Cal-Maine Foods Inc (CALM)
Payables turnover
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | Jun 1, 2024 | May 31, 2024 | Mar 2, 2024 | Feb 29, 2024 | Dec 2, 2023 | Nov 30, 2023 | Sep 2, 2023 | Aug 31, 2023 | Jun 3, 2023 | May 31, 2023 | Feb 28, 2023 | Feb 25, 2023 | Nov 30, 2022 | Nov 26, 2022 | Aug 31, 2022 | Aug 27, 2022 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 2,411,000 | 2,339,556 | 2,092,339 | 2,034,305 | 1,980,156 | 1,988,134 | 1,965,885 | 1,891,447 | 1,820,854 | 1,867,153 | 1,925,637 | 1,993,947 | 2,172,992 | 2,101,862 | 2,153,077 | 2,059,464 | 1,960,969 | 1,874,997 | 1,333,240 | 1,278,289 |
| Payables | US$ in thousands | 101,033 | 170,384 | 116,835 | 128,600 | 75,862 | 75,862 | 95,610 | 95,610 | 98,144 | 98,144 | — | 117,800 | 82,590 | 82,590 | 138,617 | — | 154,624 | — | 188,689 | — |
| Payables turnover | 23.86 | 13.73 | 17.91 | 15.82 | 26.10 | 26.21 | 20.56 | 19.78 | 18.55 | 19.02 | — | 16.93 | 26.31 | 25.45 | 15.53 | — | 12.68 | — | 7.07 | — |
May 31, 2025 calculation
Payables turnover = Cost of revenue (ttm) ÷ Payables
= $2,411,000K ÷ $101,033K
= 23.86
The payables turnover ratio for Cal-Maine Foods Inc exhibits notable fluctuations over the period analyzed. The data indicates periodic increases and decreases in how rapidly the company pays its suppliers, reflecting variations in its payment policies, liquidity position, or supplier terms.
In late August 2022, the ratio is unreported, with a notable increase to 7.07 by the end of August 2022. The ratio then significantly rises to 12.68 by the end of November 2022, suggesting the company was paying its suppliers more quickly during this period. The upward trend continues into early 2023, reaching a peak of 15.53 in late February 2023, which indicates a quicker turnover of payables.
Subsequently, the ratio increases markedly to 25.45 in late May 2023 and maintains a similar level into early June 2023 at 26.31, reflecting a period of rapid payment activity. This phase indicates that the company was settling its liabilities more promptly relative to its purchases.
Following this peak, there is a decline to 16.93 by August 2023, hinting at a slowdown in payable turnover, which could be associated with strategic changes in payment terms or cash flow considerations. The ratio remains unreported at the start of September 2023 but recovers somewhat, reaching 19.02 in late November 2023 and 18.55 in early December 2023.
Moving forward, the ratio stabilizes around 19.78 in February 2024 and slightly rises to 20.56 in March 2024 before increasing again to 26.21 at the end of May 2024. This upward trend is sustained into June 2024 with the ratio at 26.10, indicating a period of more rapid payment activity.
Toward the end of 2024 and into early 2025, the ratio experiences a decline to 15.82 in late August 2024 and then fluctuates around the mid-teens, with values such as 17.91 in November 2024, 13.73 in February 2025, and 23.86 in late May 2025. These fluctuations suggest variations in payment behavior, perhaps influenced by seasonal factors, strategic payment timing, or liquidity management.
Overall, the company's payables turnover ratio demonstrates periods of accelerated settling of liabilities interspersed with phases of slower payment activity. Such variations can reflect tactical adjustments in payment terms or operational considerations, with no consistent trend of either prolonged or shortened payment periods across the observed timeline.