MKCMCCORMICK & CO INC

Miscellaneous Food Preparations & Kindred Products

Revenue: $6.8B; 1.7% YoY
Operating margin: 15.7%; 0.7% YoY
EBITDA: $1.3B; 2.6% YoY
Market cap: $12.7B
Employees: 14,100; $485K revenue each
Net debt / EBITDA: 2.6×; $3.3B net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
122% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
54% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
38% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$485K · 17th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 46th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$12.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$25M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.3B	$6.4B	$6.7B	$6.7B	$6.8B	1.7%
Operating income	$1.0B	$864M	$963M	$1.1B	$1.1B	1.0%
Net income	$755M	$682M	$681M	$789M	$789M	0.1%
Operating cash flow	$828M	$652M	$1.2B	$922M	$962M	4.4%
Capex	$278M	$262M	$264M	$275M	$222M	19%
Stock-based comp	$67M	$60M	$63M	$47M	$46M	2.5%
Buybacks	$9M	$39M	$36M	$53M	$35M	34%
Dividends	$363M	$397M	$419M	$451M	$483M	7.1%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 12, 2026	Kurzius Lawrence Erik	SCHEDULE 13D/A	9.9%	Passive
Feb 13, 2026	Foley Brendan M	SCHEDULE 13D	5.1%	Passive
Jan 15, 2026	Kurzius Lawrence Erik	SCHEDULE 13D/A	11.8%	Passive
Jan 29, 2025	Kurzius Lawrence Erik	SCHEDULE 13D/A	12.9%	Passive
Jan 11, 2024	Kurzius Lawrence Erik	SC 13D/A	11.9%	Passive
Apr 20, 2023	Kurzius Lawrence Erik	SC 13D/A	10.4%	Passive
Feb 10, 2023	Kurzius Lawrence Erik	SC 13D/A	9.4%	Passive
Feb 16, 2022	Kurzius Lawrence Erik	SC 13D/A	7.5%	Passive
Feb 10, 2021	Kurzius Lawrence Erik	SC 13D/A	6.5%	Passive

Insider trading

Open-market buys, 12 mo: $206K · 3
Open-market sells, 12 mo: $25M · 12
Net: −$25M

Pay vs performance

No pay-versus-performance disclosure yet.