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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $46.32 today, the market must believe free cash flow compounds 7.8%/yr for a decade (off $786.9M on the 3-yr avg basis).
On the basis ($734.6M) the requirement is 8.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 7.8% is more optimistic than its 9-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.27B shares (market data) · net debt $3.39B
mean 13.5% · volatility σ 56% · implied rate exceeded in 4/9 yrs
Central path = implied 7.8%/yr growth; shaded band = ±1σ (56%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 65% of free cash flow, leaving room to grow it and fund buybacks. Last year: $483.0M dividends + $34.8M buybacks = $517.8M returned on $740.4M FCF.
7 consecutive years of dividend increases · 0%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 9%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $95.9M covers the $0 due within a year 95900000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-11-30 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~5.6% on $3.49B of debt.
Cash of $95.9M is below short-term debt of $381.4M — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-21
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.84B 100.0% | $6.72B 100.0% | $6.66B 100.0% | $6.35B 100.0% | $6.32B 100.0% | $5.60B 100.0% | $5.35B 100.0% | $5.30B 100.0% | $4.73B 100.0% | $4.41B 100.0% |
| Cost of Revenue | $4.25B 62.1% | $4.13B 61.5% | $4.16B 62.4% | $4.08B 64.2% | $3.82B 60.5% | $3.30B 58.9% | $3.20B 59.9% | $3.21B 60.5% | $2.94B 62.1% | $2.58B 58.5% |
| Cost of Products | — | — | — | — | — | — | — | — | $2.82B 59.7% | $2.58B 58.5% |
| Gross Profit | $2.59B 37.9% | $2.59B 38.5% | $2.50B 37.6% | $2.27B 35.8% | $2.49B 39.5% | $2.30B 41.1% | $2.15B 40.1% | $2.09B 39.5% | $1.79B 37.9% | $1.83B 41.5% |
| Research & Development | $106.1M 1.6% | $102.9M 1.5% | $94.9M 1.4% | $87.5M 1.4% | $87.3M 1.4% | $68.6M 1.2% | $67.3M 1.3% | $69.4M 1.3% | $66.1M 1.4% | $61.0M 1.4% |
| Selling, General & Admin | $1.50B 21.9% | $1.52B 22.6% | $1.48B 22.2% | $1.36B 21.4% | $1.40B 22.2% | $1.28B 22.9% | $1.17B 21.8% | $1.16B 21.9% | $1.03B 21.8% | $1.18B 26.6% |
| Operating Income | $1.07B 15.7% | $1.06B 15.8% | $963.0M 14.5% | $863.6M 13.6% | $1.02B 16.1% | $999.5M 17.8% | $957.7M 17.9% | $891.1M 16.8% | $699.8M 14.8% | $641.0M 14.5% |
| Interest Expense | $196.2M 2.9% | $209.4M 3.1% | $208.2M 3.1% | $149.1M 2.3% | $136.6M 2.2% | $135.6M 2.4% | $165.2M 3.1% | $174.6M 3.3% | $95.7M 2.0% | $56.0M 1.3% |
| Interest & Investment Income | $40.1M 0.6% | $45.9M 0.7% | $36.6M 0.5% | $17.8M 0.3% | $9.3M 0.1% | $7.8M 0.1% | $10.1M 0.2% | $7.1M 0.1% | $5.7M 0.1% | — |
| Other Income (Expense), net | $38.4M 0.6% | $47.4M 0.7% | $43.9M 0.7% | $98.3M 1.5% | $17.3M 0.3% | $17.6M 0.3% | $26.7M 0.5% | $24.8M 0.5% | $6.1M 0.1% | $4.2M 0.1% |
| Pretax Income | $913.0M 13.3% | $898.3M 13.4% | $798.7M 12.0% | $812.8M 12.8% | $895.8M 14.2% | $881.5M 15.7% | $819.2M 15.3% | $741.3M 14.0% | $594.8M 12.6% | $589.2M 13.4% |
| Income Tax Expense | $195.8M 2.9% | $184.0M 2.7% | $174.5M 2.6% | $168.6M 2.7% | $192.7M 3.1% | $174.9M 3.1% | $157.4M 2.9% | -$157.3M -3.0% | $151.3M 3.2% | $153.0M 3.5% |
| Net Income | $789.4M 11.5% | $788.5M 11.7% | $680.6M 10.2% | $682.0M 10.7% | $755.3M 12.0% | $747.4M 13.3% | $702.7M 13.1% | $933.4M 17.6% | $477.4M 10.1% | $472.3M 10.7% |
| Per Share | ||||||||||
| EPS (Basic) | $2.94 | $2.94 | $2.54 | $2.54 | $2.83 | $2.80 | $2.65 | $3.55 | $3.77 | $3.73 |
| EPS (Diluted) | $2.93 | $2.92 | $2.52 | $2.52 | $2.80 | $2.78 | $2.62 | $3.50 | $3.72 | $3.69 |
| Weighted Avg Shares (Basic) | 268.5M | 268.5M | 268.4M | 268.2M | 267.3M | 266.5M | 265.1M | 263.1M | 126.8M | 126.6M |
| Weighted Avg Shares (Diluted) | 269.4M | 269.6M | 269.8M | 270.2M | 269.9M | 269.1M | 268.1M | 266.5M | 128.4M | 128.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-21
Where each multiple sits in its own 14-yr range · 9th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 14% against ROIC 9% — 5% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 60.5 | 59.9 | 58.9 | 60.5 | 64.2 | 62.4 | 61.5 | 62.1 |
| Gross Profit | 39.5 | 40.1 | 41.1 | 39.5 | 35.8 | 37.6 | 38.5 | 37.9 |
| R&D | 1.3 | 1.3 | 1.2 | 1.4 | 1.4 | 1.4 | 1.5 | 1.6 |
| SG&A | 21.9 | 21.8 | 22.9 | 22.2 | 21.4 | 22.2 | 22.6 | 21.9 |
| Operating Income | 16.8 | 17.9 | 17.8 | 16.1 | 13.6 | 14.5 | 15.8 | 15.7 |
| Income Tax | -3.0 | 2.9 | 3.1 | 3.1 | 2.7 | 2.6 | 2.7 | 2.9 |
| Net Income | 17.6 | 13.1 | 13.3 | 12.0 | 10.7 | 10.2 | 11.7 | 11.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MKC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.