Mkc.O
McCormick & Co. operates as a global flavor and ingredient company, generating revenue through the sale of spices, seasoning mixes, condiments, and related products to retail and foodservice customers.
Business. McCormick & Co. operates as a global flavor and ingredient company, generating revenue through the sale of spices, seasoning mixes, condiments, and related products to retail and foodservice customers.
At a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
0Sector rotation
Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Company
- EarningsQ3 2026 earnings (expected)2026-09-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
- Congressional trades
- CongressJulie Johnson — McCormick & Company, Incorporated2025-09-25 · Democrat · TX · Sale · $1,001 - $15,000
- CongressLisa McClain — McCormick & Company, Incorporated2025-08-04 · Republican · MI · Sale · $1,001 - $15,000
- CongressLisa McClain — McCormick & Company, Incorporated2025-07-22 · Republican · MI · Purchase · $1,001 - $15,000
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
McCormick & Co. operates as a global flavor and ingredient company, generating revenue through the sale of spices, seasoning mixes, condiments, and related products to retail and foodservice customers.
McCormick & Co. maintains a capital structure characterized by moderate leverage and constrained immediate liquidity. The company holds $959 million in cash and equivalents against $3.11 billion in long-term debt, resulting in a net cash position that is negative after subtracting total debt. The debt-to-equity ratio stands at 0.54, indicating that debt finances roughly half of the equity base. With a current ratio not explicitly provided but implied by the medium liquidity risk assessment, the balance sheet reflects a reliance on operating cash flows to service obligations. The market capitalization is $13.70 billion, trading at a price-to-book ratio of 2.37 and an EV/EBITDA of 15.60.
Profitability metrics demonstrate solid returns on capital, with a return on equity (ROE) of 13.76% and a return on assets (ROA) of 5.98%. The company generated $789.4 million in net income on $6.84 billion in revenue, yielding a net margin of approximately 11.5%. Operating income was $1.07 billion, reflecting an operating margin of roughly 15.7%. These returns are supported by a gross profit of $2.59 billion, indicating a gross margin of approximately 37.9%. The valuation multiples, including a P/E of 17.35 and EV/Revenue of 2.44, suggest the market prices these returns at a premium relative to pure commodity plays, though specific cohort median comparisons are unavailable in the input data.
Revenue concentration and geographic exposure are inferred from the disclosed subsidiary structure, which includes entities in Poland, South Africa, Switzerland, China (Wuhan and Shanghai), and the United States (Mojave Foods, Simply Asia Foods, One World Foods). This global footprint suggests diversified revenue streams across multiple regions, mitigating single-market risk. However, specific revenue percentages by segment or geography are not provided in the financial snapshot, preventing a precise quantification of concentration risk.
Growth trajectory analysis is limited by the absence of historical period data in the input. The current revenue base of $6.84 billion serves as the baseline for future projections. Without year-over-year or quarter-over-quarter historical trends, the sustainability of current growth rates cannot be empirically verified from the provided data. The company’s ability to maintain its operating cash flow of $962.2 million, which exceeds capital expenditures of $221.8 million, indicates strong free cash flow generation capacity.
Risk factors include medium liquidity risk and low dilution risk. The key flag noting that net cash is negative after subtracting total debt highlights a reliance on debt financing, which could constrain financial flexibility in a rising interest rate environment. The low dilution risk suggests that the company is not currently engaging in significant equity issuance, with basic and diluted shares outstanding both at 269.4 million.
Recent events include the identification of various subsidiaries through EDGAR filings, confirming the company’s operational presence in key global markets. No specific news events or transcript observations were provided that indicate material changes in business strategy or financial performance.
- McCormick & Co. generates $6.84 billion in revenue with a net income of $789.4 million, demonstrating strong profitability with an ROE of 13.76%.
- The company carries $3.11 billion in long-term debt against $959 million in cash, resulting in a negative net cash position and a debt-to-equity ratio of 0.54.
- Global operations are confirmed through subsidiaries in Poland, South Africa, Switzerland, China, and the US, suggesting diversified geographic revenue streams.
- Free cash flow is robust, with operating cash flow of $962.2 million significantly exceeding capital expenditures of $221.8 million.
- Dilution risk is low, with no difference between basic and diluted shares outstanding, indicating stable equity structure.
Bull / Bear case
analysis pipelineIn focus — financials by report
Valuation
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 3,10 |
| Revenue | —no estimate | —no estimate | 7,9B USD |
| Operating income | —no estimate | —no estimate | 1,3B USD |
- FY2026 — next full year (forecast) · projected off FY2025 close, as of 2025-11-30 · conf —2,9BFORECAST
- FY2025 — reported · conf —2,9BREPORTED
- FY2024 — reported · conf —2,9BREPORTED
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Director, Chairman, President & CEO · Phantom Stock → Common Stock - VotingAcquired 49grant · 2026-07-30
- Chief Human Relations Officer · Phantom Stock → Common Stock - VotingAcquired 50grant · 2026-07-30
- Director, Chairman, President & CEO · Phantom Stock → Common Stock - VotingAcquired 47grant · 2026-07-13
- Chief Human Relations Officer · Phantom Stock → Common Stock - VotingAcquired 47grant · 2026-07-13
- Director, Chairman, President & CEO · Phantom Stock → Common Stock - VotingAcquired 48grant · 2026-06-29
- Chief Human Relations Officer · Phantom Stock → Common Stock - VotingAcquired 49grant · 2026-06-29
- Director, Chairman, President & CEO · Phantom Stock → Common Stock - VotingAcquired 53grant · 2026-06-16
- Chief Human Relations Officer · Phantom Stock → Common Stock - VotingAcquired 54grant · 2026-06-16
- Director · Phantom Stock → Common Stock - VotingAcquired 210grant · 2026-06-08
- Chairman, President & CEO · Phantom Stock → Common Stock - VotingAcquired 54grant · 2026-06-02
- Chief Human Relations Officer · Phantom Stock → Common Stock - VotingAcquired 54grant · 2026-06-02
- Chairman, President & CEO · Phantom Stock → Common Stock - VotingAcquired 54grant · 2026-05-18
- Chief Human Relations Officer · Phantom Stock → Common Stock - VotingAcquired 54grant · 2026-05-18
- Chief Human Relations Officer · Phantom Stock → Common Stock - VotingAcquired 53grant · 2026-05-04
- Chairman, President & CEO · Phantom Stock → Common Stock - VotingAcquired 52grant · 2026-05-04
- Director · Phantom Stock → Common Stock - VotingAcquired 23other · 2026-04-27
- Chairman, President & CEO · Phantom Stock → Common Stock - VotingAcquired 131other · 2026-04-27
- Chief Human Relations Officer · Phantom Stock → Common Stock - VotingAcquired 42other · 2026-04-27
- Director · Phantom Stock → Common Stock - VotingAcquired 277other · 2026-04-27
- Chief Human Relations Officer · Phantom Stock → Common Stock - VotingAcquired 8grant · 2026-04-21
- Chairman, President & CEO · Phantom Stock → Common Stock - VotingAcquired 48grant · 2026-04-21
- Chairman, President & CEO · Phantom Stock → Common Stock - VotingAcquired 48grant · 2026-04-07
- Chairman, President & CEO · Phantom Stock → Common Stock - VotingAcquired 50grant · 2026-04-02
- Chairman, President & CEO · Phantom Stock → Common Stock - VotingAcquired 684grant · 2026-03-16
- Chief Human Relations Officer · Phantom Stock → Common Stock - VotingAcquired 370grant · 2026-03-16
Actions
Ask Handelsavisen
- Market data
- Market data cache
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Cash Conversion Ratiooperating_cash_flow / net_income
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Ev To Revenueenterprise_value / revenue
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Return On Equitynet_income / total_equity
- Market Capmarket_price * shares_outstanding_diluted
- McCormick & Co Inc. Market data — financials · 2026-07-31
- reconciler_enqueue (reconciler) on MKC.O · 2026-07-31
- MKC.O HA canonical relationships · 2026-07-31
Ownership & reference
Top holders
- Investment Managers · as of 2026-03-310,20 %$0M
- Investment Managers · as of 2026-03-310,03 %$66M
- Investment Managers · as of 2025-12-310,03 %$2 226M
- Investment Managers · as of 2024-06-300,03 %$1 376M
- Funds · as of 2026-03-310,03 %$199M
- Investment Managers · as of 2026-03-310,03 %$138M
- Investment Managers · as of 2026-03-310,03 %$38M
- Investment Managers · as of 2026-03-310,03 %$774M
- Investment Managers · as of 2026-03-310,03 %$55M
- Investment Managers · as of 2026-03-310,02 %$179M
- Investment Managers · as of 2026-03-310,02 %$335M
- Investment Managers · as of 2024-12-310,01 %$47M
- Investment Managers · as of 2026-03-310,01 %$20M
- Institutional Investor · as of 2026-03-310,01 %$36M
- Institutional Investor · as of 2026-03-310,01 %$65M
- Investment Managers · as of 2026-03-310,01 %$67M
- Investment Managers · as of 2026-03-310,01 %$15M
- Institutional Investor · as of 2026-03-310,01 %$139M
- Investment Managers · as of 2026-03-310,01 %$10M
- Investment Managers · as of 2026-03-310,01 %$0M
- Investment Managers · as of 2026-03-310,01 %$16M
- Investment Managers · as of 2026-03-310,00 %$9M
- Investment Managers · as of 2026-03-310,00 %$10M
- Institutional Investor · as of 2026-03-310,00 %$6M
- Institutional Investor · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2026-03-310,00 %$4M
- Institutional Investor · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2026-03-310,00 %$1M
Insider activity
- Director · Common Stock - Non VotingBought 1 100 @ $50,21$55K · 2026-07-23
- Director · Common Stock - VotingOther 527 @ $47,52$25K · 2026-06-01
- Director · Common Stock - VotingOther 4 @ $51,81$196 · 2026-04-28
- Chief Integration Officer · Common Stock - VotingOther 52 @ $51,81$3K · 2026-04-28
- Chief Human Relations Officer · Common Stock - VotingOther 21 @ $51,81$1K · 2026-04-28
- Chairman, President & CEO · Common Stock - Non VotingOther 5 @ $51,34$257 · 2026-04-28
- Director · Common Stock - VotingOther 3 @ $51,81$170 · 2026-04-28
- Chief Integration Officer · Common Stock - Non VotingOther 3 @ $51,81$164 · 2026-04-28
- Director · Common Stock - VotingOther 24 @ $51,81$1K · 2026-04-28
- Chairman, President & CEO · Common Stock - VotingOther 288 @ $51,40$15K · 2026-04-28
- Director, Chairman, President & CEO · Common Stock - Non VotingOther 11 @ $51,41$565 · 2026-04-27
- Director · Common Stock - Non VotingBought 2 000 @ $52,98$106K · 2026-04-10
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Revenue (YoY) (2025-11-30 vs 2024-11-30): 1.7%Derived (calculated)
- Shareholders' equity (YoY) (2025-11-30 vs 2024-11-30): 8.4%Derived (calculated)
- Operating income (YoY) (2025-11-30 vs 2024-11-30): 1.0%Derived (calculated)
- Debt-to-equity (FY 2025-11-30): 1.30xDerived (calculated)
- Cash & equivalents (YoY) (2025-11-30 vs 2024-11-30): -48.5%Derived (calculated)
- Total liabilities (YoY) (2025-11-30 vs 2024-11-30): -4.1%Derived (calculated)
- Cost of revenue (YoY) (2025-11-30 vs 2024-11-30): 2.8%Derived (calculated)
- EPS (basic) (YoY) (2025-11-30 vs 2024-11-30): 0.0%Derived (calculated)
- EPS (diluted) (YoY) (2025-11-30 vs 2024-11-30): 0.3%Derived (calculated)
- Gross profit (YoY) (2025-11-30 vs 2024-11-30): 0.0%Derived (calculated)
- Total assets (YoY) (2025-11-30 vs 2024-11-30): 1.0%Derived (calculated)
- Long-term debt (YoY) (2025-11-30 vs 2024-11-30): -6.3%Derived (calculated)
- Net income (YoY) (2025-11-30 vs 2024-11-30): 0.1%Derived (calculated)
- Operating cash flow (YoY) (2025-11-30 vs 2024-11-30): 4.4%Derived (calculated)
- R&D expense (YoY) (2025-11-30 vs 2024-11-30): 3.1%Derived (calculated)
- Net margin (FY 2025-11-30): 11.5%Derived (calculated)
- Return on assets (FY 2025-11-30): 6.0%Derived (calculated)
- Current ratio (FY 2025-11-30): 0.70xDerived (calculated)
- Return on equity (FY 2025-11-30): 13.8%Derived (calculated)
- Gross margin (FY 2025-11-30): 37.9%Derived (calculated)
- EPS (diluted) (annual): USD-PER-SHARES 3SEC XBRL filing
- Net income (annual): USD 789.4MSEC XBRL filing
- Interest expense (annual): USD 196.2MSEC XBRL filing
- Revenue (annual): USD 6.84BSEC XBRL filing