Middleby vs Nordson
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The short version
- Middleby is the larger business, with $3.2B of revenue in fiscal 2025 against $2.8B for Nordson.
- Nordson grew revenue faster (3.8%, against 1.6%).
- Nordson kept more of each dollar of sales as operating profit (25.5% operating margin, against 18.0%).
- Nordson turned more of its sales into free cash flow (23.7% FCF margin, against 17.5%).
- Nordson earned a higher return on the capital invested in it (11.6%, against 8.7%).
| Latest fiscal year | MIDD · FY25 | NDSN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.1B | $17.9B |
| Revenue | $3.2B | $2.8B |
| Free cash flow | $559M | $661M |
| Net income | −$278M | $485M |
| Growth | ||
| Revenue growth | 1.6% | 3.8% |
| 5-year growth | 5.0% | 5.7% |
| Share count change | −3.7% | −1.2% |
| Profitability | ||
| Gross margin | 39.1% | 55.2% |
| Operating margin | 18.0% | 25.5% |
| Net margin | −8.7% | 17.4% |
| FCF margin | 17.5% | 23.7% |
| Return on capital | 8.7% | 11.6% |
| Return on equity | −8.7% | 16.2% |
| Balance sheet | ||
| Net debt | $2.0B | $1.9B |
| Net debt / EBITDA | 2.9x | 2.4x |
| Dividends and buybacks | $724M | $486M |
| Valuation & quality | ||
| P/E | — | 32.3x |
| Piotroski F-score | 4 | 5 |
FY16
MIDD $2.3B
NDSN $1.8B
FY17
MIDD $2.3B
NDSN $2.1B
FY18
MIDD $2.7B
NDSN $2.3B
FY19
MIDD $3.0B
NDSN $2.2B
FY20
MIDD $2.5B
NDSN $2.1B
FY21
MIDD $3.3B
NDSN $2.4B
FY22
MIDD $4.0B
NDSN $2.6B
FY23
MIDD $3.2B
NDSN $2.6B
FY24
MIDD $3.2B
NDSN $2.7B
FY25
MIDD $3.2B
NDSN $2.8B
MIDD
NDSN
FY16
MIDD 18.5%
NDSN 21.5%
FY17
MIDD 16.2%
NDSN 22.6%
FY18
MIDD 16.4%
NDSN 22.3%
FY19
MIDD 17.4%
NDSN 22.0%
FY20
MIDD 12.9%
NDSN 16.5%
FY21
MIDD 19.4%
NDSN 26.0%
FY22
MIDD 15.9%
NDSN 27.1%
FY23
MIDD 20.1%
NDSN 25.6%
FY24
MIDD 20.5%
NDSN 25.1%
FY25
MIDD 18.0%
NDSN 25.5%
MIDD
NDSN
FY16
MIDD $269M
NDSN $274M
FY17
MIDD $250M
NDSN $285M
FY18
MIDD $333M
NDSN $415M
FY19
MIDD $331M
NDSN $319M
FY20
MIDD $490M
NDSN $452M
FY21
MIDD $377M
NDSN $508M
FY22
MIDD $265M
NDSN $462M
FY23
MIDD $570M
NDSN $607M
FY24
MIDD $650M
NDSN $492M
FY25
MIDD $559M
NDSN $661M
MIDD
NDSN
FY16
MIDD 14.9%
NDSN 16.4%
FY17
MIDD 13.9%
NDSN 14.9%
FY18
MIDD 11.5%
NDSN 15.9%
FY19
MIDD 10.9%
NDSN 14.1%
FY20
MIDD 9.8%
NDSN 10.8%
FY21
MIDD 16.3%
NDSN 18.1%
FY22
MIDD 9.8%
NDSN 19.9%
FY23
MIDD 9.3%
NDSN 15.0%
FY24
MIDD 8.9%
NDSN 11.6%
FY25
MIDD 8.7%
NDSN 11.6%
MIDD
NDSN
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.