# McCormick & Company, Incorporated (MKC)

> Source: Nexqual · https://nexqual.com/MKC · data as of 2026-10-23 17:25 UTC · cite as "Nexqual, McCormick & Company, Incorporated (MKC), nexqual.com/MKC" · informational, not investment advice.

**Price:** USD 47.54 (-2.40% today) · US market open, as of October 23, 2026 at 17:25 UTC; quotes may be delayed. Prev close 48.71 · day 47.54–49.05 · 52w 43.25–72.41 · market cap $12.8B · 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 8.6x (avg 25.2x at the last 3 fiscal year-ends), EV/EBITDA 12.4x, net debt $3.35B.
- 1 of 80 tracked superinvestors hold MKC (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.33 on a 1–5 scale) (15 analysts), mean target USD 54.85 (range 47–65).
- Total return with dividends: 1Y -26.9% vs S&P 500 +14.4%; 5Y -33.2% vs S&P 500 +77.0%.
- Next earnings: 2026-10-01, EPS estimate USD 0.78, revenue estimate $2.11B.

## 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 8.6x · P/S 1.7x · EV/EBITDA 12.4x · EV/Sales 2.1x · P/FCF 13.8x · P/B 1.8x · FCF yield 7.24% · Earnings yield 11.65% · Dividend yield (paid, TTM) 3.97% · Buyback yield (TTM) 0.13% · Net debt $3.35B · EV $16.1B
P/E at fiscal year-ends: Nov 2025 23.0x, Nov 2024 26.8x, Nov 2023 25.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MKC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Thomas Russo | Gardner Russo & Quinn | 0.02% | $1.9M | Reduced -1.6% |

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 15 analysts; mean target USD 54.85 (low 47, high 65).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-02 | Barclays | Target lowered | Equal-Weight | $55 → $47 |
| 2026-10-02 | UBS | Target lowered | Neutral | $52 → $48 |
| 2026-10-02 | BNP Paribas | Target lowered | Outperform | $75 → $65 |
| 2026-10-02 | TD Cowen | Target lowered | Hold | $55 → $48 |
| 2026-10-02 | Stifel | Target lowered | Hold | $55 → $48 |
| 2026-09-18 | JP Morgan | Target lowered | Overweight | $63 → $62 |
| 2026-09-14 | TD Cowen | Downgrade | Buy → Hold | $60 → $55 |
| 2026-06-29 | Barclays | Target lowered | Equal-Weight | $57 → $55 |
| 2026-06-26 | UBS | Target raised | Neutral | $51 → $52 |
| 2026-06-26 | TD Cowen | Target lowered | Buy | $64 → $60 |
| 2026-06-26 | Bernstein | Target lowered | Outperform | $77 → $68 |
| 2026-06-26 | Deutsche Bank | Target raised | Buy | $59 → $60 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -26.9% | -33.2% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -26.9% | -7.8% |
| Volatility (annualized) | 31.1% | 26.5% |
| Max drawdown | -37.3% (Feb 2026→Oct 2026) | -52.0% (Feb 2022→Sep 2026) |

## Peers (Packaged Foods)
JBS (JBS N.V.) USD 12.04 -2.68% · SJM (The J.M. Smucker Company) USD 129.52 -2.90% · HRL (Hormel Foods Corporation) USD 20.94 -1.99% · MICC (The Magnum Ice Cream Company N.) USD 18.98 -2.14% · GIS (General Mills, Inc.) USD 34.28 -2.57% · DAR (Darling Ingredients Inc.) USD 56.47 +1.48%

## More
Full page: https://nexqual.com/MKC · 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)

Named in MKC's own 10-K filed 2026-01-22 (https://www.sec.gov/Archives/edgar/data/63754/000006375426000037/mkc-20251130.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Jurado | "On March 31, 2025, we purchased substantially all of the assets of Jurado, Inc. (Jurado), a supplier of chili mash located in Las Cruces, New Mexico." |
| Customer | PepsiCo (PEP) | "Sales to one of our Flavor Solutions segment customers, PepsiCo, Inc., accounted for consolidated sales of approximately 12% in 2025, and 13% in both 2024 and 2023." |

Other companies that name MKC in their own reports (relationship from MKC'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) | $0.78 | $0.88 | -11.5% | $2.11B | 9 |
| Next quarter (ends 2027-02-28) | $0.64 | $0.67 | -4.3% | $1.96B | 4 |
| Current fiscal year (ends 2026-11-30) | $3.09 | $3.09 | +0.0% | $7.92B | 13 |
| Next fiscal year (ends 2027-11-30) | $3.22 | $3.30 | -2.5% | $8.15B | 12 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 32.3% | ±8.3% |
| 2026-12-18 | 56 | 31.8% | ±10.8% |
| 2027-01-15 | 84 | 29.6% | ±12.3% |
| 2027-03-19 | 147 | 30.6% | ±16.3% |
| 2027-06-17 | 237 | 31.8% | ±21.0% |
| 2027-09-17 | 329 | 31.9% | ±24.5% |