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McCORMICK & COMPANY, INCORPORATED

MKC · Consumer Staples · $13.5B mkt cap · FY2025 filings · · not refreshed in 37 days · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

61

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $6.3B to $6.8B, increasing; diluted EPS 2.80 to 2.93, increasing.

66

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

20

Median ROIC 8.8%, above the 12% hurdle in 10% of years.

22

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

59

Owner earnings changed +6.0%/yr over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
60% above value if growth stopped today
$755M
$31.15
$35.30
$49.96
60% above value if growth stopped today

What today’s price assumes: owner earnings growing ~10%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 1% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

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 the latest filed year, FY2025. Across the full 18-year measurable filed record, median ROIC was 12.2%. Over the v3 recent window (10 measurable filed years), median ROIC was 8.8%. The Returns on Capital filter above scores it 20/100.

The balance sheet carried $4.0B of total debt in FY2025 against $799M of owner earnings — roughly 5.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 22/100.

Put together: Pricing Power is the strongest of the five filters (66/100) and Returns on Capital the weakest (20/100), which is how MKC lands at 46/100 — 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.

FY2007–FY2025 · 19 fiscal years, normalized from MKC’s SEC filings

Sales, as filed$6.8B FY2025
$0$2.5B$5B2007201320192025
Revenue kept after cost of goods37.9% FY2025
0%20%40%2007201320192025
Standard ROIC or separately labeled Operating ROICROIC 8.7% FY2025
0%10%20%2007201320192025
Cash an owner could take out$799M FY2025
$0$500M$1B2007201320192025

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.

Flagship explainer

How McCORMICK & COMPANY, INCORPORATED makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$6.8B · 100%Cost of revenue$4.2B · 62%Gross profit$2.6B · 38%Operating income$1.1B · 16%Income before tax$913M · 13%Income tax$196M · 3%Net income$789M · 12%As of 2025-11-30 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$6.8B100%
Cost of revenue$4.2B62%
$2.6B38%
$1.1B16%
Income before tax$913M13%
Income tax$196M3%
$789M12%
Source: · event Nov 30, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What McCORMICK & COMPANY, INCORPORATED owns — and owes

McCORMICK & COMPANY, INCORPORATED's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$13.2B100%
Cash and equivalents$95.9M1%
$4.0B30%
Stockholders’ equity$5.7B43%
Source: · event Nov 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives McCORMICK & COMPANY, INCORPORATED’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity14%Tax burden86%net income ÷ pretax incomeInterest burden85%pretax ÷ operating incomeOperating margin16%operating income ÷ revenueAsset turnover0.52×revenue ÷ average assetsEquity multiplier2.38×average assets ÷ average equityAs of 2025-11-30 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$789MFY2025
Income before tax$913MFY2025
Operating income$1.1BFY2025
$6.8BFY2025
Ending assets$13.2BFY2025
Beginning assets$13.1BFY2024
$5.7BFY2025
$5.3BFY2024
Source:
  • SEC filingFiling detailsAccession 0000063754-26-000037
· event Nov 30, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where McCORMICK & COMPANY, INCORPORATED's cash went

McCORMICK & COMPANY, INCORPORATED’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$962M100%
Depreciation and amortization$231M24%
Source: · event Nov 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding McCORMICK & COMPANY, INCORPORATED

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What McCORMICK & COMPANY, INCORPORATED insiders reported

Records still being gathered — partial as of retrieval Sep 1, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale45.7 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

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

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Sep 1, 2026.

344 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (8 versus 1). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Piper SarahChief Human Relations OfficerGrant, award, or other acquisition (A)Table II · Acquired · Phantom Stock45.168$56.20$2,5384,937.377Aug 24, 2026
1 filed lot
  • Table II · Phantom Stock: 45.168 shares at $56.20 · code A · owned after 4,937.377 ·
Foley Brendan MDirector, Chairman, President & CEOGrant, award, or other acquisition (A)Table II · Acquired · Phantom Stock44.604$56.20$2,50714,489.457Aug 24, 2026
1 filed lot
  • Table II · Phantom Stock: 44.604 shares at $56.20 · code A · owned after 14,489.457 ·
Kurzius Lawrence Erik10% ownerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock - Voting · 1 paired event205,538$49.025$10,076,500502,530Aug 10, 2026
1 filed lot
  • Table I · Common Stock - Voting: 205,538 shares at $49.025 · code M · owned after 502,530 · Paired event: 205,538 Options - Right to Buy → 205,538 Common Stock - Voting ·
Kurzius Lawrence Erik10% ownerOpen-market or private sale (S)Table I · Disposed · Common Stock - Voting205,538$52.6871$10,829,201296,992Aug 10, 2026
1 filed lot
  • Table I · Common Stock - Voting: 205,538 shares at $52.6871 · code S · owned after 296,992 ·
Kurzius Lawrence Erik10% ownerExercise or conversion of derivative security (M)Table II · Disposed · Options - Right to Buy · 1 paired event205,538—Exercise or conversion of derivative security (M)—0Aug 10, 2026
1 filed lot
  • Table II · Options - Right to Buy: 205,538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 205,538 Options - Right to Buy → 205,538 Common Stock - Voting ·
Piper SarahChief Human Relations OfficerGrant, award, or other acquisition (A)Table II · Acquired · Phantom Stock47.779$53.13$2,5384,848.986Aug 10, 2026
1 filed lot
  • Table II · Phantom Stock: 47.779 shares at $53.13 · code A · owned after 4,848.986 ·
Foley Brendan MDirector, Chairman, President & CEOGrant, award, or other acquisition (A)Table II · Acquired · Phantom Stock47.181$53.13$2,50714,314.638Aug 10, 2026
1 filed lot
  • Table II · Phantom Stock: 47.181 shares at $53.13 · code A · owned after 14,314.638 ·
Piper SarahChief Human Relations OfficerGrant, award, or other acquisition (A)Table II · Acquired · Phantom Stock49.813$50.96$2,5384,801.207Jul 30, 2026
1 filed lot
  • Table II · Phantom Stock: 49.813 shares at $50.96 · code A · owned after 4,801.207 ·
Foley Brendan MDirector, Chairman, President & CEOGrant, award, or other acquisition (A)Table II · Acquired · Phantom Stock49.19$50.96$2,50714,267.457Jul 30, 2026
1 filed lot
  • Table II · Phantom Stock: 49.19 shares at $50.96 · code A · owned after 14,267.457 ·
Foley Brendan MDirector, Chairman, President & CEOOther acquisition or disposition (J)Table I · Acquired · Common Stock - Non Voting5$52.90$2651,770Jul 22, 2026
1 filed lot
  • Table I · Common Stock - Non Voting: 5 shares at $52.90 · code J · owned after 1,770 ·
Piper SarahChief Human Relations OfficerOther acquisition or disposition (J)Table I · Acquired · Common Stock - Voting20.52$52.22$1,0729,058.46Jul 20, 2026
1 filed lot
  • Table I · Common Stock - Voting: 20.52 shares at $52.22 · code J · owned after 9,058.46 ·
Piper SarahChief Human Relations OfficerOther acquisition or disposition (J)Table II · Acquired · Phantom Stock43.223$52.24$2,2584,892.209Jul 20, 2026
1 filed lot
  • Table II · Phantom Stock: 43.223 shares at $52.24 · code J · owned after 4,892.209 ·
Foley Brendan MDirector, Chairman, President & CEOOther acquisition or disposition (J)Table I · Acquired · Common Stock - Non Voting11$51.425$5661,765Jul 20, 2026
1 filed lot
  • Table I · Common Stock - Non Voting: 11 shares at $51.425 · code J · owned after 1,765 ·
Foley Brendan MDirector, Chairman, President & CEOOther acquisition or disposition (J)Table II · Acquired · Phantom Stock130.215$52.24$6,80214,444.853Jul 20, 2026
1 filed lot
  • Table II · Phantom Stock: 130.215 shares at $52.24 · code J · owned after 14,444.853 ·

Source-event as of . Retrieved .

Track record

How McCORMICK & COMPANY, INCORPORATED’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored MKC on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200500Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, MKC did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Consumer Staples context

#32 of 85 scored Consumer Staples companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #30TR TOOTSIE ROLL INDUSTRIES INC50.7Shallow moat
  2. #31GIS GENERAL MILLS, INC.49.2Shallow moat
  3. #33MOJO EQUATOR Beverage Company44.0Shallow moat
  4. #34CELH CELSIUS HOLDINGS, INC.43.2Shallow 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) 45.7 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 61, pricing power 66, returns on capital 20, balance-sheet safety 22, capital allocation 59.
Is MKC trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $31.15 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $49.96, that is 60% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has MKC's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 45.7 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

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