HIGHBuilt-inProduct / Revenue mix
94.3%
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 at 94.3%, 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 · 4 disclosed concentrations
HIGH1
MEDIUM3
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-3 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.'”
MEDIUMBuilt-inCommodity
corn and soybean meal
“10-K Item 1: 'Our primary feed ingredients, corn and soybean meal, are commodities that are subject to volatile price changes due to weather'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-08-09Cal-Maine Foods carries one high-share structural exposure alongside several medium-share dependency and input-cost exposures that compound in a single-product business. Fresh shell eggs accounted for 94.3% to 95.3% of net sales over the company's last three fiscal years — a high-share, structural concentration inherent to a business built around one commodity product rather than a diversified portfolio. On the customer side, 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 represented 33.6% of net sales dollars in fiscal 2025 (34.0% in fiscal 2024 and 34.2% in fiscal 2023) — both medium-share, dependency-type exposures that have held relatively steady across the three years disclosed. Layered on top, corn and soybean meal, Cal-Maine's primary feed ingredients, are commodities subject to volatile price changes due to weather, a medium-share, structural input-cost exposure. Because the product concentration is high-share and the Walmart relationship makes up a large share of an already concentrated customer base, these two exposures together are the ones most capable of moving the verdict, while the feed-cost exposure functions as a steady margin variable rather than a revenue-continuity risk.
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 | 3 | 0 | 4 |
| 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.