IDEX vs Middleby
Add, change or remove companies; up to four.
The short version
- 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%).
| Latest fiscal year | IEX · FY25 | MIDD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.0B | $5.1B |
| 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 | 33.0x | — |
| Piotroski F-score | 7 | 4 |
Revenue
FY16
IEX $2.1B
MIDD $2.3B
FY17
IEX $2.3B
MIDD $2.3B
FY18
IEX $2.5B
MIDD $2.7B
FY19
IEX $2.5B
MIDD $3.0B
FY20
IEX $2.4B
MIDD $2.5B
FY21
IEX $2.8B
MIDD $3.3B
FY22
IEX $3.2B
MIDD $4.0B
FY23
IEX $3.3B
MIDD $3.2B
FY24
IEX $3.3B
MIDD $3.2B
FY25
IEX $3.5B
MIDD $3.2B
IEX
MIDD
Operating margin
FY16
IEX 19.5%
MIDD 18.5%
FY17
IEX 22.0%
MIDD 16.2%
FY18
IEX 22.9%
MIDD 16.4%
FY19
IEX 23.2%
MIDD 17.4%
FY20
IEX 22.1%
MIDD 12.9%
FY21
IEX 23.0%
MIDD 19.4%
FY22
IEX 23.6%
MIDD 15.9%
FY23
IEX 22.4%
MIDD 20.1%
FY24
IEX 20.7%
MIDD 20.5%
FY25
IEX 20.2%
MIDD 18.0%
IEX
MIDD
Free cash flow
FY16
IEX $362M
MIDD $269M
FY17
IEX $389M
MIDD $250M
FY18
IEX $423M
MIDD $333M
FY19
IEX $477M
MIDD $331M
FY20
IEX $518M
MIDD $490M
FY21
IEX $493M
MIDD $377M
FY22
IEX $489M
MIDD $265M
FY23
IEX $627M
MIDD $570M
FY24
IEX $603M
MIDD $650M
FY25
IEX $617M
MIDD $559M
IEX
MIDD
Return on capital
FY16
IEX 14.1%
MIDD 14.9%
FY17
IEX 15.8%
MIDD 13.9%
FY18
IEX 18.6%
MIDD 11.5%
FY19
IEX 19.0%
MIDD 10.9%
FY20
IEX 16.6%
MIDD 9.8%
FY21
IEX 17.3%
MIDD 16.3%
FY22
IEX 16.3%
MIDD 9.8%
FY23
IEX 13.6%
MIDD 9.3%
FY24
IEX 11.3%
MIDD 8.9%
FY25
IEX 10.2%
MIDD 8.7%
IEX
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.