FirmAtlas
Company handbook · MKC · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
MKC · CIK 63754 · LATEST FILING: 10-Q AUG '26 · FILED OCT 1, 2026
McCORMICK & COMPANY, INCORPORATED
$46.35
+0.64 (+1.40%)
Close, Oct 16, 2026 · 52-week $43–72
Last fiscal year
McCORMICK & COMPANY, INCORPORATED reported revenue of $6.8B for the year ended Nov 30, 2025 (FY25), up 1.7% from FY24. Net income was $789M, operating cash flow $962M and free cash flow $740M. Source: 10-K filed Jan 22, 2026.
Market cap
$12.5B
P/E
8.4
EV/EBITDA
12.6x
P/B
1.8
Div yield
4.14%
ROIC
8.8%
Revenue 1Y
1.7%/yr
EPS 1Y
0.3%/yr
Shares 1Y
−0.1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOBrendan M. Foley
HQHunt Valley, MD
AuditorErnst & Young LLP
Employees14,100
Year endsNovember
Revenue by segment · FY25
Consumer58%
Industrial42%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−0.2%
−10.3%
−9.0%
−30.4%
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Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.6B deployed
Capex
$497M
32.0%
Acquisitions
$34M
2.2%
Dividends
$934M
60.2%
Buybacks
$88M
5.7%
Operating cash flow over the period: $1.9B. Total debt changed by −$346M. R&D of $209M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
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Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Nov 30, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY17).
TTM = the last four quarters, to Aug '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
6,724
6,840+1.7%
7,686
YoY
+1.7%
Gross profit
2,591
2,592+0.0%
3,002
Gross margin
38.5%
37.9%−0.6 pp
—
Operating income
1,060
1,071+1.0%
1,032
Operating margin
15.8%
15.7%−0.1 pp
—
EBITDA
1,269
1,302+2.6%
—
EBITDA margin
18.9%
19.0%+0.2 pp
—
Interest expense
209
196−6.3%
—
Interest coverage
6.06x
6.64x+0.58x
—
Net income
788
789+0.1%
1,490
YoY
+0.1%
Net margin
11.7%
11.5%−0.2 pp
—
EPS (diluted, $)
2.92
2.93+0.3%
5.53
YoY
+0.3%
Balance sheet
Total assets
13,070
13,200+1.0%
16,651
Cash & short-term investments
186
96−48.5%
—
Accounts receivable
587
629+7.1%
—
Inventory
1,240
1,272+2.6%
—
Net PP&E
1,413
1,449+2.5%
—
Other assets
9,644
9,755+1.1%
—
Total liabilities
7,779
7,464−4.1%
9,647
Total debt
4,342
3,996−8.0%
5,018
Other liabilities
3,437
3,468+0.9%
—
Shareholders’ equity
5,291
5,736+8.4%
7,003
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
922
962+4.4%
1,141
Net income
788
789+0.1%
—
Depreciation & amortization
209
231+10.8%
—
Stock-based compensation
47
46−2.5%
—
Working capital & other
(123)
(105)n/m
—
Cash from investing
(269)
(255)n/m
—
Capex
(275)
(222)n/m
—
Acquisitions
0
(34)n/m
—
Other investing
6
0.7−88.1%
—
Cash from financing
(583)
(841)n/m
—
Debt raised
496
3−99.5%
—
Debt repaid
(801)
(268)n/m
—
Dividends
(451)
(483)n/m
—
Buybacks
(53)
(35)n/m
—
Shares issued
18
21+19.4%
—
Other financing
209
(79)−137.7%
—
Net change in cash
20
(90)−562.6%
—
Free cash flow (OCF − capex)
647
740+14.4%
926
Where the cash went
Operating cash flow
922
962+4.4%
1,141
Reinvested in the business
275
256−6.9%
—
% of operating cash flow
29.8%
26.6%
Capex
275
222−19.3%
215
Acquisitions
0
34n/m
—
R&D (memo, already in costs)
103
106+3.1%
—
Free cash flow
647
740+14.4%
926
YoY
+14.4%
Returned to shareholders
504
518+2.7%
—
% of free cash flow
77.9%
69.9%
Dividends
451
483+7.1%
—
Buybacks
53
35−34.5%
—
Change in total debt
—
(346)
—
Cash left over
—
(157)
—
FCF conversion (FCF ÷ net income)
82.1%
93.8%+11.7 pp
—
Owner earnings
—
725
—
Owner earnings margin
—
10.6%
—
Buyback yield
0.3%
0.2%−0.1 pp
—
Returns & ratios
ROIC (all capital)
8.9%
8.8%−0.1 pp
—
ROIC (operating)
26.0%
25.5%−0.5 pp
—
Net debt / EBITDA
3.27x
3.00x−0.28x
—
Debt / equity
0.82x
0.70x−0.12x
—
ROE
14.9%
13.8%−1.1 pp
—
ROA
6.0%
6.0%−0.1 pp
—
ROCE
10.4%
10.6%+0.2 pp
—
NOPAT
843
841−0.2%
—
Invested capital (operating)
3,240
3,350+3.4%
—
Invested capital (all)
9,447
9,637+2.0%
—
Reinvestment rate
—
13.0%
—
Debtor days
32
34+2 d
—
Inventory days
110
109−0 d
—
Income
Nov '25
Feb '26
May '26
Aug '26
Revenue
1,850
1,874
1,937
2,025
vs year-ago quarter
Gross profit
720
709
778
795
Gross margin
38.9%
37.8%
40.2%
39.3%
Operating income
311
228
276
217
Net income
227
1,016
150
98
vs year-ago quarter
Net margin
12.2%
54.2%
7.8%
4.8%
EPS (diluted, $)
0.84
3.77
0.56
0.36
vs year-ago quarter
Balance sheet
Nov '25
Feb '26
May '26
Aug '26
Total assets
13,200
16,346
16,477
16,651
Cash & equivalents
96
178
331
331
Total debt
3,996
4,923
4,934
5,018
Shareholders’ equity
5,736
6,980
6,996
7,003
Cash flow
Nov '25
Feb '26
May '26
Aug '26
Operating cash flow
542
51
380
168
Capex
84
32
43
56
Free cash flow
458
18
337
112
vs year-ago quarter