.1% | Passive |
| Apr 17, 2025 | BAKER ADOLPHUS B | SCHEDULE 13D/A | 3.0% | Passive |
| Apr 16, 2025 | BAKER ADOLPHUS B | SCHEDULE 13D/A | 3.3% | Passive |
| Feb 27, 2025 | BAKER ADOLPHUS B | SCHEDULE 13D/A | 12.6% | Passive |
| Dec 20, 2022 | Adams Jean Morris | SC 13D/A | 2.9% | Passive |
| Oct 14, 2022 | Adams Jean Morris | SC 13D/A | 7.5% | Passive |
| Aug 27, 2020 | BAKER ADOLPHUS B | SC 13D/A | 8.0% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 277 | 93 |
| FY2025 | — | — | 338 | 96 |
| FY2024 | — | — | 202 | 103 |
| FY2023 | — | — | 150 | 113 |
| FY2022 | — | — | 138 | 107 |