HIGHBuilt-inProduct / Revenue mix
shell eggs
“10-K Item 1A: 'The production and sale of fresh shell eggs, which accounted for 94.3% to 95.3% of our net sales in our last three fiscal years'”
CALM · Concentration risk · 10-K extracted
Cal-Maine Foods (CALM) concentration risks
Updated
The most significant concentration Cal-Maine Foods discloses is shell eggs, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Cal-Maine Foods’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
49.2%
top three customers
“10-K Item 1: 'Our top three customers accounted for an aggregate of 49.2%, 49.0% and 50.1% of our net sales dollars for fiscal 2025, 2024 and 2023, respectively.'”
MEDIUMOutside partyCustomer
33.6%
Walmart Inc. (including Sam's Club)
“10-K Item 1: 'Our largest customer, Walmart Inc. (including Sam's Club), accounted for 33.6%, 34.0% and 34.2% of net sales dollars for fiscal 2025, 2024 and 2023, respectively.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-26Cal-Maine Foods' business is defined by a stark product concentration: fresh shell egg production and sales accounted for 94.3% to 95.3% of net sales over the company's last three fiscal years, a high-share, structural exposure that reflects the company's identity as a single-product egg producer rather than a diversified food company. Layered on top of that near-total product concentration are two medium-share customer exposures. The top three customers accounted for an aggregate 49.2% of net sales dollars in fiscal 2025 (49.0% in fiscal 2024 and 50.1% in fiscal 2023), and within that group, the largest customer, Walmart Inc. (including Sam's Club), alone accounted for 33.6% of net sales dollars in fiscal 2025 (34.0% in fiscal 2024 and 34.2% in fiscal 2023). Together, these exposures show a company whose fortunes hinge almost entirely on a single commodity product, with a meaningful and fairly stable customer-concentration overlay: Walmart's share of net sales dollars sits within the broader top-three-customer aggregate, and both dependency-driven exposures have held steady rather than trended sharply across the three years disclosed. The structural shell-egg concentration is the dominant feature of Cal-Maine's risk profile, with customer concentration a secondary, persistent but non-worsening factor.
For the engine’s reasoning on CALM’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Farm Products
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BG | Bunge Limited | 2 | 1 | 0 | 3 |
| CALM● | Cal-Maine Foods, Inc. | 1 | 2 | 0 | 3 |
| TSN | Tyson Foods, Inc. | 0 | 1 | 1 | 2 |
| ADM | Archer-Daniels-Midland Company | 0 | 0 | 0 | 0 |
| DMC | Del Monte Corporation | 0 | 0 | 0 | 0 |
| DOLE | Dole plc | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.