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Cal-Maine Foods Inc

CALMWithin bandExpectations · modest

Held by 3 superinvestors.

Price$84.60
Holders3
Total value$6.7M

SEC 10-K · fundamentals

Business quality

as of 2026-05-30
Revenue growth
-31.7%
Net margin
10.9%
ROE
12.0%
FCF margin
11.3%
Revenue $1.35B → $2.91B · 6y
What makes a business high quality

Valuation · value band

In fair-value range

$82/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$85
cheaperpricier

Zero-growth floor

$52

Central IV

$82

Optimistic top

$100

Cal-Maine Foods Inc (CALM): A conservative value band $52–$100 / sh (zero-growth floor to growth-capped optimistic top); central read about $82. Today’s price sits inside that band (price $85 as of 2026-08-24).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.6% · Zero-growth downside $52

Price as of 2026-08-24 · yahoo · DGS10 4.7% @ 2026-08-21.

Method & numbers

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $53.97 – $99.74 · Greenwald zero-growth $64.83 · zero-growth base $64.83 · reproduction $51.54

Moat Commodity-like · terminal value 48% of present value · owner-earnings yield 7% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$53.45 – $64.83 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 398% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$51.88 – $63.41 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 398% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $2.46B = $51.54 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 5% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.24%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-21). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

What the price is betting

Today's price pencils in about 5.6% a year in owner-earnings for the next few years. Revenue actually grew 19.3% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 3 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

3 holders · $6.7M combined · this quarter +0 opened / -0 exited

This quarter1 added1 trimmed
Holders 1 → 3 · last 8q
  • Bill Miller
    Value$5.0MWeight (prev→now)1.3% → 1.2% ▼
  • Jeremy Grantham
    Value$1.5MWeight (prev→now)0.0% → 0.0% ▲
  • Ray Dalio
    Value$200,353Weight (prev→now)0.0% → 0.0% ▼

SEC 13F · notes

Written summary

Cal-Maine Foods Inc (CALM) is held by 3 of the superinvestors tracked on Compounder, with a combined $6.7M in reported 13F value. The largest position belongs to Bill Miller, where it makes up 1.2% of the portfolio.

Other notable holders by value include Jeremy Grantham (0.0% of its book) and Ray Dalio (0.0% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in CALM, 1 added to existing ones, 1 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Cal-Maine Foods Inc (CALM) also commonly hold →

CALM's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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