IDEX vs Middleby
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KIRA’s take AI analyst
I put IDEX and Middleby side by side, using each one’s latest annual report. Here is what stands out:
- IDEX is the larger business, with $3.5B of revenue in fiscal 2025 against $3.2B for Middleby.
- IDEX grew revenue faster (5.8%, against 1.6%).
- IDEX kept more of each dollar of sales as operating profit (20.2% operating margin, against 18.0%).
- IDEX earned a higher return on the capital invested in it (10.2%, against 8.7%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
IDEX
IEX
10/11
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
Middleby
MIDD
1/11
Share count change
Side by side
Best in the row
| Latest fiscal year | IEX FY25 | MIDD FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.1B | $5.2B |
| Revenue | $3.5B | $3.2B |
| Free cash flow | $617M | $559M |
| Net income | $483M | −$278M |
| Growth | ||
| Revenue growth | 5.8% | 1.6% |
| 5-year growth | 8.0% | 5.0% |
| Share count change | −0.8% | −3.7% |
| Profitability | ||
| Gross margin | 44.5% | 39.1% |
| Operating margin | 20.2% | 18.0% |
| Net margin | 14.0% | −8.7% |
| FCF margin | 17.8% | 17.5% |
| Return on capital | 10.2% | 8.7% |
| Return on equity | 12.4% | −8.7% |
| Balance sheet | ||
| Net debt | $1.2B | $2.0B |
| Net debt / EBITDA | 1.4x | 2.9x |
| Dividends and buybacks | $460M | $724M |
| Valuation & quality | ||
| P/E | 33.2x | — |
| Piotroski F-score | 7 | 4 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.