Hershey vs Cal-Maine Foods: Which Stock Could Rally?
Even as Hershey fell -11% during the past Week, its peer Cal-Maine Foods may be a better choice. Consistently evaluating alternatives is core to sound investment approach. Cal-Maine Foods (CALM) stock offers superior revenue growth across key periods, better profitability, and relatively lower valuation vs Hershey (HSY) stock, suggesting you may be better off investing in CALM
- CALM’s Last 12 Months revenue growth was 65.8%, vs. HSY’s 2.5%.
- In addition, its Last 3-Year Average revenue growth came in at 31.8%, ahead of HSY’s 5.2%.
- CALM leads on profitability over both periods – LTM margin of 36.4% and 3-year average of 27.4%.
A single stock can be risky, but there is a huge value to a broader, diversified approach. Should you buy one stock you like or build a portfolio designed to win across cycles? Our numbers show that the Trefis High Quality Portfolio has turned stock-picking uncertainty into market-beating consistency. This portfolio is incorporated in the asset allocation strategy of Empirical Asset Management — a Boston area wealth manager and Trefis partner — whose asset allocation framework yielded positive returns during the 2008-09 period when the S&P lost more than 40%.
HSY manufacturer and marketer of a diverse range of popular confectionery, snack, and breath freshener brands, founded in 1894 and based in Pennsylvania. CALM produces, grades, packages, and distributes specialty shell eggs, including nutritionally enhanced, cage-free, organic, and brown varieties to retailers and foodservice distributors.
Valuation & Performance Overview
| HSY | CALM | Preferred | |
|---|---|---|---|
| Valuation | |||
| P/EBIT Ratio | 15.3 | 2.7 | CALM |
| Revenue Growth | |||
| Last Quarter | 26.0% | 17.4% | HSY |
| Last 12 Months | 2.5% | 65.8% | CALM |
| Last 3 Year Average | 5.2% | 31.8% | CALM |
| Operating Margins | |||
| Last 12 Months | 19.1% | 36.4% | CALM |
| Last 3 Year Average | 21.6% | 27.4% | CALM |
| Momentum | |||
| Last 3 Year Return | -24.9% | 88.8% | CALM |
Note: For “Last 3 Year Return” metric, preferred stock is one with higher returns unless the returns are too high (>300%) which creates risk of sell off.
See more revenue details: HSY Revenue Comparison | CALM Revenue Comparison
See more margin details: HSY Operating Income Comparison | CALM Operating Income Comparison
But do these numbers tell the full story? Read Buy or Sell CALM Stock to see if Cal-Maine Foods’s edge holds up under the hood or if Hershey still has cards to play (see Buy or Sell HSY Stock).
Historical Market Performance
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | Avg | Best | |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| HSY Return | 6% | 30% | 22% | -18% | -7% | -2% | 31% | ||
| CALM Return | -12% | -1% | 52% | 14% | 87% | -6% | 162% | <=== | |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% | ||
| Monthly Win Rates [3] | |||||||||
| HSY Win Rate | 50% | 75% | 58% | 33% | 33% | 40% | 48% | ||
| CALM Win Rate | 25% | 42% | 75% | 67% | 75% | 70% | 59% | ||
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | 64% | <=== | |
| Max Drawdowns [4] | |||||||||
| HSY Max Drawdown | -24% | -5% | -0% | -21% | -7% | -15% | -12% | <=== | |
| CALM Max Drawdown | -28% | -9% | 0% | -14% | -6% | -20% | -13% | ||
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | -12% | ||
[1] Cumulative total returns since the beginning of 2020
[2] 2025 data is for the year up to 11/3/2025 (YTD)
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
Whatever your view on either of these stocks, investing in one or two stocks remains a risky proposition. Instead, the Trefis High Quality (HQ) Portfolio, with a collection of 30 stocks, has a track record of comfortably outperforming its benchmark that includes all 3 — the S&P 500, S&P mid-cap, and Russell 2000 indices. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.