January 9, 2026 ·35 min
Cal-Maine Foods
America's largest egg producer, from feed mill to shell — the whole vertical, and what it's worth.
Contents 29 sections
- Intro
- First-Look Tangible Balance Sheet Valuation
- Financials Snapshot
- Return to Holders
- Volume Growth Rate YoY
- Unit Sales Split
- Costs / Dozen
- History – Chicken Egg Production
- History – Cal-Maine
- From The Chicken To The Egg
- The US Egg Industry
- Owned Production
- Contract Producers
- Feed Costs
- Customers
- A Growing Segment: Egg Products
- Echo Lake Foods
- Stock Ownership
- Founder Control Reduction - A +ve
- Updated Ownership Post-Conversion (As Reported For Q3-2025)
- Upcoming Regulations Affecting Operations
- Appendix
- Competition Breakdown By Layers
- CFO Max P. Bowman
- CEO Sherman L. Miller
- CEO Sherman L. Miller
- CFO Max P. Bowman
- Annual Financial History
- Quarterly Financial History
Intro
Cal-Maine is the largest producer and distributor of fresh eggs in the US. Their distribution network (1P+3P) spans 60k+ US retail locations across 40 states. They are fully vertically integrated from feed production to egg distribution. They’re based in Jackson, Mississippi. They focus on the US Sunbelt states.
End-to-End Vertical Integration In Egg Production Visualized (Courtesy of Cal-Maine)
In fiscal 2025, CM produced 1.47B dozen eggs. Of this total, CM sold 1.3B dozen shell eggs (representing ~24% of US egg consumption, according to them). This represents an 88.6% produced-to-sold ratio. Egg inventory averaged 5 days of sales during FY25.
CM is twice the size of America’s next largest egg producer by layers (Rose Acre Farms). 90.8% of CM production came from CM-owned facilities, and 9.2% from contract producers.
CM is the global leader by # of layers owned (layers are female egg-laying chickens). It ended May-2025 with:
- 48.3MM layers (US total: 285.5MM)
- 11.5MM pullets and breeders
CM has 49 production complexes. These are supported by pullet-rearing facilities, 30 feed mills, 2 hatcheries, and 50 egg packing + processing plants. They currently have a 675k dozen eggs / hour processing capacity (+19.1% in 3-yrs).
Sales are focused on retail customers (86% of sales) and foodservice providers (13% of sales). Their top 3 customers represented 49.2% of sales (Walmart + Sams: 33.6% of sales). You’ve likely had their products in your home at some point (store-branded or under the Egg-Land / Land’O’Lakes / Farmhouse / 4-Grain names).
CM has been expanding more into specialty eggs over conventional, with specialty eggs making up over a third of egg sales. The sales mix has been shifting steadily toward specialty eggs over the past decade due to consumer trends and state regulations. Cage-free egg sales were 22.5% of total net egg sales for FY25.
CM Unit Sales Split (FY25: 1.28B dozens sold)
100% 90% 14% 14% 16% 16% 16% 20% 22% 25% 24% 25% 25% 24% 27% 80% 31% 35% 35% 37%
70%
60%
50%
40%
30%
20%
10%
0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Conventional Specialty
CM’s Net Avg Selling Price $ / Dozen Eggs
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Conventional Specialty Total
CM Annual Egg Sales (Dozens MM)
1,400
1,200
1,000
- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Conventional Specialty Total
CM Unit Sales Growth Rates YoY %
35% 32% 30% 30%
25%
| 20% | 17% 19% | 17% | |||||||
| 15% 12% | 15% | 14% | 15% 13% | 12% | 12% | ||||
| 10% | 8% | 7% 9% 8% | 7% 8% 7% 7% | 5% | 5% | 6% | 9% | ||
| 5% | 3% 4% | 2% | 2% | 2% | 0% 2% 1% 1% 0% | 3% | 0% | 1% 0% | 1% 0% |
0% -5% 2009 2010 0% 2011 2012 2013 2014 2015 -5% 2016 -1% -2% 2017 -4% -2% 2018 0% 2019 2020 -2% -3% 2021 -5% 2022 2023 0% 2024 2025 -10%
Conventional GR% Specialty GR% Total GR%
From my tracking, CM has acquired 27 egg production companies across its history as of Q3-2025. It is increasingly expanding into egg-based prepared foods too (4.67% of FY25 sales; FY24: 3.83%).
CM has 3.8k employees, of which 3k work in egg production + marketing, and 500 administrative employees. 79% of employees are paid at hourly rates.
Eggs are a largely a commodity at the consumer level. CM’s long-run profitability hinges on its ability to remain a low-cost producer. It has generally achieved above-average efficiency and scale benefits, allowing it to remain profitable over cycles and capture outsized gains during price upswings. However, like other commodity businesses, low prices will lead to lean years. Any periods of high profitability invite supply responses, like the recent fiscal year has shown.
Cal-Maine (fiscal years on right) 2018 2019 2020 2021 2022 2023 2024 2025
Dozen eggs sold (‘000)
| Conventional | 780,362 | 778,051 | 813,255 | 785,446 | 747,914 | 749,076 | 746,687 | 812,396 |
| Specialty | 257,352 | 260,848 | 255,895 | 287,765 | 335,875 | 398,297 | 400,946 | 470,215 |
Total 1,037,714 1,038,899 1,069,150 1,073,211 1,083,789 1,147,373 1,147,633 1,282,611
| Dozen eggs 1P produced (‘000) | 873,307 | 876,705 | 927,799 | 970,837 | 1,022,327 | 1,058,539 | 1,018,835 | 1,314,459 |
| % Production | 84.2% | 84.4% | 86.8% | 90.5% | 94.3% | 92.3% | 88.8% | 90.8% |
| % Specialty sales (dozen) | 23.5% | 23.8% | 23.9% | 26.8% | 31.0% | 34.7% | 34.9% | 36.7% |
| % Specialty sales (dollars) | 32.0% | 36.2% | 36.8% | 41.1% | 37.8% | 31.6% | 41.7% | 29.5% |
Net avg selling price ($ / dozen)
| Conventional | 1.23 | 1.04 | 1.01 | 0.98 | 1.42 | 2.74 | 1.73 | 3.49 |
| Specialty | 1.92 | 1.93 | 1.90 | 1.88 | 1.93 | 2.40 | 2.31 | 2.52 |
| All shell eggs | 1.39 | 1.26 | 1.22 | 1.22 | 1.57 | 2.62 | 1.93 | 3.13 |
Farm production cost ($ / dozen)
| Feed | 0.394 | 0.415 | 0.41 | 0.446 | 0.569 | 0.676 | 0.55 | 0.49 |
| Other | 0.303 | 0.319 | 0.328 | 0.32 | 0.351 | 0.396 | 0.433 | 0.428 |
| Total | 0.697 | 0.734 | 0.738 | 0.766 | 0.921 | 1.072 | 0.983 | 0.918 |
Outside egg purchases ($ / 1.445 1.249 1.245 1.233 1.738 3.02 2.16 3.67 dozen)
First-Look Tangible Balance Sheet Valuation
As of Nov 29th, 2025
Working Capital Valuation $MM Notes Cash + Eq 1,139 Pure cash: 369 Receivables 235 Feed is 1/3 of inventory. Chickens
| Inventory | 340 | are Egg 1/2. inventory turnover in FY25: 5 days. |
|---|---|---|
| Others | 39 | Includes 27 in income tax receivables, 12 in prepaid expenses |
| (Less: Current Liabilities) | 219 | Includes 66 in dividends payable |
| Total | 1,534 | |
| Total (ex-cash) | 395 Fixed Assets Valuation $MM | Notes |
| Property & Equipment | 1,218 | it owned 28.4k acres of land. Includes 159 in land. As of FY20, Depreciation CapEx was 161. was Working 91 in FY25. on a more accurate valuation for this segment. |
| Subsidiary Investments | 10* | owns the Egg-Land’s Best Southwest Specialty Eggs. This 50% of Specialty Eggs and franchise for GA + SC, and some NC and AL. This is undervalued, as FY25 income share alone was |
| Other | 18 | $6.2MM |
| Total | 1,246 | |
| LT | Liabilities Valuation $MM | Notes |
Deferred Income Taxes 170 Other LT Liabilities 58 Total 228
As of Aug 30th, 2025
Working Capital Valuation $MM Notes Cash + Eq 1,253 Pure cash: 252 Receivables 243 Feed is 1/3 of inventory. Chickens
| Inventory | 328 | are Egg 1/2. inventory turnover in FY25: 5 days. |
|---|---|---|
| Others | 22 | Includes 3 in income tax receivables, 19 in prepaid expenses |
| (Less: Current Liabilities) | 270 | Includes 66 in dividends payable |
| Total | 1,576 | |
| Total (ex-cash) | 323 Fixed Assets Valuation $MM | Notes |
| Property & Equipment | 1,195 | it owned 28.4k acres of land. Includes 159 in land. As of FY20, Depreciation CapEx was 161. was Working 91 in FY25. on a more accurate valuation for this segment. |
| Subsidiary Investments | 11* | owns the Egg-Land’s Best Southwest Specialty Eggs. This 50% of Specialty Eggs and franchise for GA + SC, and some NC and AL. This is undervalued, as FY25 income share alone was |
| Other | 17 | $6.2MM |
| Total | 1,223 | |
| LT | Liabilities Valuation $MM | Notes |
Deferred Income Taxes 169 Other LT Liabilities 56 Total 225
Financials Snapshot
Note: Their financial year ends in May of each year. So 2025 year end was May-2025.
| Cal-Maine ($MM) | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Revenue | 1,441 | 1,576 | 1,909 | 1,075 | 1,503 | 1,361 | 1,352 | 1,349 | 1,777 | 3,146 | 2,326 | 4,262 |
| Growth % (YoY) | 11.9 | 9.4 | 21.1 | -43.7 | 39.9 | -9.4 | -0.7 | -0.2 | 31.7 | 77.0 | -26.1 | 83.2 |
| Cost of Revenue | 1,138 | 1,180 | 1,261 | 1,029 | 1,142 | 1,138 | 1,172 | 1,188 | 1,440 | 1,950 | 1,785 | 2,411 |
| Gross Profit | 303 | 396 | 648 | 46 | 361 | 223 | 180 | 161 | 337 | 1,196 | 542 | 1,851 |
| Operating Expenses | 157 | 160 | 178 | 178 | 261 | 177 | 178 | 187 | 194 | 229 | 229 | 314 |
| EBIT | 146 | 235 | 470 | -132 | 101 | 46 | 1 | -26 | 144 | 968 | 312 | 1,537 |
| Growth % (YoY) | 145.1 | 61.1 | 99.8 | — | — | -54.4 | -97.2 | — | — | 574.2 | -67.7 | 391.8 |
| Net Interest Expense | 3 | 1 | -3 | -3 | -3 | -7 | -4 | -3 | -1 | -18 | -32 | -48 |
| Net Income (Loss) | 109 | 161 | 316 | -74 | 126 | 54 | 18 | 2 | 133 | 758 | 278 | 1,220 |
| Gross Margin % | 21.0 | 25.1 | 34.0 | 4.2 | 24.0 | 16.4 | 13.3 | 11.9 | 19.0 | 38.0 | 23.3 | 43.4 |
| EBIT Margin % | 10.1 | 14.9 | 24.6 | -12.3 | 6.7 | 3.4 | 0.1 | -1.9 | 8.1 | 30.8 | 13.4 | 36.1 |
| Net Margin % | 7.6 | 10.2 | 16.6 | -6.9 | 8.4 | 4.0 | 1.4 | 0.2 | 7.5 | 24.1 | 11.9 | 28.6 |
| Unlevered FCF | 50 | 102 | 293 | -139 | 162 | 22 | -77 | -94 | 33 | 693 | 254 | 998 |
| Pre-tax Income | 162 | 247 | 485 | -120 | 172 | 71 | 20 | -10 | 166 | 968 | 360 | 1,603 |
| Pretax Margin % | 11.2% | 15.6% | 25.4% | -11.1% | 11.5% | 5.2% | 1.5% | -0.7% | 9.3% | 30.8% | 15.5% | 37.6% |
| Pretax / Deployed Tangible Cap % | 25.3% | 32.2% | 51.9% | -14.4% | 19.0% | 7.5% | 2.0% | -1.0% | 14.4% | 57.4% | 19.2% | 59.7% |
| EBIT / Deployed Tangible Cap % | 22.8% | 30.7% | 50.3% | -15.9% | 11.1% | 4.8% | 0.1% | -2.6% | 12.4% | 57.4% | 16.7% | 57.2% |
Return to Holders
| Regular Dividends | 25 | 49 | 121 | 0 | 0 | 42 | 0 | 2 | 6 | 252 | 92 | 330 |
| Repurchases | 0 | 0 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 54 |
| Total Returned | 25 | 49 | 123 | 2 | 1 | 43 | 1 | 3 | 7 | 254 | 94 | 384 |
| % of Net Income Returned | 22% | 30% | 39% | -2% | 1% | 79% | 5% | 122% | 5% | 33% | 34% | 31% |
| Shares Outstanding MM | 48.30 | 48.44 | 48.37 | 48.36 | 48.47 | 48.59 | 48.58 | 48.66 | 48.73 | 48.83 | 48.87 | 48.89 |
| Growth % (YoY) | 0.43% | 0.29% | -0.15% | -0.01% | 0.22% | 0.25% | -0.01% | 0.15% | 0.16% | 0.21% | 0.08% | 0.04% |
| Cash | 15 | 9 | 29 | 18 | 48 | 69 | 78 | 57 | 59 | 293 | 238 | 499 |
| Working Capital | 324 | 407 | 543 | 372 | 480 | 493 | 429 | 430 | 477 | 942 | 1,014 | 1,660 |
| Net GAAP PPE | 315 | 359 | 392 | 458 | 425 | 456 | 561 | 592 | 679 | 745 | 857 | 1,027 |
| Cal-Maine ($MM) | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| LT Debt | 51 | 41 | 9 | 6 | 3 | 1 | 2 | 1 | 1 | 0 | 0 | 0 |
| CapEx | 59 | 82 | 76 | 67 | 20 | 68 | 124 | 95 | 72 | 137 | 147 | 161 |
| Market Cap | 2,831 | 2,857 | 2,330 | 2,337 | 2,413 | 2,733 | 3,024 | 3,533 | 4,786 | 4,433 | 4,705 | 6,163 |
| Growth % (YoY) | 57.0 | 32.4 | -1.2 | -12.9 | -14.8 | -4.3 | 29.8 | 51.2 | 98.4 | 62.2 | 55.6 | 74.5 |
| Enterprise Value | 2,451 | 2,211 | 1,680 | 1,725 | 1,843 | 2,036 | 2,209 | 2,776 | 3,995 | 3,199 | 3,318 | 4,915 |
| Growth % (YoY) | 42.5 | 7.2 | -23.0 | -31.7 | -24.8 | -7.9 | 31.4 | 60.9 | 116.8 | 57.1 | 50.2 | 77.1 |
| $ of MC Gained/$ Retained | -41.8 | -1.1 | 5.9 | 2.7 | 3.3 | -12.2 | 23.5 | 54.2 | 107.0 | 1.6 | -3.9 | -4.3 |
| No. of Employees | 2,645 | 2,872 | 3,277 | 3,578 | 3,573 | 3,490 | 3,636 | 3,286 | 2,985 | 2,976 | 3,067 | 3,828 |
Costs As % of Sales
| Farm Production (inc feed) | 55.7% | 40.2% | 46.7% | 50.1% | 54.2% | 52.2% | 35.6% | 42.5% | 24.3% | |||
| Processing, Packaging, | Warehouse | 18.8% | 14.2% | 16.4% | 17.3% | 18.5% | 16.3% | 10.9% | 14.4% | 9.3% | ||
| Egg Purchases | 19.3% | 19.1% | 18.3% | 17.2% | 13.2% | 9.7% | 12.1% | 16.3% | 19.2% | |||
| CapEx | 4.1% | 5.2% | 4.0% | 6.2% | 1.3% | 5.0% | 9.2% | 7.0% | 4.1% | 4.3% | 6.3% | 3.8% |
| SGA Expense | 10.9% | 10.2% | 9.3% | 16.2% | 11.9% | 12.8% | 13.0% | 13.6% | 11.2% | 7.4% | 10.9% | 7.4% |
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Conventional | 812 | 831 | 791 | 779 | 780 | 778 | 813 | 785 | 748 | 749 | 747 | 812 |
| Specialty | 202 | 232 | 263 | 253 | 257 | 261 | 256 | 288 | 336 | 398 | 401 | 470 |
| Total | 1,014 | 1,063 | 1,054 | 1,031 | 1,038 | 1,039 | 1,069 | 1,073 | 1,084 | 1,147 | 1,148 | 1,283 |
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Conventional | 990 | 1,059 | 1,243 | 549 | 957 | 810 | 830 | 766 | 1,062 | 2,052 | 1,292 | 2,835 |
| Specialty | 398 | 471 | 595 | 501 | 503 | 509 | 485 | 540 | 649 | 957 | 926 | 1,184 |
| Total | 1,388 | 1,530 | 1,838 | 1,050 | 1,459 | 1,320 | 1,316 | 1,306 | 1,711 | 3,009 | 2,217 | 4,020 |
Net Avg Selling Price / Dozen
| Conventional | $1.22 | $1.27 | $1.57 | $0.70 | $1.23 | $1.04 | $1.02 | $0.98 | $1.42 | $2.74 | $1.73 | $3.49 |
| Specialty | $1.97 | $2.03 | $2.26 | $1.98 | $1.95 | $1.95 | $1.90 | $1.88 | $1.93 | $2.40 | $2.31 | $2.52 |
| Cal-Maine ($MM) | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Total | $1.37 | $1.44 | $1.74 | $1.02 | $1.41 | $1.27 | $1.23 | $1.22 | $1.58 | $2.62 | $1.93 | $3.13 |
Volume Growth Rate YoY
| Conventional | 2.4% | 2.3% | -4.8% | -1.6% | 0.2% | -0.3% | 4.5% | -3.4% | -4.8% | 0.2% | -0.3% | 8.8% |
| Specialty | 29.6% | 15.2% | 13.0% | -3.8% | 1.9% | 1.4% | -1.9% | 12.5% | 16.7% | 18.6% | 0.7% | 17.3% |
| Total | 6.9% | 4.9% | -0.9% | -2.1% | 0.6% | 0.1% | 2.9% | 0.4% | 1.0% | 5.9% | 0.0% | 11.8% |
Unit Sales Split
| Conventional | 80.1% | 78.1% | 75.1% | 75.5% | 75.2% | 74.9% | 76.1% | 73.2% | 69.0% | 65.3% | 65.1% | 63.3% |
| Specialty | 19.9% | 21.9% | 24.9% | 24.5% | 24.8% | 25.1% | 23.9% | 26.8% | 31.0% | 34.7% | 34.9% | 36.7% |
Costs / Dozen
| Feed Cost / Dozen | $0.49 | $0.44 | $0.41 | $0.40 | $0.39 | $0.42 | $0.41 | $0.45 | $0.57 | $0.68 | $0.55 | $0.49 |
| Processing + Packaging+ | Warehouse Cost / Dozen | Sold | $0.20 | $0.21 | $0.21 | $0.22 | $0.23 | $0.27 | $0.30 | $0.29 | $0.31 | |
| Delivery Cost / Dozen Sold | $0.05 | $0.05 | $0.05 | $0.06 | $0.07 | $0.06 | $0.07 | |||||
| Egg Products Gross Margin | 20.7% | 18.3% | 30.1% | 18.3% | 19.6% | 14.7% | 11.3% | 9.2% | 19.7% |
History – Chicken Egg Production
The Red Junglefowl from Southeast Asia is the primary wild ancestor of chickens. This was proposed by Charles Darwin. 4 other colors cross-bred to produce the modern chicken.
Fun fact: Let’s think like Darwin. Why Southeast Asia? Dry rice farming acted as a magnet drawing wild jungle fowl down from the trees, and kickstarted a closer relationship between humans and the jungle fowl.
Domestication of the fowl occurred up to 10k years ago in Southeast Asia (India / China / Pakistan). The oldest bones of a definite domestic chicken were found in central Thailand (dated 1,650 - 1,250 BC).
People discovered that removing an egg from a nest prompted a hen to lay a compensatory egg, a process that could be repeated for an extended period.
During the Iron Age in Europe, chickens were not regarded as food. Studies show that several of the earliest chickens are buried un-butchered, and many are also found buried with people. Males were often buried with cockerels and females with hens. The Roman Empire then helped to popularize chickens and eggs as food.
Fun fact: Breeds with white earlobes tend to produce white eggs. Those with red earlobes usually produce brown eggs.
One of the earliest large-scale hatchery-like systems was the Egyptian egg oven (mamal) in the 4th century BC. These were brick + mud incubators using controlled heat to hatch eggs at scale.
In Britain, chickens were not regularly consumed until the 3rd century AD.
Chickens were brought to the United States by European settlers. It wasn’t until the post-Civil War era that a large-scale poultry industry began to develop.
The 1st coal lamp incubator was introduced in 1879. The 1st electric egg incubator was introduced in 1922.
Poultry science programs were developed in the US in the 1920s. Major feed companies funded research facilities. By 1920, ~44% of the US population still lived on farms. Hatcheries gained wide use in the 1920s.
Egg operations require female chicks (pullets). The development of vent sexing in Japan (1924) enabled the sorting of day-old chicks at scale.
The Hy-Line Hen (Hybrid Laying): Henry Wallace was the founder of Pioneer Hybrid Seed Corn Company in 1926. The successes achieved in corn led him to believe that similar gains could be achieved with the laying hen. In 1936, Wallace established Hy-Line poultry genetics on his farm in Iowa. Other seed companies developed concurrent Hy-Line research lines. Hy-Line hens are optimized for egg production. I detail this in a later section (‘From The Chicken To The Egg’)
The 1st quality standards were developed by the USDA in 1925. Formal grade + weight standards were introduced in 1949 (Agricultural Marketing Act).
Battery cages arranged in rows and tiers became the standard from the 1940s, a practice that helped to meet the increased demand for poultry and eggs in response to red meat rationing during WW2.
Cages allowed for:
- Lower physical labor per egg
- Fewer broken eggs
- Higher stocking density
- Easier predator control
- Easier sanitation control (leading to lower diseases too)
By the 1960s, conveyor belts also began to replace hand collection.
In 1970, the US Egg Products Inspection Act established federal inspection requirements. This splits FDA/USDA responsibilities across eggs vs egg products, and how outbreaks (notably Salmonella concerns) drove tighter refrigeration + handling rules over time.
US egg production was fragmented at the time. Even as late as 1987, there were roughly 2,500 commercial egg producers in the US. By 2002, only ~700 producers remained, and by the early 2020s, just 59 companies accounted for 87% of all US egg production.
The average size of layer flock has also grown. In 1982, half of U.S. hens were on farms with <62,000 hens. By 2012, half were on farms with >925,000 hens. Presently, complexes housing 1MM+ hens are common.
History – Cal-Maine
The company was founded as Adams Egg Co. in 1957 by Fred Adams (b. 1931). He initially focused on poultry and egg delivery. In 1958, he converted an old Mendenhall cotton gin facility into a feed mill thanks to a loan he procured “with nothing but a handshake and a smile.”
Fred’s background: He was 6’4. His college years were interrupted by the Korean War, and he was stationed as a nurse in Germany for 7 months. He was discharged in May-1952. After graduating college in 1954 (Uni of Southern Mississippi), he spent 3 years at Ralston-Purina Company working in feed sales.
In 1963, it built the world’s largest egg farm in Edwards, MS (1,086 acres).
He merged his company with Maine Egg Farms (from Maine) and Dairy Fresh Products (from California) in 1969. An employee contest was held to name the new company, and Cal-Maine was the winning entry. The company would distribute from California to Maine!
Acquisitions would become a key part of expansion for CM following this. (see table at the end of the section for a complete list). It would often buying family-owned farms upon retirement of their owners or distressed competitors during down cycles. In 1972, it even acquired the egg operations of Ralston-Purina (the same company the founder had worked at).
Fun fact: In 1976, Fred led Cal-Maine to build a broiler farm called Sea-Cal in Iran. He met with the son of the very last Shah of Iran. CM invested $0.5MM for a 28% stake. The Ayatollah took power in 1978, and the farm was nationalized in 1980. Fred pled his case to the World Court in The Hague and recovered most of the investment. Since then, he avoided international investments.
According to an early 10K, CM ended May-1988 with a total flock of 6.8MM (pullets + layers + breeders). It produced 117.5MM dozen eggs that year for sales of $69.9MM (FY1988).
In 1992, Cal-Maine became an Egg-Land’s franchisee.
Cal-Maine IPO’d in Dec-1996 (1.4MM shares). Another 0.33MM shares were floated in Jan-1997. Total proceeds were $10.6MM. The company ended up using the same sum to purchase Southern Egg Farm in Apr-1997.
By 1998, 61 egg companies were estimated to control three-quarters of the US laying hen population. Egg sales reduced over the 90s as customers preferences changed (potentially lower cholesterol and / or more luxurious food options preferred), In 2001, the growth of the Atkins diet (protein-heavy) was credited with increasing short-term egg intake and causing a price-spike.
By 2000, a report in the Mississippi Business Journal mentioned that the egg production process was completely automated: “Eggs purchased by consumers have never been touched by human hands”.
In Aug-2003, the CM board approved a 1-for-2,500 reverse split of the company’s common shares to take the company private. CM shareholders who owned <2,500 shares were to receive $7.35 / share. Some shareholders sued to stop the split, alleging that CM was on the verge of seeing its stock price skyrocket because of increasing egg prices and was taking advantage of its management-owned status to squeeze out minority investors. In Nov-2003 the board reconsidered the privatization plan and terminated it. According to Adams, the board changed direction because the price of CM’s stock finally began to reflect what he thought was an appropriate value.
By FY2007, CM had a 5-year average of: i. total flock of 25.8MM (pullets + layers + breeders), and ii. Production of 624MM dozen eggs / year. CM’s sales reaches $598MM for FY2007 and represented 15.5% of total US egg sales.
Cal-Maine’s Acquisition History Since 1988 Layer
| # | Acquisition | Price Paid | Capacity Added | Notes |
|---|---|---|---|---|
| 4 | Egg City Inc (1988) | $6.7MM | 1.3MM | |
| 5 | Sunny Fresh Foods (1990) internally built MS facility (1990) | $21.6MM $10MM | 7.5MM 1MM | |
| 6 | Sunnyside Eggs Inc (1991) internally built LA facility (1992) | $6MM $10MM | 1.8MM 1MM | |
| 7 | internally built MS facility (1994) internally built MS facility (1992) Wayne Detling Farms (1994) | $9.2MM $3.5MM $12.2MM | 1MM 0.5MM 1.5MM | |
| 8 | A&G Farms (1994) internally built TX facility (1996) | $2.9MM $14MM | 1MM 1MM+ | |
| 9 | Southern Farm Inc (1997) | $10.6MM | 1.3MM | Established SC, and other supermarket southeastern accounts states. in GA, |
| 10 | J&S Farms Inc (1997) | $2MM | 0.9MM | |
| 11 | Savannah Valley Company Inc (1997) | $3.7MM | ||
| 12 | Hudson Brothers, Inc (1999) | ?? | 1.2MM | Goodwill recorded as $3.15MM |
| 13 | Smith Farms (1999) | $36.2MM | 3.9MM | |
| 14 | Green Forest Foods (2005) | ?? | ?? | 50% stake bought from Pier 44 |
| 15 | Hillandale Farms (2005-2007) Green Forest Foods (2007) | $48.4MM $2MM | ?? ?? | Remaining liabilities also 50% assumed. stake acquired. $1MM in |
| 16 | Benton County Foods (2007) | $10.9MM | ~1MM | JV with Country Creek Farms with purchase of CM poultry is the producer majority owner. George’s Includes egg division. 1 feed mill in OK. |
| 17 | Zephyr Egg (2008) | ?? | 2MM | Includes processing pullet plants, growing and 1 facilities, feed mill. 2 egg |
| 18 | Tampa Farms (2008) | ?? | 4MM | Includes pullet growing 4-Grain facilities, brand of and specialty 2 feed mills. eggs, Purchased PP’s egg operations only. |
| 19 | Pilgrim’s Pride (2012) | $18.8MM | 1.4MM | PP is the 2 nd largest US chicken producer (1 st : Tyson Foods). Brazil-based JBS (the world’s largest meat packer) owns 80% of PP. |
| 20 | Maxim Production (2012) Southwest Specialty Eggs LLC (JV) | $65MM | 4MM | Includes 2 production complexes. TX-based. Breakdown is 3.5MM layer hen capacity + 0.5MM contract hens. Acquired of AZ. Added Egg-Land’s southern Best California franchise markets for state and |
Nevada in Sep-2014 Includes i. 1.2MM hen production capacity +
| 21 | Delta Egg Farm (2014) | $17MM | 1.2MM | feed mill in Utah, ii. 0.4MM organic egg production capacity in Kansas |
|---|---|---|---|---|
| 22 | Red River Valley (2015) | ?? | 1.8MM | JV for 50% with Rose Acre Farms. TX-based. Capacity for 1.8MM layers with permits for up to 2.9MM. Went online in 2017. |
| 23 | Foodonics Intl (2016) | $71.64MM | 3.1MM | 1.6MM capacity + 1.5MM contract arrangements. Egg-Land’s Best Focused franchise in GA rights + FL. + AEP Acquired interest. |
| 24 | Happy Hen Egg Farms (2017) | ?? | 0.35MM | Focused capacity to in 1.2MM TX. Permits layers. available to expand |
| 25 | Featherland Egg Farms (2018) | ?? | 0.6MM | Focused distribution in facilities. TX. Includes a feed mill + |
| 26 | Mahard Egg Farm (2019) | $45.52MM | 3.9MM | Expanded CM’s customer base in TX + OK. 3.9MM layer hen capacity built up, with up to 8.0MM layer hens permitted. |
| 27 | Red River Valley (2022) Fassio Egg Farms (2023) | $48.5MM $54.75MM | 1.7MM 1.2MM | Remaining 50% acquired Utah-based. 4.7MM capacity incl. 1.0MM cage-free + |
| 28 | ISE America Inc (2024) | $110MM | 4.7MM | 1.2MM Also included pullets an egg products facility + feed |
| 29 | Clean Egg LLC (2025) | $23.7MM | 0.677MM | mills + 4k acres + NE distribution network. TX-based |
In 2014, CM sold 1B+ dozen eggs for the 1st time.
CM is the Largest US Egg Producer By Layer Hen Population (Source: CM Earnings Presentation)
As of Q2-2025, CM is the world’s largest egg producer too (by layer hen population):
| Global Ranking | Producer | Layer Hens MM |
|---|---|---|
| 1 | Cal-Maine Foods | 48.3 |
| 2 | Proteina Animal (Mexico) | 36.0 |
| 3 | Rose Acre Farms (US) | 27.6 |
| 4 | CP Group (Thailand) | 22.0 |
| 5 | Beijing DAT Co (China) | 20.6 |
| 6 | Versova Holdings (US) | 20.1 |
| 7 | Hillandale Farms (US) | 20.0 |
| 8 | Ise Inc (Japan) | 20.0 |
| 9 | Daybreak Foods (US) | 15.0 |
| 10 | ACOLID (Saudi Arabia) | 14.4 |
From The Chicken To The Egg
Female chicks that have not yet laid eggs are raised as pullets until about 18 weeks of age, at which point they mature into egg-laying hens (known as layers).
Layers have their prime from ages 20-80 weeks. Their quantity and quality (egg size, yolk size, shell strength) of eggs produced decline beyond 80-90 weeks of age. Productive lives generally extend to ~110 weeks for most common US breeds.
Average layer lifespans depend on the layer’s breed. Farm-style / old-school layers live up to 6-10 years. The popular modern layers, like a Hy-Line, are designed to pump out eggs and die by year 6.
Egg Production Process (Source: USDA)
Pullets are fed a diet that is nutritionally formulated based on the primary breeder’s management guide. Their food has a density of ~3,000 kcal / kg of feed. Metabolizable energy / bird remains <315 kcal / day.
At the peak, feed consumption remains <120g per day per layer:
Pullet’s housing is lit for 24 hours / day at birth, reduced to 22 hours by day 7, with further reductions to ~12 hrs / day by week 7. It’s then incrementally increased to 16 hr / day for the remainder of their productive period.
Pullets are moved to a hen house by week 18. Good pullet grower can market >95% of all chicks purchased.
During the rearing period (<18 weeks), 6kg of feed is consumed to reach 1.4-1.5kg bodyweight.
At the peak, body weight remains <2.2kg. Over the productive period (weeks 18-100), Hy-Line layers produce 29-31kg of cumulative egg mass. Average egg weight remains 62-67g / egg.
(Above) Hy-Line commercial brown layer performance graph
Hy-Line commercial brown layer Egg Size Distribution Distribution of egg sizes based on weekly (not cumulative) average egg weights
The US Egg Industry
US egg production totaled 724MM dozens in Nov-2025 (-3% YoY). This included 620MM table egg dozens and 104MM hatching egg dozens. As of Jun-2025, there were 285.5MM layers in the US.
Cal-Maine is the largest producer and marketer of shell eggs in the US, with a 19% overall market share. The 5 largest US producers owned 37% of reported table egg layer hens. The 10 largest US producers owned 54% of reported table egg layer hens at 2024 end.
I have compiled and included the US i. annual and ii. monthly total egg production (table + hatching) data in graph form below:
US Annual Egg Production - Dozens MM (USDA)
9,600 9,438 9,392 9,355 9,400
9,162 9,135 9,200 9,043 8,937 9,000 8,800 Millions 8,600 8,593 8,485 8,600
8,400 8,191 8,200
8,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
US Monthly Egg Production - Dozens MM (USDA)
Millions 740 730 720
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25
The top 5 states for egg production are: 1. Iowa ( 2. Ohio 3. Indiana 4. Pennsylvania 5. Texas
The first 4 control 45%+ of egg production.
Eggs are a food staple with few direct substitutes, so consumption remains steady even as prices fluctuate. According to the USDA, annual per capita U.S. egg consumption between 2000-2017 varied between 249 and 276 eggs (21-23 dozens per capita per year).
Demand shocks are rare, but supply shocks (eg disease outbreaks like bird flu) or feed costs swings can cause egg prices and producer margins to gyrate dramatically:
Source: CRS. Data from USDA, National Agricultural Statistics Service, “Eggs, Table–Production,” and US BLS CPI Average Data for dozen large eggs; adjusted for inflation (2025 dollars) using BLS CPI for All Urban Consumers.
Owned Production
In FY 2025, CM produced 1.47B dozen eggs. 90.8% of CM production came from CM-owned facilities, and 9.2% from contract producers. In lean times, CM can adjust by culling flocks or idling facilities, but flexibility is inherently lower than in an outsourcing model. This cannot be avoided due to the scale of customers served and overall economies of scale across the chain.
CM has 49 production complexes. These are supported by pullet-rearing facilities, 30 feed mills, 2 hatcheries, and 50 egg packing + processing plants. They currently have a 675k dozen eggs / hour processing capacity.
| Type | Quantity | Capacity | Location |
|---|---|---|---|
| Breeding Facilities | 2 | House up to 215,000 hens | MS |
| Feed Mills | 30 | Production capacity of 1,000 tons of feed per hour | AL, AR, FL, GA, KS, KY, MO, MS, NC, NJ, OH, OK, SC, TN, TX, UT |
| Hatcheries | 2 | Hatch up to 712,600 chicks per week | MO, MS |
| Processing + Packaging | 50 | ~674,700 dozen shell eggs per hour | AL, AR, FL, GA, KS, KY, LA, MD, MO, MS, NJ, OH, OK, SC, TX, UT |
| Pullet Facilities | 37 | House 14.3MM pullets | AR, DE, FL, GA, KS, KY, MD, MS, NJ, OH, SC, TX, UT |
| Shell Egg Production | 49 | House 51.8MM layers | AL, AR, FL, GA, KS, KY, LA, MD, MS, NJ, OH, OK, SC, TX, UT |
| Prepared Foods Processing Facilities | 5 | Production capacity of 72,700 lb per hour | GA, MO, NY, SC, TX |
Their current flock of 48.3MM layers and 11.5MM pullets + breeders is the largest in the US.
In response to the recent tight egg supply conditions, CM has a +18% YoY increase in the average number of layer hens (reflecting both organic and inorganic expansion) and a +56% YoY increase in total chicks hatched during their fiscal Q4-2025. Their breeder flocks increased +48% YoY for the same period.
Cal-Maine Operating Locations
(Above) One of CM’s Egg Production Facilities (Below) A CM egg packing plant
Contract Producers
Under a typical arrangement with a contract producer, CM owns the flock, furnishes all feed and critical supplies, owns the eggs produced, and assumes market risks. The contract producers own and operate their facilities and are paid a fee based on production with performance incentives.
CM has been reducing its reliance on outside egg purchases:
Feed Costs
Feed costs are the largest portion of CM’s COGS (50-60% of GAAP COGS on average).
CM’s Feed Cost / Dozen (LHS) & As % of Avg Selling Price (RHS)
$0.80 45%
| $0.70 | 39% 41% | 39% $0.68 | 40% | |||
| $0.60 | 34% 32% 36% | $0.54 | 36% | 33% 33% 37% $0.57 36% | $0.55 | 35% |
| $0.50 | $0.47 $0.39 $0.39 | $0.49 $0.44 30% $0.41 24% $0.40 | 28% $0.45 $0.39 $0.42 $0.41 | 28% $0.49 26% | 30% 25% |
$0.40 $0.35 20% $0.30 16% 15%
$0.20 10%
$0.10 5%
$0.00 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Feed Cost / Dozen As % of Average Selling Price / Dozen
As mentioned earlier, an average layer consumes <120 grams of feed per day (~35 kg/year) to lay ~300 eggs (62-67g each) annually.
Feed cost fundamentals rely on 2 key commodities:
- Corn (75% of feed by weight) ▪ Soybean (20% of feed by weight)
A sensitivity analysis helps to understand the impact of commodity price changes for CM:
Δ in Feed Ingredient Price $ / Dozen Impact
| Corn ($ / bushel) | $0.28 | $0.01 |
| Soybean Meal ($ / ton) | $25.46 | $0.01 |
Customers
For egg sales, ~86% of sales were to retail customers and ~13% to foodservice providers. Retail customers include grocery stores and supermarkets. Foodservice providers include hotels and restaurants. Most sales are on payment terms ranging from 7 to 30 days.
CM 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2025 Eggs Produced 526 562 605 683 679 805 884 1014 1054 1038 1069 1084 1148 1283 (MM dozens) Eggs Sold (MM 388 431 458 537 535 640 663 750 819 873 928 1022 1019 1136 dozens) Sold / Produced 73.8% 76.7% 75.7% 78.6% 78.8% 79.5% 75.0% 74.0% 77.7% 84.1% 86.8% 94.3% 88.8% 88.5% %
CM’s Top 10 Customers Revenue Contribution Revenue Contribution # Customer (FY25) (FY15)
| 1 | Walmart + Sam’s Club | 33.6% | 25.7% |
| 2 | H E B | 15.6% | 9.3% |
| 3 | Costco | Was 9 th largest. |
4 Food Lion 5 Publix 8.4% 6 Eggs America 7 Aldi 8 Southwest Specialty (JV) 9 DEB-EL 10 Wakefurn Total Not disclosed 67.9%
A Growing Segment: Egg Products
In 2020, the top 5 broiler hen producers processed ~59% of US ready-to-cook products.
By Q3-FY23, they had reached 26MM lb annual hard-cooked egg capacity. Retail eggs are large sized, but layer hens produce medium sized eggs up until ~15 weeks of egg-laying (16% of laying life). Hard-cooked eggs are a good utilization for these.
Echo Lake Foods
Acquired in cash for $258MM Enterprise Value.
| Echo Lake Foods | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|---|
| Sales ($MM) | 151 | 138 | 165 | 343 | 274 | 242 |
| Operating Income ($MM) | 16 | 9 | 20 | 75 | 36 | 31 |
| Operating Margin | 10.6% | 6.5% | 12.1% | 21.9% | 13.1% | 12.8% |
| Reported Net Margin | 9.9% | 5.8% | 11.5% | 21.6% | 13.1% | 12.8% |
Echo Lake had $242MM revenue in prior year (12.8% net profit margin). It has value-added frozen products in the egg (49% of sales), pancake (22%), waffle (18%), and toast (10%) categories. Founded in 1941, EL was being operated by the previous management since 1981. It has 4 manufacturing facilities across the Midwest.
Cal-Maine’s mentioned the purchase strategy as: “Value seeking behavior has led consumers to increasingly choose frozen food for the breakfast daypart”.
Stock Ownership
Founder Fred Adams died in 2020. His family stake was ~31.2% of the company at the time (15.1MM shares). His supervoting shares were given out to his 4 daughters and 1 son-in-law. The shares (Class A Common) had 10x votes vs regular common shares. The family’s stake in Cal-Maine were held through a shell company called Daughters LLC (holding 4.8MM Class A shares + 1.1MM Common shares, with combined 53.2% voting power).
Founder Control Reduction - A +ve
In Mar-2025, Cal-Maine said it would undertake a $500MM buyback program (its first in two decades). It disclosed it could “repurchase some of the family members’ common shares” as they sold their holdings. At the time, their voting power would be reduced from 53.2% to 12%.
In Apr-2025, CM announced an underwritten public offering of 3.02MM shares held by the 4 daughters. It repurchased a further 0.5MM from the daughters directly. All outstanding 10x voting shares (Class A) were converting to standard common shares.
Note: Fred Adams’s daughters include:
- Luanne Adams, a psychologist and board member of the Washington Ballet; (reported ownership: 202k shares, 0.42% outstanding)
- Nancy Adams Briggs of Virginia (reported ownership: 559k shares, 1.15% outstanding)
- Laurel Adams Krodel of Tennessee (reported ownership: 444k shares, 0.92% outstanding)
- Dinnette “Dea Dea” Adams Baker, of Mississippi (reported ownership: 237k shares, 0.49% outstanding)
Updated Ownership Post-Conversion (As Reported For Q3-2025)
| # | Holder Name | % Outstanding | Position |
|---|---|---|---|
| 1 | Blackrock | 14.64 | 7,102,696 |
| 2 | Vanguard | 10.33 | 5,009,127 |
| 3 | Renaissance Technologies LLC | 4.87 | 2,360,774 |
| 4 | Dimensional Fund Advisors LP | 4.23 | 2,052,171 |
| 5 | Cal-Maine Foods Inc (ESOP) | 3.95 | 1,917,587 |
| 6 | State Street Corp | 3.52 | 1,706,587 |
| 7 | American Century Cos | 3.34 | 1,618,491 |
| 8 | Baker Adolphus B | 3.1 | 1,503,298 |
| 9 | Adams Fred R | 2.68 | 1,301,693 |
| 10 | Geode Capital Management LLC | 2.45 | 1,189,037 |
| 11 | Grace Partners of DuPage LP | 2.27 | 1,099,946 |
| 12 | Goldman Sachs | 2.07 | 1,005,163 |
| 13 | Northern Trust Corp | 1.86 | 900,466 |
| 14 | Morgan Stanley | 1.84 | 894,039 |
| 15 | CI Financial Corp | 1.52 | 735,850 |
| 16 | Charles Schwab | 1.4 | 677,216 |
| 17 | Invesco | 1.3 | 629,771 |
| 18 | Qube Research & Technologies | 1.23 | 594,753 |
| 19 | BNY Mellon | 1.18 | 574,467 |
| 20 | Man Group | 1.17 | 568,854 |
| 21 | Briggs, Nancy Adams | 1.15 | 558,514 |
| 22 | Bank of America | 0.94 | 456,718 |
| 23 | Arrowstreet Capital LP | 0.93 | 450,580 |
| 24 | Krodel Laurel Adams | 0.92 | 443,787 |
| 25 | Pacer Advisors Inc | 0.89 | 433,100 |
Float is now 86.89% of outstanding. There is high short interest (8.8% of outstanding as of Christmas 2025).
Current Management CEO - Sherman Miller
Sherman (age 50) joined CM in 1996. He was made COO in May-2011, President in Mar-2018, and CEO in Oct-2022. He was added to the board of directors in Jul-2012.
Bachelors in political science graduate from Mississippi State University. FY25 compensation was $456k salary + $875k bonus. Salary goes up by ~10% per annum, and bonus is generally <$500k (last year was a windfall).
Only owns 0.06% of outstanding (<31k shares).
Chairman – Adolphus Baker
He is founder’s son-in-law. Aged 68. He joined CM in 1986. Added to the board in 1991. He was made President in 1997. Officially served as CEO from 2010 – 2022. Elected as chairman of the board in 2012.
FY25 compensation was $490k salary + $333k bonus. Base salary has not materially changed since COVID.
Owns 3.1% of outstanding (1.503MM shares). Graduate of Mississippi State University.
COO – Michael Todd Walters
Todd (54) started his career with CM in 1997. Internally promoted. Became VP of Operations in TX in Jul-2011. Was made COO in Mar-2023.
Bachelor’s in agriculture graduate from Mississippi State University. FY25 compensation was $296k salary + $555k bonus. Salary goes up by ~20% per annum, and bonus is generally <$300k (last year was a windfall).
CFO – Max Bowman
CFO and board member since Oct-2018. He joined as VP Finance in Jun-2016. FY25 compensation was $335k salary + $648k bonus.
Only owns 0.03% of outstanding (<16k shares). Accounting graduate from Mississippi State University. CPA. 65 years old. Started his career with Arthur Andersen in 1982.
New CFO, Prepared Foods – John Zoeller
Just joined earlier in Dec-2025. Was the Treasure of a private chemical company (Westlake Chemical Partners LP).
Career history shows 7+ years at KPMG, and a career start at Arthur Andersen. Accounting graduate (Bachelors + Masters) from Mississippi State University. CPA.
Chief Strategy Officer – Keira Lombardo
Joined in Aug-2025. Owns <4k shares. Rutgers University graduate. 44 years old. She was CEO of Dairy MAX, a dairy organization representing ~700 farm families across eight states.
Capital Return CM used to issue a variable dividend of 1/3 of net income paid quarterly. They are now adding share buybacks to a good capital return program. In the most recent quarter, they repurchased $74MM worth of common.
Variable Dividends Paid Per Share
Fiscal Total Dividends / Net Income / Diluted Dividends as % of
| Q1 | Q2 Q3 Q4 | |||
| Year | Share | Share | Net | |
| 2008 | 0.404 0.258 | 0.662 | 3.20 | 20.7% |
| 2009 | 0.079 | 0.191 | 0.216 | 0.071 | 0.557 | 1.67 | 33.4% |
| 2010 | 0 | 0.086 | 0.24 | 0.147 | 0.473 | 1.42 | 33.3% |
| 2011 | 0.034 | 0.106 | 0.235 | 0.051 | 0.426 | 1.27 | 33.5% |
| 2012 | 0.022 | 0.163 | 0.182 | 0.26 | 0.627 | 1.87 | 33.5% |
| 2013 | 0.066 | 0.1 | 0.212 | 0 | 0.378 | 1.05 | 36.0% |
| 2014 | 0.034 | 0.181 | 0.296 | 0.217 | 0.728 | 2.26 | 32.2% |
| 2015 | 0.191 | 0.252 | 0.35 | 0.317 | 1.11 | 3.33 | 33.3% |
| 2016 | 0.983 | 0.751 | 0.441 | 0 | 2.175 | 6.53 | 33.3% |
| 2017 | 0 | 0 | 0 | 0 | 0 | -1.54 | 0.0% |
| 2018 | 0 | 0 | 0 | 0.351 | 0.351 | 2.60 | 13.5% |
| 2019 | 0.085 | 0.149 | 0.272 | 0 | 0.506 | 1.12 | 45.3% |
| 2020 | 0 | 0 | 0 | 0 | 0 | 0.38 | 0.0% |
| 2021 | 0 | 0 | 0.034 | 0 | 0.034 | 0.04 | 80.3% |
| 2022 | 0 | 0 | 0.125 | 0.749 | 0.874 | 2.72 | 32.1% |
| 2023 | 0.853 | 1.351 | 2.199 | 0.755 | 5.158 | 15.52 | 33.2% |
| 2024 | 0.006 | 0.116 | 0.997 | 0.77 | 1.889 | 5.69 | 33.2% |
| 2025 | 1.019 | 1.489 | 3.495 | 2.354 | 8.357 | 24.95 | 33.5% |
2026 1.378 0.719
Upcoming Regulations Affecting Operations
10 states (representing 27% of US population) have passed legislation or regulations mandating minimum space or cage-free requirements. 7 of these states (representing 23% of population) have cage-free laws in effect.
Cage-free hens made up 40% of the US flock in Mar-2024, up from 5% in 2012. CM expects the US flock to be 73% cage-free by 2030 to meet legislation. In 2021, CM estimated conversion costs of ~$45 per bird to build cage-free facilities.
US State Cage-Free Mandate Implementation Timeline & Cumulative Population (MM) (Source: CM Earnings Presentation)
The trend of push to cage-free raises costs for all producers. These eggs cost more to produce (feed efficiency is lower and housing requires more space/capital per hen). At the same time, consumer willingness to pay the premium is limited. I do not expect this to change.
There is no federal ‘cage-free’ standard. Each state creates its own. Standard layers get a minimum of 0.8- 1.24 ft 2 of floor space (state-dependent) and 17.7 inches of height.
At present there are no European rules for the rearing of pullets used for organic egg production.
Older standards:
- As of Jan-2012, battery cages are prohibited. Minimum floor space requirements were 0.46 ft 2 per layer.
So currently, USDA reports that 26% of the total U.S. hen population is cage-free. The industry projects for the entire industry to go cage-free would require a $6.50-plus billion investment. Cal-Maine has invested $405 million to expand our cage-free production since 2008, and we believe this cage-free conversion is a big opportunity.
Bird Flu / HPAI (Highly Pathogenic Avian Influenza) This is a fatal, quick-spreading strain of flu impacting domestic and wild bird populations. Symptoms include sneezing, coughing, misshapen eggs, lower egg production, diarrhea, and sudden death. Caused by an “influenza type A virus”. The virus is spread through oral, nasal, and fecal secretions.
The current, ongoing outbreak (HPAI H5N1) was first detected in Jan-2022 in wild birds in South Carolina. This precipitated the largest bird flu outbreak in US history. The 1st detection in domestic poultry (an Indiana turkey operation) occurred in Feb-2022, followed by 14 additional detections that month. These initial infections followed the migratory patterns of wild birds. By the end of 2022, HPAI infected 57MM+ domestic poultry across 47 states, with three quarters of infections occurring on commercial egg operations.
US Commercial Flock Depopulations
Year Size (MM)
2022 44.4
2023 14.4
2024 40.2
First 3Q of 2025 39.0
Bird flu has caused a massive spike in US egg prices. However, rates have begun to dwindle.
HPAI Detections In Commercial Table Egg Layers / Pullers (‘000) (Source: USDA)
Previous HPAI pandemics were heavy in 2015 and 2018, causing a reduction in net layer population by ~10MM and ~30MM respectively.
According to the Jan-2026 earnings call by Cal—Maine, the HPAI situation is improving, but still keeping them on “pins and needles”.
Appendix
CM Unit Egg Sales B (LHS, Bar) and Unit Growth Rates % (RHS, Line)
1.40 35.0% 32.1%
29.6% 30.0% 1.20
25.0%
1.00 18.6% 20.0% 16.7% 17.3%
| 0.80 | 14.6% | 14.0% | 15.2% 13.0% | 12.5% | 11.8% | 15.0% |
| 0.60 | 12.3% 8.5% | 9.1% 7.7% 7.8% 7.3% 6.9% 4.9% | 5.9% 8.8% | 10.0% | ||
| 0.40 | 3.5% 2.8% | 2.0% 0.0% | 7.4% 7.2% 2.4% 2.3% -0.9% -2.1% -3.8% | 2.9% 1.9% 0.6% 1.4% 0.1% 4.5% 0.4% 1.0% -1.9% 0.2% -0.3% | 0.7% 0.0% 0.2% -0.3% | 5.0% 0.0% |
0.20 -1.6% -3.4% -5.0% -4.8% -4.8%
0.00 -10.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Conventional Specialty Conventional GR% Specialty GR% Total GR%
Competition Breakdown By Layers
| Company | Total | Layers (‘000) | Company | Layers | as % of | Total | |
|---|---|---|---|---|---|---|---|
| Cal-Maine Foods | 2025 48,300 | 2018 End 40,250 | 2015 End 36,380 | Cal-Maine Foods | 2025 16.8% | 2018 End 11.9% | 2015 End 12.9% |
| Rose Acre Farms | 25,500 | 26,600 | 25,590 | Rose Acre Farms | 8.9% | 7.9% | 9.1% |
| Daybreak Foods | 24,000 | 14,000 | 8,000 | Daybreak Foods | 8.3% | 4.1% | 2.8% |
| Versova Holdings | 18,450 | 21,100 | Versova Holdings | 6.4% | 6.2% | ||
| Hillandale Farms | 18,340 | 20,000 | 12,500 | Hillandale Farms | 6.4% | 5.9% | 4.4% |
| Midwest Poultry | 14,000 | 9,800 | 9,200 | Midwest Poultry | 4.9% | 2.9% | 3.3% |
| Herbruck’s Poultry | 11,000 | 8,650 | 6,890 | Herbruck’s Poultry | 3.8% | 2.6% | 2.4% |
| Michael Foods (now Post) | 13,290 | 13,450 | Michael Foods (now Post) | 3.9% | 4.8% | ||
| Trillium Farm (now Versova) | 11,400 | Trillium Farm (now Versova) | 4.0% | ||||
| Rembrandt | 12,500 | 11,060 | Rembrandt | 3.7% | 3.9% | ||
| Hickman’s Egg | 8,200 | 9,200 | Hickman’s Egg | 2.4% | 3.3% | ||
| Weaver Brothers | 8,350 | 7,800 | Weaver Brothers | 2.5% | 2.8% | ||
| Prairie Star Farms | 9,400 | 7,240 | Prairie Star Farms | 2.8% | 2.6% | ||
| Sparboe Farms | 5,840 | 7,000 | Sparboe Farms | 1.7% | 2.5% | ||
| Fremont Farms | 7,330 | 6,400 | Fremont Farms | 2.2% | 2.3% | ||
| ISE America | 6,100 | 6,240 | ISE America | 1.8% | 2.2% | ||
| Centrum Valley (now Versova) | 6,100 | Centrum Valley (now Versova) | 2.2% | ||||
| Opal Foods | 8,000 | 5,400 | Opal Foods | 2.4% | 1.9% | ||
| Kreider Farms | 5,580 | 4,900 | Kreider Farms | 1.7% | 1.7% | ||
| Wabash Valley | 4,400 | 4,900 | Wabash Valley | 1.3% | 1.7% | ||
| Center Fresh (now Versova) | 10,500 | 4,800 | Center Fresh (now Versova) | 3.1% | 1.7% | ||
| Mid-States Specialty Eggs | 4,440 | Mid-States Specialty Eggs | 1.3% | ||||
| Sunrise Farms Inc. | 4,100 | Sunrise Farms Inc. | 1.2% | ||||
| Gemperle Farms | 5,000 | 4,650 | Gemperle Farms | 1.5% | 1.6% | ||
| National Food Corp | 4,080 | 4,190 | National Food Corp | 1.2% | 1.5% | ||
| RW Sauder | 3,500 | 3,570 | RW Sauder | 1.0% | 1.3% | ||
| Mahard Egg Farms | 4,000 | 3,100 | Mahard Egg Farms | 1.2% | 1.1% | ||
| Dixie Egg/Foodonics | 3,090 | Dixie Egg/Foodonics | 1.1% | ||||
| Cooper Farms | 3,200 | 3,060 | Cooper Farms | 0.9% | 1.1% | ||
| S & R Egg Farms | 4,350 | 2,860 | S & R Egg Farms | 1.3% | 1.0% | ||
| Esbenshade Farms | 2,800 | 2,850 | Esbenshade Farms | 0.8% | 1.0% | ||
| Creighton Bros. | 2,700 | 2,850 | Creighton Bros. | 0.8% | 1.0% | ||
| Konos Inc. | 3,400 | 2,390 | Konos Inc. | 1.0% | 0.8% | ||
| Braswell Foods | 1,870 | 2,280 | Braswell Foods | 0.6% | 0.8% | ||
| Forsman Farms | 3,300 | 2,030 | Forsman Farms | 1.0% | 0.7% | ||
| CHS(Hamilton Farm) | 2,280 | 2,000 | CHS(Hamilton Farm) | 0.7% | 0.7% | ||
| Giroux’s Poultry Farm | 2,200 | 2,000 | Giroux’s Poultry Farm | 0.7% | 0.7% | ||
| Mercer Landmark | 1,490 | 1,960 | Mercer Landmark | 0.4% | 0.7% | ||
| Kreher’s Eggs | 1,840 | 1,800 | Kreher’s Eggs | 0.5% | 0.6% | ||
| Heritage PMS/LaValle | 1,870 | 1,800 | Heritage PMS/LaValle | 0.6% | 0.6% | ||
| Country Charm Eggs | 1,670 | 1,750 | Country Charm Eggs | 0.5% | 0.6% | ||
| Minnich Poultry | 2,520 | 1,660 | Minnich Poultry | 0.7% | 0.6% | ||
| Berne Hi-Way Hatchery | 1,500 | 1,600 | Berne Hi-Way Hatchery | 0.4% | 0.6% | ||
| Hemmelgarn & Sons | 1,600 | 1,600 | Hemmelgarn & Sons | 0.5% | 0.6% | ||
| Oakdell Egg/Ritewood | 3,640 | 1,600 | Oakdell Egg/Ritewood | 1.1% | 0.6% | ||
| Schipper Eggs | 1,650 | 1,550 | Schipper Eggs | 0.5% | 0.5% | ||
| Morning Fresh Farms | 1,250 | 1,500 | Morning Fresh Farms | 0.4% | 0.5% | ||
| Latham Farms (L&R) | 1,600 | 1,450 | Latham Farms (L&R) | 0.5% | 0.5% | ||
| Egg Innovations | 1,500 | 1,400 | Egg Innovations | 0.4% | 0.5% | ||
| Simpson’s Eggs | 1,340 | 1,370 | Simpson’s Eggs | 0.4% | 0.5% | ||
| Pearl Valley Eggs | 2,040 | 1,350 | Pearl Valley Eggs | 0.6% | 0.5% | ||
| J.S. West/JEM Eggs | 1,360 | 1,340 | J.S. West/JEM Eggs | 0.4% | 0.5% | ||
| Wilcox Farms | 900 | 1,300 | Wilcox Farms | 0.3% | 0.5% | ||
| Sunrise Acres Farms Inc. | 2,210 | 3,300 | Sunrise Acres Farms Inc. | 0.7% | 1.2% | ||
| Pine Hill Egg Ranch | 1,500 | 1,150 | Pine Hill Egg Ranch | 0.4% | 0.4% | ||
| Sperry Farms | 1,300 | Sperry Farms | 0.4% | ||||
| Fassio Egg Farms | 1,280 | Fassio Egg Farms | 0.4% | ||||
| 3 Puglisi Brothers | 1,270 | 3 Puglisi Brothers | 0.4% | ||||
| Iowa Cage-free (now Versova) | 1,120 | Iowa Cage-free (now Versova) | 0.4% | ||||
| Demler Enterprises | 1,330 | 1,100 | Demler Enterprises | 0.4% | 0.4% | ||
| Hertzfeld Poultry Farms | 1,220 | 1,100 | Hertzfeld Poultry Farms | 0.4% | 0.4% | ||
| Wenger Feeds/Dutchland | 1,140 | 780 | Wenger Feeds/Dutchland | 0.3% | 0.3% | ||
| Hillside Poultry Farms Inc. | 1,040 | 770 | Hillside Poultry Farms Inc. | 0.3% | 0.3% | ||
| Feather Crest | 1,000 | Feather Crest | 0.3% | ||||
| Green Valley Poultry Farm | 920 | Green Valley Poultry Farm | 0.3% | ||||
| Arkansas Egg Co. | 600 | Arkansas Egg Co. | 0.2% | ||||
| Chino Valley Ranchers/MCM | 820 | Chino Valley Ranchers/MCM | 0.2% | 0.0% | |||
| Sunrise Farms | 500 | 600 | Sunrise Farms | 0.1% | 0.2% | ||
| Hidden Villa Ranch | 730 | Hidden Villa Ranch | 0.2% | 33 | |||
| The Happy Egg Co. | 600 | The Happy Egg Co. | 0.2% | ||||
| SKS Enterprises | 500 | SKS Enterprises | 0.2% | ||||
| Weber Family Farms | 500 | Weber Family Farms | 0.1% | ||||
| Vital Farms | 300 | 400 | Vital Farms | 0.1% | 0.1% | ||
| Dakota Layers | 1,350 | 0 | Dakota Layers | 0.4% | |||
| Total | 288,000 | 337,890 | 281,820 |
Notes From Their 1st Earnings Call
CFO Max P. Bowman
Gross profit was $311.3MM or 33.7% of net sales, up from $247.2MM or 31.5% of net sales last year. This nearly 26% improvement in gross profit was driven primarily by higher shell egg selling prices, growth in our specialty egg sales volume, lower feed costs and contributions from prepared foods.
On the production side, capacity expansion and rebuild post HPAI is also supporting our growth. Breeder flocks increased 46%, chicks hatched were up 77%, and the average number of layer hens rose 10%. We sold 2.5% more dozen year-over-year, with specialty dozens increasing 7.5%.
CEO Sherman L. Miller
We’re becoming a house of brands from Egg-Land’s Best, Land O’Lakes, Farmhouse Eggs, 4Grain, Sunups, Sunny Meadow, MeadowCreek Foods to Crepini.
There’s a general rule of thumb that it takes one chicken for each person in the US. And the US population hovering somewhere around 340MM indicates that we’re well short of the potential that the market could use. (at 301.4MM)
Q from BMO: on your comments on share repurchases, you only did the $50 million so far this year. You still have quite a bit left on the authorization. So I just wanted to dig into that a little bit more. Do you think share repurchases are going to become a bigger piece of your allocation strategy?
A from CFO: We spent $50MM against that authorization. The keyword we’re talking is opportunistic primarily through – we’re thinking at this point, open market type purchases. When we feel the time is right, as Sherman says, we’re watching things very closely.
Notes From Their 2nd Earnings Call (7 Jan 2026)
CEO Sherman L. Miller
In Q2- FY2026, shell egg sales represented 84.4% of total net sales compared to 94.7%.
Specialty eggs drove a greater portion of shell egg sales accounting for 39.6% of total shell egg sales compared to 33% and specialty eggs and prepared foods combined accounted for 42.8% net sales compared to 32.4%.
We’ve launched a $15MM network optimization and capacity expansion project that is expected to add 17 million pounds of annual scrambled egg production by mid-fiscal 2027.
This builds on our previously announced $14.8MM high-speed pancake line which is expected to add another 12MM pounds of capacity through early fiscal 2027.
As these projects ramp, Echo Lake Foods has and will experience temporary lower volumes and higher costs which began late in the second quarter of fiscal 2026 and are expected to continue through the remainder of the fiscal year.
We’re also scaling our joint venture Crepini Foods, which is investing $7MM through the fiscal 2028 to add 18MM pounds of capacity expanding production more than sevenfold. When you combine Echo Lake and Crepini, we expect total prepared foods capacity to increase more than 30% over the next 18 to 24 months.
We’re a pure-play leader in one essential category, settling roughly 1 out of every 6 eggs consumed in the U.S. with full vertical integration from feed and flock to processing, distribution and customer delivery.
CFO Max P. Bowman
Total shell egg sales were $649.6 million compared to $903.9 million, down 28.1% with 26.5% lower selling prices and 2.2% lower sales volumes.
- Conventional egg sales were $363.9 million compared to $616.9 million, down 41% with 38.8% lower selling prices and 3.6% lower sales volumes.
- Specialty egg sales were $285.7 million compared to $287 million down 0.4% with relatively flat sales volume and selling prices.
Total chicks hatched rose 65.1% and the average number of layer hens expanded 2.6%.
Cost of sales decreased 6.1%, lower costs associated with egg purchases and egg products more than offset the increase in prepared food costs due to the acquisition of Echo Lake Foods as well as the increase in our farm production and processing, packaging and warehousing costs.
SG&A expenses increased 6.8% due to the addition of Echo Lake Foods and increased professional and legal fees.
Recent operating cash flows have funded strong dividends under our longstanding policy of paying 1/3 of net income and have also supported share repurchases to further enhance returns. At the same time, reinvestment is focused on expanding specialty eggs and prepared foods for mix shift
For Fiscal H1-2026
Total shell egg sales were $1.4 billion compared to $1.6 billion, down 12.5% with 12.6% lower selling prices as volumes remained relatively flat.
- Conventional egg sales were $869.8 million compared to $1.1 billion, down 21% with 19.4% lower selling prices and 2% lower sales volumes. ▪ Specialty egg sales were $569.2 million compared to $543.7 million, up 4.7% with 3.8% higher sales volumes and 0.8% higher selling prices.
Echo Lake Foods contributed $127.1 million in sales. Gross profit was $518.7 million compared to $603.3 million, down 14%, primarily driven by 12.6% lower shell egg selling prices and partially offset by a decrease in the price and volume of outside egg purchases as dozens produced increased 3.1%
SG&A expenses increased 9.2%, due to the addition of Echo Lake Foods and increased professional and legal fees. This was partially offset by a reduced charge in the change in earnout liability recorded in the prior year period.
CEO in response to a question to down markets: prepared foods runs a little bit countercyclical. They’re going to benefit from a lower egg market. So that’s just another strength I think that we didn’t have before.
CEO in response to outside egg purchases vs 1P: And we’ve moved back to that right at that 90% mark, and we do see that growing a few percentage points going forward just because we plan adding supply to be able to ensure that our customers have the eggs that they need. we do see that percent produced of sales to get back to that more of that 93%, 94%, 95% range here in the near term.
…longer term, we can definitely see specialty eggs making up greater than 50% of our total shell egg net sales.
I did mention the free-range and pasture-raised both had double-digit growth, both in dollars and dozens.
We do participate across every major specialty egg subcategory, which means that we’re serving all customers interested in specialty. So regardless of which type of specialty egg they’re interested in, we take pride in producing that.
Annual Financial History
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 478 | 598 | 916 | 929 | 910 | 942 | 1,113 | 1,288 | 1,441 | 1,576 | 1,909 | 1,075 | 1,503 | 1,361 | 1,352 | 1,349 | 1,777 | 3,146 | 2,326 | 4,262 |
| Growth % (YoY) | 27.3 | 25.2 | 53.1 | 1.4 | -2.0 | 3.5 | 18.2 | 15.7 | 11.9 | 9.4 | 21.1 | -43.7 | 39.9 | -9.4 | -0.7 | -0.2 | 31.7 | 77.0 | -26.1 | 83.2 |
| Cost of Revenue | 415 | 480 | 617 | 724 | 715 | 757 | 911 | 1,074 | 1,138 | 1,180 | 1,261 | 1,029 | 1,142 | 1,138 | 1,172 | 1,188 | 1,440 | 1,950 | 1,785 | 2,411 |
| Gross Profit | 62 | 119 | 299 | 205 | 195 | 185 | 202 | 215 | 303 | 396 | 648 | 46 | 361 | 223 | 180 | 161 | 337 | 1,196 | 542 | 1,851 |
| Operating Expenses | 58 | 60 | 75 | 83 | 92 | 101 | 113 | 155 | 157 | 160 | 178 | 178 | 261 | 177 | 178 | 187 | 194 | 229 | 229 | 314 |
| EBIT | 5 | 58 | 224 | 121 | 103 | 83 | 89 | 60 | 146 | 235 | 470 | -132 | 101 | 46 | 1 | -26 | 144 | 968 | 312 | 1,537 |
| Growth % (YoY) | — | 1,189.7 | 284.1 | -45.7 | -15.5 | -18.6 | 6.2 | -32.8 | 145.1 | 61.1 | 99.8 | — | — | -54.4 | -97.2 | — | — | 574.2 | -67.7 | 391.8 |
| Net Interest Expense | 7 | 6 | 4 | 5 | 7 | 6 | 4 | 4 | 3 | 1 | -3 | -3 | -3 | -7 | -4 | -3 | -1 | -18 | -32 | -48 |
| Net Income (Loss) | -1 | 37 | 152 | 80 | 68 | 61 | 90 | 50 | 109 | 161 | 316 | -74 | 126 | 54 | 18 | 2 | 133 | 758 | 278 | 1,220 |
| Gross Margin % | 13.0 | 19.8 | 32.6 | 22.0 | 21.4 | 19.6 | 18.1 | 16.7 | 21.0 | 25.1 | 34.0 | 4.2 | 24.0 | 16.4 | 13.3 | 11.9 | 19.0 | 38.0 | 23.3 | 43.4 |
| EBIT Margin % | 0.9 | 9.7 | 24.4 | 13.1 | 11.3 | 8.9 | 8.0 | 4.6 | 10.1 | 14.9 | 24.6 | -12.3 | 6.7 | 3.4 | 0.1 | -1.9 | 8.1 | 30.8 | 13.4 | 36.1 |
| Net Margin % | -0.2 | 6.1 | 16.6 | 8.6 | 7.5 | 6.5 | 8.1 | 3.9 | 7.6 | 10.2 | 16.6 | -6.9 | 8.4 | 4.0 | 1.4 | 0.2 | 7.5 | 24.1 | 11.9 | 28.6 |
| Unlevered FCF | 14 | 38 | 122 | 91 | 99 | 44 | 68 | 17 | 50 | 102 | 293 | -139 | 162 | 22 | -77 | -94 | 33 | 693 | 254 | 998 |
| Pre-tax Income | 121 | 103 | 94 | 112 | 93 | 162 | 247 | 485 | -120 | 172 | 71 | 20 | -10 | 166 | 968 | 360 | 1,603 | |||
| Pretax Margin % | 13.1% | 11.4% | 10.0% | 10.1% | 7.2% | 11.2% | 15.6% | 25.4% | -11.1% | 11.5% | 5.2% | 1.5% | -0.7% | 9.3% | 30.8% | 15.5% | 37.6% | |||
| Pretax / Deployed Tangible Cap % | 31.3% | 22.8% | 20.0% | 21.4% | 16.8% | 25.3% | 32.2% | 51.9% | -14.4% | 19.0% | 7.5% | 2.0% | -1.0% | 14.4% | 57.4% | 19.2% | 59.7% | |||
| EBIT / Deployed Tangible Capital % | 1.9% | 21.2% | 68.2% | 31.3% | 22.6% | 17.7% | 16.9% | 10.8% | 22.8% | 30.7% | 50.3% | -15.9% | 11.1% | 4.8% | 0.1% | -2.6% | 12.4% | 57.4% | 16.7% | 57.2% |
| Diluted Shares Outstanding (MM) | 46.99 | 47.20 | 47.47 | 47.62 | 47.75 | 47.88 | 47.88 | 48.09 | 48.30 | 48.44 | 48.37 | 48.36 | 48.47 | 48.59 | 48.58 | 48.66 | 48.73 | 48.83 | 48.87 | 48.89 |
| Growth % (YoY) | -1.42% | 0.44% | 0.57% | 0.33% | 0.28% | 0.27% | 0.00% | 0.43% | 0.43% | 0.29% | -0.15% | -0.01% | 0.22% | 0.25% | -0.01% | 0.15% | 0.16% | 0.21% | 0.08% | 0.04% |
| Cash | 13 | 15 | 95 | 67 | 99 | 58 | 97 | 25 | 15 | 9 | 29 | 18 | 48 | 69 | 78 | 57 | 59 | 293 | 238 | 499 |
| Working Capital | 61 | 81 | 122 | 138 | 220 | 248 | 302 | 285 | 324 | 407 | 543 | 372 | 480 | 493 | 429 | 430 | 477 | 942 | 1,014 | 1,660 |
| Net PPE | 176 | 194 | 206 | 250 | 234 | 225 | 223 | 266 | 315 | 359 | 392 | 458 | 425 | 456 | 561 | 592 | 679 | 745 | 857 | 1,027 |
| LT Debt | 109 | 109 | 95 | 116 | 105 | 76 | 65 | 55 | 51 | 41 | 9 | 6 | 3 | 1 | 2 | 1 | 1 | 0 | 0 | 0 |
| CapEx | 12 | 23 | 32 | 26 | 21 | 21 | 27 | 26 | 59 | 82 | 76 | 67 | 20 | 68 | 124 | 95 | 72 | 137 | 147 | 161 |
| Market Cap | 1,914 | 1,858 | 1,706 | 1,768 | 1,803 | 2,158 | 2,357 | 2,684 | 2,831 | 2,857 | 2,330 | 2,337 | 2,413 | 2,733 | 3,024 | 3,533 | 4,786 | 4,433 | 4,705 | 6,163 |
| Growth % (YoY) | -9.7 | 9.4 | -21.5 | -11.4 | -5.8 | 16.1 | 38.2 | 51.8 | 57.0 | 32.4 | -1.2 | -12.9 | -14.8 | -4.3 | 29.8 | 51.2 | 98.4 | 62.2 | 55.6 | 74.5 |
| Enterprise Value | 1,745 | 1,680 | 1,538 | 1,679 | 1,720 | 2,062 | 2,184 | 2,525 | 2,451 | 2,211 | 1,680 | 1,725 | 1,843 | 2,036 | 2,209 | 2,776 | 3,995 | 3,199 | 3,318 | 4,915 |
| Growth % (YoY) | -12.2 | 8.1 | -20.9 | -6.9 | -1.4 | 22.8 | 41.9 | 50.4 | 42.5 | 7.2 | -23.0 | -31.7 | -24.8 | -7.9 | 31.4 | 60.9 | 116.8 | 57.1 | 50.2 | 77.1 |
| $ of MC Gained/$ Retained | -6.8 | -3.0 | -11.8 | -4.7 | 15.2 | -67.5 | -110.2 | -23.6 | -41.8 | -1.1 | 5.9 | 2.7 | 3.3 | -12.2 | 23.5 | 54.2 | 107.0 | 1.6 | -3.9 | -4.3 |
| No. of Employees | 1,650 | 1,600 | 1,800 | 2,100 | 1,950 | 2,100 | 2,175 | 2,479 | 2,645 | 2,872 | 3,277 | 3,578 | 3,573 | 3,490 | 3,636 | 3,286 | 2,985 | 2,976 | 3,067 | 3,828 |
| Costs As % of Sales | ||||||||||||||||||||
| Farm Production (inc feed) | 55.7% | 40.2% | 46.7% | 50.1% | 54.2% | 52.2% | 35.6% | 42.5% | 24.3% | |||||||||||
| Processing, Packaging, Warehouse | 18.8% | 14.2% | 16.4% | 17.3% | 18.5% | 16.3% | 10.9% | 14.4% | 9.3% | |||||||||||
| Egg Purchases | 19.3% | 19.1% | 18.3% | 17.2% | 13.2% | 9.7% | 12.1% | 16.3% | 19.2% | |||||||||||
| CapEx | 2.6% | 3.9% | 3.5% | 2.8% | 2.3% | 2.2% | 2.4% | 2.0% | 4.1% | 5.2% | 4.0% | 6.2% | 1.3% | 5.0% | 9.2% | 7.0% | 4.1% | 4.3% | 6.3% | 3.8% |
| SGA Expense | 12.1% | 9.0% | 10.1% | 10.8% | 10.2% | 9.9% | 10.9% | 10.2% | 9.3% | 16.2% | 11.9% | 12.8% | 13.0% | 13.6% | 11.2% | 7.4% | 10.9% | 7.4% | ||
| Dozens Sold MM | ||||||||||||||||||||
| Conventional | 597 | 671 | 689 | 689 | 740 | 793 | 812 | 831 | 791 | 779 | 780 | 778 | 813 | 785 | 748 | 749 | 747 | 812 | ||
| Specialty | 81 | 107 | 116 | 132 | 144 | 156 | 202 | 232 | 263 | 253 | 257 | 261 | 256 | 288 | 336 | 398 | 401 | 470 | ||
| Total | 683 | 686 | 678 | 778 | 805 | 821 | 884 | 948 | 1,014 | 1,063 | 1,054 | 1,031 | 1,038 | 1,039 | 1,069 | 1,073 | 1,084 | 1,147 | 1,148 | 1,283 |
| Egg Sales $MM | ||||||||||||||||||||
| Conventional | 737 | 715 | 683 | 684 | 809 | 940 | 990 | 1,059 | 1,243 | 549 | 957 | 810 | 830 | 766 | 1,062 | 2,052 | 1,292 | 2,835 | ||
| Specialty | 121 | 173 | 189 | 221 | 261 | 299 | 398 | 471 | 595 | 501 | 503 | 509 | 485 | 540 | 649 | 957 | 926 | 1,184 | ||
| Total | 858 | 887 | 872 | 906 | 1,070 | 1,239 | 1,388 | 1,530 | 1,838 | 1,050 | 1,459 | 1,320 | 1,316 | 1,306 | 1,711 | 3,009 | 2,217 | 4,020 | ||
| Net Avg Selling Price / Dozen | ||||||||||||||||||||
| Conventional $1.23 $1.07 $0.99 $0.99 $1.09 $1.19 $1.22 $1.27 $1.57 $0.70 $1.23 $1.04 $1.02 $0.98 $1.42 $2.74 $1.73 $3.49 | ||||||||||||||||||||
| Specialty $1.50 $1.61 $1.63 $1.67 $1.81 $1.92 $1.97 $2.03 $2.26 $1.98 $1.95 $1.95 $1.90 $1.88 $1.93 $2.40 $2.31 $2.52 | ||||||||||||||||||||
| Total $1.26 $1.14 $1.08 $1.10 $1.21 $1.31 $1.37 $1.44 $1.74 $1.02 $1.41 $1.27 $1.23 $1.22 $1.58 $2.62 $1.93 $3.13 | ||||||||||||||||||||
| Volume Growth Rate YoY | ||||||||||||||||||||
| Conventional | 12.3% | 2.8% | 0.0% | 7.4% | 7.2% | 2.4% | 2.3% | -4.8% | -1.6% | 0.2% | -0.3% | 4.5% | -3.4% | -4.8% | 0.2% | -0.3% | 8.8% | |||
| Specialty | 32.1% | 8.5% | 14.0% | 9.1% | 7.8% | 29.6% | 15.2% | 13.0% | -3.8% | 1.9% | 1.4% | -1.9% | 12.5% | 16.7% | 18.6% | 0.7% | 17.3% | |||
| Total | 14.6% | 3.5% | 2.0% | 7.7% | 7.3% | 6.9% | 4.9% | -0.9% | -2.1% | 0.6% | 0.1% | 2.9% | 0.4% | 1.0% | 5.9% | 0.0% | 11.8% | |||
| Unit Sales Split | ||||||||||||||||||||
| Conventional | 88.1% | 86.2% | 85.6% | 83.9% | 83.7% | 83.6% | 80.1% | 78.1% | 75.1% | 75.5% | 75.2% | 74.9% | 76.1% | 73.2% | 69.0% | 65.3% | 65.1% | 63.3% | ||
| Specialty | 11.9% | 13.8% | 14.4% | 16.1% | 16.3% | 16.4% | 19.9% | 21.9% | 24.9% | 24.5% | 24.8% | 25.1% | 23.9% | 26.8% | 31.0% | 34.7% | 34.9% | 36.7% | ||
| Costs / Dozen | ||||||||||||||||||||
| Feed Cost / Dozen $0.206 $0.252 $0.391 $0.349 $0.394 $0.469 $0.540 $0.493 $0.439 $0.414 $0.399 $0.394 $0.415 $0.409 $0.446 $0.571 $0.676 $0.550 $0.490 | ||||||||||||||||||||
| Processing + Packaging+ Warehouse Cost / Dozen Sold $0.196 $0.206 $0.214 $0.219 $0.233 $0.267 $0.299 $0.293 $0.309 | ||||||||||||||||||||
| Delivery Cost / Dozen Sold $0.000 $0.000 $0.052 $0.049 $0.049 $0.058 $0.068 $0.063 $0.073 | ||||||||||||||||||||
| Egg Products Gross Margin | 20.7% | 18.3% | 30.1% | 18.3% | 19.6% | 14.7% | 11.3% | 9.2% | 19.7% | |||||||||||
Quarterly Financial History
| 11/30/2019 | 2/29/2020 | 5/30/2020 | 8/29/2020 | 11/28/2020 | 2/27/2021 | 5/29/2021 | 8/28/2021 | 11/27/2021 | 2/26/2022 | 5/28/2022 | 8/27/2022 | 11/26/2022 | 2/25/2023 | 6/3/2023 | 9/2/2023 | 12/2/2023 | 3/2/2024 | 6/1/2024 | 8/31/2024 | 11/30/2024 | 3/1/2025 | 5/31/2025 | 8/30/2025 | 11/30/2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 312 | 346 | 453 | 293 | 347 | 359 | 350 | 332 | 382 | 477 | 593 | 658 | 802 | 997 | 689 | 459 | 523 | 703 | 641 | 786 | 955 | 1,418 | 1,104 | 923 | 770 |
| Growth % (YoY) | -12.5 | -10.0 | 61.6 | 21.4 | 11.5 | 3.9 | -22.8 | 13.3 | 9.9 | 33.0 | 69.5 | 98.5 | 110.0 | 108.9 | 16.1 | -30.2 | -34.7 | -29.5 | -7.0 | 71.1 | 82.5 | 101.6 | 72.2 | 17.4 | -19.4 |
| Cost of Revenue | 282 | 296 | 332 | 276 | 289 | 312 | 312 | 325 | 338 | 386 | 398 | 441 | 484 | 534 | 491 | 414 | 432 | 485 | 454 | 539 | 599 | 702 | 572 | 611 | 562 |
| Gross Profit | 29 | 50 | 122 | 17 | 58 | 48 | 38 | 7 | 44 | 92 | 195 | 217 | 318 | 463 | 198 | 45 | 91 | 219 | 186 | 247 | 356 | 716 | 532 | 311 | 207 |
| Operating Expenses | 46 | 45 | 45 | 44 | 44 | 48 | 51 | 46 | 46 | 52 | 49 | 54 | 58 | 55 | 62 | 52 | 77 | 56 | 44 | 60 | 78 | 80 | 96 | 62 | 84 |
| EBIT | -17 | 5 | 76 | -27 | 14 | 0 | -13 | -40 | -2 | 40 | 146 | 164 | 260 | 408 | 136 | -7 | 14 | 163 | 142 | 187 | 278 | 636 | 436 | 249 | 124 |
| Growth % (YoY) | — | -86.4 | — | 57.1 | — | — | — | -45.7 | — | — | — | — | — | 930.5 | -6.5 | — | -94.5 | -60.1 | 4.4 | — | 1,853.5 | 290.5 | 206.5 | 33.3 | -55.5 |
| Net Interest Expense / (Income) | -1 | -1 | 0 | -1 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | -1 | -2 | — | 0 | -7 | -7 | -8 | 0 | -10 | -10 | -13 | 0 | -13 | -12 |
| Net Income (Loss) | -10 | 14 | 60 | -19 | 12 | 14 | -4 | -18 | 1 | 40 | 110 | 125 | 199 | 323 | 111 | 1 | 17 | 147 | 113 | 150 | 219 | 509 | 342 | 199 | 103 |
| Gross Margin % | 9.4 | 14.4 | 26.8 | 5.7 | 16.8 | 13.2 | 10.8 | 2.0 | 11.5 | 19.2 | 32.9 | 33.0 | 39.6 | 46.4 | 28.8 | 9.9 | 17.4 | 31.1 | 29.1 | 31.5 | 37.3 | 50.5 | 48.2 | 33.7 | 27.0 |
| EBIT Margin % | -5.3 | 1.5 | 16.8 | -9.3 | 4.2 | -0.1 | -3.7 | -12.0 | -0.5 | 8.3 | 24.6 | 24.9 | 32.4 | 40.9 | 19.8 | -1.5 | 2.7 | 23.2 | 22.2 | 23.8 | 29.1 | 44.8 | 39.5 | 27.0 | 16.1 |
| Net Margin % | -3.2 | 4.0 | 13.3 | -6.6 | 3.5 | 3.8 | -1.2 | -5.4 | 0.3 | 8.3 | 18.5 | 19.0 | 24.8 | 32.4 | 16.1 | 0.2 | 3.3 | 20.9 | 17.7 | 19.1 | 22.9 | 35.9 | 31.0 | 21.6 | 13.4 |
| FCF (GAAP) | -58 | 17 | 82 | -40 | -23 | 4 | -12 | -35 | -9 | 16 | 155 | 108 | 98 | 269 | -2 | -40 | 11 | 128 | 114 | 44 | 43 | 448 | 198 | 119 | |
| Pre-tax Income | -15 | 18 | 78 | -26 | 16 | 12 | -12 | -34 | -2 | 52 | 146 | 165 | 262 | 425 | 146 | 1 | 22 | 185 | 152 | 198 | 289 | 663 | 453 | 263 | 137 |
| Pretax Margin % | -4.9% | 5.3% | 17.1% | -8.7% | 4.6% | 3.4% | -3.5% | -10.2% | -0.4% | 11.0% | 24.7% | 25.1% | 32.7% | 42.6% | 21.2% | 0.2% | 4.3% | 26.3% | 23.7% | 25.2% | 30.3% | 46.8% | 41.1% | 28.5% | 17.8% |
| Pretax / Deployed Tangible Cap % | -1.7% | 2.0% | 7.8% | -2.6% | 1.6% | 1.2% | -1.2% | -3.3% | -0.1% | 4.9% | 12.7% | 13.4% | 19.1% | 26.7% | 8.7% | 0.0% | 1.3% | 10.1% | 8.1% | 10.0% | 13.5% | 26.8% | 16.9% | 9.5% | 5.0% |
| EBIT / Deployed Tangible Capital % | -1.9% | 0.6% | 7.7% | -2.8% | 1.5% | 0.0% | -1.3% | -3.8% | -0.2% | 3.7% | 12.6% | 13.2% | 18.9% | 25.6% | 8.1% | -0.4% | 0.8% | 8.9% | 7.6% | 9.5% | 13.0% | 25.7% | 16.2% | 9.0% | 4.5% |
| FCF to Equity | |||||||||||||||||||||||||
| Diluted Shares Outstanding (MM) | 48.4 | 48.6 | 48.6 | 48.5 | 48.6 | 48.7 | 48.6 | 48.9 | 49.0 | 49.0 | 47.8 | 48.8 | 48.8 | 48.8 | 48.8 | 48.8 | 48.9 | 48.9 | 48.9 | 48.9 | 49.0 | 49.0 | 48.7 | 48.4 | 47.7 |
| Growth % (QoQ) | 0.0% | 0.3% | 0.0% | -0.2% | 0.3% | 0.0% | 0.0% | 0.5% | 0.3% | 0.0% | -2.5% | 2.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.1% | 0.1% | 0.0% | -0.6% | -0.5% | -1.6% |
| Pure Cash | 11 | 68 | 78 | 43 | 47 | 53 | 57 | 17 | 15 | 16 | 59 | 136 | 179 | 222 | 293 | 360 | 362 | 367 | 238 | 182 | 140 | 497 | 499 | 252 | 369 |
| Working Capital | 346 | 356 | 429 | 395 | 400 | 422 | 430 | 363 | 365 | 401 | 477 | 548 | 667 | 880 | 942 | 938 | 910 | 1,002 | 1,014 | 1,018 | 1,164 | 1,470 | 1,660 | 1,577 | 1,534 |
| Net PPE | 534 | 546 | 561 | 572 | 584 | 588 | 592 | 670 | 669 | 673 | 679 | 689 | 704 | 713 | 745 | 753 | 815 | 827 | 857 | 960 | 976 | 1,005 | 1,027 | 1,196 | 1,218 |
| LT Debt | 2 | 3 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx (ex-acquisitions) | 44 | 27 | 30 | 25 | 27 | 21 | 21 | 11 | 17 | 21 | 23 | 28 | 32 | 26 | 50 | 27 | 39 | 30 | 51 | 36 | 30 | 50 | 46 | 45 | 47 |
| Market Cap | 2,120 | 1,699 | 2,173 | 1,994 | 1,914 | 1,858 | 1,706 | 1,768 | 1,803 | 2,158 | 2,357 | 2,684 | 2,831 | 2,857 | 2,330 | 2,337 | 2,413 | 2,733 | 3,024 | 3,533 | 4,786 | 4,433 | 4,705 | 6,163 | 4,441 |
| Growth % (YoY) | -6.7 | -21.1 | 20.6 | 1.0 | -9.7 | 9.4 | -21.5 | -11.4 | -5.8 | 16.1 | 38.2 | 51.8 | 57.0 | 32.4 | -1.2 | -12.9 | -14.8 | -4.3 | 29.8 | 51.2 | 98.4 | 62.2 | 55.6 | 74.5 | |
| Enterprise Value | 1,989 | 1,555 | 1,944 | 1,804 | 1,745 | 1,680 | 1,538 | 1,679 | 1,720 | 2,062 | 2,184 | 2,525 | 2,451 | 2,211 | 1,680 | 1,725 | 1,843 | 2,036 | 2,209 | 2,776 | 3,995 | 3,199 | 3,318 | 4,915 | 3,302 |
| Growth % (YoY) | 0.4 | -14.5 | 30.6 | 3.4 | -12.2 | 8.1 | -20.9 | -6.9 | -1.4 | 22.8 | 41.9 | 50.4 | 42.5 | 7.2 | -23.0 | -31.7 | -24.8 | -7.9 | 31.4 | 60.9 | 116.8 | 57.1 | 50.2 | 77.1 | |
| $ of MC Gained/$ Retained | 15.5 | -31.1 | 17.7 | -31.3 | -4.8 | -4.5 | -16.6 | 31.3 | 3.1 | 19.6 | 7.4 | -89.2 | -70.3 | -1.2 | 6.7 | -0.3 | 4.5 | 13.5 | -14.7 | -80.3 | -98.4 | 13.4 | -1.6 | -18.1 | 15.1 |
| No. of Employees | 3,636 | 3,636 | 2,985 | 2,976 | 3,067 | 3,828 | |||||||||||||||||||
| As % of Sales | |||||||||||||||||||||||||
| Farm Production (inc feed) | 54.5% | 49.9% | 39.1% | 55.3% | 51.6% | 53.2% | 56.9% | 62.6% | 58.1% | 50.1% | 43.7% | 40.5% | 34.4% | 28.1% | 42.9% | 55.2% | 49.4% | 35.4% | 35.5% | 30.8% | 27.1% | 18.8% | 24.4% | 28.2% | |
| Processing, Packaging, Warehouse | 18.3% | 17.4% | 14.0% | 20.4% | 18.3% | 17.7% | 18.0% | 19.6% | 18.2% | 16.2% | 13.1% | 12.4% | 10.4% | 8.7% | 13.2% | 17.8% | 16.2% | 12.3% | 12.9% | 11.7% | 10.4% | 7.2% | 9.4% | 11.0% | |
| Egg Purchases | 15.4% | 16.3% | 18.8% | 16.7% | 10.8% | 14.0% | 11.6% | 13.5% | 9.7% | 12.4% | 6.4% | 10.4% | 12.2% | 13.5% | 11.4% | 13.2% | 13.7% | 18.2% | 18.7% | 21.4% | 20.7% | 20.6% | 14.6% | 17.7% | |
| CapEx | 14.3% | 7.7% | 6.5% | 8.7% | 7.8% | 6.0% | 6.1% | 3.4% | 4.6% | 4.3% | 3.9% | 4.2% | 4.0% | 2.7% | 7.3% | 5.8% | 7.5% | 4.3% | 8.0% | 4.6% | 3.1% | 3.5% | 4.1% | 4.9% | |
| SGA Expense | 14.7% | 12.8% | 10.1% | 15.0% | 12.6% | 13.3% | 13.9% | 14.0% | 12.5% | 11.0% | 8.7% | 8.1% | 7.2% | 5.9% | 9.0% | 11.4% | 14.6% | 9.4% | 9.0% | 7.9% | 8.1% | 5.6% | 8.6% | 7.5% | 10.8% |
| Dozens Sold MM | |||||||||||||||||||||||||
| Conventional | 200 | 205 | 213 | 195 | 201 | 203 | 186 | 185 | 192 | 192 | 180 | 180 | 188 | 187 | 194 | 182 | 192 | 192 | 181 | 200 | 210 | 213 | 190 | 199 | |
| Specialty | 61 | 62 | 69 | 69 | 72 | 77 | 70 | 75 | 77 | 95 | 93 | 96 | 96 | 104 | 103 | 92 | 96 | 109 | 105 | 110 | 120 | 118 | 122 | 118 | |
| Total | 261 | 268 | 282 | 264 | 274 | 280 | 256 | 259 | 270 | 288 | 273 | 275 | 284 | 291 | 297 | 273 | 288 | 301 | 286 | 310 | 330 | 331 | 311 | 318 | 323 |
| Shell Egg Sales $MM | |||||||||||||||||||||||||
| Conventional | 187 | 210 | 311 | 155 | 202 | 203 | 206 | 183 | 221 | 281 | 378 | 426 | 542 | 689 | 395 | 225 | 281 | 414 | 372 | 485 | 617 | 1,016 | 717 | 506 | 364 |
| Specialty | 116 | 118 | 133 | 129 | 134 | 145 | 131 | 139 | 147 | 183 | 187 | 201 | 228 | 272 | 256 | 209 | 218 | 262 | 237 | 257 | 287 | 329 | 312 | 283 | 286 |
| Total | 303 | 328 | 445 | 285 | 336 | 348 | 337 | 321 | 368 | 464 | 565 | 626 | 770 | 961 | 652 | 434 | 499 | 676 | 609 | 742 | 904 | 1,345 | 1,029 | 789 | 650 |
| Net Avg Selling Price / Dozen | |||||||||||||||||||||||||
| Conventional $0.94 $1.02 $1.46 $0.80 $1.00 $1.00 $1.11 $0.99 $1.15 $1.46 $2.10 $2.37 $2.88 $3.68 $2.04 $1.24 $1.46 $2.15 $2.06 $2.42 $2.94 $4.77 $3.78 $2.54 #DIV/0! | |||||||||||||||||||||||||
| Specialty $1.89 $1.89 $1.93 $1.88 $1.85 $1.90 $1.87 $1.85 $1.90 $1.92 $2.02 $2.10 $2.37 $2.62 $2.50 $2.28 $2.28 $2.42 $2.25 $2.34 $2.39 $2.78 $2.56 $2.40 #DIV/0! | |||||||||||||||||||||||||
| Total $1.16 $1.24 $1.58 $1.08 $1.23 $1.25 $1.32 $1.24 $1.37 $1.61 $2.07 $2.28 $2.71 $3.30 $2.20 $1.59 $1.73 $2.25 $2.13 $2.39 $2.74 $4.06 $3.31 $2.49 $2.01 | |||||||||||||||||||||||||
| Volume Growth Rate YoY | |||||||||||||||||||||||||
| Conventional | 0.9% | -1.2% | -13.0% | -5.4% | -4.6% | -5.2% | -2.9% | -2.6% | -2.2% | -2.7% | 7.6% | 1.0% | 2.4% | 2.6% | -7.0% | 10.2% | 8.9% | 11.0% | 5.0% | -0.4% | -100.0% | ||||
| Specialty | 17.7% | 22.9% | 1.6% | 9.0% | 7.0% | 24.2% | 32.2% | 27.6% | 24.2% | 9.4% | 10.8% | -4.2% | -0.4% | 4.4% | 2.5% | 20.0% | 25.6% | 8.8% | 16.0% | 7.6% | -100.0% | ||||
| Total | 4.9% | 4.4% | -9.4% | -1.7% | -1.5% | 2.9% | 6.7% | 6.1% | 5.4% | 1.3% | 8.7% | -0.8% | 1.4% | 3.2% | -3.7% | 13.5% | 14.5% | 10.2% | 9.0% | 2.5% | -2.2% | ||||
| Egg Products Gross Margin | 4.2% | 25.4% | 17.2% | 20.2% | 13.3% | 27.5% | 18.4% | 16.6% | 15.2% | 19.5% | 11.5% | 11.4% | 6.5% | 1.7% | 24.6% | 20.3% | 13.5% | 1.2% | 2.7% | -4.6% | -7.1% | 30.9% | 40.1% | 42.3% | |
| Shell Eggs as % of Total Sales | 97.2% | 94.9% | 98.1% | 97.2% | 96.7% | 97.0% | 96.4% | 96.8% | 96.4% | 97.1% | 95.2% | 95.1% | 96.0% | 96.4% | 94.6% | 94.5% | 95.3% | 96.1% | 95.0% | 94.4% | 94.7% | 94.9% | 93.2% | 85.6% | 84.4% |
| Costs Per Gross Dozen | |||||||||||||||||||||||||
| Farm Production (inc feed) $0.65 $0.64 $0.63 $0.61 $0.65 $0.68 $0.78 $0.80 $0.82 $0.83 $0.95 $0.97 $0.97 $0.96 $1.00 $0.93 $0.90 $0.83 $0.80 $0.78 $0.78 $0.80 $0.87 $0.82 $0.82 | |||||||||||||||||||||||||
| Processing, Packaging, Warehouse $0.22 $0.22 $0.22 $0.23 $0.23 $0.23 $0.25 $0.25 $0.26 $0.27 $0.28 $0.30 $0.29 $0.30 $0.31 $0.30 $0.29 $0.29 $0.29 $0.30 $0.30 $0.31 $0.33 $0.32 $0.32 | |||||||||||||||||||||||||
| SGA Expense $0.18 $0.17 $0.16 $0.17 $0.16 $0.17 $0.19 $0.18 $0.18 $0.18 $0.19 $0.19 $0.20 $0.20 $0.21 $0.19 $0.27 $0.22 $0.20 $0.20 $0.24 $0.24 $0.30 $0.22 $0.26 | |||||||||||||||||||||||||
| CM Reported Farm Production Costs / Dozen Produced | |||||||||||||||||||||||||
| Other $0.32 $0.33 $0.31 $0.35 $0.35 $0.35 $0.35 $0.38 $0.43 $0.40 $0.40 $0.44 $0.43 $0.42 $0.42 $0.42 $0.42 $0.46 $0.45 | |||||||||||||||||||||||||
| Feed Cost Only $0.41 $0.39 $0.47 $0.55 $0.53 $0.56 $0.57 $0.67 $0.55 $0.68 $0.68 $0.60 $0.55 $0.54 $0.50 $0.49 $0.48 $0.49 $0.49 $0.47 $0.48 | |||||||||||||||||||||||||
| Total $0.73 $0.00 $0.72 $0.00 $0.78 $0.00 $0.90 $0.88 $0.91 $0.92 $1.05 $0.99 $1.08 $1.07 $1.04 $0.99 $0.97 $0.50 $0.92 $0.90 $0.91 $0.49 $0.93 $0.93 | |||||||||||||||||||||||||
| Below: with company figures | |||||||||||||||||||||||||
| Total Cost / Dozen $0.39 $1.12 $0.39 $1.11 $0.39 $1.18 $0.44 $1.33 $1.31 $1.36 $1.40 $1.54 $1.48 $1.58 $1.59 $1.53 $1.54 $1.47 $1.00 $1.41 $1.44 $1.46 $1.13 $1.47 $1.51 | |||||||||||||||||||||||||
| Delta Avg Selling Price vs Total Cost Per Dozen $0.12 $1.19 -$0.03 $0.83 $0.07 $0.88 -$0.09 $0.05 $0.25 $0.67 $0.74 $1.23 $1.72 $0.61 $0.06 $0.19 $0.78 $1.14 $0.98 $1.30 $2.60 $2.17 $1.02 $0.51 | |||||||||||||||||||||||||