McCormick

MKC · NYSE · Consumer Staples · Financials, fiscal 2016 to 2025

MKC · Last close · October 26, 2026

$47.97

McCormick's revenue rose 1.7% to $6.8 billion in fiscal 2025. Its operating margin was 15.7%, down from 15.8% a year earlier. Free cash flow was $740 million, up 14.4%. It paid out $518 million in dividends and buybacks, 70% of free cash flow.

McCORMICK & COMPANY, INCORPORATED Latest fiscal year ended November 30, 2025 10-K filed January 22, 2026 · 0000063754-26-000037 Updated October 9, 2026

Revenue

$6.8B

1.7%

Operating margin

15.7%

0.1 pts

Net income

$789M

0.1%

Free cash flow

$740M

14.4%

Return on capital

8.7%

0.2 pts

Market cap

$12.9B

Oct 26 close

P/E

8.7x

On $5.53 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (2-for-1), so every year is on today's share basis.

What McCormick does

McCormick makes and sells herbs, spices, seasoning mixes, condiments and other flavor products. Its customers include retailers, food manufacturers and foodservice businesses. Its brands include McCormick, French's, Frank's RedHot, Lawry's, Cholula, Club House, Gourmet Garden, OLD BAY and Zatarain's. It reaches consumers in about 150 countries and territories.

It has two segments. The Consumer segment sells branded products to shoppers in stores and online. The Flavor Solutions segment sells flavors and ingredients to food and beverage makers and restaurants. In 2025 the Consumer segment brought in about 58% of net sales and 67% of operating income, and Flavor Solutions about 42% and 33%.

McCormick also has joint ventures, the largest being McCormick de Mexico. In January 2026 it bought an additional share in it and now holds a controlling interest. Its major sales, distribution and production sites are in North America, Europe and China.

Its biggest risks, as it describes them

Pressure from large retail customers, including customer consolidation, and losing a large customer.
Trouble getting raw materials, and supply chain disruptions.
Changes in global trade policies, such as tariffs.
Competition in its markets.
Labor shortages, turnover and rising labor costs.

From McCormick's annual report on Form 10-K, filed January 22, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 5.3% a year and net income 5.9% a year, as new shares raised the share count by 5% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value McCormick yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from McCormick's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from McCormick's fiscal 2025 free cash flow of $740M, net cash of −$4.0B at November 30, 2025 and 269 million diluted shares, from its filings. The scenarios are fitted to McCormick: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.5% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 7% for a stable business (Packaged Foods & Meats); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at November 30, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to McCormick's own revenue growth, as above. Cautious: growth of 0.5% then 1% a year, 2% after year 10, a 8% discount rate. Base: growth of 2.5% then 2.5% a year, 2.5% after year 10, a 7% discount rate. Optimistic: growth of 4.5% then 4% a year, 3% after year 10, a 6% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $47.97
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Careful. McCormick's P/E today, 8.7×, is less than half the example multiple. A gap that wide usually means one of two things: its latest earnings include large one-off items, such as a tax benefit or a gain on a sale, or investors expect its earnings to fall. Either way the examples can mislead, so they aren't set against the share price. Check the earnings in its latest filings before using them.

Value per share on three example scenarios, from McCormick's earnings per share of $5.53 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 22.7×, the middle of McCormick's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 8%, 7% and 6%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Lamb Weston, Post, Flowers Foods.

Earnings growth in the years ahead (% a year) Starts at McCormick's revenue growth over the last 3 years, 2.5% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $47.97
Value at this multiple, against the last close: —
McCormick's P/E at the last close: 8.7×

Company	Last close	Earnings per share	P/E today
Lamb WestonLW	$53.67	$1.83	29.3×
Flowers FoodsFLO	$6.14	$0.27	22.7×
PostPOST	$80.44	$5.47	14.7×
McCormickMKC	$47.97	$5.53	8.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	352	334	167	186	96
Debt incl. finance leases	5,408	5,268	4,523	4,445	4,091
Net debt (negative means net cash)	5,057	4,934	4,356	4,259	3,995
Net debt to EBITDA	4.2x	4.6x	3.8x	3.4x	3.1x
Debt to equity	1.2x	1.1x	0.9x	0.8x	0.7x
Interest coverage	7.4x	5.8x	4.6x	5.1x	5.5x
Current ratio	0.7x	0.7x	0.7x	0.7x	0.7x
Quick ratio	0.3x	0.3x	0.3x	0.3x	0.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $205,801 of McCormick shares on the open market, and 4 insiders sold $25.0 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 2, 2026	Gavin HattersleyDirector	Bought	1,000	$44.61	$44,610	Form 4
Aug 10, 2026	Lawrence Erik Kurzius10% owner	Sold	205,538	$52.69	$10.8 million	Form 4
Jul 23, 2026	Michael Aaron ConwayDirector	Bought	1,100	$50.21	$55,231	Form 4
Apr 10, 2026	Gavin HattersleyDirector	Bought	2,000	$52.98	$105,960	Form 4
Feb 12, 2026	Lawrence Erik Kurzius10% owner	Sold	50,000	$71.63	$3.6 million	Form 4
Feb 9, 2026	Michael D ManganDirector	Sold	5,000	$67.92	$339,600	Form 4
Feb 5, 2026	Jacques TapieroDirector	Sold	5,000	$67.09	$335,450	Form 4
Feb 3, 2026	Jacques TapieroDirector	Sold	5,000	$63.85	$319,250	Form 4
Jan 13, 2026	Lawrence Erik Kurzius10% owner	Sold	50,000	$67.43	$3.4 million	Form 4
Nov 12, 2025	Brendan M FoleyChairman, President & CEO	Sold	57,144	$65.56	$3.7 million	Form 4
Nov 11, 2025	Lawrence Erik Kurzius10% owner	Sold	39,014	$64.54	$2.5 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	7 of 9	9 of 9	6 of 9
Accruals ratio	−4.3%	−1.0%	−1.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put McCormick side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
McCormick	FY25	1.7%	15.7%	10.8%	8.7%	3.1x	6
Lamb Weston	FY26	2.5%	8.9%	8.2%	7.1%	3.9x	7	Compare
Magnum Ice Cream	FY25	−0.5%	7.6%	1.6%	—	—	—	Compare
Post	FY25	3.0%	9.8%	6.0%	5.7%	5.5x	4	Compare
Flowers Foods	FY25	3.0%	3.3%	6.1%	4.6%	5.1x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,412	4,730	5,303	5,347	5,601	6,318	6,350	6,662	6,724	6,840
Revenue growth	2.7%	7.2%	12.1%	0.8%	4.8%	12.8%	0.5%	4.9%	0.9%	1.7%
Gross profit	1,832	1,794	2,093	2,145	2,300	2,495	2,274	2,502	2,591	2,592
Research and development	61	66	69	67	69	87	88	95	103	106
Operating income	641	700	891	958	1,000	1,015	864	963	1,060	1,071
Net income	472	477	933	703	747	755	682	681	788	789
Diluted EPS (US$)	1.84	1.86	3.50	2.62	2.78	2.80	2.52	2.52	2.92	2.93
Diluted shares (millions)	256	257	266	268	269	270	270	270	270	269
Cash flow
Cash from operations	658	815	821	947	1,041	828	652	1,237	922	962
Capital expenditure	154	182	169	174	225	278	262	264	275	222
Free cash flow	504	633	652	773	816	550	390	973	647	740
Dividends paid	218	238	273	302	330	363	397	418	451	483
Share buybacks	243	138	62	95	47	9	39	36	53	35
Acquisitions	121	4,327	4	0	803	706	0	0	0	34
Stock-based compensation	26	24	26	37	46	67	60	63	47	46
Balance sheet at fiscal year end
Cash and short-term investments	118	187	97	155	424	352	334	167	186	96
Debt incl. finance leases	1,447	5,027	4,696	4,324	5,035	5,408	5,268	4,523	4,445	4,091
Total assets	4,636	10,386	10,256	10,362	12,090	12,906	13,125	12,862	13,070	13,200
Total liabilities	2,998	7,815	7,074	6,905	8,150	8,480	8,426	7,779	7,754	7,432
Shareholders' equity	1,638	2,571	3,171	3,444	3,926	4,411	4,680	5,061	5,291	5,736
Margins and ratios
Gross margin	41.5%	37.9%	39.5%	40.1%	41.1%	39.5%	35.8%	37.6%	38.5%	37.9%
Operating margin	14.5%	14.8%	16.8%	17.9%	17.8%	16.1%	13.6%	14.4%	15.8%	15.7%
Net margin	10.7%	10.1%	17.6%	13.1%	13.3%	11.9%	10.7%	10.2%	11.7%	11.5%
Free cash flow margin	11.4%	13.4%	12.3%	14.5%	14.6%	8.7%	6.1%	14.6%	9.6%	10.8%
Return on capital	16.0%	10.1%	11.7%	10.0%	9.9%	8.8%	7.2%	7.9%	8.9%	8.7%
Return on equity	28.4%	22.7%	32.5%	21.2%	20.3%	18.1%	15.0%	14.0%	15.2%	14.3%
Return on assets	10.4%	6.4%	9.0%	6.8%	6.7%	6.0%	5.2%	5.2%	6.1%	6.0%
Net debt to EBITDA	1.8x	5.9x	4.4x	3.7x	4.0x	4.2x	4.6x	3.8x	3.4x	3.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: McCormick's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with McCormick.