Does Cal-Maine Foods, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Cal-Maine Foods, Inc. (CALM) 47.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 10, returns on capital 47, balance-sheet safety 73, capital discipline 79.

How has CALM's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 47.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Cal-Maine Foods, Inc.

CALM · Agriculture · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power10

Median gross margin 21.1% over 10y, variable.

Returns on capital47

Median ROIC 11.0%, above the 9% hurdle in 60% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 2511x.

Capital discipline79

Owner earnings +16.2%/yr, share count flat.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $277.9M
Est. intrinsic value / share: —
Recent price: $88.55
Discount to value: No price data

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

17 years of fundamentals

The business, in plain English

Cal-Maine Foods, Inc. booked $4.3B of revenue in FY2025 in the Agriculture sector and kept 43.4% of it as gross profit — a solid-margin business by that measure. After every other cost, 28.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $910.1M (FY2010) to $4.3B (FY2025) — about 10.8% a year compounded over 15 years.

It earned 56.6% on invested capital in FY2025, with a median of 12.3% across 16 filed years. The Returns on Capital filter above scores it 47/100.

The balance sheet carried $0 of total debt in FY2020. Balance-Sheet Safety scores it 73/100.

Put together: Capital Discipline is the strongest of the four filters (79/100) and Pricing Power the weakest (10/100), which is how CALM lands at 47/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$4.3B FY2025

Gross marginRevenue kept after cost of goods43.4% FY2025

Return on invested capitalOperating profit on the capital employed56.6% FY2025

Owner earningsCash an owner could take out$1.2B FY2025

Gaps in a line mean that item isn’t in CALM’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale47.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CALM has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Agriculture context

#1 of 12 scored Agriculture companies, ranked by Moat Score.

Nearest peers by Moat Score

#2GTBIF GREEN THUMB INDUSTRIES INC.45.6 out of 100, Shallow moatShallow moat
#3ALCO ALICO, INC.27.1 out of 100, No moatNo moat
#4ITHUF IANTHUS CAPITAL HOLDINGS, INC.26.7 out of 100, No moatNo moat
#5DMC FRESH DEL MONTE PRODUCE INC25.6 out of 100, No moatNo moat

Compare CALM with its nearest peers →All Agriculture companies on the Index →

Common questions about CALM

Does Cal-Maine Foods, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Cal-Maine Foods, Inc. (CALM) 47.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 10, returns on capital 47, balance-sheet safety 73, capital discipline 79.
How has CALM's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 47.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CALM. See the disclaimer.