The Middleby Corporation (MIDD) 10-Year Financial Performance & Capital Metrics

MIDD • • Industrial / General

IndustrialsIndustrial MachineryFood Processing & Commercial EquipmentCommercial Kitchen Equipment

AboutThe Middleby Corporation designs, manufactures, markets, distributes, and services a range of foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, rethermalizers; steam cooking, food warming, catering, induction cooking, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, and freezers; and soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, and IoT solutions. The company's Food Processing Equipment Group segment provides batch, baking, proofing, conveyor belt, and continuous processing ovens; frying and automated thermal processing systems; tumblers, massagers, grinders, slicers, reduction and emulsion systems, mixers, formers, and blenders; battering, breading, and seeding equipment; water cutting systems, food presses, food suspension equipment, filling and depositing solutions, and forming equipment; and food safety, food handling, freezing, and defrosting and packaging equipment for customers producing hot dog, dinner sausage, poultry, and lunchmeat, as well as muffin, cookie, and bread products. Its Residential Kitchen Equipment Group segment offers kitchen equipment comprising cookers, stoves, dishwashers, microwaves, cooktops, wine coolers, ice machines, and ventilation and outdoor equipment. The company was formerly known as Middleby Marshall Oven Company and changed its name to The Middleby Corporation in 1985. The company was founded in 1888 and is based in Elgin, Illinois.Show more

Revenue $3.88B -4.0%
EBITDA $783M +3.0%
Net Income $428M +6.9%
EPS (Diluted) 7.90 +6.6%
Gross Margin 37.94% -0.2%
EBITDA Margin 20.21% +7.3%
Operating Margin 16.93% +7.7%
Net Margin 11.06% +11.3%
ROE 12.44% -6.2%
ROIC 8.94% +3.3%
Debt/Equity 0.69 -11.3%
Interest Coverage 7.11 +34.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 16.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 11.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y9%

5Y5.54%

3Y6.03%

TTM0.27%

Profit (Net Income) CAGR

10Y8.28%

5Y3.99%

3Y-4.28%

TTM-151.57%

EPS CAGR

10Y8.8%

5Y4.53%

3Y-2.87%

TTM-160.69%

ROCE

10Y Avg12.73%

5Y Avg10.46%

3Y Avg10.8%

Latest10.49%

Peer Comparison

Commercial Kitchen Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
JCSEJE Cleantech Holdings Limited	8.36M	1.59	252.38	6.92%	1.48%	3.34%	9.56%	0.61
MIDDThe Middleby Corporation	7.5B	148.85	18.84	-4%	-5.21%	-6.89%	8.5%	0.69
LBGJLi Bang International Corporation Inc. Ordinary Shares	2.4M	0.72	-9.78	-22.92%	-12.61%	-35.16%		2.53

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.83B	2.27B	2.34B	2.72B	2.96B	2.51B	3.25B	4.03B	4.04B	3.88B
Revenue Growth %	0.12%	0.24%	0.03%	0.17%	0.09%	-0.15%	0.29%	0.24%	0%	-0.04%
Cost of Goods Sold+	1.12B	1.37B	1.42B	1.72B	1.86B	1.63B	2.06B	2.59B	2.5B	2.4B
COGS % of Revenue	0.61%	0.6%	0.61%	0.63%	0.63%	0.65%	0.63%	0.64%	0.62%	0.62%
Gross Profit+	706.5M	901.18M	912.74M	1B	1.1B	882.05M	1.19B	1.45B	1.53B	1.47B
Gross Margin %	0.39%	0.4%	0.39%	0.37%	0.37%	0.35%	0.37%	0.36%	0.38%	0.38%
Gross Profit Growth %	0.1%	0.28%	0.01%	0.1%	0.1%	-0.2%	0.35%	0.21%	0.06%	-0.04%
Operating Expenses+	375.15M	444.43M	436.49M	538.84M	589.45M	557.62M	564.87M	806.95M	899.19M	814.18M
OpEx % of Revenue	0.21%	0.2%	0.19%	0.2%	0.2%	0.22%	0.17%	0.2%	0.22%	0.21%
Selling, General & Admin	375.15M	444.43M	436.49M	538.84M	593.81M	491.9M	667.98M	797.23M	794.44M	762.5M
SG&A % of Revenue	0.21%	0.2%	0.19%	0.2%	0.2%	0.2%	0.21%	0.2%	0.2%	0.2%
Research & Development	22.4M	26.3M	29.1M	35.3M	0	35.3M	0	0	53.1M	0
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	-	0.01%	-	-	0.01%	-
Other Operating Expenses	-4.47M	-1.04M	-829K	36.29M	-4.36M	30.42M	-103.11M	9.72M	51.65M	51.68M
Operating Income+	302.6M	446.23M	410.34M	445.97M	514.04M	324.43M	629.99M	639.6M	634.87M	656.19M
Operating Margin %	0.17%	0.2%	0.18%	0.16%	0.17%	0.13%	0.19%	0.16%	0.16%	0.17%
Operating Income Growth %	0.01%	0.47%	-0.08%	0.09%	0.15%	-0.37%	0.94%	0.02%	-0.01%	0.03%
EBITDA+	356.68M	502.32M	480.12M	543.2M	617.47M	432.52M	755.24M	777.66M	760.27M	783.36M
EBITDA Margin %	0.2%	0.22%	0.21%	0.2%	0.21%	0.17%	0.23%	0.19%	0.19%	0.2%
EBITDA Growth %	0.04%	0.41%	-0.04%	0.13%	0.14%	-0.3%	0.75%	0.03%	-0.02%	0.03%
D&A (Non-Cash Add-back)	54.07M	56.1M	69.77M	97.24M	103.43M	108.09M	125.24M	138.06M	125.4M	127.17M
EBIT	298.13M	443.95M	409.51M	482.25M	545.23M	331.16M	676.66M	653.39M	671.95M	669.55M
Net Interest Income+	-16.97M	-23.88M	-25.98M	-58.74M	-82.61M	-78.62M	-57.16M	-88.98M	-120.35M	-92.23M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	16.97M	23.88M	25.98M	58.74M	82.61M	78.62M	57.16M	88.98M	120.35M	92.23M
Other Income/Expense	-21.44M	2.29M	4.92M	-22.45M	-51.42M	-56.37M	-10.49M	-75.19M	-115.49M	-78.87M
Pretax Income+	281.17M	421.31M	383.53M	423.51M	462.62M	268.06M	619.5M	564.41M	519.38M	577.32M
Pretax Margin %	0.15%	0.19%	0.16%	0.16%	0.16%	0.11%	0.19%	0.14%	0.13%	0.15%
Income Tax+	89.56M	137.09M	85.4M	106.36M	110.38M	60.76M	131.01M	127.85M	118.5M	148.89M
Effective Tax Rate %	0.68%	0.67%	0.78%	0.75%	0.76%	0.77%	0.79%	0.77%	0.77%	0.74%
Net Income+	191.61M	284.22M	298.13M	317.15M	352.24M	207.29M	488.49M	436.57M	400.88M	428.43M
Net Margin %	0.1%	0.13%	0.13%	0.12%	0.12%	0.08%	0.15%	0.11%	0.1%	0.11%
Net Income Growth %	-0.01%	0.48%	0.05%	0.06%	0.11%	-0.41%	1.36%	-0.11%	-0.08%	0.07%
Net Income (Continuing)	191.61M	284.22M	298.13M	317.15M	352.24M	207.29M	488.49M	436.57M	400.88M	428.43M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	3.36	4.98	5.26	5.70	6.33	3.76	8.62	7.95	7.41	7.90
EPS Growth %	-0.01%	0.48%	0.06%	0.08%	0.11%	-0.41%	1.29%	-0.08%	-0.07%	0.07%
EPS (Basic)	3.36	4.98	5.26	5.71	6.33	3.76	8.85	8.07	7.48	7.97
Diluted Shares Outstanding	56.97M	57.09M	56.72M	55.6M	55.66M	55.14M	56.66M	54.95M	54.09M	54.21M
Basic Shares Outstanding	56.95M	57.03M	56.72M	55.58M	55.65M	55.09M	55.22M	54.09M	53.58M	53.74M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	795.16M	811.7M	931.89M	1.06B	1.21B	1.27B	1.71B	2.01B	1.97B	2.33B
Cash & Short-Term Investments	55.53M	68.48M	89.65M	71.7M	94.5M	268.1M	180.36M	162M	247.5M	689.53M
Cash Only	55.53M	68.48M	89.65M	71.7M	94.5M	268.1M	180.36M	162M	247.5M	689.53M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	282.53M	325.87M	328.42M	398.66M	447.61M	363.36M	577.14M	671.57M	691.65M	643.36M
Days Sales Outstanding	56.46	52.45	51.33	53.44	55.21	52.77	64.8	60.78	62.54	60.6
Inventory	354.15M	368.24M	424.64M	521.81M	585.7M	540.2M	837.42M	1.08B	935.87M	841.57M
Days Inventory Outstanding	115.41	98.35	108.94	110.81	115.19	120.87	148.67	152.1	136.5	127.73
Other Current Assets	91.52M	42.7M	55.43M	50.94M	61.22M	81.05M	92.27M	85.2M	65.62M	131.57M
Total Non-Current Assets+	1.97B	2.11B	2.41B	3.49B	3.79B	3.93B	4.68B	4.87B	4.94B	4.95B
Property, Plant & Equipment	199.75M	221.57M	281.92M	314.57M	352.14M	344.48M	380.98M	443.53M	620.27M	525.97M
Fixed Asset Turnover	9.14x	10.24x	8.28x	8.66x	8.40x	7.30x	8.53x	9.09x	6.51x	7.37x
Goodwill	983.34M	1.09B	1.26B	1.74B	1.85B	1.93B	2.24B	2.41B	2.49B	2.52B
Intangible Assets	749.43M	696.17M	780.43M	1.36B	1.44B	1.45B	1.88B	1.79B	1.69B	1.61B
Long-Term Investments	0	8.84M	10.27M	13.49M	0	0	0	58.18M	39.88M	27.97M
Other Non-Current Assets	22.03M	34.43M	25.84M	23.74M	110.74M	126.81M	143.49M	154.36M	93.35M	263.64M
Total Assets+	2.76B	2.92B	3.34B	4.55B	5B	5.2B	6.38B	6.87B	6.91B	7.28B
Asset Turnover	0.66x	0.78x	0.70x	0.60x	0.59x	0.48x	0.51x	0.59x	0.58x	0.53x
Asset Growth %	0.34%	0.06%	0.14%	0.36%	0.1%	0.04%	0.23%	0.08%	0%	0.05%
Total Current Liabilities+	509.97M	488.41M	473.65M	558.95M	593.14M	700.26M	914.89M	988.28M	851.09M	829.32M
Accounts Payable	157.76M	146.92M	146.33M	188.3M	173.69M	182.77M	304.74M	271.37M	227.08M	208.91M
Days Payables Outstanding	51.41	39.24	37.54	39.99	34.16	40.9	54.1	38.3	33.12	31.71
Short-Term Debt	0	5.88M	5.15M	3.21M	2.89M	22.94M	27.29M	45.58M	44.82M	43.95M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	286.66M	205.8M	202.29M	215.13M	0	36.39M	0	24.04M	288.01M	420.84M
Current Ratio	1.56x	1.66x	1.97x	1.90x	2.04x	1.81x	1.87x	2.03x	2.31x	2.81x
Quick Ratio	0.86x	0.91x	1.07x	0.97x	1.05x	1.04x	0.95x	0.94x	1.21x	1.79x
Cash Conversion Cycle	120.45	111.56	122.72	124.26	136.23	132.75	159.37	174.58	165.92	156.62
Total Non-Current Liabilities+	1.08B	1.16B	1.5B	2.33B	2.46B	2.53B	2.97B	3.09B	2.81B	2.82B
Long-Term Debt	734M	726.24M	1.02B	1.89B	1.87B	1.71B	2.39B	2.68B	2.38B	2.35B
Capital Lease Obligations	0	0	0	0	0	0	0	80.24M	87.55M	98.04M
Deferred Tax Liabilities	113.01M	77.76M	87.81M	113.9M	133.5M	147.22M	186.94M	220.2M	216.14M	252.06M
Other Non-Current Liabilities	237.34M	359.41M	393.37M	322.83M	458.45M	671.69M	400.5M	99.15M	105.92M	94.25M
Total Liabilities	1.59B	1.65B	1.98B	2.88B	3.06B	3.23B	3.89B	4.08B	3.66B	3.64B
Total Debt+	766.06M	732.13M	1.03B	1.89B	1.89B	1.75B	2.44B	2.83B	2.54B	2.52B
Net Debt	710.53M	663.64M	939.23M	1.82B	1.8B	1.48B	2.26B	2.67B	2.29B	1.83B
Debt / Equity	0.66x	0.58x	0.76x	1.14x	0.97x	0.89x	0.98x	1.01x	0.78x	0.69x
Debt / EBITDA	2.15x	1.46x	2.14x	3.48x	3.07x	4.05x	3.23x	3.64x	3.34x	3.22x
Net Debt / EBITDA	1.99x	1.32x	1.96x	3.35x	2.92x	3.43x	2.99x	3.43x	3.01x	2.34x
Interest Coverage	17.83x	18.69x	15.79x	7.59x	6.22x	4.13x	11.02x	7.19x	5.28x	7.11x
Total Equity+	1.17B	1.27B	1.36B	1.67B	1.95B	1.98B	2.49B	2.8B	3.25B	3.64B
Equity Growth %	0.16%	0.08%	0.08%	0.22%	0.17%	0.02%	0.26%	0.12%	0.16%	0.12%
Book Value per Share	20.48	22.17	24.00	29.95	34.98	35.85	44.02	50.92	60.09	67.12
Total Shareholders' Equity	1.17B	1.27B	1.36B	1.67B	1.95B	1.98B	2.49B	2.8B	3.25B	3.64B
Common Stock	144K	144K	145K	145K	145K	147K	147K	147K	148K	148K
Retained Earnings	1.12B	1.4B	1.7B	2.01B	2.36B	2.57B	3.06B	3.5B	3.9B	4.33B
Treasury Stock	-200.86M	-205.28M	-445.12M	-445.12M	-451.26M	-537.13M	-566.4M	-831.18M	-906.03M	-940.69M
Accumulated OCI	-76.41M	-284.32M	-266.42M	-276.48M	-350.93M	-488.43M	-359.08M	-278.47M	-223.2M	-269.39M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	249.59M	294.11M	304.45M	368.91M	377.43M	524.78M	423.4M	332.55M	628.79M	686.82M
Operating CF Margin %	0.14%	0.13%	0.13%	0.14%	0.13%	0.21%	0.13%	0.08%	0.16%	0.18%
Operating CF Growth %	0.07%	0.18%	0.04%	0.21%	0.02%	0.39%	-0.19%	-0.21%	0.89%	0.09%
Net Income	191.61M	284.22M	298.13M	317.15M	352.24M	207.29M	488.49M	436.57M	400.88M	428.43M
Depreciation & Amortization	54.07M	58.23M	69.77M	97.24M	103.43M	110.53M	125.24M	138.06M	132.6M	127.17M
Stock-Based Compensation	15.86M	27.91M	6.24M	2.5M	8.13M	19.61M	42.33M	58.37M	51.05M	36.15M
Deferred Taxes	1.92M	21.36M	-14.49M	20.49M	22.21M	16.42M	6.86M	-6.64M	-2.4M	35.88M
Other Non-Cash Items	115.94M	199.81M	49.07M	6.42M	-28.86M	-4M	-43.91M	-54.81M	70.57M	23.25M
Working Capital Changes	-13.88M	-97.61M	-104.26M	-74.88M	-79.73M	174.92M	-195.62M	-239M	-23.91M	35.94M
Change in Receivables	17.11M	-33.91M	26.18M	-25.35M	-27.75M	90.4M	-99.89M	-28.39M	-4.62M	11.98M
Change in Inventory	7.83M	-22.25M	-9.74M	-28.38M	-28.29M	66.69M	-204.17M	-196.31M	157.87M	95.41M
Change in Payables	-18.04M	-7.73M	-21.63M	13.61M	-29.4M	-3.02M	61.34M	-47.74M	-49.37M	-21.93M
Cash from Investing+	-370.99M	-235.74M	-345.47M	-1.24B	-327.67M	-106.76M	-1.01B	-348.32M	-155.74M	-158.53M
Capital Expenditures	-22.36M	-24.82M	-54.49M	-41.44M	-46.61M	-41.9M	-51.55M	-69.52M	-85.18M	-49.31M
CapEx % of Revenue	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	14.28M	-5.4M	0	14.15M	6.29M	0	-1.8M	2.43M
Cash from Financing+	136.76M	-41.37M	55.84M	856.13M	-25.45M	-252.47M	502.79M	7.63M	-390.94M	-73.77M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.41M	-7.61M	0	-1.61M	-1.65M	-3.7M	-69.96M	-17.87M	-7.91M	-4.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	227.23M	269.29M	249.96M	327.48M	330.82M	482.88M	371.85M	263.03M	541.81M	637.51M
FCF Margin %	0.12%	0.12%	0.11%	0.12%	0.11%	0.19%	0.11%	0.07%	0.13%	0.16%
FCF Growth %	0.03%	0.19%	-0.07%	0.31%	0.01%	0.46%	-0.23%	-0.29%	1.06%	0.18%
FCF per Share	3.99	4.72	4.41	5.89	5.94	8.76	6.56	4.79	10.02	11.76
FCF Conversion (FCF/Net Income)	1.30x	1.03x	1.02x	1.16x	1.07x	2.53x	0.87x	0.76x	1.57x	1.60x
Interest Paid	0	0	0	0	0	0	0	0	119.2M	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	17.63%	23.37%	22.7%	20.96%	19.5%	10.57%	21.85%	16.5%	13.26%	12.44%
Return on Invested Capital (ROIC)	13.2%	17.58%	14.55%	11.56%	10.66%	6.75%	11.51%	9.39%	8.65%	8.94%
Gross Margin	38.68%	39.74%	39.08%	36.88%	37.29%	35.1%	36.76%	35.87%	38%	37.94%
Net Margin	10.49%	12.53%	12.76%	11.65%	11.9%	8.25%	15.03%	10.83%	9.93%	11.06%
Debt / Equity	0.66x	0.58x	0.76x	1.14x	0.97x	0.89x	0.98x	1.01x	0.78x	0.69x
Interest Coverage	17.83x	18.69x	15.79x	7.59x	6.22x	4.13x	11.02x	7.19x	5.28x	7.11x
FCF Conversion	1.30x	1.03x	1.02x	1.16x	1.07x	2.53x	0.87x	0.76x	1.57x	1.60x
Revenue Growth	11.61%	24.16%	2.98%	16.59%	8.69%	-15.08%	29.35%	24.06%	0.09%	-4%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Commercial Foodservice Equipment Group	1.12B	1.27B	1.38B	-	1.98B	1.51B	2.03B	2.41B	2.52B	2.42B
Commercial Foodservice Equipment Group Growth	-	13.02%	9.09%	-	-	-23.89%	34.60%	18.57%	4.61%	-4.05%
Food Processing Group	297.71M	342.24M	352.72M	-	400.95M	437.27M	480.75M	574.47M	720.62M	731M
Food Processing Group Growth	-	14.96%	3.06%	-	-	9.06%	9.94%	19.49%	25.44%	1.44%
Residential Kitchen	407.84M	658.66M	600.72M	-	574.15M	565.71M	737.28M	1.05B	794.52M	724.92M
Residential Kitchen Growth	-	61.50%	-8.80%	-	-	-1.47%	30.33%	42.16%	-24.20%	-8.76%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States And Canada	-	-	-	366.68M	-	-	-	-	2.82B	2.61B
United States And Canada Growth	-	-	-	-	-	-	-	-	-	-7.31%
Europe And Middle East	-	-	-	221.13M	-	-	-	-	773.32M	826.91M
Europe And Middle East Growth	-	-	-	-	-	-	-	-	-	6.93%
Asia	-	-	-	7.16M	-	-	-	-	285.86M	262.7M
Asia Growth	-	-	-	-	-	-	-	-	-	-8.10%
Latin America	-	-	-	8.56M	-	-	-	-	156.37M	170.67M
Latin America Growth	-	-	-	-	-	-	-	-	-	9.15%

Frequently Asked Questions

Valuation & Price

The Middleby Corporation (MIDD) has a price-to-earnings (P/E) ratio of 18.8x. This is roughly in line with market averages.

Growth & Financials

The Middleby Corporation (MIDD) reported $3.88B in revenue for fiscal year 2024. This represents a 353% increase from $855.9M in 2011.

The Middleby Corporation (MIDD) saw revenue decline by 4.0% over the past year.

The Middleby Corporation (MIDD) reported a net loss of $202.4M for fiscal year 2024.

Dividend & Returns

The Middleby Corporation (MIDD) has a return on equity (ROE) of 12.4%. This is reasonable for most industries.

The Middleby Corporation (MIDD) generated $591.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...