# McCormick & Company, Incorporated (MKC-V)

> Source: Nexqual · https://nexqual.com/MKC-V · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, McCormick & Company, Incorporated (MKC-V), nexqual.com/MKC-V" · informational, not investment advice.

**Price:** USD 49.22 (+4.19% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 47.24 · day 48.08–49.22 · 52w 44.3–72.14 · market cap $13.2B · NYQ

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $7.69B, net income $1.49B (19.4% margin), free cash flow $926M (SEC filings).
- Valuation: P/E 8.9x (avg 25.0x at the last 3 fiscal year-ends), EV/EBITDA 12.7x, net debt $3.35B.
- Analysts: None.
- Total return with dividends: 1Y -23.9% vs S&P 500 +14.9%; 5Y -31.4% vs S&P 500 +80.3%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.32B | $6.35B | $6.66B | $6.72B | $6.84B | $7.69B |
| Gross profit | $2.49B | $2.27B | $2.50B | $2.59B | $2.59B | — |
| Operating income | $1.02B | $864M | $963M | $1.06B | $1.07B | $1.03B |
| Net income | $755M | $682M | $681M | $789M | $789M | $1.49B |
| EPS (diluted) | $2.80 | $2.52 | $2.52 | $2.92 | $2.93 | — |
| Free cash flow | $550M | $390M | $973M | $647M | $740M | $926M |
| Gross margin | 39.5% | 35.8% | 37.6% | 38.5% | 37.9% | — |
| Operating margin | 16.1% | 13.6% | 14.5% | 15.8% | 15.7% | 13.4% |
| Net margin | 12.0% | 10.7% | 10.2% | 11.7% | 11.5% | 19.4% |
| Revenue growth | +12.8% | +0.5% | +4.9% | +0.9% | +1.7% | — |
| Cash + short-term investments | $352M | $334M | $167M | $186M | $95.9M | — |
| Total debt | $4.74B | $3.91B | $4.14B | $3.86B | $3.61B | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/E 8.9x · P/S 1.7x · EV/EBITDA 12.7x · EV/Sales 2.2x · P/FCF 14.3x · P/B 1.9x · FCF yield 6.99% · Earnings yield 11.25% · Dividend yield (paid, TTM) 3.83% · Buyback yield (TTM) 0.12% · Net debt $3.35B · EV $16.6B
P/E at fiscal year-ends: Nov 2025 23.0x, Nov 2024 26.5x, Nov 2023 25.6x.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -23.9% | -31.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -24.0% | -7.3% |
| Volatility (annualized) | 33.1% | 28.4% |
| Max drawdown | -36.1% (Feb 2026→May 2026) | -50.7% (Apr 2022→Jun 2026) |

## Peers (Packaged Foods)
SJM (The J.M. Smucker Company) USD 133.39 +4.37% · HRL (Hormel Foods Corporation) USD 21.36 +4.50% · MICC (The Magnum Ice Cream Company N.) USD 19.39 +2.32% · GIS (General Mills, Inc.) USD 35.18 +8.01% · DAR (Darling Ingredients Inc.) USD 55.64 -5.84% · LW (Lamb Weston Holdings, Inc.) USD 55.18 +3.90%

## More
Full page: https://nexqual.com/MKC-V · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name MKC-V in their own reports (relationship from MKC-V's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | SILGAN HOLDINGS INC (SLGN) | 10-K 2026-02-26 | "Our largest customers for our custom containers business include Badia Spices Inc., Berlin Packaging LLC, Conagra Brands, Inc., General Mills, Inc., Kraft Heinz, Lactalis Canada Inc., Mars, Incorporat…" |

## Revenue by business segment (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Consumer | $1.22B | 60.0% | +24.9% |
| Flavor Solutions | $809.4M | 40.0% | +7.7% |
| Total revenue | $2.02B | 100% | — |

## Revenue by product line (fiscal year ended 2025-11-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Spices & Seasoning | $1.71B | 25.0% | +3.4% |
| Flavors | $1.62B | 23.7% | +0.1% |
| Condiments & Sauces | $950.9M | 13.9% | +1.5% |
| Regional Leaders | $852.7M | 12.5% | +3.6% |
| Branded Foodservice | $614.1M | 9.0% | -0.2% |
| Recipe Mixes | $439.1M | 6.4% | +0.3% |
| Custom Condiments | $329.3M | 4.8% | -2.2% |
| Coatings Bulk Spices & Herbs | $326.7M | 4.8% | +7.2% |
| Total revenue | $6.84B | 100% | — |

## Revenue by region (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $1.49B | 73.8% | +21.7% |
| EMEA | $326.9M | 16.1% | +3.5% |
| APAC | $203.1M | 10.0% | +12.3% |
| Total revenue | $2.02B | 100% | — |

## Customer concentration

Period ended 2025-11-30: 12%, 12% of revenue from unnamed direct customers (10-K, filed 2026-01-22).

## Company outlook (8-K filed 2026-10-01)

- "McCormick's fiscal 2026 outlook continues to reflect the Company's prioritized investments in key categories to sustain its volume trends and drive long-term profitable growth while appreciating the uncertainty of the consumer and macro environment, including global trade policies and the conflict in the Middle East."
- "Lastly, the outlook reflects meaningful contributions from the acquisition of a controlling interest in McCormick de Mexico, which closed on January 2, 2026."
- "Adjusted Operating Income: • Adjusted gross margin is expected to expand by 100 to 120 basis points from 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | — | — | — | $2.11B | — |
| Next quarter (ends 2027-02-28) | — | — | — | $1.96B | — |
| Current fiscal year (ends 2026-11-30) | — | — | — | $7.92B | — |
| Next fiscal year (ends 2027-11-30) | — | — | — | $8.15B | — |