McCormick & Company, Incorporated MKC

Consumer StaplesFood & TobaccoUnited States of America

Last close 47.29 USD on Nov 1, 2026, −28.5% year to date

Quant rating

Quant rating C Rank 74 of 124 in Consumer Staples

Growth C 64 of 124
Valuation A 17 of 124
Quality C 55 of 124
Revisions C 84 of 124
Momentum D 98 of 124

Wall Street consensus Buy (2.38)Average target 54.95 USD +16.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 12.7B
Enterprise value: 18.0B
52-week range: 43.25 – 72.41
3-year range: 43.25 – 84.76
Dividend yield: 4.06%
Beta (5 years): 0.66
Shares outstanding: 269M
Next earnings: Jan 20, 2027

About the company

McCormick & Company, Incorporated manufactures, markets, and distributes herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry, including retailers, food manufacturers and foodservice businesses. It operates through two segments: consumer and flavor solutions. The consumer segment sells to retail channels, including grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce under the McCormick brand and a variety of brands around the world, including French's, Frank's RedHot, Lawry’s, Zatarain’s, Simply Asia, Thai Kitchen, Ducros, Vahine, Cholula, Schwartz, Club House, Kamis, DaQiao, La Drogheria, Stubb's, OLD BAY, Gourmet Garden, and others. In its flavor solutions segment, it provides a range of products to multinational food manufacturers and foodservice customers. The foodservice customers are supplied with branded, packaged products both directly by the Company and indirectly through distributors.

Growth and profitability fiscal year ends November 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	6,840	6,724	6,662	6,350	6,318	–
Revenue growth	1.7%	0.9%	4.9%	0.5%	12.8%	4.1%
EPS (basic, normalized)	3.00	2.95	2.70	2.53	3.05	–
EPS growth	1.7%	9.3%	6.7%	−17.0%	–	–
Gross margin	37.9%	38.5%	37.6%	35.8%	39.7%	37.9%
Net margin	11.5%	11.7%	10.2%	10.7%	12.0%	11.2%
ROE	14.3%	15.2%	14.0%	15.0%	18.1%	15.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	331
Current ratio	0.66x
Long-term debt (mil)	2,906
Net debt (mil)	5,271
Total equity (mil)	7,003
Net debt / equity	0.75x
Net debt / EBITDA	3.98x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	6,840	+1.7%	2.6x	1,325	+2.3%	13.6x	3.00	+1.7%	15.8x
2026	7,923	+15.8%	2.3x	1,564	+18.0%	11.5x	3.09	+2.9%	15.3x
2027	8,148	+2.8%	2.2x	1,637	+4.7%	11.0x	3.21	+3.9%	14.7x
2028	8,426	+3.4%	2.1x	1,734	+5.9%	10.4x	3.48	+8.6%	13.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,923	+0.3%	+0.3%	+0.7%	3.09	0.0%	0.0%	−0.3%
2027	8,148	−0.3%	−0.5%	−0.2%	3.21	−2.5%	−2.8%	−3.7%
2028	8,426	−0.5%	−0.8%	−0.4%	3.48	−3.6%	−4.1%	−4.0%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	1,643	1,680	1,798	1,606	1,660	1,725	1,850	1,874	1,937	2,025
Sales mean (mil)	1,632	1,668	1,773	1,612	1,658	1,713	1,845	1,787	1,912	1,977
Surprise	+0.7%	+0.7%	+1.4%	−0.4%	+0.1%	+0.7%	+0.3%	+4.9%	+1.3%	+2.4%
EPS reported	0.69	0.83	0.80	0.60	0.69	0.85	0.86	0.66	0.80	0.86
EPS mean	0.59	0.68	0.77	0.64	0.66	0.82	0.88	0.59	0.69	0.76
Surprise	+17.6%	+22.5%	+4.1%	−6.7%	+5.0%	+4.3%	−1.8%	+11.0%	+15.6%	+13.8%

Peer comparison Food & Tobacco

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MKC McCormick & Company, Incorporated	12.7B	3.98x	11.5%	1.82x	15.3x	14.7x	11.5x	11.0x
MDLZ Mondelez International, Inc.	82.2B	3.14x	6.4%	3.10x	21.3x	19.3x	15.2x	14.2x
ADM Archer-Daniels-Midland Co	37.1B	1.97x	1.3%	1.57x	13.9x	13.2x	9.4x	9.1x
HSY The Hershey Company	33.3B	1.80x	7.6%	4.97x	19.1x	17.3x	12.4x	11.5x
KHC The Kraft Heinz Company	28.9B	2.86x	−23.4%	0.80x	11.9x	11.7x	9.2x	9.2x
BG Bunge Global SA	18.6B	5.43x	1.2%	1.16x	10.4x	8.9x	8.5x	7.7x
Mean		3.19x	0.8%	2.24x	15.3x	14.2x	11.0x	10.4x
Median		3.00x	3.9%	1.69x	14.6x	14.0x	10.4x	10.1x

Technical analysis

1M−1.4%
3M−7.2%
1Y−25.7%
3Y−18.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, McCormick & Company, Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	6,840	6,724	6,662	6,350	6,318	5,601
Cost of revenue	4,246	4,133	4,160	4,076	3,812	3,301
Gross profit	2,594	2,591	2,502	2,274	2,506	2,300
Selling, general & administrative expenses	1,394	1,418	1,383	1,270	1,317	1,213
Research & development	106	103	94.9	87.5	87.3	68.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	23.2	9.5	62.4	4.2	86.4	19.3
Other operating expenses	0	0	0	0	0	0
Operating income	1,071	1,060	962	913	1,015	1,000
Net interest income (expense)	−156	−164	−172	−113	−127	−128
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.7	1.5	8.5	12.2	8.0	9.8
Net income before taxes	913	898	799	813	896	882
Provision for taxes	196	184	174	169	193	175
Minority interest	–	–	–	–	–	–
Equity in affiliates	72.2	74.2	56.4	37.8	52.2	40.8
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	789	788	681	682	755	747
Extraordinary items	–	–	–	–	0	0
Net income	789	788	681	682	755	747
EBIT, normalized	1,094	1,070	1,024	917	1,102	1,019
EBITDA, normalized	1,325	1,279	1,224	1,118	1,288	1,184
Basic EPS, normalized	3.00	2.95	2.70	2.53	3.05	–

Balance sheet in millions of USD, fiscal years

Balance sheet, McCormick & Company, Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	95.9	186	167	334	352	424
Receivables	629	587	588	574	550	528
Total inventory	1,272	1,240	1,126	1,340	1,182	1,033
Prepaid expenses	53.2	51.5	47.6	61.7	41.7	38.0
Other current assets	88.1	74.1	73.4	77.2	70.6	60.9
Total current assets	2,138	2,139	2,002	2,387	2,196	2,084
Property, plant & equipment	1,666	1,624	1,545	1,417	1,277	1,165
Goodwill	5,301	5,228	5,260	5,213	5,336	4,986
Intangibles	3,502	3,498	3,517	3,548	3,594	3,355
Long-term investments	301	283	264	283	301	323
Note receivable	–	–	–	–	–	–
Other long-term assets	293	299	275	277	202	176
Total assets	13,200	13,070	12,862	13,125	12,906	12,090
Liabilities
Accounts payable	1,259	1,238	1,119	1,171	1,064	1,032
Payable/accrued	–	–	–	–	–	–
Accrued expenses	783	776	796	650	751	773
Short-term debt	381	483	272	1,237	539	887
Current portion of long-term debt	509	265	799	271	770	264
Other current liabilities	129	121	113	105	99.0	90.7
Total current liabilities	3,062	2,883	3,099	3,432	3,224	3,046
Long-term debt	3,106	3,594	3,340	3,642	3,973	3,754
Minority interest	31.6	25.8	22.8	18.7	14.5	13.9
Other liabilities	1,264	1,277	1,340	1,351	1,283	1,349
Total liabilities	7,464	7,779	7,802	8,444	8,495	8,164
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,283	2,237	2,200	2,139	2,055	1,981
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	3,816	3,545	3,250	3,022	2,782	2,416
Treasury stock	–	–	–	–	–	–
Other equity	−363	−491	−389	−481	−426	−471
Total equity	5,736	5,291	5,061	4,680	4,411	3,926
Total liabilities & shareholders' equity	13,200	13,070	12,862	13,125	12,906	12,090

Cash flow statement in millions of USD, fiscal years

Cash flow statement, McCormick & Company, Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	789	788	681	682	755	747
Depreciation, depletion & amortization	231	209	199	201	186	165
Deferred taxes	−6.5	−30.3	−5.4	21.8	36.0	−11.2
Non-cash items	−26.0	−28.9	8.4	−31.2	38.1	8.2
Changes in working capital	−26.0	−16.2	354	−222	−187	132
Cash from operations	962	922	1,237	652	828	1,041
Investing activities
Capital expenditures	−222	−275	−264	−262	−278	−225
Other investing cash flows	−33.4	5.9	3.4	116	−631	−800
Cash from investing	−255	−269	−260	−146	−909	−1,026
Financing activities
Financing cash flow items	22.6	−2.0	−10.3	−19.4	−17.3	−14.1
Cash dividends paid	−483	−451	−418	−397	−363	−330
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−380	−130	−755	−71.1	403	565
Cash from financing	−841	−583	−1,184	−487	22.0	221
Foreign exchange effects	43.7	−50.3	40.0	−35.6	−13.6	31.6
Net change in cash	−90.2	19.5	−167	−17.7	−71.9	268
Free cash flow	740	647	973	390	550	816

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.