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McCormick & Company, Incorporated

MKC Consumer Defensive Packaged Foods

McCormick & Company, Incorporated’s revenue for fiscal 2025 (year ended November 2025) was $6.8 billion, up 1.73% from fiscal 2024.

Revenue
+17.4%
EPS
−57.1%
Free cash flow
−45.6%
Total debt
−4.77%

Quarter to August 2026, against a year earlier

49.87 0.61 −1.21%
Market cap
$13.5B
P/E
9.0×
Fwd P/E
8.6×
Dividend yield
3.85%
F-score
6/9
Altman Z
2.57
Beneish M
−2.48
Dividend safety
59/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Consumer
  • Flavor Solutions

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.21
Sold, $m 18.78
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — 1 — — 1 — — 1 —
Sell — 1 4 — — — — — 1 — — —
Insider Ownership 5.59%

Capital & Financial Ratios $m

Size
Market Cap 13,470.00
Revenue ttm 7,685.70
Net income ttm 1,512.40
Free cash flow ttm 925.90
Net debt Q 3,346.90
Valuation
P/E 9.00
Forward P/E 8.55
Price / sales 1.75
Forward P/S Powerpack
Price / FCF 14.48
Price / book 1.77
Financial health
Current ratio Q 0.66 (below 1: weak)
Debt / equity Q 0.48 (at or below 0.5: strong)
Interest coverage Q 3.17
Growth
Revenue growth Q +17.39% (above 0%: growing)
Operating income growth Q −24.84% (below 0%: shrinking)
EPS, this year +2.97%
EPS, next year A +3.88%
Revenue, next year A +15.89% (at or above 10%: strong)
EPS, past 5 yrs +1.06%
EPS, next 5 yrs A +5.12%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.2×, against a ten-year median of 3.8×; over the ten years it ranged from 2.1× in 2026 to 5.7× in 2020.
P/E against its own 10 years 5.06%
10-year low 10-year high
P/S against its own 10 years 1.83%
10-year low 10-year high
P/B against its own 10 years 2.75%
10-year low 10-year high
EV/Sales against its own 10 years 1.76%
10-year low 10-year high
EV/FCF against its own 10 years 3.59%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.85%
Annual rate
1.92
Payout ratio
34.7%
Growth, 2017–25
+8.33%/yr
  1. 0.97 ’17
  2. 1.07 ’18 +10
  3. 1.17 ’19 +9
  4. 1.27 ’20 +9
  5. 1.39 ’21 +9
  6. 1.50 ’22 +8
  7. 1.59 ’23 +6
  8. 1.71 ’24 +8
  9. 1.83 ’25 +7
  10. 1.94 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 167 186 96 331
Receivables 588 587 629 832
Inventory 1,127 1,240 1,272 1,446
Other — — — —
2,002 2,139 2,138 2,905
2023 2024 2025 Q'26
Payables 1,119 1,238 1,259 1,481
ST’ Debt 799 265 509 772
Other — — — —
3,099 2,883 3,062 4,420

Compound Annual Growth %

10y 5y 3y
Sales 4.76% 4.08% 2.51%
Cash Flow 5.01% (1.57%) 13.88%
Earnings 6.99% 1.10% 5.00%
Book Value 13.08% 7.92% 7.07%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.75 Actual 0.86

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.87 0.86 Miss by 0.01
Q1 FY26 0.61 0.66 Beat by 0.05
Q2 FY26 0.69 0.80 Beat by 0.11
Q3 FY26 0.75 0.86 Beat by 0.11
Q4 FY26 0.77 — Reports 28 January 2027

EPS $

Feb May Aug Nov Year
’26 3.77 0.56 0.36 — —
’25 0.60 0.65 0.84 0.84 2.93
’24 0.62 0.68 0.83 0.80 2.92
’23 0.52 0.56 0.63 0.81 2.52
’22 0.57 0.44 0.82 0.69 2.52
’21 0.60 0.68 0.79 0.73 2.80
’20 0.54 0.73 0.77 0.74 2.78
Fiscal quarters ending in the months shown.

Revenue $m

Feb May Aug Nov Year
’26 1,874 1,937 2,025 — —
’25 1,606 1,660 1,725 1,850 6,840
’24 1,603 1,643 1,680 1,798 6,724
’23 1,566 1,659 1,685 1,753 6,662
’22 1,522 1,537 1,596 1,696 6,351
’21 1,482 1,557 1,549 1,730 6,318
’20 1,212 1,401 1,430 1,558 5,601
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Feb May Aug Nov Year
’26 51 380 168 — —
’25 116 46 259 542 962
’24 138 163 162 459 922
’23 103 291 266 577 1,237
’22 18 137 96 401 652
’21 (32) 261 144 455 828
’20 45 311 271 415 1,041
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Feb May Aug Nov Year
’26 18 337 112 — —
’25 78 (2) 206 458 740
’24 76 95 103 373 647
’23 42 234 197 501 973
’22 (26) 91 32 306 403
’21 (81) 197 67 367 550
’20 6 262 213 335 816
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 5.0% a year for ten years. It grew 3.8% a year over the last ten.

Implied
5.0%
10 years, reported
3.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to November

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Aug ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,412 4,730 5,303 5,347 5,601 6,318 6,351 6,662 6,724 6,840 7,686 +5.0% 7,927 8,154 8,435 +7.2%
Gross margin, % 41.52 37.93 39.48 40.12 41.07 39.48 35.82 37.56 38.54 37.90 39.06 (3.6) pt
EBT 589 595 741 819 882 896 813 799 898 913 834 +5.0%
EBT margin, % 13.36 12.57 13.98 15.32 15.74 14.18 12.80 11.99 13.36 13.35 10.85 0.0 pt
Net income 472 477 933 703 747 755 682 681 789 789 1,512 +5.9%
Per share, $
Per share, $ Revenue 17.42 18.65 20.16 20.17 21.02 23.64 23.68 24.82 25.04 25.48 28.54 +4.3%
Earnings 1.87 1.89 3.55 2.65 2.80 2.83 2.54 2.54 2.94 2.94 5.54 +5.2%
Cash flow 2.60 3.21 3.12 3.57 3.91 3.10 2.43 4.61 3.43 3.58 4.24 +3.6%
Capex (0.60) (0.72) (0.64) (0.66) (0.85) (1.04) (0.93) (0.98) (1.02) (0.83) (0.80) +3.6%
Free cash flow 2.00 2.50 2.48 2.92 3.06 2.06 1.50 3.63 2.41 2.76 3.44 +3.6%
Book value 6.47 10.14 12.10 13.04 14.78 16.56 17.52 18.94 19.80 21.48 28.17 +14.3%
Shares, m 253 254 263 265 267 267 268 268 269 269 269 +0.7%
Valuation, ×
Valuation, × P/E 24.45 27.25 21.13 31.93 33.33 30.33 33.54 25.52 26.66 22.66 9.00 27.7
P/S 2.62 2.74 3.72 4.19 4.45 3.63 3.60 2.61 3.13 2.61 1.75 3.3
P/B 7.05 5.04 6.20 6.49 6.32 5.18 4.86 3.42 3.96 3.09 1.77 5.2
EV/Sales 2.83 3.71 4.48 4.86 5.09 4.33 4.16 3.21 3.68 3.12 2.18 3.9
EV/FCF 24.67 27.71 36.46 33.63 34.94 49.67 67.84 21.92 38.11 28.77 18.09 36.4
Cash, $m
Cash, $m Operating cash flow 658 815 821 947 1,041 828 652 1,237 922 962 1,141 +4.3%
Capex (152) (182) (169) (174) (225) (278) (248) (264) (275) (222) (215) +4.3%
Free cash flow 506 633 652 773 816 550 403 973 647 740 926 +4.3%
Balance, $m
Balance, $m Working capital (1) (330) (522) (604) (963) (1,028) (1,046) (1,097) (744) (924) (1,515) +116.1%
Net debt 939 4,583 4,040 3,568 3,594 4,392 3,579 3,973 3,673 3,519 3,347 +15.8%
Shareholders’ equity 1,638 2,571 3,182 3,457 3,940 4,426 4,699 5,084 5,317 5,768 7,587 +15.0%
Returns, %
Returns, % ROA 10.37 6.36 9.04 6.82 6.66 6.04 5.24 5.24 6.08 6.01 9.97 (4.4) pt
ROIC 15.55 6.11 7.71 8.52 8.29 7.20 6.52 6.65 7.37 7.21 5.90 (8.3) pt
ROE 28.41 22.68 32.45 21.17 20.21 18.06 14.95 13.91 15.16 14.24 22.30 (14.2) pt
People
People Employees 13,300 14,600 14,400 15,100 15,500 14,000 14,200 13,800 14,100 14,100 — +0.7%
Revenue/emp, $m 0.33 0.32 0.37 0.35 0.36 0.45 0.45 0.48 0.48 0.49 — +4.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Nov 2025 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

McCormick is a flavor-products company headquartered in Hunt Valley. Brendan M. Foley is Chairman, President and Chief Executive Officer. It manufactures, markets and distributes herbs, spices, seasoning mixes, condiments and other food products for retailers, food manufacturers and foodservice businesses.

Its Consumer business sells branded and private-label products through retail channels. Its portfolio includes spices and seasonings, condiments, sauces, dessert products and chilled herbs. Brands sold in the Americas include McCormick, French’s, Frank’s RedHot, Lawry’s, Cholula, Club House, Gourmet Garden and OLD BAY. Regional brands and product lines also serve markets in Europe, the Middle East, Africa and Asia-Pacific.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Consumer 3,950 57.75%
Flavor Solutions 2,890 42.25%
Gross margin 37.90%
Operating margin 15.65%
Pre-tax margin 13.35%

Revenue by segment since 2009

McCormick & Company, Incorporated vs peers in Packaged Foods (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GIS General Mills, Inc. $19.5B — (loss-making) 11.3× −2.83% (below 0%: shrinking) −66.67% (below 0%: shrinking) −28.59% (below 0%: shrinking) 33.88% 14.43% Compare
SJM The J. M. Smucker Company $14.2B 62.1× 14.5× +5.02% (above 0%: growing) n/m +511.71% (above 0%: growing) 44.14% 23.05% Compare
JBS JBS N.V. $13.7B 12.5× 14.4× +13.82% (above 0%: growing) n/m +238.90% (above 0%: growing) 10.83% 2.50% Compare
MKC McCormick & Company, Incorporated $13.5B 9.0× 8.6× +17.39% (above 0%: growing) −57.14% (below 0%: shrinking) −45.61% (below 0%: shrinking) 39.26% 10.72%
HRL Hormel Foods Corporation $12.4B 35.8× 16.8× −2.36% (below 0%: shrinking) −66.67% (below 0%: shrinking) +107.16% (above 0%: growing) 15.92% 2.49% Compare
MICC The Magnum Ice Cream Company N.V. $12.3B — — — — — — — Compare
DAR Darling Ingredients Inc. $8.0B 9.5× 8.2× +14.52% (above 0%: growing) +1,323.67% (above 0%: growing) +428.22% (above 0%: growing) 26.66% 18.61% Compare
SFD Smithfield Foods, Inc. $7.7B 8.5× 10.5× −8.27% (below 0%: shrinking) −63.32% (below 0%: shrinking) +160.00% (above 0%: growing) 9.11% 3.70% Compare
LW Lamb Weston $7.6B 29.9× 20.3× +0.66% (above 0%: growing) −54.35% (below 0%: shrinking) −47.29% (below 0%: shrinking) 15.96% 4.92% Compare
Median of peers $12.4B 21.2× 14.4× +0.66% −63.32% +160.00% 15.96% 4.92%

All 68 Packaged Foods stocks →

From the latest earnings call

Updated

  • Brendan Foley said softer category consumption and price sensitivity affected some Consumer categories, while the company expects its fourth-quarter actions to have more impact.
  • Marcos Gabriel said McCormick raised its FY2026 inflation outlook to about 7% and expects costs shifted from Q3 to weigh on Q4 margins.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
TD Cowen Oct 6, 2026 Downgrade — —
JPMorgan Oct 6, 2026 Target cut Outperform 63.00 → 62.00
Deutsche Bank Oct 6, 2026 Target cut Buy 59.00 → 57.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 93.55%
Held by the ten largest 50.91%
Holder Shares Stake Change
Vanguard 33.17m 13.06% +153.23k
BlackRock 20.95m 8.25% −324.83k
State Farm 16.52m 6.50% 0.00
State Street 15.33m 6.03% −19.02k
Aristotle Capital Management, LLC 11.39m 4.48% −1.28m
Sanders Capital 8.11m 3.19% +8.11m
Boston Partners 7.23m 2.85% +2.82m
Geode Capital Management 6.81m 2.68% +147.10k
Morgan Stanley 4.93m 1.94% +1.10m
Invesco 4.90m 1.93% +962.94k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

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MKC metrics, ten years each

stockrow.com/MKC · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com