Cal-Maine Foods Inc (CALM) is undervalued and Vital Farms Inc (VITL) is undervalued.
Against our estimates of intrinsic value, VITL trades at the wider discount: a margin of safety of +61%, against +56% for CALM.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.2% (average of 3 methods) values the shares at $165.29; the price of $73.13 is 56% below that value, and 83% of that value comes from beyond year five.
Leak Score 100/100 on 2 of 12 signals
Discounting its cash flows at 9.3% values the shares at $28.62; the price of $11.25 is 61% below that value, and 76% of that value comes from beyond year five.
Leak Score 60/100 on 8 of 12 signals
| Metric | CALM | VITL |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $73.13 | $11.25 |
| Intrinsic value | $165.29 | $28.62 |
| Margin of safety | +56% | +61% |
| Leak Score | 100/100 (2/12) | 60/100 (8/12) |
| Market cap | $3.4B | $483M |
| Revenue growth, 5 years | 16.6% | 28.8% |
| Operating margin | 11.8% | 0.5% |
| Net margin | 10.9% | 0.0% |
| Return on equity | 12.2% | 0.1% |
| Debt to equity | 0.00 | 0.38 |
| P/E | 11.2x | — |
| Forward P/E | 24.8x | 35.7x |
| P/B | 1.3x | 1.7x |
| Dividend yield | 0.5% | — |