Latest Ratios: P/E Ratio -20.7x · EV/EBITDA 10.1x · ROE -8.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.0B | $6.3B | $6.0B | $6.4B | $5.9B | $9.0B | $5.7B | $4.9B | $4.6B | $6.2B | $5.9B |
| Enterprise Value | $7.0B | $8.2B | $7.8B | $8.7B | $8.6B | $11.2B | $7.2B | $6.7B | $6.4B | $7.1B | $6.6B |
| P/E Ratio → | -20.68 | — | 13.91 | 15.98 | 13.55 | 18.36 | 27.59 | 13.92 | 14.50 | 20.64 | 20.81 |
| P/S Ratio | 1.57 | 1.96 | 1.54 | 1.59 | 1.47 | 2.76 | 2.28 | 1.66 | 1.69 | 2.64 | 2.61 |
| P/B Ratio | 2.07 | 2.26 | 1.64 | 1.97 | 2.12 | 3.60 | 2.89 | 2.52 | 2.76 | 4.52 | 4.68 |
| P/FCF | 9.01 | 11.22 | 9.34 | 11.82 | 22.50 | 24.12 | 11.84 | 14.82 | 14.03 | 24.64 | 21.97 |
| P/OCF | 7.98 | 9.94 | 8.67 | 10.18 | 17.80 | 21.18 | 10.90 | 12.99 | 12.46 | 20.23 | 20.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.57 | 2.01 | 2.15 | 2.13 | 3.45 | 2.87 | 2.27 | 2.36 | 3.04 | 2.90 |
| EV / EBITDA | 10.15 | 11.95 | 9.94 | 11.44 | 11.04 | 14.86 | 16.65 | 10.86 | 11.81 | 14.78 | 13.10 |
| EV / EBIT | 11.86 | 14.26 | 11.63 | 12.94 | 13.14 | 16.59 | 21.75 | 12.30 | 13.30 | 17.33 | 14.82 |
| EV / FCF | — | 14.72 | 12.22 | 16.05 | 32.64 | 30.19 | 14.92 | 20.27 | 19.59 | 28.39 | 24.43 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.1% | 39.1% | 37.9% | 38.0% | 35.9% | 36.8% | 35.1% | 37.3% | 36.9% | 39.1% | 39.7% |
| Operating Margin | 18.4% | 18.4% | 16.9% | 15.7% | 15.9% | 19.4% | 12.9% | 17.4% | 16.4% | 17.6% | 19.7% |
| Net Profit Margin | -8.7% | -8.7% | 11.1% | 9.9% | 10.8% | 15.0% | 8.2% | 11.9% | 11.6% | 12.8% | 12.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.7% | -8.7% | 12.4% | 13.3% | 16.5% | 21.9% | 10.6% | 19.5% | 21.0% | 22.7% | 23.4% |
| ROA | -4.1% | -4.1% | 6.0% | 5.8% | 6.6% | 8.4% | 4.1% | 7.4% | 8.0% | 9.5% | 10.0% |
| ROIC | 8.7% | 8.7% | 8.9% | 8.7% | 9.4% | 11.5% | 6.8% | 10.7% | 11.6% | 14.6% | 17.6% |
| ROCE | 10.1% | 10.1% | 10.5% | 10.6% | 11.3% | 12.6% | 7.3% | 12.2% | 13.0% | 15.5% | 19.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 0.69 | 0.78 | 1.01 | 0.98 | 0.89 | 0.97 | 1.14 | 0.76 | 0.58 |
| Debt / EBITDA | 3.16 | 3.16 | 3.22 | 3.34 | 3.64 | 3.23 | 4.05 | 3.07 | 3.48 | 2.14 | 1.46 |
| Net Debt / Equity | — | 0.70 | 0.50 | 0.71 | 0.95 | 0.90 | 0.75 | 0.92 | 1.09 | 0.69 | 0.52 |
| Net Debt / EBITDA | 2.84 | 2.84 | 2.34 | 3.01 | 3.43 | 2.99 | 3.43 | 2.92 | 3.35 | 1.96 | 1.32 |
| Debt / FCF | — | 3.49 | 2.87 | 4.23 | 10.14 | 6.07 | 3.07 | 5.44 | 5.56 | 3.76 | 2.46 |
| Interest Coverage | 6.14 | 6.14 | 7.26 | 5.58 | 7.34 | 11.84 | 4.21 | 6.60 | 8.21 | 15.76 | 18.59 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.57 | 2.57 | 2.81 | 2.31 | 2.03 | 1.87 | 1.81 | 2.04 | 1.90 | 1.97 | 1.66 |
| Quick Ratio | 1.92 | 1.92 | 1.79 | 1.21 | 0.94 | 0.95 | 1.04 | 1.05 | 0.97 | 1.07 | 0.91 |
| Cash Ratio | 0.21 | 0.21 | 0.83 | 0.29 | 0.16 | 0.20 | 0.38 | 0.16 | 0.13 | 0.19 | 0.14 |
| Asset Turnover | — | 0.51 | 0.53 | 0.58 | 0.59 | 0.51 | 0.48 | 0.59 | 0.60 | 0.70 | 0.78 |
| Inventory Turnover | 2.81 | 2.81 | 2.86 | 2.67 | 2.40 | 2.46 | 3.02 | 3.17 | 3.29 | 3.35 | 3.71 |
| Days Sales Outstanding | — | 65.34 | 60.60 | 62.54 | 60.78 | 64.80 | 52.77 | 55.21 | 53.44 | 51.33 | 52.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 7.2% | 6.3% | 7.4% | 5.4% | 3.6% | 7.2% | 6.9% | 4.8% | 4.8% |
| FCF Yield | 11.1% | 8.9% | 10.7% | 8.5% | 4.4% | 4.1% | 8.4% | 6.7% | 7.1% | 4.1% | 4.6% |
| Buyback Yield | 14.4% | 11.5% | 0.6% | 1.2% | 4.5% | 0.3% | 1.5% | 0.1% | 0.0% | 3.9% | 0.1% |
| Total Shareholder Yield | 14.4% | 11.5% | 0.6% | 1.2% | 4.5% | 0.3% | 1.5% | 0.1% | 0.0% | 3.9% | 0.1% |
| Shares Outstanding | — | $52M | $54M | $54M | $55M | $57M | $55M | $56M | $56M | $57M | $57M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MIDD stock.
The Middleby Corporation's current P/E ratio is -20.7x. The historical average is 20.3x.
The Middleby Corporation's current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
The Middleby Corporation's return on equity (ROE) is -8.7%. The historical average is 23.2%.
Based on historical data, The Middleby Corporation is trading at a P/E of -20.7x. Compare with industry peers and growth rates for a complete picture.
The Middleby Corporation has 39.1% gross margin and 18.4% operating margin. Operating margin between 10-20% is typical for established companies.
The Middleby Corporation's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Persistent negative net profitability
Metrics are mathematically derived from official filings.
Valuation Discount Reflects Earnings Uncertainty
Middleby's forward P/E of 16.37 and EV/EBITDA of 9.16 represent a significant discount to peer Illinois Tool Works, suggesting the market is pricing in the company's recent revenue contraction and negative net margin, as reported in current financial statements.
The valuation gap versus ITW, which trades at a forward EV/EBITDA of 19.25, appears to reflect Middleby's more volatile earnings profile and the recent 17% revenue decline. The forward P/E of 16.37 implies the market expects a return to profitability, but the current negative TTM P/E of -20.96 underscores the uncertainty. The P/B ratio of 2.10 is also well below ITW's 25.38, indicating the market is applying a substantial discount to Middleby's asset base, likely due to concerns over goodwill quality and the recent asset base contraction.
Operating Strength Masked by Net Losses
Middleby's operating margin of 16.9% in Q2 2026 demonstrates core manufacturing resilience, yet the net margin of 6.3% for the same period reveals significant non-operating charges that are eroding bottom-line profitability, according to recent financial statements.
The persistent gap between operating and net margins suggests that non-cash items, such as the impairment charge evident in Q3 2025, continue to distort reported earnings. While the gross margin has held steady near 39%, indicating pricing power, the inability to translate this into consistent net profitability is a key concern. Investors should focus on the operating margin as the best indicator of true earning power, as it strips out the volatile, non-recurring items that have recently dominated the net income line.
Capital Returns Depressed by Asset Impairments
Middleby's ROIC of 2.7% in Q2 2026 is severely depressed compared to its historical average, a trend that appears driven by the significant asset base contraction and non-cash charges rather than a fundamental deterioration in operational efficiency.
The collapse in ROIC from a more typical 2-3% range to a negative -8.0% in Q3 2025, followed by a weak recovery, indicates that the company's invested capital base has been reset by impairments. This makes the current ROIC figure a poor indicator of future compounding potential. The key question is whether the post-separation, streamlined asset base can generate returns closer to the 2.5% level seen in early 2024, which would still be well below peer ITW's 29.0% ROIC, suggesting a structural difference in capital efficiency.
Anomalously Low Leverage Warrants Scrutiny
The reported Debt/Equity ratio of 0.90 in Q2 2026 is strikingly low for a serial acquirer like Middleby, especially when compared to peer Illinois Tool Works' 2.78 D/E, suggesting either a massive deleveraging event or a potential data reporting anomaly that requires verification.
This leverage profile contradicts the company's historical acquisition-driven model and the capital-intensive nature of its industry. The interest coverage ratio of 5.81x appears comfortable, but the low D/E ratio raises questions about the composition of total liabilities, particularly regarding lease obligations and off-balance-sheet financing that may not be captured in this simple metric. The recent separation of the Food Processing business could explain a significant shift in the capital structure, but the magnitude of the change warrants further investigation into the balance sheet details.
The Misleading Net Margin in an Acquisition Model
The net margin is the ratio most commonly misapplied to Middleby, as it is heavily distorted by non-cash acquisition-related charges like goodwill impairments, which obscure the true cash-generating capacity of the core operating business.
For a serial acquirer like Middleby, the net margin is an unreliable metric for assessing ongoing operational performance because it includes large, non-recurring items such as the amortization of intangibles and impairment charges from past M&A. A more appropriate alternative is the operating margin or, even better, a focus on free cash flow margin, which was a robust 9.9% in Q2 2026. This adjustment provides a clearer view of the business's ability to generate cash from its core operations, independent of the accounting consequences of its historical capital allocation strategy.