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Middleby

MIDD Nasdaq Industrial Machinery & Supplies & Components Financials FY2016–FY2025

Middleby's revenue rose 1.6% to $3.2 billion in fiscal 2025. Its operating margin was 18.0%, down from 20.4% a year earlier. Free cash flow was $559 million, down 13.9%. It paid out $724 million in dividends and buybacks, 129% of free cash flow. The diluted share count fell 3.7%.

Last close · Oct 23, 2026

$113.05

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$3.2B
1.6% vs prior year
Operating margin Operating income as a share of revenue.
18.0%
2.5 pts
Net income Profit after all expenses, interest and tax.
−$278M
164.8%
Free cash flow Cash from operations minus capital spending.
$559M
13.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.7%
0.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Middleby does

No business description yet.

Legal name
THE MIDDLEBY CORPORATION
Fiscal year ends
January 3, 2026
Latest annual report
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Accession · CIK
0000769520-26-000011
0000769520

Revenue and margins

Middleby had $3.2B of revenue in fiscal 2025, up 1.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $559M in fiscal 2025, 17.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Middleby returned $724M to shareholders in fiscal 2025, 129% of free cash flow. The diluted share count fell 3.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Middleby yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$2.0B and divides by 52.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Middleby can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $180M$162M$248M$639M$222M
Debt incl. finance leases $2.4B$2.7B$2.4B$2.4B$2.2B
Net debt / EBITDA 3.0x3.3x2.9x2.4x2.9x
Debt / equity 1.0x1.0x0.8x0.7x0.8x
Interest coverage 11.0x7.2x5.4x6.9x6.1x
Current ratio 1.9x2.0x2.3x2.8x2.6x
Quick ratio 1.0x0.9x1.2x2.0x1.9x
Total assets $6.4B$6.9B$6.9B$7.3B$6.3B
Total liabilities $3.9B$4.1B$3.7B$3.6B$3.5B
Shareholders' equity $2.5B$2.8B$3.2B$3.6B$2.8B
Net debt (− = net cash) $2.2B$2.6B$2.2B$1.8B$2.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$15.1M

2 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

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$0.0M

DateInsiderTradeSharesPriceValueFiling
Dec 15, 2025 Edward P GardenDirector Bought 14,740 $146.92 $2.2M Form 4
Dec 12, 2025 Edward P GardenDirector Bought 43,838 $146.53 $6.4M Form 4
Dec 11, 2025 Edward P GardenDirector Bought 44,325 $144.55 $6.4M Form 4
Dec 9, 2025 Robert A NerbonneDirector Bought 780 $128.52 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✕ ✕
F-score 7 / 97 / 94 / 9
Accruals ratio −3.3%−3.6%−13.4%
Altman Z'' 4.474.935.27

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Middleby MIDD $5.1B 1.6% 18.0% 17.5% 8.7% — 4
Carpenter Technology CRS $14.2B 8.6% 22.5% 11.6% 23.7% 25.1x 9 Compare →
IDEX IEX $17.0B 5.8% 20.2% 17.8% 10.2% 33.0x 7 Compare →
ESAB ESAB $4.1B 3.7% 14.5% 7.5% 11.0% 24.1x 4 Compare →
Nordson NDSN $17.9B 3.8% 25.5% 23.7% 11.6% 32.3x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.3B $2.3B $2.7B $3.0B $2.5B $3.3B $4.0B $3.2B $3.2B $3.2B
Gross profit $901M $913M $1.0B $1.1B $882M $1.2B $1.4B $1.3B $1.3B $1.3B
Research and development $26.3M $29.1M $35.3M $41.2M $35.3M $41.8M $48.9M $47.1M $50.8M $58.8M
Operating income $419M $379M $446M $514M $324M $630M $640M $652M $644M $575M
Interest expense $23.9M $26.0M $58.7M $82.6M $78.6M $57.2M $89.0M $121M $93.4M $93.8M
Pretax income $421M $384M $424M $463M $268M $620M $564M $536M $566M $482M
Income tax $137M $85.4M $106M $110M $60.8M $131M $128M $123M $145M $115M
Net income $284M $298M $317M $352M $207M $489M $437M $401M $428M −$278M
Diluted EPS $4.98 $5.26 $5.70 $6.33 $3.76 $8.62 $7.95 $7.41 $7.90 −$5.32
Diluted shares 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $294M $305M $369M $377M $525M $423M $333M $629M $687M $630M
Capital expenditure $24.8M $54.5M $36.0M $46.6M $34.8M $46.6M $67.3M $59.2M $36.7M $70.7M
Free cash flow $269M $250M $333M $331M $490M $377M $265M $570M $650M $559M
Depreciation and amortization $58.2M $69.8M $97.2M $103M $111M $125M $138M $110M $104M $105M
Stock-based compensation $27.9M $6.2M $2.5M $8.1M $19.6M $42.3M $58.4M $45.2M $31.9M $13.5M
Acquisitions $211M $305M $1.2B $281M $79.0M $964M $279M $37.9M $111M $32.0M
Share buybacks $4.4M $240M $0.0M $6.1M $85.9M $29.3M $265M $74.6M $34.7M $724M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $4.4M $240M $0.0M $6.1M $85.9M $29.3M $265M $74.6M $34.7M $724M
Balance sheet
Cash and short-term investments $68.5M $89.7M $71.7M $94.5M $268M $180M $162M $248M $639M $222M
Total debt $732M $1.0B $1.9B $1.9B $1.7B $2.4B $2.7B $2.4B $2.4B $2.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $812M $932M $1.1B $1.2B $1.3B $1.7B $2.0B $2.0B $2.3B $2.7B
Current liabilities $488M $474M $559M $593M $700M $915M $988M $851M $829M $1.1B
Inventory $368M $425M $522M $586M $540M $837M $1.1B $936M $656M $693M
Property and equipment, net $222M $282M $315M $352M $345M $381M $444M $511M $385M $432M
Total assets $2.9B $3.3B $4.5B $5.0B $5.2B $6.4B $6.9B $6.9B $7.3B $6.3B
Total liabilities $1.7B $2.0B $2.9B $3.1B $5.3B $3.9B $4.1B $3.7B $3.6B $3.5B
Shareholders' equity $1.3B $1.4B $1.7B $1.9B $2.0B $2.5B $2.8B $3.2B $3.6B $2.8B
Margins
Gross margin 39.7% 39.1% 36.9% 37.3% 35.1% 36.8% 35.9% 39.6% 39.7% 39.1%
Operating margin 18.5% 16.2% 16.4% 17.4% 12.9% 19.4% 15.9% 20.1% 20.5% 18.0%
EBITDA margin 21.0% 19.2% 20.0% 20.9% 17.3% 23.2% 19.3% 23.5% 23.8% 21.3%
Net margin 12.5% 12.8% 11.7% 11.9% 8.3% 15.0% 10.8% 12.4% 13.6% −8.7%
FCF margin 11.9% 10.7% 12.2% 11.2% 19.5% 11.6% 6.6% 17.6% 20.6% 17.5%
Returns
Return on capital 14.9% 13.9% 11.5% 10.9% 9.8% 16.3% 9.8% 9.3% 8.9% 8.7%
Return on capital employed 17.9% 14.3% 13.0% 12.2% 7.3% 12.6% 11.3% 10.9% 10.3% 9.8%
Return on equity 23.4% 22.7% 21.0% 19.5% 10.6% 21.9% 16.5% 13.3% 12.4% −8.7%
Return on assets 10.0% 9.5% 8.0% 7.4% 4.1% 8.4% 6.6% 5.8% 6.0% −4.1%
Growth
Revenue growth 24.2% 3.0% 16.6% 8.7% −15.1% 29.4% 24.1% −19.6% −2.8% 1.6%
Net income growth 48.3% 4.9% 6.4% 11.1% −41.2% 135.7% −10.6% −8.2% 6.9% −164.8%
EPS growth 48.2% 5.6% 8.4% 11.1% −40.6% 129.3% −7.8% −6.8% 6.6% −167.3%
FCF growth 18.5% −7.2% 33.2% −0.6% 48.1% −23.1% −29.6% 114.7% 14.1% −13.9%
Share count change 0.2% −0.6% −2.0% 0.1% −0.9% 2.8% −3.0% −1.6% 0.2% −3.7%
Financial health
Net debt / EBITDA 1.4x 2.1x 3.4x 2.9x 3.4x 3.0x 3.3x 2.9x 2.4x 2.9x
Debt / equity 0.6x 0.8x 1.1x 1.0x 0.9x 1.0x 1.0x 0.8x 0.7x 0.8x
Interest coverage 17.6x 14.6x 7.6x 6.2x 4.1x 11.0x 7.2x 5.4x 6.9x 6.1x
Current ratio 1.7x 2.0x 1.9x 2.0x 1.8x 1.9x 2.0x 2.3x 2.8x 2.6x
Quick ratio 0.9x 1.1x 1.0x 1.1x 1.0x 1.0x 0.9x 1.2x 2.0x 1.9x
Capital allocation
Capex / revenue 1.1% 2.3% 1.3% 1.6% 1.4% 1.4% 1.7% 1.8% 1.2% 2.2%
Stock comp / revenue 1.2% 0.3% 0.1% 0.3% 0.8% 1.3% 1.5% 1.4% 1.0% 0.4%
Payouts / FCF 1.6% 96.0% 0.0% 1.9% 17.5% 7.8% 99.8% 13.1% 5.3% 129.3%
Quality scores
Piotroski F-score 7.0 5.0 5.0 6.0 5.0 6.0 6.0 7.0 7.0 4.0
Altman Z'' 4.1 4.0 3.4 3.7 2.7 3.7 4.0 4.5 4.9 5.3
Accruals ratio −0.4% −0.2% −1.3% −0.5% −6.2% 1.1% 1.6% −3.3% −3.6% −13.4%

Source: SEC EDGAR XBRL filings (CIK 0000769520). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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