TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 25 US-GAAP packaged-food peers

What "normalized" means. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A. What remains is the residual overhead line, on the same footing for all 25 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

The full benchmark

Start the McCormick benchmark

3 minutes to configure. Fixed-fee quote up front, read-out in days.

Your peer set, editable. Every number traceable to filings. Built outside-in, no data requests, nothing to install.

Use ← → keys, or swipe

McCormick SG&A versus peers, in text

McCormick (MKC) reports revenue of $6,840 million. On a normalized basis its SG&A runs 13.3% of revenue, against a median of 10.9% across 24 packaged-food peers; 7 of the 24 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 3.3% of revenue (21 of 25 companies disclose it); R&D 1.6% of revenue (22 of 25 companies disclose it); Stock-based comp 0.7% of revenue (24 of 25 companies disclose it); Restructuring 0.3% of revenue (19 of 25 companies disclose it).

Closing the gap to the peer median is worth about $163 million a year (239 bps of revenue); to the lean quartile, $328 million (480 bps).

Over 10 years (FY2016 to FY2025), McCormick's total shareholder return was +72% against +20% for the peer composite; SG&A contributed -31.6 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/MKC.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.