MKC
McCormick & Company, Incorporated
MKC's fundamentals are mixed, but it looks cheap: trading at 8.4x earnings, about a third of its usual 30x. Analysts expect earnings to hold roughly steady.
MKC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Under pressure |
MKC's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
MKC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 8.4x | $46.41 | — |
| Forward | 15x | $46.41 | — |
| Cheap | 24x | $133 | +187% |
| Fair | 29x | $162 | +250% |
| Expensive | 34x | $186 | +300% |
Historical ranges are pointers, not guarantees.
MKC's PE is in its cheap range at 8.4x. On analysts' estimates for next year's earnings, today's price would be 15x.
MKC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect MKC's revenue to grow, with its earnings and profitability holding steady.
MKC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.05 | -45% |
| Q3 2026 | $5.53 | +92% |
| Q2 2026 | $6.01 | +109% |
| Q1 2026 | $6.10 | +110% |
| Q4 2025 | $2.93 | +0.3% |
| Q3 2025 | $2.88 | -2% |
| Q2 2025 | $2.87 | +4.7% |
| Q1 2025 | $2.90 | +11% |
| Q4 2024 | $2.92 | +16% |
MKC earned $5.53 per share over the past year, up 92% from the year before.
MKC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2B | +17% |
| Q2 2026 | $1.9B | +17% |
| Q1 2026 | $1.9B | +17% |
| Q4 2025 | $1.9B | +2.9% |
| Q3 2025 | $1.7B | +2.7% |
| Q2 2025 | $1.7B | +1% |
| Q1 2025 | $1.6B | +0.2% |
| Q4 2024 | $1.8B | +2.6% |
MKC's revenue has grown year over year for eight quarters in a row: $2B last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | -6 points |
| Q2 2026 | 14% | -0.5 points |
| Q1 2026 | 12% | -1.9 points |
| Q4 2025 | 17% | -0.2 points |
| Q3 2025 | 17% | -0.3 points |
| Q2 2025 | 15% | +0.6 points |
| Q1 2025 | 14% | -0.5 points |
| Q4 2024 | 17% | +0.1 points |
MKC's operating margin was 11% last quarter, down 6 points from the same quarter a year ago, near the bottom of its range since 2019.
MKC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $112.1M | -46% |
| Q2 2026 | $337.1M | +$339.5M |
| Q1 2026 | $18.4M | -77% |
| Q4 2025 | $458.3M | +23% |
| Q3 2025 | $206.1M | +101% |
| Q2 2025 | -$2.4M | -103% |
| Q1 2025 | $78.4M | +2.6% |
| Q4 2024 | $373.1M | -25% |
MKC generated $926M in free cash flow over the past year, up 41% from the year before.
MKC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +200K shares |
| 1 year | 0% | +100K shares |
| 3 years | -0.3% | -700K shares |
| 5 years | -0.2% | -600K shares |
| Available history | +0.4% | +1.2M shares |
MKC has 269M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $10.9M |
| Q4 2025 | $5.6M |
| Q3 2025 | $2.7M |
| Q2 2025 | $9.3M |
| Q1 2025 | $17.2M |
| Q4 2024 | $24.1M |
MKC spent $17M buying back its own shares over the past year, down 69% from the year before.
MKC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.6x | Elevated |
| Q2 2026 | 3.4x | Elevated |
| Q1 2026 | 3.6x | Elevated |
| Q4 2025 | 3.3x | Elevated |
| Q3 2025 | 3.3x | Elevated |
| Q2 2025 | 3.4x | Elevated |
| Q1 2025 | 3.3x | Elevated |
| Q4 2024 | 3.6x | Elevated |
MKC's net debt is about 3.6 years of its operating earnings (EBITDA), up from 3.3 years a year ago.
MKC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.5 | Neutral |
| Stochastic | 30.2 | Neutral |
MKC's weekly RSI is 41 (neutral) and its Stochastic is 30 (neutral).
MKC PE vs Consumer Defensive Sector
| Metric | MKC | Sector median | Relative |
|---|---|---|---|
| PE | 8.4x | 19x | 57% below |
| PE % | 4 | 18 | 14 pts below |
MKC is trading at 8.4x earnings, a 57% discount to the Consumer Defensive sector's median of 19x.
MKC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $46.8 | 0.7% below |
| 20 week MA | $50.2 | 7.5% below |
| 50 week MA | $54.9 | 15% below |
| 100 week MA | $64.0 | 28% below |
| 200 week MA | $70.1 | 34% below |
MKC is in a downtrend: it's below all five of its weekly moving averages, and 34% below its 200-week average.
MKC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $85.9 | $93.5 | +8.8% |
| 2021 | $93.5 | $93.0 | -0.5% |
| 2022 | $93.0 | $84.2 | -9.5% |
| 2023 | $84.2 | $68.4 | -19% |
| 2024 | $68.4 | $77.1 | +13% |
| 2025 | $77.1 | $68.9 | -11% |
| 2026 YTD | $68.9 | $46.4 | -33% |
MKC has finished lower in four of the last six years. It's down 33% so far in 2026.