CALM
Cal-Maine Foods
Is CALM Halal?
Largest egg producer in US with permissible agricultural business.
What You Should Know
Cal-Maine produces and distributes shell eggs. Core business is generally permissible. Its February 28, 2026 Form 10-Q reports $3,139.261 million of assets, no interest-bearing debt, $392.159 million of cash, $759.768 million of available-for-sale investment securities, $185.176 million of receivables and $666.951 million of quarterly net sales. Debt/assets is 0.00%, liquidity/assets is 36.69%, receivables-plus-cash/assets is 18.39%, and disclosed interest income is 1.69% of revenue; the liquidity screen fails while product sourcing and animal-welfare questions remain qualitative.
⚠️ Concerns
- •Cash plus investment securities/assets 36.69% exceeds examined limits
- •Animal-welfare and farming practices
- •Prepared-food and ingredient mix
- •Interest income
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-02-28; calculated 2026-07-15.
0 / 3,139.261
1,151.927 / 3,139.261
577.335 / 3,139.261
11.268 / 666.951
- Financial
- Fails
- Overall
- Fails
Debt/assets is 0.00%, but cash plus interest-bearing securities/assets is 36.69%, above the examined 33.333% liquidity limit; receivables-plus-cash/assets is 18.39% and disclosed income is 1.69% of revenue.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 36.69%, above the examined MSCI limit; debt/assets is 0.00% and receivables-plus-cash/assets is 18.39%.
- Financial
- Fails
- Overall
- Fails
The cash plus securities liquidity ratio is 36.69%, above the examined ratio limit; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
Cal-Maine produces, packages and distributes shell eggs, prepared foods and egg products. The core food activity is generally permissible, while product sourcing, certification and animal-welfare practices require qualitative review.
Limitation: The filing does not allocate every product, customer or preparation method into a universal prohibited-activity numerator.
Purification
Cal-Maine discloses $11.268 million of interest income, but does not provide a complete prohibited-activity numerator or scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Cal-Maine's February 28, 2026 Form 10-Q.
- No interest-bearing borrowings are reported on the balance sheet; operating obligations are excluded.
- Cash and cash equivalents are $392.159 million and investment securities available-for-sale are $759.768 million; the securities balance is treated as interest-bearing for the liquidity screen.
- Trade and other receivables, net are $185.176 million and quarterly net sales are $666.951 million. Interest income, net is $11.268 million.
- Eggs, prepared foods and egg products are generally permissible, while product certification, animal welfare and supply-chain questions remain qualitative.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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