McCormick & Company, Incorporated (MKC-V) 10-Year Financial Performance & Capital Metrics

MKC-V • • Industrial / General

Consumer DefensivePackaged FoodsIngredients & Food ProcessingFood Ingredients & Starches

AboutMcCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts. This segment markets its products under the McCormick, French's, Frank's RedHot, Lawry's Cholula Hot Sauce, Gourmet Garden, Club House, and OLD BAY brands in the Americas; Ducros, Schwartz, Kamis, and Drogheria & Alimentari, and Vahiné brands in Europe, the Middle East, and Africa; McCormick and DaQiao brands in China; and McCormick, Aeroplane, and Gourmet Garden brands in Australia, as well as markets regional and ethnic brands, such as Zatarain's, Stubb's, Thai Kitchen, and Simply Asia. It also supplies its products under the private labels. This segment serves retailers comprising grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce retailers directly and indirectly through distributors and wholesale foodservice suppliers. The Flavor Solutions segment offers seasoning blends, spices and herbs, condiments, coating systems, and compound flavors to multinational food manufacturers and foodservice customers. It serves foodservice customers directly and indirectly through distributors. The company was founded in 1889 and is headquartered in Hunt Valley, Maryland.Show more

Revenue $6.72B +0.9%
EBITDA $1.27B +9.2%
Net Income $789M +15.9%
EPS (Diluted) 2.92 +15.9%
Gross Margin 38.54% +2.6%
EBITDA Margin 18.88% +8.2%
Operating Margin 15.77% +9.1%
Net Margin 11.73% +14.8%
ROE 15.16% +9.0%
ROIC 8.28% +10.1%
Debt/Equity 0.86 -5.0%
Interest Coverage 5.06 +9.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓Healthy 5Y average net margin of 11.6%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.71%

5Y4.69%

3Y2.1%

TTM1.64%

Profit (Net Income) CAGR

10Y6.06%

5Y2.33%

3Y1.44%

TTM-1.84%

EPS CAGR

10Y5.75%

5Y2.19%

3Y1.41%

TTM-101.36%

ROCE

10Y Avg12.27%

5Y Avg10.37%

3Y Avg9.81%

Latest10.63%

Peer Comparison

Food Ingredients & Starches

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DARDarling Ingredients Inc.	6.33B	40.04	23.14	-15.81%	1.84%	2.26%	8%	0.95
MKCMcCormick & Company, Incorporated	17.07B	67.42	23.09	0.92%	11.46%	13.45%	3.79%	0.85
MKC-VMcCormick & Company, Incorporated	1.02B	67.26	23.03	0.92%	11.46%	13.45%	63.55%	0.86
INGRIngredion Incorporated	7.18B	113.03	11.64	-8.95%	9.07%	15.45%	15.81%	0.52

Profit & Loss

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Sales/Revenue+	4.3B	4.41B	4.83B	5.3B	5.35B	5.6B	6.32B	6.35B	6.66B	6.72B
Revenue Growth %	0.01%	0.03%	0.1%	0.1%	0.01%	0.05%	0.13%	0.01%	0.05%	0.01%
Cost of Goods Sold+	2.56B	2.58B	2.82B	3.21B	3.2B	3.3B	3.82B	4.08B	4.16B	4.13B
COGS % of Revenue	0.6%	0.58%	0.58%	0.61%	0.6%	0.59%	0.61%	0.64%	0.62%	0.61%
Gross Profit+	1.74B	1.83B	2.01B	2.09B	2.15B	2.3B	2.49B	2.27B	2.5B	2.59B
Gross Margin %	0.4%	0.42%	0.42%	0.39%	0.4%	0.41%	0.39%	0.36%	0.38%	0.39%
Gross Profit Growth %	0%	0.05%	0.1%	0.04%	0.03%	0.07%	0.08%	-0.09%	0.1%	0.04%
Operating Expenses+	1.13B	1.18B	1.24B	1.16B	1.17B	1.28B	1.4B	1.36B	1.54B	1.53B
OpEx % of Revenue	0.26%	0.27%	0.26%	0.22%	0.22%	0.23%	0.22%	0.21%	0.23%	0.23%
Selling, General & Admin	1.06B	1.11B	962.5M	1.16B	1.08B	1.2B	1.4B	1.36B	1.38B	1.41B
SG&A % of Revenue	0.25%	0.25%	0.2%	0.22%	0.2%	0.21%	0.22%	0.21%	0.21%	0.21%
Research & Development	60.8M	61M	66.1M	69.4M	67.3M	68.6M	87.3M	87.5M	94.9M	102.9M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%
Other Operating Expenses	0	-11.5M	-18.7M	8.5M	5.9M	10.7M	8M	30.9M	61.2M	17.9M
Operating Income+	548.4M	641M	702.4M	891.1M	957.7M	999.5M	1.02B	863.6M	963M	1.06B
Operating Margin %	0.13%	0.15%	0.15%	0.17%	0.18%	0.18%	0.16%	0.14%	0.14%	0.16%
Operating Income Growth %	-0.09%	0.17%	0.1%	0.27%	0.07%	0.04%	0.02%	-0.15%	0.12%	0.1%
EBITDA+	654.3M	749.7M	827.6M	1.04B	1.12B	1.16B	1.2B	1.06B	1.16B	1.27B
EBITDA Margin %	0.15%	0.17%	0.17%	0.2%	0.21%	0.21%	0.19%	0.17%	0.17%	0.19%
EBITDA Growth %	-0.07%	0.15%	0.1%	0.26%	0.07%	0.04%	0.03%	-0.11%	0.09%	0.09%
D&A (Non-Cash Add-back)	105.9M	108.7M	125.2M	150.7M	158.8M	165M	186.3M	200.6M	199.3M	208.8M
EBIT	549.5M	645.2M	690.5M	915.9M	984.4M	1.02B	1.03B	961.9M	1.01B	1.09B
Net Interest Income+	-53.3M	-56M	-90M	-167.5M	-155.1M	-127.8M	-127.3M	-131.3M	-171.6M	-163.5M
Interest Income	0	0	0	7.1M	10.1M	7.8M	9.3M	17.8M	36.6M	45.9M
Interest Expense	53.3M	56M	90M	174.6M	165.2M	135.6M	136.6M	149.1M	208.2M	209.4M
Other Income/Expense	-52.2M	-51.8M	-105M	-149.8M	-138.5M	-118M	-119.3M	-50.8M	-107.9M	-87.8M
Pretax Income+	496.2M	589.2M	594.8M	741.3M	819.2M	881.5M	895.8M	812.8M	855.1M	972.5M
Pretax Margin %	0.12%	0.13%	0.12%	0.14%	0.15%	0.16%	0.14%	0.13%	0.13%	0.14%
Income Tax+	131.3M	153M	151.3M	-157.3M	157.4M	174.9M	192.7M	168.6M	174.5M	184M
Effective Tax Rate %	0.81%	0.8%	0.8%	1.26%	0.86%	0.85%	0.84%	0.84%	0.8%	0.81%
Net Income+	401.6M	472.3M	477.4M	933.4M	702.7M	747.4M	755.3M	682M	680.6M	788.5M
Net Margin %	0.09%	0.11%	0.1%	0.18%	0.13%	0.13%	0.12%	0.11%	0.1%	0.12%
Net Income Growth %	-0.08%	0.18%	0.01%	0.96%	-0.25%	0.06%	0.01%	-0.1%	-0%	0.16%
Net Income (Continuing)	401.6M	472.3M	477.4M	898.6M	702.7M	747.4M	755.3M	682M	680.6M	788.5M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	16.7M	11.5M	11M	11.3M	12.5M	13.9M	14.5M	18.7M	22.8M	25.8M
EPS (Diluted)+	1.56	1.85	1.86	3.50	2.62	2.78	2.80	2.52	2.52	2.92
EPS Growth %	-0.07%	0.19%	0.01%	0.88%	-0.25%	0.06%	0.01%	-0.1%	0%	0.16%
EPS (Basic)	1.57	1.87	1.89	3.55	2.65	2.80	2.83	2.54	2.54	2.94
Diluted Shares Outstanding	258.4M	256M	256.8M	266.69M	268.2M	269.1M	269.9M	270.2M	269.8M	269.6M
Basic Shares Outstanding	256M	253.2M	253.6M	262.93M	265.2M	266.5M	267.3M	268.2M	268.4M	268.5M
Dividend Payout Ratio	0.51%	0.46%	0.5%	0.29%	0.43%	0.44%	0.48%	0.58%	0.61%	0.08%

Balance Sheet

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Total Current Assets+	1.41B	1.42B	1.62B	1.48B	1.55B	2.08B	2.2B	2.39B	2B	2.14B
Cash & Short-Term Investments	112.6M	118.4M	186.8M	96.6M	155.4M	423.6M	351.7M	334M	166.6M	186.1M
Cash Only	112.6M	118.4M	186.8M	96.6M	155.4M	423.6M	351.7M	334M	166.6M	186.1M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	455.2M	465.2M	555.1M	518.1M	502.9M	528.5M	549.5M	573.7M	587.5M	587.4M
Days Sales Outstanding	38.67	38.49	41.91	35.66	34.33	34.44	31.75	32.97	32.19	31.89
Inventory	710.8M	756.3M	793.3M	786.3M	801.2M	1.03B	1.18B	1.34B	1.13B	1.24B
Days Inventory Outstanding	101.38	107	102.54	89.31	91.33	114.18	112.87	120	98.85	109.51
Other Current Assets	56.4M	58.3M	49.4M	51.7M	54.7M	60.9M	70.6M	77.2M	73.4M	74.1M
Total Non-Current Assets+	3.1B	3.21B	8.77B	8.78B	8.81B	10.01B	10.71B	10.74B	10.86B	10.93B
Property, Plant & Equipment	618.4M	669.4M	809.1M	985.1M	952.6M	1.03B	1.28B	1.42B	1.54B	1.8B
Fixed Asset Turnover	6.95x	6.59x	5.97x	5.38x	5.61x	5.45x	4.95x	4.48x	4.31x	3.73x
Goodwill	1.76B	1.77B	4.49B	4.53B	4.51B	4.99B	5.34B	5.21B	5.26B	5.23B
Intangible Assets	372.1M	424.9M	3.07B	2.87B	2.85B	3.24B	3.59B	3.55B	3.52B	3.5B
Long-Term Investments	351.5M	348.4M	398.5M	288M	310.4M	752M	301.3M	283M	264.1M	282.7M
Other Non-Current Assets	67.6M	80.9M	107.9M	102.2M	507.1M	176.3M	202.2M	276.9M	275.2M	120M
Total Assets+	4.51B	4.64B	10.39B	10.26B	10.36B	12.09B	12.91B	13.12B	12.86B	13.07B
Asset Turnover	0.95x	0.95x	0.47x	0.52x	0.52x	0.46x	0.49x	0.48x	0.52x	0.51x
Asset Growth %	0.02%	0.03%	1.24%	-0.01%	0.01%	0.17%	0.07%	0.02%	-0.02%	0.02%
Total Current Liabilities+	1.24B	1.42B	1.95B	2B	2.15B	3.05B	3.22B	3.43B	3.1B	2.88B
Accounts Payable	411.9M	450.8M	639.9M	710M	846.9M	1.03B	1.06B	1.17B	1.12B	1.24B
Days Payables Outstanding	58.75	63.78	82.71	80.64	96.54	114.15	101.6	104.86	98.21	109.35
Short-Term Debt	343M	393.2M	583.2M	643.5M	698.4M	1.15B	1.31B	1.51B	1.07B	804M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	354.2M	417.2M	542.9M	471.7M	424.2M	602.9M	620.8M	0	0	-55.7M
Current Ratio	1.13x	1.00x	0.83x	0.74x	0.72x	0.68x	0.68x	0.70x	0.65x	0.74x
Quick Ratio	0.56x	0.47x	0.42x	0.35x	0.35x	0.34x	0.31x	0.30x	0.28x	0.31x
Cash Conversion Cycle	81.31	81.71	61.74	44.33	29.12	34.47	43.02	48.12	32.82	32.05
Total Non-Current Liabilities+	1.58B	1.58B	5.87B	5.07B	4.75B	5.1B	5.26B	4.99B	4.68B	4.87B
Long-Term Debt	1.05B	1.05B	4.44B	4.05B	3.63B	3.75B	3.97B	3.64B	3.24B	3.5B
Capital Lease Obligations	0	0	0	0	0	103.5M	106.1M	176.1M	282.9M	261.1M
Deferred Tax Liabilities	132.7M	79.9M	1.09B	706.5M	697.6M	727.2M	792.3M	866.3M	861.2M	861.1M
Other Non-Current Liabilities	495.7M	391.5M	1.42B	282.1M	1.13B	1.25B	936.9M	308.6M	298.9M	249.4M
Total Liabilities	2.82B	3B	7.81B	7.07B	6.91B	8.15B	8.48B	8.43B	7.78B	7.75B
Total Debt+	1.4B	1.45B	5.03B	4.7B	4.32B	4.9B	5.39B	5.33B	4.59B	4.56B
Net Debt	1.28B	1.33B	4.84B	4.6B	4.17B	4.48B	5.04B	4.99B	4.42B	4.16B
Debt / Equity	0.83x	0.88x	1.96x	1.48x	1.25x	1.24x	1.22x	1.13x	0.90x	0.86x
Debt / EBITDA	2.13x	1.93x	6.07x	4.51x	3.87x	4.21x	4.49x	5.00x	3.95x	3.60x
Net Debt / EBITDA	1.96x	1.77x	5.85x	4.42x	3.73x	3.85x	4.19x	4.69x	3.81x	3.27x
Interest Coverage	10.29x	11.45x	7.80x	5.10x	5.80x	7.37x	7.43x	5.79x	4.63x	5.06x
Total Equity+	1.69B	1.64B	2.57B	3.18B	3.46B	3.94B	4.43B	4.7B	5.08B	5.32B
Equity Growth %	-0.07%	-0.03%	0.57%	0.24%	0.09%	0.14%	0.12%	0.06%	0.08%	0.05%
Book Value per Share	6.53	6.40	10.01	11.93	12.89	14.64	16.40	17.39	18.84	19.72
Total Shareholders' Equity	1.67B	1.63B	2.56B	3.17B	3.44B	3.93B	4.41B	4.68B	5.06B	5.29B
Common Stock	1.04B	1.08B	1.67B	1.77B	1.89B	1.98B	2.06B	2.14B	2.2B	587.6M
Retained Earnings	1.04B	1.06B	1.17B	1.76B	2.06B	2.42B	2.78B	3.02B	3.25B	3.54B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-406.1M	-514.4M	-279.5M	-359.9M	-500.2M	-470.8M	-426.5M	-480.6M	-388.6M	-491.2M
Minority Interest	16.7M	11.5M	11M	11.3M	12.5M	13.9M	14.5M	18.7M	22.8M	25.8M

Cash Flow

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Cash from Operations+	590M	658.1M	815.3M	821.2M	946.8M	1.04B	828.3M	651.5M	1.24B	921.9M
Operating CF Margin %	0.14%	0.15%	0.17%	0.15%	0.18%	0.19%	0.13%	0.1%	0.19%	0.14%
Operating CF Growth %	0.17%	0.12%	0.24%	0.01%	0.15%	0.1%	-0.2%	-0.21%	0.9%	-0.25%
Net Income	401.6M	472.3M	477.4M	933.4M	702.7M	747.4M	755.3M	682M	680.6M	788.5M
Depreciation & Amortization	105.9M	108.7M	125.2M	150.7M	158.8M	165M	186.3M	200.6M	199.3M	208.8M
Stock-Based Compensation	18.7M	25.6M	23.9M	25.6M	37.2M	46M	66.6M	60.3M	63.4M	47.4M
Deferred Taxes	1M	-40M	24.1M	-269.3M	20.9M	-11.2M	36M	21.8M	-5.4M	-30.3M
Other Non-Cash Items	27.2M	10M	28.1M	-10M	-10.8M	-8.5M	6.9M	-57.5M	30.1M	-9.5M
Working Capital Changes	35.6M	81.5M	136.6M	-9.2M	38M	102.6M	-222.8M	-255.7M	269.3M	-83M
Change in Receivables	15.6M	-21M	-13M	19.8M	12.2M	4.8M	-22.6M	-45.8M	3.4M	-20.5M
Change in Inventory	-18M	-39M	44.6M	-10M	-20.9M	-200.2M	-153.7M	-205.3M	225M	-125M
Change in Payables	40.4M	47M	98.2M	72.8M	128.2M	164.2M	34.9M	125.3M	-68.1M	135.1M
Cash from Investing+	-338.9M	-267.1M	-4.51B	-158.5M	-171M	-1.03B	-908.6M	-146.4M	-260.5M	-269M
Capital Expenditures	-128.4M	-153.8M	-182.4M	-169.1M	-173.7M	-225.3M	-278M	-262M	-263.9M	0
CapEx % of Revenue	0.03%	0.03%	0.04%	0.03%	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	400K	3.1M	1.5M	14.8M	2.7M	2.7M	10.4M	20.4M	2.4M	-269M
Cash from Financing+	-199.6M	-371.5M	3.76B	-751.1M	-725.8M	220.9M	22M	-487.2M	-1.18B	-583.1M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-204.9M	-217.8M	-237.6M	-273.4M	-302.2M	-330.1M	-363.3M	-396.7M	-418.5M	-451M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	33.1M	33.3M	554.9M	356.6M	119.2M	55.5M	11.6M	22M	6.3M	15.5M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	461.6M	504.3M	632.9M	652.1M	773.1M	816M	550.3M	389.5M	973.4M	647M
FCF Margin %	0.11%	0.11%	0.13%	0.12%	0.14%	0.15%	0.09%	0.06%	0.15%	0.1%
FCF Growth %	0.24%	0.09%	0.26%	0.03%	0.19%	0.06%	-0.33%	-0.29%	1.5%	-0.34%
FCF per Share	1.79	1.97	2.46	2.45	2.88	3.03	2.04	1.44	3.61	2.40
FCF Conversion (FCF/Net Income)	1.47x	1.39x	1.71x	0.88x	1.35x	1.39x	1.10x	0.96x	1.82x	1.17x
Interest Paid	52.2M	57.5M	0	0	0	0	0	0	0	0
Taxes Paid	111.5M	151M	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	22.97%	28.41%	22.68%	32.45%	21.17%	20.21%	18.06%	14.95%	13.91%	15.16%
Return on Invested Capital (ROIC)	13.74%	16.2%	10.15%	8.8%	9.32%	9.34%	8.51%	6.76%	7.52%	8.28%
Gross Margin	40.44%	41.52%	41.58%	39.4%	40.12%	41.07%	39.48%	35.82%	37.56%	38.54%
Net Margin	9.35%	10.71%	9.88%	17.6%	13.14%	13.34%	11.95%	10.74%	10.22%	11.73%
Debt / Equity	0.83x	0.88x	1.96x	1.48x	1.25x	1.24x	1.22x	1.13x	0.90x	0.86x
Interest Coverage	10.29x	11.45x	7.80x	5.10x	5.80x	7.37x	7.43x	5.79x	4.63x	5.06x
FCF Conversion	1.47x	1.39x	1.71x	0.88x	1.35x	1.39x	1.10x	0.96x	1.82x	1.17x
Revenue Growth	1.25%	2.68%	9.58%	9.7%	0.84%	4.75%	12.79%	0.52%	4.91%	0.92%

Revenue by Segment

	2021	2022	2023	2024
Consumer	3.94B	3.76B	3.81B	3.85B
Consumer Growth	-	-4.56%	1.31%	1.08%
Flavor Solutions	2.38B	2.59B	2.85B	2.88B
Flavor Solutions Growth	-	8.91%	10.12%	0.71%

Revenue by Geography

	2021	2022	2023	2024
Americas	4.4B	4.55B	4.76B	4.8B
Americas Growth	-	3.54%	4.51%	0.95%
Europe Middle East And Africa	1.19B	1.12B	1.21B	1.24B
Europe Middle East And Africa Growth	-	-6.29%	8.63%	2.19%
Asia Pacific	730.5M	682.4M	692.5M	682.5M
Asia Pacific Growth	-	-6.58%	1.48%	-1.44%

Frequently Asked Questions

Valuation & Price

McCormick & Company, Incorporated (MKC-V) has a price-to-earnings (P/E) ratio of 23.0x. This is roughly in line with market averages.

Growth & Financials

McCormick & Company, Incorporated (MKC-V) reported $6.79B in revenue for fiscal year 2024. This represents a 84% increase from $3.70B in 2011.

McCormick & Company, Incorporated (MKC-V) grew revenue by 0.9% over the past year. Growth has been modest.

Yes, McCormick & Company, Incorporated (MKC-V) is profitable, generating $778.0M in net income for fiscal year 2024 (11.7% net margin).

Dividend & Returns

Yes, McCormick & Company, Incorporated (MKC-V) pays a dividend with a yield of 0.37%. This makes it attractive for income-focused investors.

McCormick & Company, Incorporated (MKC-V) has a return on equity (ROE) of 15.2%. This is reasonable for most industries.

McCormick & Company, Incorporated (MKC-V) generated $1.07B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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