Forensic Analysis · General / Diversified · as of Aug 11, 2026
Cal-Maine Foods Inc (CALM)
A forensic read on Cal-Maine Foods Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
15.2
Distress distance
Clean
Earnings quality
3
Forensic signals
12.5
P / E (ttm)
12.0%
ROE
$3.9B
Market cap
5.67%
Dividend yield
-31.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Cal-Maine Foods Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 15.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+20.3%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +20.3% relative to their own average in FY2026 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by inventory up +27% against -7% in cost of sales. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 7% of net operating assets, diverging from the balance-sheet accrual read.
55d
FY2025→FY2026
Inventory days.Days inventory outstanding moved from 42 to 55 FY2025→FY2026 (against cost of goods sold; inventory +27% vs -7% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
9.7%
FY2026
Return on invested capital.Return on invested capital is 9.7% in the latest fiscal year and slipping from 50% — around its ~9% cost of capital, so growth is roughly value-neutral.
Key fundamentals
Latest Revenue$2.91B
Revenue Growth YoY-31.7%
Net Margin10.9%
Free Cash Flow$328.5M
Return on Equity12.0%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Cal-Maine Foods Inc's actual 10-K/10-Q/8-K filings?