HIGHBuilt-inProduct / Revenue mix
fresh 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, is intensely competitive.'”
CALM · Concentration risk · 10-K extracted
Cal-Maine Foods (CALM) concentration risks
Updated
The most significant concentration Cal-Maine Foods discloses is fresh 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 1A: '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.
“10-K Item 1A: '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 2026-06-24The company's concentration profile combines a near-total product focus with a layered customer dependency. Fresh shell eggs are the defining product — the filing notes that production and sale of fresh shell eggs accounted for 94.3% to 95.3% of net sales across the last three fiscal years, making this a high-share structural exposure. The company's financial results are therefore almost entirely a function of egg pricing dynamics, feed cost cycles, supply-and-demand balances in the shell egg market, and avian-disease risk — all of which are exogenous and cyclically volatile. No product diversification offsets this tilt. Within that egg-centric revenue base, customer concentration adds a dependency layer. The top three customers accounted for an aggregate of 49.2% of net sales dollars in fiscal 2025 — a medium-share customer exposure. The most prominent relationship is with Walmart Inc. (including Sam's Club), which alone accounted for 33.6% of net sales dollars in fiscal 2025, also medium-share by disclosed size. Both are dependency-character exposures: they reflect specific buyer relationships whose terms and volumes are subject to negotiation and competitive alternatives. Together, the profile describes a business that is structurally concentrated in a single commodity product and moderately concentrated in a small set of large retail buyers. The product concentration is the larger structural reality — it means every material development (pricing, disease, regulation, feed cost) hits the entire revenue base. The customer concentration adds a second layer where a shift in Walmart's or another top-three buyer's purchasing strategy would compound any operating pressure.
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 |
|---|---|---|---|---|---|
| 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 |
| BG | Bunge Limited | 0 | 0 | 0 | 0 |
| FDP | Del Monte Corporation | 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.