undamentalytics Newsletter
Sign in

McCormick & Company key statistics and ratios

In fiscal 2025, McCormick & Company had return on equity of 14.3%, an operating margin of 15.7%, debt equal to 69.7% of equity and a current ratio of 0.70. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Nov 20092010Nov 20102011Nov 20112012Nov 20122013Nov 20132014Nov 20142015Nov 20152016Nov 20162017Nov 20172018Nov 20182019Nov 20192020Nov 20202021Nov 20212022Nov 20222023Nov 20232024Nov 20242025Nov 2025LTMAug 2026
Gross margin41.6%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%
Operating margin14.6%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 margin9.4%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 margin10.4%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%
Return on equity22.3%26.4%24.3%24.6%21.3%23.3%23.0%28.4%22.7%32.5%21.2%20.3%18.1%15.0%14.0%15.2%14.3%23.4%
Return on assets8.8%10.9%10.0%9.9%9.0%9.9%9.1%10.4%6.4%9.0%6.8%6.7%6.0%5.2%5.2%6.1%6.0%10.0%
Asset turnover0.940.980.980.970.960.960.970.970.630.510.520.500.510.490.510.520.520.51
Current ratio1.191.221.231.081.291.261.101.000.830.740.720.680.680.700.650.740.700.66
Debt to equity73.8%60.2%77.4%68.9%63.3%71.0%82.7%88.3%195.5%148.1%125.6%124.9%119.8%110.0%87.2%82.1%69.7%71.7%
Interest cover (operating income ÷ interest)8.8x10.3x10.6x10.6x10.3x12.1x10.3x11.4x7.3x5.1x5.8x7.4x7.4x5.8x4.6x5.1x5.5x4.6x
Effective tax rate31.9%25.5%29.0%26.6%26.8%26.3%26.5%26.0%25.4%−21.2%19.2%19.8%21.5%20.7%21.8%20.5%21.4%27.3%
R&D as % of revenue1.5%1.6%1.6%1.4%1.5%1.5%1.4%1.4%1.4%1.3%1.3%1.2%1.4%1.4%1.4%1.5%1.6%—
SG&A as % of revenue26.5%27.2%26.6%25.9%26.1%26.4%26.2%26.6%21.8%21.9%21.8%22.9%22.2%21.4%22.2%22.6%21.9%22.6%
Capital spending as % of revenue2.6%2.7%2.6%2.7%2.4%3.1%3.0%3.5%3.9%3.2%3.2%4.0%4.4%4.1%4.0%4.1%3.2%2.8%
Free cash flow ÷ net income111.2%80.6%65.0%84.5%93.9%84.7%114.9%106.8%132.6%69.9%110.0%109.2%72.9%57.1%143.0%82.1%93.8%62.1%
Dividends ÷ net income41.8%37.3%39.7%40.4%46.2%43.9%51.0%46.1%49.8%29.3%43.0%44.2%48.1%58.2%61.5%57.2%61.2%34.1%
Dividends and buybacks ÷ free cash flow37.6%73.9%97.7%86.1%97.8%117.7%76.0%91.3%59.3%51.5%51.4%46.3%67.6%111.8%46.7%77.9%69.9%56.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: MKC vs POSTLW vs MKCMKC vs SJM

More: Packaged Foods & Meats stocks compared, Consumer Staples sector, rankings of US companies

Figures from McCormick & Company's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to McCormick & Company.