The Middleby Corporation

The Middleby Corporation

MIDDยทNASDAQ

$156.22

+0.74%
IndustrialsIndustrial - Machinery

The 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.

At a Glance

Live Snapshot
Market Cap$7.06B
EPS-5.3800
P/E Ratio-29.04
Earnings Date08/05/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal ยท Driver ยท Risk

Signal

Medium confidence

Valuation multiple is compressed (P/E -29.0).

Valuation inputs: P/E -29.0, earnings yield N/A, momentum +0.7%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is soft (ROE -10.0%, ROIC +8.5%).

Profitability stack: net margin -8.7%, ROE -10.0%, ROIC +8.5%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Risk profile is balanced but has notable pressure points to monitor.

Risk factors: liabilities/assets +56.0%, momentum +0.7%, net margin -8.7%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

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The Middleby Corporation Market vs Earnings Trajectory

MIDD ยท NASDAQ

Loading price and EPS data...

The Middleby Corporation

The Middleby Corporation Fair Value Envelope

MIDD ยท NASDAQ

Our analysis suggests that MIDD has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $156.22, this represents a potential HIDDEN relative to our calculated worth for The Middleby Corporation.

Intrinsic Value
Current Price: $156.22
3Y-167.0%
5Y-243.0%
10Y-208.0%
3Y-21.0%
5Y+27.0%
10Y+41.0%
3Y-164.0%
5Y-234.0%
10Y-198.0%
3Y+90.0%
5Y+20.0%
10Y+114.0%
3Y+112.0%
5Y+16.0%
10Y+107.0%
3Y-8.0%
5Y+21.0%
10Y+116.0%
The Middleby Corporation

The Middleby Corporation Profit Bridge

MIDD ยท NASDAQ
Revenue3.20B
Cost of Goods Sold (1.95B)
Gross Profit1.25B
Operating Expenses (663.16M)
Operating Income588.76M
Interest Expense (93.83M)
Other Income/Expense-106.48M
Pretax Income482.27M
Income Tax (115.01M)
Net Income-277.73M
Net Income
-277.73M

Profitability Analysis

Gross Margin

39.1%

Strong gross margins indicate healthy pricing and efficient production or service delivery.

Operating Margin

18.4%

Healthy operating margins demonstrate effective cost control and strong business fundamentals.

Net Profit Margin

-8.7%

Net losses indicate the company is burning cash. Sustainability depends on path to profitability.

Effective Tax Rate

23.8%

Moderate tax rate typical for most corporations. Represents standard tax burden on profits.

Profitability Insight

Interest or tax burden: Strong operational performance but thin net margins indicate high interest expenses or unfavorable tax position eating into profits.

39.11%
Gross Profit Margin
3%
3Y+9.0%
5Y+11.0%
10Y-2.0%
18.39%
Operating Profit Margin
9%
3Y+16.0%
5Y+42.0%
10Y-7.0%
-8.68%
Net Profit Margin
-178%
3Y-180.0%
5Y-205.0%
10Y-169.0%
-10.00%
Return on Equity
-185%
3Y-164.0%
5Y-195.0%
10Y-145.0%
-4.40%
Return on Assets
-175%
3Y-169.0%
5Y-210.0%
10Y-145.0%
8.47%
Return on Invested Capital
14%
3Y+2.0%
5Y+54.0%
10Y-31.0%
MIDD

The Middleby Corporation Cash Conversion Engine

MIDD ยท NASDAQ
Net Income-277.73M
Depreciation & Amortization105.31M
Stock-Based Compensation13.46M
Change in Working Capital4.23M
Others714.79M
Capital Expenditures-71.84M
Free Cash Flow558.35M

Cash Flow Quality Analysis

FCF Conversion Rate

-201.0%

Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.

CapEx Intensity

11.4%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

-12.4%

Declining FCF warrants attention. Investigate whether due to temporary factors or fundamental deterioration.

Working Capital Impact

+$4.23M

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

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The Middleby Corporation Funding & Solvency Profile

MIDD ยท NASDAQ
Cash & Cash Equivalents177.06M
Net Receivables608.03M
Inventory728.39M
Other Current Assets108.65M
Total Current Assets2 B
Property, Plant & Equipment424.96M
Goodwill & Intangible Assets2.84B
Long-Term Investments239.48M
Other Non-Current Assets263.28M
Total Non-Current Assets928 M
Total Assets
5.42B

Financial Health Analysis

Current Ratio

1.96x

Strong liquidity. The company has adequate resources to meet short-term liabilities.

Debt-to-Equity Ratio

1.28x

Elevated leverage. Debt exceeds equity, which amplifies both gains and risks. Monitor debt servicing ability.

Working Capital

809 M

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

30% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

midd

The Middleby Corporation Street Expectations Map

MIDD ยท NASDAQ

Wall Street analysts project that MIDD stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 192.50, with estimates ranging from a low of 175.00 to a high of 205.00.

Lowest Target
175.00
12.02%
Consensus Target
192.50
23.22%
Highest Target
205.00
31.23%

The consensus 1-year price target stands at 192.50, with estimates ranging from a low of 175.00 to a high of 205.00.

Analyst Consensus Analysis

Upside Potential

+23.2%

Strong upside potential. Consensus indicates attractive return opportunity with favorable risk-reward profile.

Analyst Agreement

15.6% spread

High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.

Analyst Conviction

Very High

Strong buy conviction: High upside with tight consensus suggests compelling investment opportunity backed by analyst confidence.

Market Sentiment Insight

Rare opportunity: Exceptional upside potential with strong analyst consensus creates a compelling setup. The combination of significant price target premium and tight agreement suggests high-conviction undervaluation that may attract institutional capital.

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The Middleby Corporation Insider Positioning

MIDD ยท NASDAQ

During the last 12 months, insiders have purchased $4.58M worth of MIDD shares, with no selling activity reported.

3 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

3-6 Months

Bought

31.3K

4.58M

Sold

0

0.00

Net Activity

+4.6M

+$4.58M

6-9 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

9-12 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

Top Buyers

1
GEP

Garden Edward P

Director

30.5K sharesโ€ข2 transactions

$4.48M

2
NRA

Nerbonne Robert A

Director

780 sharesโ€ข1 transactions

$100K

Top Sellers

No selling activity

Insider Activity Analysis

Net Insider Sentiment

Bullish

Strong bullish signal with $4.58M net buying. Insiders are aggressively accumulating shares, suggesting significant confidence in future prospects.

Buy/Sell Ratio

โˆž:1

Perfect buy/sell ratio. Only buying activity with zero sellingโ€”the most bullish possible insider signal.

Insider Participation

High Buying

2 insider buyers vs. 0 sellers. Broad-based buying across management team suggests widespread confidence.

Insider Activity Insight

Compelling insider conviction: The combination of strong buy/sell ratio and multiple buyers suggests insiders see attractive risk/reward. Consider this alongside fundamental analysis for confirmation.

No Dividend Yield Data

MIDD has not reported any dividend yield values in the available annual periods.

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midd Dividend History

MIDD
10Y CAGR +23%
Latest $0.067
Annual $0.108334
5 year growth trend
Last Period: +60%