Does McCORMICK & COMPANY, INCORPORATED have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores McCORMICK & COMPANY, INCORPORATED (MKC) 45.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 66, returns on capital 31, balance-sheet safety 22, capital discipline 59.

Is MKC stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 1% assumed growth, capped at 4%), estimated intrinsic value is $36.95 per share versus a recent price of $51.70 — 40% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has MKC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 45.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

McCORMICK & COMPANY, INCORPORATED

MKC · Consumer Staples · $13.9B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power66

Median gross margin 39.0% over 10y, very stable.

Returns on capital31

Median ROIC 8.8%, above the 9% hurdle in 40% of years.

Balance-sheet safety22

Net debt/EBITDA 3.0x, interest coverage 5x.

Capital discipline59

Owner earnings +6.0%/yr, share count n/a.

Margin of safety

Above valueOn sale

40% above value

Owner earnings (normalized): $755.3M
Est. intrinsic value / share: $36.95
Recent price: $51.70
Discount to value: 40% above value

Conservative model: 9% discount rate, 1% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

McCORMICK & COMPANY, INCORPORATED booked $6.8B of revenue in FY2025 in the Consumer Staples sector and kept 37.9% of it as gross profit — a solid-margin business by that measure. After every other cost, 11.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $3.2B (FY2008) to $6.8B (FY2025) — about 4.6% a year compounded over 17 years.

It earned 8.7% on invested capital in FY2025, with a median of 12.2% across 18 filed years. The Returns on Capital filter above scores it 31/100.

The balance sheet carried $4.0B of total debt in FY2025 against $798.9M of owner earnings — roughly 5.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 22/100.

The share count rose 103.6% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 59/100.

Put together: Pricing Power is the strongest of the four filters (66/100) and Balance-Sheet Safety the weakest (22/100), which is how MKC lands at 45/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$6.8B FY2025

Gross marginRevenue kept after cost of goods37.9% FY2025

Return on invested capitalOperating profit on the capital employed8.7% FY2025

Owner earningsCash an owner could take out$798.9M FY2025

Gaps in a line mean that item isn’t in MKC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale45.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — MKC has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Staples context

#30 of 66 scored Consumer Staples companies, ranked by Moat Score.

Nearest peers by Moat Score

#28SFD SMITHFIELD FOODS, INC.48.3 out of 100, Shallow moatShallow moat
#29PPC PILGRIM’S PRIDE CORPORATION48.0 out of 100, Shallow moatShallow moat
#31CWGL Crimson Wine Group, Ltd.42.9 out of 100, Shallow moatShallow moat
#32CPB THE CAMPBELL'S COMPANY39.2 out of 100, No moatNo moat

Compare MKC with its nearest peers →All Consumer Staples companies on the Index →

Common questions about MKC

Does McCORMICK & COMPANY, INCORPORATED have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores McCORMICK & COMPANY, INCORPORATED (MKC) 45.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 66, returns on capital 31, balance-sheet safety 22, capital discipline 59.
Is MKC stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 1% assumed growth, capped at 4%), estimated intrinsic value is $36.95 per share versus a recent price of $51.70 — 40% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has MKC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 45.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MKC. See the disclaimer.