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McCormick

MKC NYSE Packaged Foods & Meats Financials FY2016–FY2025

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.

Last close · Oct 23, 2026

$48.12

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$6.8B
1.7% vs prior year
Operating margin Operating income as a share of revenue.
15.7%
0.1 pts
Net income Profit after all expenses, interest and tax.
$789M
0.1%
Free cash flow Cash from operations minus capital spending.
$740M
14.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.7%
0.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$13.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
8.7x
On $5.53 EPS (TTM)

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.

Legal name
McCORMICK & COMPANY, INCORPORATED
Fiscal year ends
November 30, 2025
Latest annual report
10-K · Jan 22, 2026
Accession · CIK
0000063754-26-000037
0000063754

Revenue and margins

McCormick had $6.8B of revenue in fiscal 2025, up 1.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 5.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $740M in fiscal 2025, 10.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

McCormick returned $518M to shareholders in fiscal 2025, 70% of free cash flow. The diluted share count fell 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value McCormick yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$4.0B and divides by 269.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 8.7x · peers 26.1x · sector 24.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably McCormick can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $352M$334M$167M$186M$95.9M
Debt incl. finance leases $5.4B$5.3B$4.5B$4.4B$4.1B
Net debt / EBITDA 4.2x4.6x3.8x3.4x3.1x
Debt / equity 1.2x1.1x0.9x0.8x0.7x
Interest coverage 7.4x5.8x4.6x5.1x5.5x
Current ratio 0.7x0.7x0.7x0.7x0.7x
Quick ratio 0.3x0.3x0.3x0.3x0.3x
Total assets $12.9B$13.1B$12.9B$13.1B$13.2B
Total liabilities $8.5B$8.4B$7.8B$7.8B$7.4B
Shareholders' equity $4.4B$4.7B$5.1B$5.3B$5.7B
Net debt (− = net cash) $5.1B$4.9B$4.4B$4.3B$4.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

2 insiders

Sold, 12 months

$25.0M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Oct 2, 2026 Gavin HattersleyDirector Bought 1,000 $44.61 $0.0M Form 4
Aug 10, 2026 Lawrence Erik Kurzius10% owner Sold 205,538 $52.69 $10.8M Form 4
Jul 23, 2026 Michael Aaron ConwayDirector Bought 1,100 $50.21 $0.1M Form 4
Apr 10, 2026 Gavin HattersleyDirector Bought 2,000 $52.98 $0.1M Form 4
Feb 12, 2026 Lawrence Erik Kurzius10% owner Sold 50,000 $71.63 $3.6M Form 4
Feb 9, 2026 Michael D ManganDirector Sold 5,000 $67.92 $0.3M Form 4
Feb 5, 2026 Jacques TapieroDirector Sold 5,000 $67.09 $0.3M Form 4
Feb 3, 2026 Jacques TapieroDirector Sold 5,000 $63.85 $0.3M Form 4
Jan 13, 2026 Lawrence Erik Kurzius10% owner Sold 50,000 $67.43 $3.4M Form 4
Nov 12, 2025 Brendan M FoleyChairman, President & CEO Sold 57,144 $65.56 $3.7M Form 4
Nov 11, 2025 Lawrence Erik Kurzius10% owner Sold 39,014 $64.54 $2.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 99 / 96 / 9
Accruals ratio −4.3%−1.0%−1.3%
Altman Z'' 1.451.781.84

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
McCormick MKC $13.0B 1.7% 15.7% 10.8% 8.7% 8.7x 6
Lamb Weston LW $7.4B 2.5% 8.9% 8.2% 7.1% 29.4x 7 Compare →
Post POST $4.1B 3.0% 9.8% 6.0% 5.7% 14.7x 4 Compare →
Flowers Foods FLO $1.3B 3.0% 3.3% 6.1% 4.6% 22.8x 5 Compare →
J.M. Smucker SJM — 3.7% 4.0% 12.8% 2.2% 60.7x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $4.4B $4.7B $5.3B $5.3B $5.6B $6.3B $6.4B $6.7B $6.7B $6.8B
Gross profit $1.8B $1.8B $2.1B $2.1B $2.3B $2.5B $2.3B $2.5B $2.6B $2.6B
Research and development $61.0M $66.1M $69.4M $67.3M $68.6M $87.3M $87.5M $94.9M $103M $106M
Operating income $641M $700M $891M $958M $1,000M $1.0B $864M $963M $1.1B $1.1B
Interest expense $56.0M $95.7M $175M $165M $136M $137M $149M $208M $209M $196M
Pretax income $589M $595M $741M $819M $882M $896M $813M $799M $898M $913M
Income tax $153M $151M −$157M $157M $175M $193M $169M $175M $184M $196M
Net income $472M $477M $933M $703M $747M $755M $682M $681M $789M $789M
Diluted EPS $1.84 $1.86 $3.50 $2.62 $2.78 $2.80 $2.52 $2.52 $2.92 $2.93
Diluted shares 0.26B 0.26B 0.27B 0.27B 0.27B 0.27B 0.27B 0.27B 0.27B 0.27B
Cash flow
Cash from operations $658M $815M $821M $947M $1.0B $828M $652M $1.2B $922M $962M
Capital expenditure $154M $182M $169M $174M $225M $278M $262M $264M $275M $222M
Free cash flow $504M $633M $652M $773M $816M $550M $390M $973M $647M $740M
Depreciation and amortization $109M $125M $151M $159M $165M $186M $201M $199M $209M $231M
Stock-based compensation $25.6M $23.9M $25.6M $37.2M $46.0M $66.6M $60.3M $63.4M $47.4M $46.2M
Acquisitions $121M $4.3B $4.2M $0.0M $803M $706M $0.0M $0.0M $0.0M $34.1M
Share buybacks $243M $138M $62.3M $95.1M $47.3M $8.6M $38.8M $35.7M $53.1M $34.8M
Dividends paid $218M $238M $273M $302M $330M $363M $397M $419M $451M $483M
Dividends and buybacks $461M $375M $336M $397M $377M $372M $436M $454M $504M $518M
Balance sheet
Cash and short-term investments $118M $187M $96.6M $155M $424M $352M $334M $167M $186M $95.9M
Total debt $1.4B $5.0B $4.7B $4.3B $4.9B $5.3B $5.1B $4.4B $4.3B $4.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $131M $126M $118M $111M $103M $95.0M
Current assets $1.4B $1.6B $1.5B $1.6B $2.1B $2.2B $2.4B $2.0B $2.1B $2.1B
Current liabilities $1.4B $1.9B $2.0B $2.2B $3.0B $3.2B $3.4B $3.1B $2.9B $3.1B
Inventory $756M $793M $786M $801M $1.0B $1.2B $1.3B $1.1B $1.2B $1.3B
Property and equipment, net $669M $809M $942M $953M $1.0B $1.1B $1.2B $1.3B $1.4B $1.4B
Total assets $4.6B $10.4B $10.3B $10.4B $12.1B $12.9B $13.1B $12.9B $13.1B $13.2B
Total liabilities $3.0B $7.8B $7.1B $6.9B $8.1B $8.5B $8.4B $7.8B $7.8B $7.4B
Shareholders' equity $1.6B $2.6B $3.2B $3.4B $3.9B $4.4B $4.7B $5.1B $5.3B $5.7B
Margins
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% 14.5% 15.8% 15.7%
EBITDA margin 17.0% 17.4% 19.7% 20.9% 20.8% 19.0% 16.8% 17.5% 18.9% 19.0%
Net margin 10.7% 10.1% 17.6% 13.1% 13.3% 12.0% 10.7% 10.2% 11.7% 11.5%
FCF margin 11.4% 13.4% 12.3% 14.5% 14.6% 8.7% 6.1% 14.6% 9.6% 10.8%
Returns
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 capital employed 19.9% 12.0% 10.7% 11.6% 11.6% 10.8% 8.9% 9.9% 10.6% 10.5%
Return on equity 28.4% 22.7% 32.5% 21.3% 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%
Growth
Revenue growth 2.7% 7.2% 12.1% 0.8% 4.8% 12.8% 0.5% 4.9% 0.9% 1.7%
Net income growth 17.6% 1.1% 95.5% −24.7% 6.4% 1.1% −9.7% −0.2% 15.9% 0.1%
EPS growth 18.7% 0.8% 88.2% −25.1% 6.1% 0.7% −10.0% 0.0% 15.9% 0.3%
FCF growth 9.3% 25.5% 3.0% 18.6% 5.6% −32.6% −29.2% 149.9% −33.5% 14.4%
Share count change −0.9% 0.3% 3.8% 0.6% 0.4% 0.3% 0.1% −0.2% −0.1% −0.1%
Financial health
Net debt / EBITDA 1.8x 5.9x 4.4x 3.7x 4.0x 4.2x 4.6x 3.8x 3.4x 3.1x
Debt / equity 0.9x 2.0x 1.5x 1.3x 1.3x 1.2x 1.1x 0.9x 0.8x 0.7x
Interest coverage 11.5x 7.3x 5.1x 5.8x 7.4x 7.4x 5.8x 4.6x 5.1x 5.5x
Current ratio 1.0x 0.8x 0.7x 0.7x 0.7x 0.7x 0.7x 0.7x 0.7x 0.7x
Quick ratio 0.5x 0.4x 0.4x 0.4x 0.3x 0.3x 0.3x 0.3x 0.3x 0.3x
Capital allocation
Capex / revenue 3.5% 3.9% 3.2% 3.3% 4.0% 4.4% 4.1% 4.0% 4.1% 3.2%
Stock comp / revenue 0.6% 0.5% 0.5% 0.7% 0.8% 1.1% 1.0% 1.0% 0.7% 0.7%
Payouts / FCF 91.3% 59.3% 51.5% 51.4% 46.3% 67.6% 111.8% 46.7% 77.9% 69.9%
Quality scores
Piotroski F-score 7.0 4.0 4.0 6.0 6.0 4.0 4.0 7.0 9.0 6.0
Altman Z'' 2.2 1.0 1.3 1.4 1.2 1.3 1.3 1.5 1.8 1.8
Accruals ratio −4.1% −4.5% 1.1% −2.4% −2.6% −0.6% 0.2% −4.3% −1.0% −1.3%

Source: SEC EDGAR XBRL filings (CIK 0000063754). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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