CAL-MAINE FOODS INC (CALM) — payout ratio, three ways
Fiscal year ending 2026-05-30 · sector Consumer staples · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 37.1% | The figure most screeners publish. |
| Operating cash flow | 48.3% | Worse than the earnings figure, not better: operating cash flow absorbs working capital — inventory, receivables, payables — that earnings do not. |
| Free cash flow | 70.5% | What is left after maintaining the business. |
Spread between highest and lowest: 33 percentage points. Same filings, different denominators.
Coverage rating 18 / 100 — Not covered. ? Peer standing 18/50Direction 0/30Stability 0/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2026-05-30 | 70.5% |
| 2025-05-31 | 31.1% |
| 2024-06-01 | 30.2% |
| 2023-06-03 | 34.7% |
| 2022-05-28 | 11.4% |
| 2019-06-01 | 88.6% |
Coverage worsened sharply this year, 31.1% to 70.5%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.
Among the 38 consumer staples companies here, 37% pay out a larger share on this basis.
The arithmetic
- GAAP earnings — dividends declared per share $2.46 ÷ diluted EPS $6.63
- Operating cash flow — dividends paid $231.6m ÷ operating cash flow $479.8m
- Free cash flow — dividends paid $231.6m ÷ (operating cash flow $479.8m − capex $151.2m)
Where the figures came from
- 10-K filed 2026-07-22 · accession
0001562762-26-000080
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS $2.46 filed as declared, but dividends paid imply $4.85 — one of the two underlying facts is wrong. The filed per-share figure is used.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.