undamentalytics Newsletter
Sign in

McCormick & Company (MKC) stock

Add to watchlist

Add holding +

NYSE: MKC NYSE Packaged Foods & Meats Next results ~January 5, 2027

B+ Fundamentals grade

McCormick & Company is a US-listed company in the packaged foods & meats industry. Its financial year ends in November.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$66

Cash-flow model

Base case. Range ~$45–$94 across our lower- and higher-growth cases (4.2%–14.2% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 26% below our base value.

Price used: $48.82, November 2, 2026

McCormick & Company valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter McCormick & files

Where McCormick & stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $7.69bn, up 13.2% on a year earlier, faster than 9.5% a quarter earlier. That growth ranks 1 of 8 among the packaged foods & meats companies we cover. Free-cash-flow margin rose to 12.0% from 9.7% a year earlier. Operating margin narrowed to 13.4% from 15.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 7 financial-health checks. Our cash-flow model value is $65.20 a share, against a share price of $47.34. At that price, our model says the market is pricing in about 4.5% a year of cash-flow growth for five years, close to the 4.0% a year revenue growth it has delivered.

Source: 10-Q filed October 1, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 5, 2027 (estimated)

McCormick & Company's trailing-twelve-month revenue grew 13.2% year on year, with a free-cash-flow margin of 12.0%. Where it stands out: net margin of 19.4% ranks 2 of 44 packaged foods & meats companies we cover.

Our discounted-cash-flow model values the business at ~$66 per share in the base case (~$45–$94 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 41.3% while net income grew 91.6%: a 50pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $48.82 is 36% below our value per share of $66.
  • Growth speeding up. The growth rate is 3.7 points higher than a quarter earlier.

Things to watch

  • Weak cash conversion. Free cash flow was 62% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed October 1, 2026
Earnings per share
$0.86 against an average estimate of $0.76: beat by 13.8%
Revenue
$2.02bn, up 17.4% on a year earlier
Share reaction
-3.7% in the first session after the results on October 1, 2026, against +0.9% for the S&P 500
Guidance given
net sales growth growth 13% to 17% (fiscal 2026); net sales growth (constant currency) growth 12% to 16% (fiscal 2026)
Next report
October 1, 2026; average EPS estimate $0.78

McCormick &'s figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.2%
  • 1 week+1.8%
  • 1 month+10.5%
  • This year-26.3%
  • 1 year-21.2%
  • 5 years-33.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.7B
Operating margin
13.4%
Net margin
19.4%
EPS (TTM, diluted)
$5.53

Growth

Revenue growth
+13.2%
Change in growth rate
+3.7 pts
Share count change
−0.0%

Cash

Free cash flow (TTM)
$926M
FCF margin
12.0%
Stock pay % of revenue
0.6%

Earnings

Last results
October 1, 2026
Next results (est.)
January 5, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

McCormick & Company valuation models and calculator

What the price is pricing in

The share price implies about 3.8% a year of cash-flow growth for five years.That is close to the 4.0% a year revenue growth McCormick & has delivered.

  • Priced in3.8%
  • Last 12 months13.2%
  • 3 years a year5.2%
  • 5 years a year4.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($47.93, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$66
Price used
$47.93close November 3, 2026
Implied change
▲ +38%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of McCormick & Company's free cash flow after stock-based pay with after-tax interest added back ($988M, FY2026 Q3 TTM), growing 6.2% and 7% in the next two years (forecasts, guidance and its record), then back to 9.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$45–~$94 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of McCormick & Company's free cash flow after stock-based pay ( $988M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value McCormick & Company as an operating company, with every model that fits that kind of business. Cost of equity 7.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.48 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$66 ~$45–$94 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$31 ~$33–$56 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$67 ~$48–$98 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$84 ~$68–$110 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$63 ~$31–$84 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare McCormick & Company with Packaged Foods & Meats in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▲ +24%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $33$52$77$110$153$209
8.5% $21$35$53$76$107$147
10% $13$24$38$56$79$109

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$34.47$37.25$42.55$63.61$72.84$81.65$76.12$76.86$59.67$73.83$65.13$48.82
Market value$8.9bn$9.5bn$10.9bn$17.0bn$19.5bn$22.0bn$20.5bn$20.8bn$16.1bn$19.9bn$17.5bn$13.1bn
+ Net debt (− = net cash)$1.3bn$1.3bn$4.8bn$4.6bn$4.2bn$4.5bn$4.9bn$4.8bn$4.2bn$4.2bn$3.9bn$4.7bn
Enterprise value$10.2bn$10.9bn$15.8bn$21.6bn$23.7bn$26.5bn$25.5bn$25.6bn$20.3bn$24.1bn$21.4bn$17.8bn
Multiples
Price / sales 2.1x2.2x2.3x3.2x3.7x3.9x3.3x3.3x2.4x3.0x2.6x1.7x
Price / earnings 22.2x20.2x22.9x18.2x27.8x29.4x27.2x30.4x23.7x25.2x22.2x8.8x
Price / free cash flow 19.3x18.9x17.3x26.0x25.3x26.9x37.3x53.3x16.5x30.8x23.7x14.2x
EV / EBITDA 15.6x14.5x19.1x20.7x21.2x22.7x21.2x24.0x17.5x19.0x16.5x13.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

68 /100

Moderate moat

How hard McCormick &'s competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Net income has been a median 5.9% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 39.4%, moving by 1.5 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 15.7%; its worst year was 13.4%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.7% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 0.2% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.09 +3% $7.9bn +16%
Next $3.22 +4% $8.2bn +3%

Next year's EPS estimate has moved −2.3% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.0% on 90 days ago. In the last 30 days, 3 analysts raised McCormick & Company's forecast and 3 cut it.

Consensus EPS forecast McCormick & Company, last 90 days
$3.00 $3.10 $3.20 $3.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.09 Current fiscal year, 60 days ago: $3.09 Current fiscal year, 30 days ago: $3.09 Current fiscal year, 7 days ago: $3.09 Current fiscal year, Now: $3.09 $3.09 Next fiscal year, 90 days ago: $3.30 Next fiscal year, 60 days ago: $3.30 Next fiscal year, 30 days ago: $3.30 Next fiscal year, 7 days ago: $3.22 Next fiscal year, Now: $3.22 $3.22

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.09$3.30
60 days ago $3.09$3.30
30 days ago $3.09$3.30
7 days ago $3.09$3.22
Now $3.09$3.22

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $0.76 $0.86 +13.8%
May 2026 $0.70 $0.80 +14.8%
Feb 2026 $0.60 $0.66 +10.7%
Nov 2025 $0.88 $0.86 −1.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 1, 2026
  • Net sales growth fiscal 2026 13% growth to 17% growth Maintained
    “Net sales growth 13% to 17% 12% to 16%” source
  • Net sales growth (constant currency) fiscal 2026 12% growth to 16% growth Non-GAAP Maintained
    “Net sales growth 13% to 17% 12% to 16%” source
  • Organic sales growth fiscal 2026 1% growth to 3% growth Non-GAAP
    “Organic sales growth(2) --- 1% to 3%” source
  • Foreign currency impact on net sales fiscal 2026 about 1%
    “The Company expects foreign currency rates to favorably impact net sales by 1%, adjusted operating income by 1%, and adjusted earnings per share by 1%.” source
  • Adjusted Earnings per share (EPS) fiscal 2026 $3.05 to $3.13 Non-GAAP Maintained
    “Adjusted Earnings per share (EPS) $3.05 to $3.13 2% to 5% 1% to 4%” source
  • Adjusted Earnings per share (EPS) growth fiscal 2026 2% growth to 5% growth Non-GAAP Maintained
    “Adjusted Earnings per share (EPS) $3.05 to $3.13 2% to 5% 1% to 4%” source
Show 8 more items
  • Adjusted Earnings per share (EPS) growth (constant currency) fiscal 2026 1% growth to 4% growth Non-GAAP Maintained
    “Adjusted Earnings per share (EPS) $3.05 to $3.13 2% to 5% 1% to 4%” source
  • Foreign currency impact on adjusted earnings per share fiscal 2026 about 1% Non-GAAP
    “The Company expects foreign currency rates to favorably impact net sales by 1%, adjusted operating income by 1%, and adjusted earnings per share by 1%.” source
  • Adjusted gross margin expansion (basis points) fiscal 2026 100 to 120 Non-GAAP
    “Adjusted gross margin is expected to expand by 100 to 120 basis points from 2025.” source
  • Contribution from acquisition of McCormick de Mexico fiscal 2026 11% growth to 13% growth
    “Contribution from acquisition of McCormick de Mexico 11% to 13% 11% to 13%” source
  • Adjusted operating income fiscal 2026 16% growth to 20% growth Non-GAAP Maintained
    “Adjusted operating income 16% to 20% 15% to 19%” source
  • Adjusted operating income (constant currency) fiscal 2026 15% growth to 19% growth Non-GAAP Maintained
    “Adjusted operating income 16% to 20% 15% to 19%” source
  • Tax rate fiscal 2026 about 24%
    “Tax rate of approximately 24.0% vs. 21.5% in 2025.” source
  • Foreign currency impact on adjusted operating income fiscal 2026 about 1% Non-GAAP
    “The Company expects foreign currency rates to favorably impact net sales by 1%, adjusted operating income by 1%, and adjusted earnings per share by 1%.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows McCormick & Company's revenue by +6.2% next year and +7.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.4%, weight 56%) , management guidance (+4.6%, weight 19%) and the company's own record (+9.2%, weight 25%) . How the weights are set.

Analyst recommendations

15 analysts, Oct 2026
Buy747%
Hold853%
Sell00%

Monthly trend

  1. Oct 202634815
  2. Sep 202634815
  3. Aug 202635715
  4. Jul 202635715

Counts of recommendations published by analysts covering McCormick & Company, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
0
at average volume
Short interest, 1 month
−100%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
0.0%
of shares
Employees
14,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −21.2%

$61.92 on October 31, 2025 to $48.82

ThenNowEffect
Revenue (last 12 months) $6.8bn $7.7bn +13.2%
Net margin 11.5% 19.4% +69.2%
P/E multiple 21.4x 8.8x −58.9%
Share count 269m 269m 0.0%

Biggest factor: p/e multiple.

Last 3 years −18.3%

$59.79 on November 3, 2023 to $48.82

ThenNowEffect
Revenue (last 12 months) $6.6bn $7.7bn +16.4%
Net margin 9.8% 19.4% +98.0%
P/E multiple 24.9x 8.8x −64.6%
Share count 270m 269m +0.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MKC+3%−13%−16%+14%−8%−26%
Industry peers (median)+9%−3%−4%−2%−19%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MKC42%50%50%50%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MKC−18%−31%−36%−13%−24%−37%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 53% from April 21, 2022 to October 1, 2026. Getting back needed a 113% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$43.68 – $69.64
From 52-week high
−29.9%
vs 50-day average
+0.5%
vs 200-day average
−6.6%
Volatility (1 year)
31%
Beta vs S&P 500
-0.37

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.9%
After a week
7 up, 5 down
typical move ±5.1%
After a month
7 up, 5 down
typical move ±6.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 1, 2026 −3.7% +0.9% −1.0% +3.0%
June 25, 2026 +7.2% −0.6% +12.3% +7.3%
March 31, 2026 −9.9% +3.7% −6.0% −4.5%
January 22, 2026 −8.7% +0.6% −7.9% +4.5%
October 7, 2025 −3.6% +0.2% −3.0% −4.8%
June 26, 2025 +3.6% +1.3% +2.1% −2.2%
March 25, 2025 +0.7% −1.0% +2.4% −6.1%
January 23, 2025 +2.3% +0.3% +6.2% +10.9%
October 1, 2024 −0.3% −0.9% −2.7% −4.8%
June 27, 2024 +4.8% −0.2% +4.7% +13.2%
March 26, 2024 +8.7% +0.7% +9.0% +8.6%
January 25, 2024 +5.0% +0.4% +4.4% +3.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How McCormick & Company’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.20× the last 60 days’ realised volatility , richer than 55% of the 229 stocks we screen today.
  • Calls are priced 2 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

MKC McCormick & Company Grade B+ $48.51

Sell the $45.00 put expiring December 18, 2026 (46 days) for $0.70 a share — $70.00 per contract.

Previous session · Bid $0.70, ask $0.85, quoted Mon 2 Nov, 17:30 New York time with MKC at $48.51. Option prices move with the shares: check the live chain at your broker before trading.

  • If MKC ends above $45.00: you keep the $70.00 — 1.6% on the $4,500 set aside, or 12.3% a year at that pace.
  • If it ends below $45.00: you buy 100 shares at an effective $44.30, 9% below today's price and 33% below our value of ~$66.
$70 −$886 Break-even $44.30 Price $48.51 Our value ~$66 →
Profit or loss per contract at expiry, by share price.
Premium
$70.00
Annualised
12.3%
Break-even
$44.30
Max gain
$70.00
Chance of buying
~23%

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

McCormick & Company in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) McCormick & Company
$6.5B $7B $7.5B $8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $6.7B Revenue (TTM), FY24 Q1: $6.7B Revenue (TTM), FY24 Q2: $6.7B Revenue (TTM), FY24 Q3: $6.7B Revenue (TTM), FY24 Q4: $6.7B Revenue (TTM), FY25 Q1: $6.7B Revenue (TTM), FY25 Q2: $6.7B Revenue (TTM), FY25 Q3: $6.8B Revenue (TTM), FY25 Q4: $6.8B Revenue (TTM), FY26 Q1: $7.1B Revenue (TTM), FY26 Q2: $7.4B Revenue (TTM), FY26 Q3: $7.7B $7.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $6.7B
FY24 Q1 $6.7B
FY24 Q2 $6.7B
FY24 Q3 $6.7B
FY24 Q4 $6.7B
FY25 Q1 $6.7B
FY25 Q2 $6.7B
FY25 Q3 $6.8B
FY25 Q4 $6.8B
FY26 Q1 $7.1B
FY26 Q2 $7.4B
FY26 Q3 $7.7B
Revenue growth, TTM YoY McCormick & Company
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.9% Revenue growth, TTM YoY, FY24 Q1: 4.8% Revenue growth, TTM YoY, FY24 Q2: 2.6% Revenue growth, TTM YoY, FY24 Q3: 1.1% Revenue growth, TTM YoY, FY24 Q4: 0.9% Revenue growth, TTM YoY, FY25 Q1: 0.4% Revenue growth, TTM YoY, FY25 Q2: 0.9% Revenue growth, TTM YoY, FY25 Q3: 1.6% Revenue growth, TTM YoY, FY25 Q4: 1.7% Revenue growth, TTM YoY, FY26 Q1: 5.7% Revenue growth, TTM YoY, FY26 Q2: 9.5% Revenue growth, TTM YoY, FY26 Q3: 13.2% 13.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.9%
FY24 Q1 4.8%
FY24 Q2 2.6%
FY24 Q3 1.1%
FY24 Q4 0.9%
FY25 Q1 0.4%
FY25 Q2 0.9%
FY25 Q3 1.6%
FY25 Q4 1.7%
FY26 Q1 5.7%
FY26 Q2 9.5%
FY26 Q3 13.2%
Operating margin (TTM) McCormick & Company
13% 14% 15% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 14.5% Operating margin (TTM), FY24 Q1: 14.9% Operating margin (TTM), FY24 Q2: 15.1% Operating margin (TTM), FY24 Q3: 15.7% Operating margin (TTM), FY24 Q4: 15.8% Operating margin (TTM), FY25 Q1: 15.6% Operating margin (TTM), FY25 Q2: 15.8% Operating margin (TTM), FY25 Q3: 15.7% Operating margin (TTM), FY25 Q4: 15.7% Operating margin (TTM), FY26 Q1: 15.1% Operating margin (TTM), FY26 Q2: 14.9% Operating margin (TTM), FY26 Q3: 13.4% 13.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 14.5%
FY24 Q1 14.9%
FY24 Q2 15.1%
FY24 Q3 15.7%
FY24 Q4 15.8%
FY25 Q1 15.6%
FY25 Q2 15.8%
FY25 Q3 15.7%
FY25 Q4 15.7%
FY26 Q1 15.1%
FY26 Q2 14.9%
FY26 Q3 13.4%
FCF margin (TTM) McCormick & Company
8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 14.6% FCF margin (TTM), FY24 Q1: 15.0% FCF margin (TTM), FY24 Q2: 13.0% FCF margin (TTM), FY24 Q3: 11.6% FCF margin (TTM), FY24 Q4: 9.6% FCF margin (TTM), FY25 Q1: 9.6% FCF margin (TTM), FY25 Q2: 8.2% FCF margin (TTM), FY25 Q3: 9.7% FCF margin (TTM), FY25 Q4: 10.8% FCF margin (TTM), FY26 Q1: 9.6% FCF margin (TTM), FY26 Q2: 13.8% FCF margin (TTM), FY26 Q3: 12.0% 12.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 14.6%
FY24 Q1 15.0%
FY24 Q2 13.0%
FY24 Q3 11.6%
FY24 Q4 9.6%
FY25 Q1 9.6%
FY25 Q2 8.2%
FY25 Q3 9.7%
FY25 Q4 10.8%
FY26 Q1 9.6%
FY26 Q2 13.8%
FY26 Q3 12.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Nov 2009 2010 Nov 2010 2011 Nov 2011 2012 Nov 2012 2013 Nov 2013 2014 Nov 2014 2015 Nov 2015 2016 Nov 2016 2017 Nov 2017 2018 Nov 2018 2019 Nov 2019 2020 Nov 2020 2021 Nov 2021 2022 Nov 2022 2023 Nov 2023 2024 Nov 2024 2025 Nov 2025 LTM Aug 2026
Income
Revenue 3,192 3,337 3,698 4,014 4,123 4,243 4,296 4,412 4,730 5,303 5,347 5,601 6,318 6,351 6,662 6,724 6,840 7,686
Gross profit 1,327 1,418 1,523 1,618 1,666 1,730 1,737 1,832 1,794 2,093 2,145 2,300 2,495 2,275 2,503 2,591 2,592 3,002
EBITDA 561 605 639 681 657 706 654 750 825 1,042 1,117 1,165 1,201 1,064 1,162 1,269 1,302 1,304
Operating income 467 510 540 578 551 603 548 641 700 891 958 1,000 1,015 864 963 1,060 1,071 1,032
Net income 300 370 374 408 389 438 402 472 477 933 703 747 755 682 681 789 789 1,491
Diluted EPS $1.14 $1.38 $1.40 $1.52 $1.46 $1.67 $1.55 $1.84 $1.86 $3.50 $2.62 $2.78 $2.80 $2.52 $2.52 $2.92 $2.93 $5.53
Growth (year on year)
Revenue +0.5% +4.5% +10.8% +8.6% +2.7% +2.9% +1.3% +2.7% +7.2% +12.1% +0.8% +4.7% +12.8% +0.5% +4.9% +0.9% +1.7% +13.2%
EBITDA +21.4% +7.8% +5.6% +6.7% −3.6% +7.5% −7.3% +14.6% +10.0% +26.3% +7.2% +4.3% +3.2% −11.4% +9.2% +9.2% +2.6% +1.2%
Operating income +24.0% +9.2% +6.0% +7.0% −4.8% +9.5% −9.1% +16.9% +9.2% +27.3% +7.5% +4.4% +1.6% −14.9% +11.5% +10.1% +1.0% −3.2%
Net income +17.2% +23.5% +1.1% +9.0% −4.6% +12.6% −8.3% +17.6% +1.1% +95.5% −24.7% +6.4% +1.1% −9.7% −0.2% +15.9% +0.1% +91.6%
Diluted EPS −41.5% +21.1% +1.5% +9.0% −4.3% +14.8% −6.9% +18.6% +0.8% +88.2% −25.1% +6.1% +0.7% −10.0% 0.0% +15.9% +0.3% +91.6%
Margins
Gross margin 41.6% 42.5% 41.2% 40.3% 40.4% 40.8% 40.4% 41.5% 37.9% 39.5% 40.1% 41.1% 39.5% 35.8% 37.6% 38.5% 37.9% 39.1%
EBITDA margin 17.6% 18.1% 17.3% 17.0% 15.9% 16.6% 15.2% 17.0% 17.4% 19.6% 20.9% 20.8% 19.0% 16.8% 17.4% 18.9% 19.0% 17.0%
Operating margin 14.6% 15.3% 14.6% 14.4% 13.4% 14.2% 12.8% 14.5% 14.8% 16.8% 17.9% 17.8% 16.1% 13.6% 14.5% 15.8% 15.7% 13.4%
Net margin 9.4% 11.1% 10.1% 10.2% 9.4% 10.3% 9.3% 10.7% 10.1% 17.6% 13.1% 13.3% 12.0% 10.7% 10.2% 11.7% 11.5% 19.4%
Free-cash-flow margin 10.4% 8.9% 6.6% 8.6% 8.9% 8.7% 10.7% 11.4% 13.4% 12.3% 14.5% 14.6% 8.7% 6.1% 14.6% 9.6% 10.8% 12.0%
Cash flow
Cash from operations 416 388 340 455 465 504 590 658 815 821 947 1,041 828 652 1,237 922 962 1,141
Capital spending 82 89 97 110 100 133 128 154 182 169 174 225 278 262 264 275 222 215
Free cash flow 333 299 243 345 365 371 462 504 633 652 773 816 550 390 973 647 740 926
Stock-based pay 13 12 13 20 19 18 19 26 24 26 37 46 67 60 63 47 46 43
Free cash flow after stock pay 321 287 230 325 347 353 443 479 609 627 736 770 484 329 910 600 694 883
Balance sheet
Cash 40 51 54 79 63 77 113 118 187 97 155 424 352 334 167 186 96 331
Total debt 991 880 1,252 1,172 1,233 1,285 1,394 1,447 5,027 4,696 4,324 4,904 5,283 5,150 4,411 4,342 3,996 5,018
Net debt (negative = net cash) 952 830 1,198 1,093 1,170 1,208 1,282 1,329 4,840 4,600 4,169 4,481 4,931 4,816 4,245 4,156 3,900 4,687
Diluted shares 265m 269m 269m 269m 267m 262m 258m 256m 257m 267m 268m 269m 270m 270m 270m 270m 269m 269m
Returned to shareholders
Dividends 125 138 149 165 180 192 205 218 238 273 302 330 363 397 419 451 483 508
Buybacks — 83 89 132 177 244 146 243 138 62 95 47 9 39 36 53 35 17
Total returned 125 221 238 297 357 437 351 461 375 336 397 377 372 436 454 504 518 524

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · August 31, 2026
What it owns · $16.7bn
Short-term assets $2.9bnLonger-term assets $13.7bn
What it owes, and who funded it · $16.1bn
Short-term liabilities $4.4bnLonger-term liabilities $4.6bnShareholders' equity $7.0bn
  • Short-term assets cover short-term liabilities $2.9bn of assets due within a year against $4.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.9bn short-term assets against $4.6bn of longer-dated liabilities.
  • More cash than debt $331m of cash against $3.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 53% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 86% to 53% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.1bn of operating cash flow against $3.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.0bn against $225m of interest.

From McCormick & Company's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$16.5M
Dividends (TTM)
$508M
Returned to shareholders
57%
of free cash flow
Buybacks, last 3 fiscal years
$124M
Diluted share count
−0.0%
year over year
Total shareholder yield
4.0%
dividends 3.9% + buybacks 0.1% of market value
Dividend payout ratio
34%
of net income paid out
Sales & admin spending
22.6%
of revenue
Days sales outstanding
39 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in packaged foods & meats
Last 12 months unless stated MKC POST LW SJM CPB SEB Median
Revenue, last 12 months $7.7bn $8.4bn $6.6bn $9.2bn $9.7bn $10.3bn $1.5bn
Revenue growth, last 12 months 13.2% 6.2% 2.6% 5.1% −5.0% 8.2% 2.1%
Revenue growth, 3-year average 5.2% 8.3% 4.0% 2.7% 1.4% −0.6% 1.5%
Revenue growth, latest quarter 17.4% −1.8% 0.7% 5.0% −7.9% 17.8% −1.8%
Gross margin 39.1% 28.8% 19.4% 38.7% 28.1% 8.1% 25.6%
Operating margin 13.4% 9.6% 7.8% 9.0% 8.7% 3.4% 3.1%
Operating margin, 3-year average 15.0% 9.9% 10.7% 4.6% 10.0% 2.8% 4.8%
Net margin 19.4% 3.5% 3.8% 2.5% 4.1% 6.2% 2.1%
Cash from operations / revenue 14.8% 11.8% 12.5% 20.9% 10.7% 4.6% 8.0%
Free-cash-flow margin 12.0% 6.6% 6.2% 17.3% 6.4% −0.2% 3.9%
Free-cash-flow margin, 3-year average 11.1% 6.5% 3.7% 10.8% 6.2% 0.0% 5.7%
Stock pay / revenue 0.6% 1.0% 0.8% 0.3% 0.6% — 0.6%
Change in share count −0.0% −12.4% −2.1% −0.7% 0.0% −1.3% 0.0%

Median of all 44 companies we cover in packaged foods & meats. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 packaged foods & meats companies
Measure Company Peer median Rank
Revenue growth Growth 13.2% 2.2% 9 of 44
Change in growth rate Growth +3.7pp -1.0pp 8 of 44
Gross margin Profitability 39.1% 25.6% 6 of 43
Operating margin Profitability 13.4% 3.4% 3 of 42
Net margin Profitability 19.4% 2.3% 2 of 44
Free-cash-flow margin Cash generation 12.0% 4.3% 4 of 43
Stock pay as % of revenue Cash generation 0.6% 0.6% 18 of 39
Long-term debt as % of assets Balance sheet 17.5% 18.5% 16 of 35
Change in share count Balance sheet -0.0% 0.1% 17 of 40
Days sales outstanding Balance sheet 39 days 33 days 26 of 35

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to November 30, 2025
Geography
Region Revenue YoY
Americas $4.9B ▲ 1.4%
United States $4.2B ▲ 1.6%
Other Countries $1.4B ▲ 1.7%
Europe Middle East and Africa $1.3B ▲ 2.4%
Asia Pacific $704M ▲ 3.2%

These categories overlap or exclude eliminations, so shares aren't shown.

From McCormick & Company's 10-K filed January 22, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$12.1B
Institutions reporting
947
Shares held vs prior quarter
▲ 4.7%
Positions opened / closed
130 / 139

Top buyers and sellers, Q2 2026: 466 institutions bought and 482 sold ; the biggest buyer was Sanders Capital, LLC (+8.1M shares) and the biggest seller T. Rowe Price Investment Management, Inc (−5.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.1B 20.9M 8.7% ▼ 1.5%
Vanguard Capital Management LLC $837M 16.6M 6.9% ▲ 0.6%
State Farm Mutual Automobile Insurance Co $833M 16.5M 6.9% 0.0%
State Street Corp $773M 15.3M 6.4% ▼ 0.1%
Vanguard Portfolio Management LLC $698M 13.9M 5.8% ▼ 0.1%
Aristotle Capital Management, LLC $574M 11.4M 4.7% ▼ 10.1%
Sanders Capital, LLC $409M 8.1M 3.4% New
Boston Partners $365M 7.2M 3.0% ▲ 64.1%
Geode Capital Management, LLC $342M 6.8M 2.8% ▲ 2.2%
Morgan Stanley $249M 4.9M 2.1% ▲ 28.8%
Invesco Ltd. $247M 4.9M 2.0% ▲ 24.4%
AQR Capital Management LLC $231M 4.6M 1.9% ▲ 321.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not McCormick & Company's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $205,797 3 trades by 2 insiders, last 12 months Insider sales History → $24.2M 10 trades by 4 insiders · 0% under pre-set plans
Net ▼ $24M net selling
Insider Date Trade Shares Price Value
Hattersley Gavin Director October 2, 2026 Buy 1,000 $44.61 $44,610
Kurzius Lawrence Erik 10% owner August 10, 2026 Sell 205,538 $52.69 $10.8M
Conway Michael Aaron Director July 23, 2026 Buy 1,100 $50.21 $55,227
Hattersley Gavin Director April 10, 2026 Buy 2,000 $52.98 $105,960
Kurzius Lawrence Erik 10% owner February 12, 2026 Sell 50,000 $71.63 $3.6M
Mangan Michael D Director February 9, 2026 Sell 5,000 $67.92 $339,600
Tapiero Jacques Director February 5, 2026 Sell 5,000 $67.09 $335,450
Tapiero Jacques Director February 3, 2026 Sell 5,000 $63.85 $319,250
Kurzius Lawrence Erik 10% owner January 13, 2026 Sell 50,000 $67.43 $3.4M
Foley Brendan M Chairman, President & CEO November 12, 2025 Sell 57,144 $65.56 $3.7M
Kurzius Lawrence Erik 10% owner November 11, 2025 Sell 14,060 $64.54 $907,432
Kurzius Lawrence Erik 10% owner November 11, 2025 Sell 5,903 $64.54 $380,980

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 21 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of McCormick & Company shares.

  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded February 2, 2026, filed March 12, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded September 25, 2025, filed October 7, 2025
  • Julie Johnson(D-TX 32):Purchase, $1,001 - $15,000, traded September 23, 2025, filed August 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 5, 2027 estimated from the company's past filing pattern, not announced

  • October 1, 2026
  • June 25, 2026
  • March 31, 2026
  • January 22, 2026
  • October 7, 2025
  • June 26, 2025

Recent SEC filings

Data status

When each part of this page on McCormick & Company was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

McCormick & Company in brief

What does McCormick & Company do?
McCormick & Company is a US-listed company in the packaged foods & meats industry. Its financial year ends in November.
What is McCormick & Company's stock ticker?
McCormick & Company trades under the ticker MKC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is McCormick & Company's revenue, and how fast is it growing?
Over its most recent trailing twelve months, McCormick & Company reported revenue of $7.7B, 13.2% higher than a year earlier, according to its SEC filings.
What is McCormick & Company's free cash flow?
McCormick & Company's free-cash-flow margin is 12.0% of revenue over the trailing twelve months, ranking 4 of the 43 packaged foods & meats companies we cover.
What is McCormick & Company's fair value (intrinsic value) per share?
Our discounted-cash-flow model of McCormick & Company's free cash flow after stock-based pay gives ~$66 per share in the base case, and ~$45–$94 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are McCormick & Company's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Farm Mutual Automobile Insurance Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is McCormick & Company buying back stock, and does it pay a dividend?
McCormick & Company spent $16.5M on share repurchases over the trailing twelve months, and its diluted share count fell 0.0% over the year.
What is McCormick & Company's market cap?
On November 2, 2026, McCormick & Company's market capitalisation was about $13.1B, with a price-to-earnings ratio of 8.8 and net debt of $4.7B. Market figures come from third-party market data and may be delayed.
Does McCormick & Company pay a dividend?
Yes: McCormick & Company paid $508M in dividends over the trailing twelve months, a dividend yield of 3.86% and a payout ratio of 34.1%.
How much debt does McCormick & Company have?
McCormick & Company's debt-to-equity ratio is 52.5%, from its latest balance sheet (86.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are McCormick & Company's competitors?
In our Packaged Foods & Meats peer group, the companies closest to McCormick & Company are Post Holdings, Inc., Lamb Weston Holdings, Inc., The J.M. Smucker Company, Campbell's Co and Seaboard Corp. The side-by-side comparison below sets their revenue, margins and growth against McCormick & Company's.
Are insiders buying or selling McCormick & Company stock?
Over the last 12 months, McCormick & Company's directors and officers reported 3 open-market purchases and 10 sales on Form 4. The insider trading page charts every trade.
When is McCormick & Company's next earnings date?
Around January 5, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — McCormick & Company announces its own schedule.