McCormick vs J.M. Smucker
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KIRA’s take AI analyst
I put McCormick and J.M. Smucker side by side, using each one’s latest annual report. Here is what stands out:
- 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 60.1x against 8.7x for McCormick.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
McCormick
MKC
7/9
5-year growthGross marginOperating marginNet marginReturn on capitalReturn on equityNet debt / EBITDA
J.M. Smucker
SJM
2/9
Revenue growthFCF margin
Side by side
Best in the row
| Latest fiscal year | MKC FY25 | SJM FY26 |
|---|---|---|
| Size | ||
| Market cap | $12.9B | — |
| 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 | 60.1x |
| Piotroski F-score | 6 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.