---
title: McCormick (MKC) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/mkc
ticker: MKC
as_of: 2026-10-17
sector: Consumer Defensive
industry: Packaged Foods
---
# McCormick (MKC)

McCormick (MKC) closed at $46.35 on Oct 16, 2026, undervalued by 11% vs its model value of $52.15 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $46.35 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $52.15 |
| Price vs model | undervalued by 11% vs model |
| Range of that model | $27.70 – $162.12 |
| Market value | $12.5B |
| P/E (fiscal 2025) | 15.8 |
| Net margin (fiscal 2025) | 11.5% |
| Free cash flow (fiscal 2025) | $740.4M |
| Dividend yield (trailing twelve months) | 4.14% |
| Beta | 0.64 |
| Cost of capital (WACC) | 7.21% |
| Business classification | Dividend Payer (Low/slowing growth (~1% recent), Moderate margins (12% net margin), Strong dividend yield, Highly cyclical earnings, Strong FCF yield (5.9%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Near 52-week lows | #30 | +5.0% | https://sweetvaluelab.com/lists/near-52-week-lows |
| Worst performing this year | #31 | −31.9% | https://sweetvaluelab.com/lists/worst-performing-this-year |
| Insider buying | #42 | $99,837 | https://sweetvaluelab.com/lists/insider-buying |
| Dividend growth streaks | #39 | 31 years | https://sweetvaluelab.com/lists/dividend-growth-streaks |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 4.14% |
| Dividends per share, last 12 months | $1.92 |
| Dividends / free cash flow (fiscal 2025) | 65.2% |
| Raised | 31 years in a row |
| Growth over 5 years | 7.1% a year |
| Latest payment | $0.48, ex-date Oct 13, 2026, paid Oct 26, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Oct 8, 2021 | $1.36 |
| To Oct 7, 2022 | $1.48 |
| To Oct 6, 2023 | $1.56 |
| To Oct 7, 2024 | $1.68 |
| To Oct 14, 2025 | $1.80 |
| Trailing twelve months (to Oct 13, 2026) | $1.92 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $52.15 | $27.70 | $162.12 |
| DCF · Perpetuity growth · 10y | cross check | $54.74 | $30.55 | $161.88 |
| DCF · EBITDA exit · 5y | cross check | $70.88 | $47.78 | $98.10 |
| DCF · EBITDA exit · 10y | cross check | $69.93 | $45.55 | $102.43 |
| P/E · peers | cross check | $77.02 | $72.10 | $82.52 |
| P/E · own history | cross check | $84.14 | $73.45 | $95.68 |
| PEG | sanity check | $38.66 | $38.66 | $38.66 |
| EV/EBITDA · peers | cross check | $81.14 | $75.47 | $91.67 |
| EV/Revenue · peers | cross check | $41.55 | $22.12 | $56.51 |
| Earnings power value | cross check | $23.19 | $16.70 | $33.09 |
| Dividend discount | cross check | $41.81 | $28.32 | $70.60 |

## Insider activity (SEC Form 4)

Past 90 days: 2 open-market buys ($99,837.4) and 1 open-market sale ($10.8M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 8, 2026 | Foley Brendan M | Chairman, President & CEO | Grant / award | 54.566 | $2,506.8 |
| Oct 2, 2026 | Hattersley Gavin | Director | Open-market buy | 1,000 | $44,610 |
| Sep 23, 2026 | Foley Brendan M | Chairman, President & CEO | Grant / award | 51.063 | $2,506.7 |
| Jul 20, 2026 | Foust Andrew | Chief Integration Officer | Other | 50.94 | $2,660.1 |
| Jul 20, 2026 | Foust Andrew | Chief Integration Officer | Other | 3.1 | $161.9 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 1, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/63754/000006375426000329/mkc-20260831.htm |
| Oct 1, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/63754/000006375426000326/mkc-20261001.htm |
| Sep 28, 2026 | 8-K | 4.01 Change in Certifying Accountant; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/63754/000006375426000322/mkc-20260924.htm |
| Aug 28, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/63754/000006375426000305/mkc-20260825.htm |
| Jun 25, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/63754/000006375426000274/mkc-20260531.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Thomas Russo | 2026-06-30 | 37,981 | $1.9M |
| Bridgewater | 2026-06-30 | 29,597 | $1.5M |

2 tracked managers in all.

## About

McCormick & Company, Incorporated is a global leader in the manufacture, marketing, and distribution of a wide array of flavorful products, including spices, seasoning mixes, and condiments, to the food industry. Its operations are divided into two primary segments: Consumer and Flavor Solutions. The Consumer segment provides an extensive range of items such as spices, herbs, seasonings, sauces, and desserts. These are sold under numerous prominent brands across various regions: McCormick, French's, Frank's RedHot, Lawry's Cholula Hot Sauce, Gourmet Garden, Club House, and OLD BAY in the Americas; Ducros, Schwartz, Kamis, Drogheria & Alimentari, and Vahiné throughout Europe, the Middle East, and Africa (EMEA); McCormick and DaQiao in China; and McCormick, Aeroplane, and Gourmet Garden in Australia. In addition, it offers specialized regional and ethnic brands like Zatarain's, Stubb's, Th…

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Source: https://sweetvaluelab.com/stocks/mkc (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.