A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
MIDDLEBY Corp
MIDD
$7.0B
Mkt Cap
$133.88
+2.09%
MIDDLEBY Corp (MIDD) has a 5-year average return on invested capital (ROIC) of 5.9%. This is below average and may indicate limited pricing power.
MIDDLEBY Corp (MIDD) has a market capitalization of $7.0B. It is classified as a mid-cap stock.
MIDDLEBY Corp (MIDD) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 10.35%.
MIDDLEBY Corp (MIDD) operates in the Refrigeration & Service Industry Machinery industry, within the Industrials sector.
MIDDLEBY Corp (MIDD) reported annual revenue of $3.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
MIDDLEBY Corp (MIDD) has a net profit margin of -8.7%. The company is currently unprofitable.
MIDDLEBY Corp (MIDD) generated $559 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Middleby Corporation is a global leader in the design, manufacture, and distribution of commercial foodservice equipment and food processing equipment serving restaurants, institutional kitchens, and food processing operations. The Commercial Foodservice Equipment Group offers a comprehensive portfolio of cooking, warming, refrigeration, and beverage equipment across multiple trade names, serving quick-service restaurants, full-service restaurants, ghost kitchens, convenience stores, supermarkets, hotels, and institutions through a dealer-based distribution model complemented by direct sales to large chains. The Food Processing Equipment Group provides processing solutions for protein, bakery, and snack manufacturers through a targeted acquisition strategy that builds complementary product lines and total-line solutions. Both segments operate on a project-based and recurring revenue model, with the company generating revenue through equipment sales, service, and increasingly through IoT solutions and digital controls; the business model emphasizes high-margin aftermarket services and parts alongside capital equipment sales. Middleby's competitive advantages include its extensive portfolio of established brands, investments in innovation and automation capabilities, growing ice and beverage platforms, and a global distribution network with local sales support. The company is pursuing a separation of its Food Processing business into an independent public company while retaining its Commercial Foodservice and Residential Kitchen Equipment operations.
【Separation and margin recovery】 Management expects the Food Processing spin-off to complete in the second quarter of 2026, creating two pure-play industry leaders with optimized capital structures and enhanced strategic focus. For Commercial Foodservice, the company anticipates margin expansion in the second half of 2026 as tariff headwinds lap and pricing actions take full effect, supported by improving order rates and growing backlogs across dealer, institutional, and emerging customer segments. The ice and beverage platform is positioned as a significant growth driver, with new product adoption accelerating and quick-service restaurants increasingly adding premium beverage offerings to their menus. Management remains cautiously optimistic on the broader market environment, expecting restaurant industry fundamentals to stabilize with early signs of traffic improvement, though near-term conditions remain mixed and consumer wallets remain strained.
| Metric | Target | Period |
|---|---|---|
| Total company revenue | $3.36 billion–$3.44 billion | FY2026 |
| Adjusted EBITDA | $758 million–$790 million | FY2026 |
| Commercial Foodservice revenue | $2.44 billion–$2.49 billion | FY2026 |
| Food Processing revenue | $915 million–$945 million | FY2026 |
| Commercial Foodservice adjusted EBITDA | $645 million–$668 million | FY2026 |
| Food Processing adjusted EBITDA | $186 million–$208 million | FY2026 |
Total company revenue (FY2026): “For the full year, we expect to achieve the following: Total revenues of $3.36 billion-$3.44 billion, which is comprised of Commercial Foodservice at $2.44 billion-$2.49 billion and Food Processing at $915 million-$945 million.”
Adjusted EBITDA (FY2026): “Adjusted EBITDA of $758 million-$790 million, which is comprised of Commercial Foodservice at $645 million-$668 million and Food Processing at $186 million-$208 million.”
Commercial Foodservice revenue (FY2026): “Total revenues of $3.36 billion-$3.44 billion, which is comprised of Commercial Foodservice at $2.44 billion-$2.49 billion and Food Processing at $915 million-$945 million.”
Food Processing revenue (FY2026): “Total revenues of $3.36 billion-$3.44 billion, which is comprised of Commercial Foodservice at $2.44 billion-$2.49 billion and Food Processing at $915 million-$945 million.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2026 | % of Total |
|---|---|---|---|---|---|---|
Commercial Foodservice Equipment Group | $1.51B | $2.41B | $2.52B | $2.42B | $2.35B | 45% |
United States And Canada | $1.07B | $1.77B | $1.83B | $1.71B | $1.68B | 32% |
Food Processing Group | $437M | $590M | $757M | $770M | $850M | 16% |
Europe And Middle East | $247M | $364M | $370M | $397M | $372M | 7% |
Residential Kitchen | $566M | $1.05B | $795M | $725M | — | — |
| Metric | TTM | FY2026 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.2B | 3.2B | 3.2B | 3.2B | 4.0B | 2.5B |
| Net Income | -278M | -278M | 428M | 401M | 437M | 207M |
| EPS | $-5.32 | $-5.32 | $7.90 | $7.41 | $7.95 | $3.76 |
| Free Cash Flow | 559M | 559M | 650M | 570M | 265M | 490M |
| ROIC | 6.7% | 6.4% | 6.7% | 6.9% | 6.4% | 3.2% |
| Gross Margin | 39.1% | 39.1% | 39.7% | 39.6% | 35.9% | 35.1% |
| Debt/Equity | 1.54 | 1.54 | 1.12 | 1.30 | 1.73 | 3.15 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 575M | 575M | 644M | 652M | 640M | 324M |
| Operating Margin | 18.0% | 18.0% | 20.4% | 20.1% | 15.9% | 12.9% |
| ROE | -10.0% | -10.0% | 12.4% | 13.3% | 18.3% | 10.5% |
| Shares Outstanding | 52M | 52M | 54M | 54M | 55M | 55M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.0B | 1.4B | 1.6B | 2.3B | 2.3B | 2.7B | 3.0B | 2.5B | 4.0B | 3.2B | 3.2B | 3.2B | 3.2B |
| Gross Margin | 38.8% | 38.5% | 39.1% | 39.7% | 39.1% | 36.9% | 37.3% | 35.1% | 35.9% | 39.6% | 39.7% | 39.1% | 39.1% |
| R&D | 14M | 21M | 23M | 26M | 29M | 35M | 41M | 35M | 49M | 47M | 51M | 59M | 59M |
| SG&A | 109M | 141M | 157M | 472M | 468M | 539M | 594M | 532M | 797M | 625M | 590M | 663M | 663M |
| EBIT | 188M | 244M | 300M | 419M | 379M | 446M | 514M | 324M | 640M | 652M | 644M | 575M | 575M |
| Op. Margin | 18.1% | 17.1% | 18.4% | 18.5% | 16.2% | 16.4% | 17.4% | 12.9% | 15.9% | 20.1% | 20.4% | 18.0% | 18.0% |
| Net Income | 121M | 154M | 193M | 284M | 298M | 317M | 352M | 207M | 437M | 401M | 428M | -278M | -278M |
| Net Margin | 11.6% | 10.8% | 11.8% | 12.5% | 12.8% | 11.6% | 11.9% | 8.2% | 10.8% | 12.4% | 13.6% | -8.7% | -8.7% |
| Non-Recurring | 0 | 9.1M | 7.1M | 11M | 35M | 19M | 10M | 14M | 9.7M | 6.7M | 20M | 14M | 14M |
| Returns on Capital | |||||||||||||
| ROIC | 11.1% | 10.1% | 8.9% | 10.5% | 8.9% | 6.9% | 7.1% | 3.2% | 6.4% | 6.9% | 6.7% | 6.4% | 6.7% |
| ROE | 20.8% | 20.7% | 19.2% | 25.0% | 22.7% | 21.0% | 19.5% | 10.5% | 18.3% | 13.3% | 12.4% | -10.0% | -10.0% |
| ROA | 10.1% | 10.0% | 7.8% | 11.4% | 9.5% | 8.0% | 7.4% | 4.0% | 7.2% | 5.8% | 6.0% | -4.4% | -4.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 128M | 146M | 234M | 294M | 304M | 369M | 377M | 525M | 333M | 629M | 687M | 630M | 630M |
| Free Cash Flow | 121M | 132M | 221M | 269M | 250M | 333M | 331M | 490M | 265M | 570M | 650M | 559M | 559M |
| Owner Earnings | 89M | 91M | 176M | 208M | 228M | 269M | 266M | 395M | 136M | 474M | 551M | 511M | 511M |
| CapEx | 7.7M | 15M | 13M | 25M | 54M | 36M | 47M | 35M | 67M | 59M | 37M | 71M | 71M |
| Maint. CapEx | 27M | 43M | 41M | 58M | 70M | 97M | 103M | 111M | 138M | 110M | 104M | 105M | 105M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 27M | 43M | 41M | 58M | 70M | 97M | 103M | 111M | 138M | 110M | 104M | 105M | 105M |
| CapEx/OCF | 6.0% | 10.0% | 5.6% | 9.0% | 17.9% | 9.8% | 12.3% | 6.6% | 11.0% | 13.5% | 7.2% | N/A | 11.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 21M | 4.4M | 44M | 4.4M | 240M | 0 | 6.1M | 86M | 265M | 75M | 35M | 724M | 724M |
| Buyback Yield | 1.2% | 0.2% | 0.8% | 0.1% | 3.1% | N/A | 0.1% | 1.1% | 0.3% | 0.9% | 0.5% | 0.0% | 10.4% |
| Stock-Based Comp | 12M | 12M | 17M | 28M | 6.2M | 2.5M | 8.1M | 20M | 58M | 45M | 32M | 13M | 13M |
| Debt Repayment | 5.9M | 0 | 0 | 6.3M | 0 | 375K | 0 | 11M | 0 | 0 | 0 | 745M | 745M |
| Balance Sheet | |||||||||||||
| Net Debt | 482M | 1.1B | 1.1B | 1.4B | 2.0B | 3.7B | 3.7B | 6.0B | 4.7B | 4.0B | 3.4B | 4.1B | 4.1B |
| Cash & Equiv. | 34M | 37M | 44M | 68M | 90M | 72M | 95M | 268M | 162M | 247M | 639M | 222M | 222M |
| Long-Term Debt | 258M | 570M | 589M | 726M | 1.0B | 1.9B | 1.9B | 1.7B | 2.7B | 2.4B | 2.4B | 2.1B | 2.1B |
| Debt/Equity | 0.79 | 1.36 | 1.18 | 1.15 | 1.51 | 2.27 | 1.97 | 3.15 | 1.73 | 1.30 | 1.12 | 1.54 | 1.54 |
| Interest Coverage | 20.4 | 15.4 | 19.3 | 17.5 | 14.6 | 7.6 | 6.2 | 4.1 | 7.2 | 5.4 | 6.9 | 6.1 | 6.1 |
| Equity | 650M | 838M | 1.0B | 1.3B | 1.4B | 1.7B | 1.9B | 2.0B | 2.8B | 3.2B | 3.6B | 2.8B | 2.8B |
| Total Assets | 1.2B | 1.8B | 2.1B | 2.9B | 3.3B | 4.5B | 5.0B | 5.2B | 6.9B | 6.9B | 7.3B | 6.3B | 6.3B |
| Total Liabilities | 594M | 981M | 1.1B | 1.7B | 2.0B | 2.9B | 3.1B | 3.2B | 4.1B | 3.7B | 3.6B | 3.5B | 3.5B |
| Intangibles | 233M | 448M | 492M | 696M | 780M | 1.4B | 1.4B | 1.5B | 1.8B | 1.7B | 1.1B | 1.1B | 1.1B |
| Retained Earnings | 576M | 730M | 924M | 1.4B | 1.7B | 2.0B | 2.4B | 2.6B | 3.5B | 3.9B | 4.3B | 4.1B | 4.1B |
| Working Capital | 170M | 234M | 286M | 323M | 458M | 503M | 616M | 570M | 1.0B | 1.1B | 1.5B | 1.7B | 1.7B |
| Current Assets | 413M | 546M | 614M | 812M | 932M | 1.1B | 1.2B | 1.3B | 2.0B | 2.0B | 2.3B | 2.7B | 2.7B |
| Current Liabilities | 242M | 311M | 328M | 488M | 474M | 559M | 593M | 700M | 988M | 851M | 829M | 1.1B | 1.1B |
| Per Share Data | |||||||||||||
| EPS | 2.14 | 0.91 | 3.40 | 4.98 | 5.26 | 5.70 | 6.33 | 3.76 | 7.95 | 7.41 | 7.90 | -5.32 | -5.32 |
| Owner EPS | 1.59 | 0.54 | 3.09 | 3.64 | 4.03 | 4.84 | 4.78 | 7.16 | 2.48 | 8.76 | 10.16 | 9.80 | 9.80 |
| Book Value | 11.52 | 4.97 | 17.71 | 22.17 | 24.02 | 29.93 | 34.99 | 35.85 | 50.95 | 60.07 | 67.09 | 53.18 | 53.18 |
| Cash Flow/Share | 2.28 | 0.87 | 4.11 | 5.15 | 5.37 | 6.63 | 6.78 | 9.52 | 6.06 | 11.62 | 12.66 | 12.07 | -3.30 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 56.4M | 168.5M | 56.9M | 57.1M | 56.7M | 55.6M | 55.6M | 55.1M | 54.9M | 54.1M | 54.2M | 52.2M | 52.2M |
| Valuation | |||||||||||||
| P/E Ratio | 14.9 | 17.2 | 27.8 | 25.7 | 25.8 | 23.7 | 18.3 | 36.8 | 21.1 | 20.8 | 17.9 | N/A | -25.2 |
| P/FCF | 15.0 | 60.5 | 24.4 | 18.3 | 30.7 | 22.6 | 19.5 | 15.6 | 37.7 | 14.7 | 11.8 | N/A | 12.5 |
| EV/EBIT | 10.6 | 12.9 | 19.6 | 18.3 | 22.5 | 20.8 | 15.8 | 27.3 | 20.3 | 16.3 | 13.3 | N/A | 19.2 |
| Price/Book | 2.8 | 3.2 | 5.3 | 3.9 | 5.6 | 4.5 | 3.3 | 3.9 | 3.7 | 2.6 | 2.1 | N/A | 2.5 |
| Price/Sales | 1.5 | 1.4 | 3.0 | 3.4 | 2.8 | 2.6 | 2.2 | 2.1 | 3.0 | 2.0 | 1.9 | N/A | 2.2 |
| FCF Yield | 6.7% | 5.0% | 4.1% | 5.5% | 3.3% | 4.4% | 5.1% | 6.4% | 2.6% | 6.8% | 8.5% | N/A | 8.0% |
| Market Cap | 1.8B | 2.7B | 5.4B | 4.9B | 7.7B | 7.5B | 6.5B | 7.6B | 10.3B | 8.4B | 7.7B | 0 | 7.0B |
| Avg. Price | 28.64 | 36.71 | 86.87 | 108.57 | 117.41 | 128.59 | 116.14 | 95.42 | 174.38 | 147.16 | 139.20 | 0.00 | 133.88 |
| Year-End Price | 32.13 | 47.19 | 94.66 | 86.38 | 135.50 | 135.27 | 116.08 | 138.47 | 182.07 | 154.36 | 141.33 | 0.00 | 133.88 |
MIDDLEBY Corp passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 11.4x vs a median of 19.5x. The company's 5-year average ROIC is 5.9% with a gross margin of 37.9%. Total shareholder yield (buybacks) is 10.4%. At current prices, the estimated annualized return to fair value is +7.0%.
MIDDLEBY Corp (MIDD) has a debt-to-equity ratio of 1.54. This indicates higher leverage, which may increase financial risk.
MIDDLEBY Corp (MIDD) reported earnings per share (EPS) of $-5.32 in its most recent fiscal year.
MIDDLEBY Corp (MIDD) has a return on equity (ROE) of -10.0%. A negative ROE may indicate losses or negative equity.
MIDDLEBY Corp (MIDD) has a 5-year average gross margin of 37.9%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for MIDDLEBY Corp (MIDD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MIDDLEBY Corp (MIDD) has a book value per share of $53.18, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the Food Processing spin-off to complete in the second quarter of 2026, creating two pure-play industry leaders with optimized capital structures and enhanced strategic focus. For Commercial Foodservice, the company anticipates margin expansion in the second half of 2026 as tariff headwinds lap and pricing actions take full effect, supported by improving order rates and growing backlogs across dealer, institutional, and emerging customer segments. The ice and beverage platform is positioned as a significant growth driver, with new product adoption accelerating and quick-service restaurants increasingly adding premium beverage offerings to their menus. Management remains cautiously optimistic on the broader market environment, expecting restaurant industry fundamentals to stabilize with early signs of traffic improvement, though near-term conditions remain mixed and consumer wallets remain strained.
Based on recent SEC filings and earnings calls, MIDDLEBY Corp (MIDD) has provided the following forward guidance: Total company revenue: $3.36 billion–$3.44 billion (FY2026); Adjusted EBITDA: $758 million–$790 million (FY2026); Commercial Foodservice revenue: $2.44 billion–$2.49 billion (FY2026); Food Processing revenue: $915 million–$945 million (FY2026); Commercial Foodservice adjusted EBITDA: $645 million–$668 million (FY2026), plus 1 additional metric.
Commercial Foodservice adjusted EBITDA (FY2026): “Adjusted EBITDA of $758 million-$790 million, which is comprised of Commercial Foodservice at $645 million-$668 million and Food Processing at $186 million-$208 million.”
Food Processing adjusted EBITDA (FY2026): “Adjusted EBITDA of $758 million-$790 million, which is comprised of Commercial Foodservice at $645 million-$668 million and Food Processing at $186 million-$208 million.”
No recent press releases.