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Cal-Maine Foods (Cal-Maine Foods) Piotroski F-Score

: 5 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Cal-Maine Foods has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Cal-Maine Foods's Piotroski F-Score or its related term are showing as below:

CALM' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 7   Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of Cal-Maine Foods was 9. The lowest was 1. And the median was 7.


Cal-Maine Foods Piotroski F-Score Historical Data

The historical data trend for Cal-Maine Foods's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Array ( [0] => - [1] => - [2] => - [3] => - [4] => - [5] => 5.00 [6] => 3.00 [7] => 6.00 [8] => 7.00 [9] => 8.00 )
Cal-Maine Foods Annual Data
Trend May14 May15 May16 May17 May18 May19 May20 May21 May22 May23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 3.00 6.00 7.00 8.00

Cal-Maine Foods Quarterly Data
May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 8.00 8.00 5.00 5.00

Competitive Comparison

For the Farm Products subindustry, Cal-Maine Foods's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Cal-Maine Foods Piotroski F-Score Distribution

For the Consumer Packaged Goods industry and Consumer Defensive sector, Cal-Maine Foods's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Cal-Maine Foods's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Feb24) TTM:Last Year (Feb23) TTM:
Net Income was 110.931 + 0.926 + 17.009 + 146.712 = $276 Mil.
Cash Flow from Operations was 156.501 + 23.685 + 49.967 + 163.952 = $394 Mil.
Revenue was 688.68 + 459.344 + 523.234 + 703.076 = $2,374 Mil.
Gross Profit was 198.092 + 45.433 + 91.13 + 218.572 = $553 Mil.
Average Total Assets from the begining of this year (Feb23)
to the end of this year (Feb24) was
(1992.483 + 1954.525 + 1900.367 + 1966.805 + 2133.529) / 5 = $1989.5418 Mil.
Total Assets at the begining of this year (Feb23) was $1,992 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Total Current Assets was $1,218 Mil.
Total Current Liabilities was $216 Mil.
Net Income was 109.986 + 125.287 + 198.587 + 323.219 = $757 Mil.

Revenue was 592.964 + 658.344 + 801.7 + 997.493 = $3,051 Mil.
Gross Profit was 195.085 + 217.49 + 317.849 + 463.026 = $1,193 Mil.
Average Total Assets from the begining of last year (Feb22)
to the end of last year (Feb23) was
(1281.995 + 1427.489 + 1554.729 + 1763.44 + 1992.483) / 5 = $1604.0272 Mil.
Total Assets at the begining of last year (Feb22) was $1,282 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Total Current Assets was $1,193 Mil.
Total Current Liabilities was $313 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Cal-Maine Foods's current Net Income (TTM) was 276. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Cal-Maine Foods's current Cash Flow from Operations (TTM) was 394. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Feb23)
=275.578/1992.483
=0.13830883

ROA (Last Year)=Net Income/Total Assets (Feb22)
=757.079/1281.995
=0.59054755

Cal-Maine Foods's return on assets of this year was 0.13830883. Cal-Maine Foods's return on assets of last year was 0.59054755. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Cal-Maine Foods's current Net Income (TTM) was 276. Cal-Maine Foods's current Cash Flow from Operations (TTM) was 394. ==> 394 > 276 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Feb24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Feb23 to Feb24
=0/1989.5418
=0

Gearing (Last Year: Feb23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Feb22 to Feb23
=0/1604.0272
=0

Cal-Maine Foods's gearing of this year was 0. Cal-Maine Foods's gearing of last year was 0. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Feb24)=Total Current Assets/Total Current Liabilities
=1217.592/215.689
=5.64512794

Current Ratio (Last Year: Feb23)=Total Current Assets/Total Current Liabilities
=1193.367/313.06
=3.8119434

Cal-Maine Foods's current ratio of this year was 5.64512794. Cal-Maine Foods's current ratio of last year was 3.8119434. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Cal-Maine Foods's number of shares in issue this year was 48.884. Cal-Maine Foods's number of shares in issue last year was 48.842. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=553.227/2374.334
=0.23300302

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1193.45/3050.501
=0.39123082

Cal-Maine Foods's gross margin of this year was 0.23300302. Cal-Maine Foods's gross margin of last year was 0.39123082. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Feb23)
=2374.334/1992.483
=1.1916458

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Feb22)
=3050.501/1281.995
=2.37949524

Cal-Maine Foods's asset turnover of this year was 1.1916458. Cal-Maine Foods's asset turnover of last year was 2.37949524. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+1+0+0+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Cal-Maine Foods has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Cal-Maine Foods  (NAS:CALM) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Cal-Maine Foods Piotroski F-Score Related Terms

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Cal-Maine Foods (Cal-Maine Foods) Business Description

Traded in Other Exchanges
Address
1052 Highland Colony Parkway, Suite 200, Ridgeland, MS, USA, 39157
Cal-Maine Foods Inc produces and sells shell eggs. Its main market is the United States. The company's product portfolio contains nutritionally enhanced, cage-free, organic, and brown eggs. Cal-Maine Foods markets the shell eggs to a diverse group of customers, including grocery-store chains, club stores, and food service distributors. The company's brands are Egg-Land's, Land O' Lakes, Farmhouse, and 4-Grain. The Company has one reportable operating segment, which is the production, grading, packaging, marketing and distribution of shell eggs.
Executives
Charles Jeff Hardin officer: Vice President Marketing 3650 GUENTHER ROAD, LAGRANGE TX 78945
Michael Todd Walters officer: COO 1052 HIGHLAND COLONY PKWY, RIDGELAND MS 39157
Letitia Callender Hughes director 48 AVERY CIRCLE, JACKSON MS 39211
James E Poole director PO BOX 5167, JACKSON MS 39296
Matthew Samuel Glover officer: Vice President - Accounting 1052 HIGHLAND COLONY PKWY, RIDGELAND MS 39157
Camille S Young director 2992 WEST BEACH BLVD, GULFPORT MS 39501
Adolphus B Baker director, 10 percent owner, officer: Chairman, President & CEO P. O. BOX 2960, JACKSON MS 39207
Jean Morris Adams 10 percent owner 312 VIEWPOINTE PLACE, CLINTON MS 39056
Holladay Robert L Jr officer: VP - General Counsel 3320 W. WOODROW WILSON AVE, JACKSON MS 39209
Max P Bowman director, officer: Vice President, CFO, Sec/Treas 3320 W. WOODROW WILSON AVE., JACKSON MS 39209
Dlnl, Llc 10 percent owner 3320 W. WOODROW WILSON AVE., JACKSON MS 39209
Adams Fred R Jr 10 percent owner C/O CM FOODS, PO BOX 2960, JACKSON MS 39207
Steve W Sanders director 2 OAKLEIGH PLACE, JACKSON MS 39211
Michael D Castleberry officer: Vice President, Controller 3320 W. WOODROW WILSON AVE, JACKSON MS 39209
Timothy A Dawson director, officer: Vice President, CFO, Sec/Treas CAL-MAINE FOODS, INC., PO BOX 2960, JACKSON MS 39207