MKCNYSEmiscellaneous food preparations & kindred productsSEC CIK 63754

MCCORMICK & CO INC

$46.96

+0.55 (+1.19%) · delayed · Nov 13, 2026

Five-year price

52w $43.25 to $72.41

Market cap: $12.7B
Enterprise value: $16.2B
P/E: 16.0×; 16.8× on 3y avg EPS
EV / EBIT: 15.1×
FCF yield: 5.9%
ROIC: 9.1%
Debt / equity: 0.63
Piotroski F: 6/9

Value scorecard · FY2025

Does it pass the value tests?

How we score

Quality

○ROIC > 12% (5y avg)5y avg ROIC 8.8%
○ROE > 15% (5y avg)5y avg ROE 14.8%
●Stable operating marginsMargin volatility 0.9% (σ, 5y)
●Earnings convert to cashFCF / net income 90% (5y avg)
●Growing revenueRevenue CAGR 5y 4.1%
○Shrinking share countDiluted shares 0.1% over 5y

Value

○P/E below 15P/E 16.0
○EV/EBIT below 12EV/EBIT 15.1
○FCF yield above 6%FCF yield 5.9%
○Price below Graham NumberGraham Number $37.47
●P/B below 3P/B 2.2

Safety

○Debt / equity below 0.5D/E 0.63
○Debt payable in < 4 yrs of earningsNet debt $3.5B
○Interest coverage > 8xCoverage 5.5x
○Current ratio > 1.5Current ratio 0.70
●Piotroski F-score ≥ 6F-score 6/9

Graham Defensive

●Adequate size (revenue > $2B)Revenue $6.8B
○Strong condition (current ratio ≥ 2)Current ratio 0.70
●Earnings stability (no loss, 10y)10 years of data
●Uninterrupted dividendsDividends paid every year on record
○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -23%
○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 16.8
○P/E × P/B ≤ 22.5Product 37.1

Valuation lab

What do you have to believe?

At $46.96, the market is pricing in about 6.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).

Starting cash flow

Growth, years 1–N4.0%Years of growth (N)10Discount rate9.00%Terminal growth2.50%

Net debt $3.5B · 269M shares · 5y revenue CAGR 4.1%

Intrinsic value

$35.46

Price

$46.96

Premium paid

32%

What the price implies

The market is paying for 6.8% annual cash-flow growth for 10 years at a 9.0% discount rate.

Terminal value share

56% of the value sits beyond year 10.

Financial statements

A decade of the record.

USD millions · fiscal years · source: SEC 10-K XBRL

Line item	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4,412	4,730	5,303	5,347	5,601	6,318	6,351	6,662	6,724	6,840
Gross profit	1,832	1,794	2,093	2,145	2,300	2,495	2,275	2,503	2,591	2,592
Operating income	641	700	891	958	1,000	1,015	864	963	1,060	1,071
Operating margin	14.5%	14.8%	16.8%	17.9%	17.8%	16.1%	13.6%	14.5%	15.8%	15.7%
Pre-tax income	589	595	741	819	882	896	813	799	898	913
Income tax	153	151	(157)	157	175	193	169	175	184	196
Net income	472	477	933	703	747	755	682	681	789	789
EPS (diluted)	3.69	3.72	3.50	2.62	2.78	2.80	2.52	2.52	2.92	2.93
Diluted shares	128	128	267	268	269	270	270	270	270	269

Who owns it

Superinvestors

Filings wire

From the SEC

A decade of the record.

USD millions · fiscal years · source: SEC 10-K XBRL

Line item	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4,412	4,730	5,303	5,347	5,601	6,318	6,351	6,662	6,724	6,840
Gross profit	1,832	1,794	2,093	2,145	2,300	2,495	2,275	2,503	2,591	2,592
Operating income	641	700	891	958	1,000	1,015	864	963	1,060	1,071
Operating margin	14.5%	14.8%	16.8%	17.9%	17.8%	16.1%	13.6%	14.5%	15.8%	15.7%
Pre-tax income	589	595	741	819	882	896	813	799	898	913
Income tax	153	151	(157)	157	175	193	169	175	184	196
Net income	472	477	933	703	747	755	682	681	789	789
EPS (diluted)	3.69	3.72	3.50	2.62	2.78	2.80	2.52	2.52	2.92	2.93
Diluted shares	128	128	267	268	269	270	270	270	270	269

MCCORMICK & CO INC

Write the thesis first.

Does it pass the value tests?

What do you have to believe?

A decade of the record.

Superinvestors

From the SEC

MCCORMICK & CO INC

Write the thesis first.

Does it pass the value tests?

What do you have to believe?

A decade of the record.

Superinvestors

From the SEC

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