McCormick & Company, Incorporated Non-VTG CS

Miscellaneous Food Preparations & Kindred Products

MKCMixed9 of 11 basics passed

$45.39

-1.20%

Market cap $12.2B

$45.39

-1.20%

Market cap $12.2B

In its 135-plus-year history, McCormick has become the leading global manufacturer of spices, herbs, extracts, seasonings, and other flavorings. In addition to its namesake brand, the firm's portfolio includes Old Bay, Zatarain's, Thai Kitchen, Frank's RedHot, French's, and Cholula.

It is a $12.2B consumer staples company. Revenue grew 13.2% over the last year, it keeps 19¢ of every dollar of sales as profit, and its net debt equals ~3.7 years of free cash flow. It trades at 8.1× earnings — near the lowest of its own history.

Website: mccormickcorporation.com
Location: Hunt Valley, MD
Employees: 14 100
Sector: Consumer Defensive

Share price · 3 years

$63.21 → $45.39-28.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $7.69B
Profit: keeps 19¢ of every $1 sold; $1.49B
Free cash flow: cash left after running the business; $926M
Net debt: debt minus cash on hand; $3.39B
P/E: years of profit in the price; 8.1
EPS: earnings per share, TTM; $4.38
Dividend: pays out 34% of profit · 55% of FCF; 4.20%
Shares: up 27% since 2020 — dilution; 340.3M
Volatility: beta vs the market — under 1 swings less; 0.67

Revenue, last 10 years

52-week range

Low $44.14$45.39High $71.65

Today's price is 5% of the way from the year's low to its high.

P/E vs its history5y

8.1×median 29.3×

Higher than 3% of past days — near the lowest of its own history.

Valuation vs own history

P/E

8.1×

97%

P/S

1.6×

100%

EV/EBITDA

13.1×

100%

P/B

1.6×

100%

FCF yield

7.7%

98%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$10.7Mnet selling

Purchases$99.8K

Sales$10.8M

Insiders trading, last 14d1 buy · 0 sell

Standing in Consumer Defensive

Size$12.2Btop 75%
Revenue growth+3%top 53%
Net margin19%top 13%
Return on equity22%top 43%
P/E8.1×top 1%
Dividend yield4.20%top 31%

Ranked against 41 Consumer Defensive companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation and quality; Growth and Health lag behind.

Valuation90

P/E vs own history3th pct · 25/25
FCF yield7.6% · 20/25
P/S1.6x · 25/25
EV/EBITDA13.0x · 20/25

Growth12

Revenue CAGR2.0% · 6/25
Net income CAGR1.1% · 6/25
EPS CAGR ~5Y-10.4% · 0/25
Fwd implied growth-46.7% · 0/25

Profitability64

ROIC10.3% · 12/25
ROE22.3% · 20/25
Net margin19.4% · 20/25
Operating margin13.2% · 12/25

Health40

Altman Z1.65 · 10/25
Current ratio0.66 · 0/25
Interest coverage6.8x · 18/25
Net cash / debtD/A 26% · 12/25

Quality75

Piotroski F6/9 · 15/25
Beneish M-2.48 · 20/25
FCF conversion62% · 15/25
Margin stabilityσ 1.7% · 25/25

Moat56

ROIC >12% years1/10 yrs · 0/25
Median gross margin39.9% · 13/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 9.9% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2018Financial
Best year on record
$933M net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$4.41B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$5 335 today — price return only

$6.8B revenue in FY2025

Revenue up 13.2% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

14 100 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 13.2% year over year
Interest covered 6.8× by operating earnings

Watch-outs

Altman Z-Score 1.65 — elevated financial-distress risk
Net debt would take ~5.1 years of free cash flow to repay

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+13.2% YoY
Profitable — makes more than it spends$1.49B TTM
Profit growing — earnings are higher than last year+5.1% YoY
Generates cash — cash left after running and investing$926M TTM
Debt under control — could handle its obligations~3.7y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$12.2B market cap
Not printing shares — share count not ballooning — you keep your slice+26.6% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 1.6 — distress
Pays a dividend — returns cash to shareholdersyield 4.20%
Valuation not extreme — price not wildly above earningsP/E 8.1

Peer comparisonMcCormick & Company, Incorporated Non-VTG CS vs 6 largest consumer defensive peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
MKC this company	$12.2B	8.1	+13.2%	19.4%	Mixed
WMT Walmart Inc.	$882.9B	40.8	+6.2%	3.0%	Strained
COST Costco Wholesale Corp	$419.2B	45.5	+10.1%	3.0%	Mixed
KO Coca-Cola Company	$379.3B	26.5	+6.5%	28.6%	Mixed
PG Procter & Gamble Company	$351.2B	21.9	+3.3%	18.4%	Solid
PM Philip Morris International Inc.	$313.6B	28.8	+8.9%	25.6%	Strained
PEP PepsiCo, Inc.	$171.8B	16.5	+6.4%	11.1%	Strained

Head-to-head: MKC vs WMT · MKC vs COST · MKC vs KO

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 6Hold 9Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $7.69B · net income $1.49B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$7.69B

YoY 13.2%

Net income (TTM)

$1.49B

Margin 19.4%

Gross margin

39.3%

Operating margin

13.2%

P/E ratio

8.1

Dividend yield

4.20%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	5.6	6.3	6.4	6.7	6.7	6.8
Gross profit	2.3	2.5	2.3	2.5	2.6	2.6
Operating income (EBIT)	1.0	1.1	0.9	1.0	1.1	1.1
Net income	0.7	0.8	0.7	0.7	0.8	0.8
EPS (diluted)	2.78	2.80	2.00	2.00	—	—

Cash flowFree cash flow $926M · operating cash flow $1.14B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$926M

Margin 12.0%

Operating cash flow (TTM)

$1.14B

FCF margin

12.0%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.0	0.8	0.7	1.2	0.9	1.0
Capital expenditure	-0.2	-0.3	-0.3	-0.3	-0.3	-0.2
Free cash flow	0.8	0.6	0.4	1.0	0.6	0.7
FCF margin	14.6%	8.7%	6.1%	14.6%	9.6%	10.8%

Balance sheetAssets $13.2B · net debt $3.39B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $13.2B of assets is financed

56%

44%

Liabilities $7.43B — borrowed moneyEquity $5.74B — owners' stake

Cash vs debt

Total debt $3.49B − cash $95.9M = net debt $3.39B

Cash on hand covers 3% of debt.

Altman Z-Score

1.65

Distress zone

Debt repayment

5.1 yrs

Years of free cash flow to clear net debt

Interest coverage

6.8x

EBIT ÷ interest expense

ROE

22.3%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.4	0.4	0.3	0.2	0.2	0.1
Total assets	12.1	12.9	13.1	12.9	13.1	13.2
Total liabilities	8.1	8.5	8.4	7.8	7.8	7.4
Total debt	4.6	5.4	4.9	3.6	4.1	3.5
Equity	3.9	4.4	4.7	5.1	5.3	5.7
Net debt	4.2	5.1	4.5	3.4	3.9	3.4

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of MKC on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $45.39 · market cap $12.2B.