ADM vs CALM: Archer-Daniels-Midland and Cal-Maine Foods compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Archer-Daniels-Midland is the larger company, worth $37.3B, about 12.7 times Cal-Maine Foods.
- Archer-Daniels-Midland grew revenue faster over the last year (+7.2% vs -41.5%).
- On earnings, Cal-Maine Foods is the cheaper stock (4.3x vs 34.6x).
- Cal-Maine Foods's price assumes faster free cash flow growth: about -6% a year, against -6% for Archer-Daniels-Midland (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ADM | CALM |
|---|---|---|
| Market cap | $37.3B | $2.9B |
| Share price | $79.89 | $64.35 |
| Revenue (last fiscal year) | $80.3B | $2.9B |
| Free cash flow (last fiscal year) | $4.2B | $329M |
| Revenue growth, last year | +7.2% | -41.5% |
| Revenue growth per year, last 5 fiscal years | -1.5% | +13.1% |
| Operating margin | — | 0.74% |
| Net margin | 2.2% | 2.3% |
| Return on equity | 7.5% | 2.3% |
| P/E (trailing) | 34.6x | 4.33x |
| Price / free cash flow | 8.89x | 2.76x |
| EV / EBITDA | 11.9x | 8.72x |
| FCF growth the price implies | -5.8% | -5.7% |
| Dividend yield | 2.6% | 7.6% |
| Debt / equity | 1.27x | 0.17x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 4 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Archer-Daniels-Midland
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $85.2B | $5.4B | — |
| 2022 | $101.6B | $2.2B | — |
| 2023 | $93.9B | $3.0B | — |
| 2024 | $85.5B | $1.2B | — |
| 2025 | $80.3B | $4.2B | — |
Cal-Maine Foods
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.8B | $54M | 8.1% |
| 2023 | $3.1B | $726M | 30.8% |
| 2024 | $2.3B | $304M | 13.4% |
| 2025 | $4.3B | $1.1B | 36.1% |
| 2026 | $2.9B | $329M | 12.0% |
Where the revenue comes from
Archer-Daniels-Midland · by segments, 2025
Ag Services and Oilseeds$61.6B77%
Carbohydrate Solutions$10.7B13%
Nutrition$7.5B9%
Cal-Maine Foods · by segments, 2026
Conventional Shell Egg$1.3B45%
Specialty shell egg sales$1.0B36%
Other Segments Sales$308M11%
Prepared Foods$245M8%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ADM in InvestinglyQuestions
Which is bigger, Archer-Daniels-Midland or Cal-Maine Foods?
Archer-Daniels-Midland (ADM), at $37.3B against $2.9B.
Is ADM or CALM cheaper?
By trailing P/E, Cal-Maine Foods (4.33x) is cheaper than Archer-Daniels-Midland (34.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, ADM or CALM?
Archer-Daniels-Midland: revenue grew +7.2% over the last year, against -41.5%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.