Carpenter Technology vs Middleby
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The short version
- Middleby is the larger business, with $3.2B of revenue in fiscal 2025 against $3.1B for Carpenter Technology.
- Carpenter Technology grew revenue faster (8.6%, against 1.6%).
- Carpenter Technology kept more of each dollar of sales as operating profit (22.5% operating margin, against 18.0%).
- Middleby turned more of its sales into free cash flow (17.5% FCF margin, against 11.6%).
- Carpenter Technology earned a higher return on the capital invested in it (23.7%, against 8.7%).
| Latest fiscal year | CRS · FY26 | MIDD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.2B | $5.1B |
| Revenue | $3.1B | $3.2B |
| Free cash flow | $362M | $559M |
| Net income | $530M | −$278M |
| Growth | ||
| Revenue growth | 8.6% | 1.6% |
| 5-year growth | 16.2% | 5.0% |
| Share count change | −0.6% | −3.7% |
| Profitability | ||
| Gross margin | 30.6% | 39.1% |
| Operating margin | 22.5% | 18.0% |
| Net margin | 17.0% | −8.7% |
| FCF margin | 11.6% | 17.5% |
| Return on capital | 23.7% | 8.7% |
| Return on equity | 25.8% | −8.7% |
| Balance sheet | ||
| Net debt | $297M | $2.0B |
| Net debt / EBITDA | 0.4x | 2.9x |
| Dividends and buybacks | $219M | $724M |
| Valuation & quality | ||
| P/E | 25.1x | — |
| Piotroski F-score | 9 | 4 |
Revenue
FY17
CRS $1.8B
MIDD $2.3B
FY18
CRS $2.2B
MIDD $2.7B
FY19
CRS $2.4B
MIDD $3.0B
FY20
CRS $2.2B
MIDD $2.5B
FY21
CRS $1.5B
MIDD $3.3B
FY22
CRS $1.8B
MIDD $4.0B
FY23
CRS $2.6B
MIDD $3.2B
FY24
CRS $2.8B
MIDD $3.2B
FY25
CRS $2.9B
MIDD $3.2B
FY26
CRS $3.1B
MIDD —
CRS
MIDD
Operating margin
FY17
CRS 6.8%
MIDD 16.2%
FY18
CRS 8.8%
MIDD 16.4%
FY19
CRS 10.1%
MIDD 17.4%
FY20
CRS 1.2%
MIDD 12.9%
FY21
CRS −16.9%
MIDD 19.4%
FY22
CRS −1.4%
MIDD 15.9%
FY23
CRS 5.2%
MIDD 20.1%
FY24
CRS 11.7%
MIDD 20.5%
FY25
CRS 18.1%
MIDD 18.0%
FY26
CRS 22.5%
MIDD —
CRS
MIDD
Free cash flow
FY17
CRS $31.8M
MIDD $250M
FY18
CRS $74.2M
MIDD $333M
FY19
CRS $52.1M
MIDD $331M
FY20
CRS $60.4M
MIDD $490M
FY21
CRS $150M
MIDD $377M
FY22
CRS −$85.3M
MIDD $265M
FY23
CRS −$67.6M
MIDD $570M
FY24
CRS $178M
MIDD $650M
FY25
CRS $286M
MIDD $559M
FY26
CRS $362M
MIDD —
CRS
MIDD
Return on capital
FY17
CRS 4.8%
MIDD 13.9%
FY18
CRS 10.2%
MIDD 11.5%
FY19
CRS 9.2%
MIDD 10.9%
FY20
CRS 0.6%
MIDD 9.8%
FY21
CRS −10.4%
MIDD 16.3%
FY22
CRS −1.1%
MIDD 9.8%
FY23
CRS 5.3%
MIDD 9.3%
FY24
CRS 13.7%
MIDD 8.9%
FY25
CRS 19.1%
MIDD 8.7%
FY26
CRS 23.7%
MIDD —
CRS
MIDD
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.