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Arphra AIPlain-English read on McCormick & Company, Incorporated’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $6.32B | $6.35B | $6.66B | $6.72B | $6.84B | $7.89B | $8.17B | $8.48B | $8.92B |
| Cost of revenue | $3.82B | $4.08B | $4.16B | $4.13B | $4.25B | $4.84B | $5.12B | $5.27B | $5.56B |
| Gross profit | $2.49B | $2.27B | $2.5B | $2.59B | $2.59B | $2.99B | $3.05B | $3.26B | $3.36B |
| Gross margin | +39.48% | +35.82% | +37.56% | +38.54% | +37.90% | +37.91% | +37.33% | +38.38% | +37.63% |
| Operating | |||||||||
| Research & development | $87.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.4B | $1.36B | $1.48B | $1.52B | $1.5B | $1.74B | $1.85B | $1.9B | $2.02B |
| Total operating expenses | $1.48B | $1.41B | $1.54B | $1.53B | $1.5B | $1.83B | $1.86B | $1.87B | $1.98B |
| Operating income | $1.02B | $863.6M | $963M | $1.06B | $1.09B | $1.22B | $1.27B | $1.28B | $1.41B |
| Operating margin | +16.07% | +13.60% | +14.45% | +15.77% | +15.96% | +15.52% | +15.55% | +15.11% | +15.83% |
| EBITDA | $1.22B | $1.16B | $1.21B | $1.32B | $1.34B | $1.55B | $1.51B | $1.62B | $1.74B |
| EBIT | $1.03B | $961.9M | $1.01B | $1.11B | $1.11B | $1.29B | $1.32B | $1.36B | $1.4B |
| Below the line | |||||||||
| Interest expense | $136.6M | $149.1M | $208.2M | $209.4M | $196.2M | $242.3M | $249.38M | $254.11M | $274.1M |
| Interest income | $9.3M | $17.8M | $36.6M | $45.9M | $0 | $32.05M | $33.82M | $33.91M | $37.66M |
| Other income / expense | -$67.1M | -$13M | -$107.9M | -$87.8M | -$106.7M | — | — | — | — |
| Pre-tax income | $948M | $850.6M | $855.1M | $972.5M | $985.2M | $1.07B | $1.13B | $1.17B | $1.21B |
| Income tax expense | $192.7M | $168.6M | $174.5M | $184M | $195.8M | $211.92M | $227.44M | $227.62M | $248.53M |
| Earnings | |||||||||
| Net income | $755.3M | $682M | $680.6M | $788.5M | $789.4M | $883.2M | $908.99M | $961.48M | $973.1M |
| Net income · continuing ops | $755.3M | $682M | $680.6M | $788.5M | $789.4M | $879.82M | $885.15M | $933.22M | $982.91M |
| Net margin | +11.95% | +10.74% | +10.22% | +11.73% | +11.54% | +11.20% | +11.13% | +11.34% | +10.91% |
| EPS · basic | $2.83 | $2.54 | $2.54 | $2.94 | $2.94 | $3.08 | $3.37 | $3.73 | $4.33 |
| EPS · diluted | $2.80 | $2.52 | $2.52 | $2.92 | $2.93 | $3.10 | $3.33 | $3.65 | $4.32 |
| EPS · low estimate | — | — | — | — | — | $3.08 | $3.24 | $3.46 | $4.26 |
| EPS · high estimate | — | — | — | — | — | $3.13 | $3.65 | $3.83 | $4.38 |
| Shares · basic | 267.3M | 268.2M | 268.4M | 268.5M | 268.6M | 268.46M | 269.94M | 270.97M | 267.06M |
| Shares · diluted | 269.9M | 270.2M | 269.8M | 269.6M | 269.3M | 270.96M | 268.25M | 269.87M | 270.16M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 9 | 9 | 4 |
| Analysts (EPS) | — | — | — | — | — | 8 | 8 | 6 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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