Consumer Staples · Packaged Foods & Meats · US stock · price as of 22 Oct 2026
Key indicators
Price
$48.71
52-week range
$43.25 – $72.41
Market cap
$13.1B
P/E (trailing)
8.8×
EV / EBITDA
13.7×
Free-cash-flow yield
7.1%
Dividend yield
3.9%
Revenue (last 12 months)
$7.7B
Revenue growth (3y a year)
2.5%
Operating margin
13.4%
Return on invested capital
6.4%
Net debt / EBITDA
3.6×
Fair value
Fair value (average of valid models)$65.78 middle half of models $61 – $69
Versus priceUndervalued+35% to fair value
P/E multiple
$63.83
P/B multiple
$78.46
P/S multiple
$61.22
EV/EBITDA multiple
$59.08
EV/EBIT multiple
$63.92
EV/revenue multiple
$58.66
10-year DCF, EBITDA exit
$72.77
5-year DCF, EBITDA exit
$67.98
10-year DCF, revenue exit
$73.10
5-year DCF, revenue exit
$68.70
10-year DCF, growth exit
$63.66
5-year DCF, growth exit
$57.70
Earnings power value
$66.09
Model uncertainty
Low
X-Ray Score
54/ 100 · High confidence · ahead of 59% of sector peers
Valuation83
Growth57
Profitability38
Financial health28
Dividends66
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
McCormick is a food company that makes spices, herbs, seasonings, condiments and flavor ingredients. It sells branded products such as McCormick and Frank's RedHot to consumers through grocery stores, and it supplies flavor solutions to food manufacturers and restaurant chains. Revenue comes from product sales in both consumer and flavor solutions segments, and results are influenced by ingredient costs and consumer demand.
Revenue over the last twelve months was $7.7 billion, and it expanded at 2.5% a year across three years. The business shows an operating margin of 13.4% and a return on invested capital of 6%. Leverage, measured as net debt to EBITDA, is 3.6 times. The company pays a dividend with a yield of 3.9%.
StocksXray gives Mccormick & Co Inc an X-Ray Score of 54 out of 100 (high confidence), ahead of 59% of the S&P 500 stocks in its sector. Its strongest lens is valuation (83) and its weakest is financial health (28).
Our fair value (the average of the valid models) is $65.78 (range $61.22 to $68.70). At $48.71 the stock trades 26% below that value, so the label is "Undervalued" with low model uncertainty. Fair value is a range, not a price target.
XStocksXray
Mccormick & Co Inc (MKC)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$76.12
$76.86
$59.67
$73.83
$65.13
$48.71
Market cap
$20.5B
$20.8B
$16.1B
$19.9B
$17.5B
$13.1B
P/E
27.2×
30.5×
23.7×
25.3×
22.2×
8.8×
EV / revenue
4.1×
4.2×
3.1×
3.6×
3.2×
2.4×
EV / EBITDA
21.7×
25.2×
17.8×
19.3×
16.8×
14.1×
Price / free cash flow
37.3×
53.3×
16.5×
30.8×
23.7×
14.2×
Free-cash-flow yield
2.7%
1.9%
6.0%
3.3%
4.2%
7.1%
Price / book
4.7×
4.4×
3.2×
3.8×
3.1×
1.9×
Dividend yield
1.83%
1.95%
2.66%
2.32%
2.81%
3.94%
Fundamentals checklist ● 3 Good · ● 6 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash2.1%Bad
Free-cash-flow yield7.1%Good
Risk models
Altman Z score1.6×Bad
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)5.2%Average
Free-cash-flow growth (3y)23.9%Good
Revenue growth (3y)2.5%Average
Growth consistency80%Average
Balance sheet
Current ratio0.7×Bad
Net debt / EBITDA3.6×Bad
Interest cover4.6×Bad
Valuation
Fair value vs price1.4×Good
EBIT / EV yield5.6%Average
Profitability
Return on invested capital6.4%Bad
Operating margin13.4%Average
Gross profitability18.0%Bad
XStocksXray
Mccormick & Co Inc (MKC)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
6,318
6,351
6,662
6,724
6,840
7,686
Gross profit
2,495
2,275
2,503
2,591
2,592
3,002
Operating income
1,015
864
963
1,060
1,071
1,032
Net income
755
682
681
789
789
1,491
Diluted EPS ($)
2.80
2.52
2.52
2.92
2.93
5.53
Free cash flow
550
390
973
647
740
926
Gross margin
39.5%
35.8%
37.6%
38.5%
37.9%
39.1%
Operating margin
16.1%
13.6%
14.5%
15.8%
15.7%
13.4%
Net margin
12.0%
10.7%
10.2%
11.7%
11.5%
19.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
12,906
13,125
12,862
13,070
13,200
16,651
Cash
352
334
167
186
96
331
Total debt
5,814
6,374
4,681
4,773
4,348
5,018
Equity
4,411
4,681
5,061
5,291
5,737
7,003
Dividend per share ($)
1.39
1.50
1.59
1.71
1.83
2.37
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
