The business behind the dividend
| Measure | CALM | Median | Formula |
|---|---|---|---|
| Return on equity | 12.0% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $289.80m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $328.53m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 12.0% | 15.0% | Operating income ÷ revenue |
| Net margin | 10.9% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 629.83x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 7.70x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.51x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Debt to equity, Long-term debt to working capital, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 12.0% | 47.6% | 15.4% | 47.1% | 12.0% | 0.2% | 1.8% | 5.5% | 13.2% | -8.8% | 12.0% |
| Return on capital employed | — | — | — | — | — | — | 0.1% | 4.6% | 10.5% | -15.7% | 4.6% |
| Operating margin | 12.0% | 36.1% | 13.4% | 30.8% | 8.1% | -1.9% | 0.1% | 3.4% | 6.7% | -12.5% | 6.7% |
| Net margin | 10.9% | 28.6% | 11.9% | 24.1% | 7.5% | 0.2% | 1.4% | 4.0% | 8.4% | -6.9% | 7.5% |
| Debt to equity | — | — | — | — | — | — | 0.00x | 0.00x | 0.01x | 0.01x | 0.01x |
| Current ratio | 7.70x | 6.38x | 5.45x | 6.16x | 3.58x | 5.77x | 5.60x | 7.58x | 5.45x | 6.74x | 5.77x |
| Cash conversion | 1.51x | 1.00x | 1.62x | 1.14x | 0.95x | 12.69x | 4.00x | 2.12x | 1.59x | — | 1.59x |
How it compares in consumer staples
Among the 38 consumer staples companies here measured on free cash flow, Cal-Maine Foods pays out less than 14 of them. The median for that group is 65.1%, against this company’s 70.5%.
Closest on free cash flow
- Flowers Foods (FLO) 65.6%
- Procter & Gamble (PG) 67.6%
- Conagra Brands (CAG) 68.4%
- Edgewell Personal Care (EPC) 70.8%
Same sector and same denominator, so the figures are comparable. All 43 in consumer staples →