McCormick vs J.M. Smucker
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The short version
- J.M. Smucker is the larger business, with $9.1B of revenue in fiscal 2026 against $6.8B for McCormick.
- J.M. Smucker grew revenue faster (3.7%, against 1.7%).
- McCormick kept more of each dollar of sales as operating profit (15.7% operating margin, against 4.0%).
- J.M. Smucker turned more of its sales into free cash flow (12.8% FCF margin, against 10.8%).
- McCormick earned a higher return on the capital invested in it (8.7%, against 2.2%).
- Investors pay more for each dollar of J.M. Smucker’s earnings: a P/E of 60.7x against 8.7x for McCormick.
| Latest fiscal year | MKC · FY25 | SJM · FY26 |
|---|---|---|
| Size | ||
| Market cap | $13.0B | — |
| Revenue | $6.8B | $9.1B |
| Free cash flow | $740M | $1.2B |
| Net income | $789M | −$139M |
| Growth | ||
| Revenue growth | 1.7% | 3.7% |
| 5-year growth | 4.1% | 2.5% |
| Share count change | −0.1% | — |
| Profitability | ||
| Gross margin | 37.9% | 33.5% |
| Operating margin | 15.7% | 4.0% |
| Net margin | 11.5% | −1.5% |
| FCF margin | 10.8% | 12.8% |
| Return on capital | 8.7% | 2.2% |
| Return on equity | 14.3% | −2.4% |
| Balance sheet | ||
| Net debt | $4.0B | $6.9B |
| Net debt / EBITDA | 3.1x | 7.5x |
| Dividends and buybacks | $518M | $470M |
| Valuation & quality | ||
| P/E | 8.7x | 60.7x |
| Piotroski F-score | 6 | — |
Revenue
FY17
MKC $4.7B
SJM $7.4B
FY18
MKC $5.3B
SJM $7.4B
FY19
MKC $5.3B
SJM $7.8B
FY20
MKC $5.6B
SJM $7.8B
FY21
MKC $6.3B
SJM $8.0B
FY22
MKC $6.4B
SJM $8.0B
FY23
MKC $6.7B
SJM $8.5B
FY24
MKC $6.7B
SJM $8.2B
FY25
MKC $6.8B
SJM $8.7B
FY26
MKC —
SJM $9.1B
MKC
SJM
Operating margin
FY17
MKC 14.8%
SJM 14.1%
FY18
MKC 16.8%
SJM 14.2%
FY19
MKC 17.9%
SJM 11.9%
FY20
MKC 17.8%
SJM 15.7%
FY21
MKC 16.1%
SJM 17.3%
FY22
MKC 13.6%
SJM 12.8%
FY23
MKC 14.5%
SJM 1.9%
FY24
MKC 15.8%
SJM 16.0%
FY25
MKC 15.7%
SJM −7.7%
FY26
MKC —
SJM 4.0%
MKC
SJM
Free cash flow
FY17
MKC $633M
SJM $867M
FY18
MKC $652M
SJM $896M
FY19
MKC $773M
SJM $781M
FY20
MKC $816M
SJM $986M
FY21
MKC $550M
SJM $1.3B
FY22
MKC $390M
SJM $719M
FY23
MKC $973M
SJM $717M
FY24
MKC $647M
SJM $643M
FY25
MKC $740M
SJM $817M
FY26
MKC —
SJM $1.2B
MKC
SJM
Return on capital
FY17
MKC 10.1%
SJM 5.8%
FY18
MKC 11.7%
SJM 8.5%
FY19
MKC 10.0%
SJM 5.2%
FY20
MKC 9.9%
SJM 6.8%
FY21
MKC 8.8%
SJM 8.0%
FY22
MKC 7.2%
SJM 6.1%
FY23
MKC 7.9%
SJM 1.1%
FY24
MKC 8.9%
SJM 7.2%
FY25
MKC 8.7%
SJM −3.6%
FY26
MKC —
SJM 2.2%
MKC
SJM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.