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Middleby Corp (MIDD) stock

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NASDAQ: MIDD Nasdaq Industrial Machinery & Supplies & Components Next results ~November 5, 2026

C+ Fundamentals grade

Middleby Corp is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger).

Price vs value

Under review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger). We'll show the comparison once resolved.

Middleby Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Middleby files

Where Middleby stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $3.39bn, up 8.4% on a year earlier, faster than 5.8% a quarter earlier. Free-cash-flow margin fell to 14.2% from 19.4% a year earlier. Operating margin narrowed to 16.5% from 19.5%. The diluted share count is down 10.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 5 financial-health checks. At that price, our model says the market is pricing in cash flow shrinking about 5.5% a year for five years, slower than the 0.8% a year revenue growth it has delivered.

Our model value for Middleby is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Middleby Corp's trailing-twelve-month revenue grew 8.4% year on year, with a free-cash-flow margin of 14.2%. Where it stands out: change in share count of -10.5% ranks 1 of 73 industrial machinery & supplies & components companies we cover. Where it lags: net margin of -13.9% ranks 66 of 76 industrial machinery & supplies & components companies we cover.

Our discounted-cash-flow model values the business at ~$190 per share in the base case (~$130–$270 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net margin compressing: TTM net margin fell to -13.9%, down 27.5pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 10.5% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 11 November; the share price can move sharply on the day.
  • Below peers: net margin. Net margin of -13.9% ranks 66 of 76 industrial machinery & supplies & components companies we cover (median 8.9%).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 36.1% ranks 50 of 59 industrial machinery & supplies & components companies we cover (median 23.4%).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 9.8% over 90 days.

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
$2.35 against an average estimate of $2.09: beat by 12.3%
Revenue
$876m, up 9.9% on a year earlier
Share reaction
-8.7% in the first session after the results on August 11, 2026, against -0.1% for the S&P 500
Guidance given
revenue growth growth 6% to 8% (FY 2026); net sales $620m to $640m (3rd Qtr, 2026)
Next report
November 5, 2026; average EPS estimate $1.75

Middleby's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.8%
  • 1 week+7.9%
  • 1 month+18.1%
  • This year+3.2%
  • 1 year+23.5%
  • 5 years-16.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.4B
Operating margin
16.5%
Net margin
-13.9%
EPS (TTM, diluted)
$-9.74

Growth

Revenue growth
+8.4%
Change in growth rate
+2.6 pts
Share count change
−10.5%

Cash

Free cash flow (TTM)
$482M
FCF margin
14.2%
Stock pay % of revenue
0.7%

Earnings

Last results
August 11, 2026
Next results (est.)
November 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Partnership
  9. Results
  10. Guidance
  11. Announcement
  12. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Middleby Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger).

Our value per share comes from a discounted-cash-flow model of Middleby Corp's free cash flow after stock-based pay ( $634M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$86.78$103.63$108.57$81.60$88.28$103.72$158.29$107.72$118.40$109.88$121.30$123.47
Market value$4.9bn$5.9bn$6.2bn$4.5bn$4.9bn$5.7bn$9.0bn$5.9bn$6.4bn$6.0bn$6.3bn$6.0bn
+ Net debt (− = net cash)$711m$664m$939m$1.8bn$1.8bn$1.5bn$2.2bn$2.6bn$2.2bn$2.5bn$2.0bn$1.8bn
Enterprise value$5.7bn$6.6bn$7.1bn$6.4bn$6.7bn$7.2bn$11.2bn$8.5bn$8.6bn$8.4bn$8.3bn$7.8bn
Multiples
Price / sales 2.7x2.6x2.6x1.7x1.7x2.3x2.8x1.5x2.0x1.9x2.0x1.8x
Price / earnings 25.8x20.8x20.7x14.3x13.9x27.6x18.4x13.6x16.0x13.9x——
Price / free cash flow 21.8x22.0x24.6x13.6x14.9x11.7x23.8x22.3x11.2x9.2x11.3x12.4x
EV / EBITDA 15.9x13.8x15.8x11.7x10.8x16.5x14.8x10.9x11.3x11.2x12.2x12.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

76 /100

Strong moat

How hard Middleby's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Cash operating profit has been a median 9.3% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 37.5%, moving by 1.8 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 16.9%; its worst year was 14.9%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 13.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.2% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $634m and EPS of $1.75 (range $1.69 to $1.86) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.87 −26% $2.5bn −22%
Next $7.78 +13% $2.6bn +4%

Next year's EPS estimate has moved −9.8% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −13.2% on 90 days ago. In the last 30 days, 0 analysts raised Middleby Corp's forecast and 1 cut it.

Consensus EPS forecast Middleby Corp, last 90 days
$6.50 $7.00 $7.50 $8.00 $8.50 $9.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.92 Current fiscal year, 60 days ago: $7.10 Current fiscal year, 30 days ago: $6.88 Current fiscal year, 7 days ago: $6.88 Current fiscal year, Now: $6.87 $6.87 Next fiscal year, 90 days ago: $8.62 Next fiscal year, 60 days ago: $7.77 Next fiscal year, 30 days ago: $7.81 Next fiscal year, 7 days ago: $7.80 Next fiscal year, Now: $7.78 $7.78

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.92$8.62
60 days ago $7.10$7.77
30 days ago $6.88$7.81
7 days ago $6.88$7.80
Now $6.87$7.78

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.09 $2.35 +12.3%
Mar 2026 $1.94 $2.16 +11.5%
Dec 2025 $2.26 $2.42 +7.2%
Sept 2025 $2.07 $2.37 +14.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 11, 2026
  • Net sales Full Year 2026 $2.48bn to $2.53bn
    “Net sales $620-$640 M $2.48-2.53 B” source
  • Organic Growth Full Year 2026 about 7% growth Non-GAAP
    “Organic Growth 4% 7%” source
  • Net sales 3rd Qtr, 2026 $620m to $640m
    “Net sales $620-$640 M $2.48-2.53 B” source
  • Organic Growth 3rd Qtr, 2026 about 4% growth Non-GAAP
    “Organic Growth 4% 7%” source
  • Adjusted EPS Full Year 2026 $6.73 to $6.89 Non-GAAP
    “Adjusted EPS (2) $1.67-1.83 $6.73-6.89” source
  • Adjusted EPS 3rd Qtr, 2026 $1.67 to $1.83 Non-GAAP
    “Adjusted EPS (2) $1.67-1.83 $6.73-6.89” source
Show 3 more items
  • Revenue growth · Commercial Foodservice FY 2026 6% growth to 8% growth Raised
    “Raises FY 2026 Guidance; Revenue growth of +6-8% in Commercial Foodservice” source
  • Adjusted EBITDA Full Year 2026 $572m to $588m Non-GAAP
    “Adjusted EBITDA (1) $143-150 M $572-588 M” source
  • Adjusted EBITDA 3rd Qtr, 2026 $143m to $150m Non-GAAP
    “Adjusted EBITDA (1) $143-150 M $572-588 M” source

How earlier guidance turned out

  • Net sales, 2nd Qtr, 2026 guided $815m to $850m Above range: $876m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Our model doesn't use the consensus here: consensus revenue is 0.73x the latest quarter's run rate while reported revenue grew 10% a year: a different business (spin-off, disposal or merger) - not used.

Analyst recommendations

11 analysts, Oct 2026
Buy982%
Hold218%
Sell00%

Monthly trend

  1. Oct 202627211
  2. Sep 202627211
  3. Aug 202617311
  4. Jul 202617311

Counts of recommendations published by analysts covering Middleby Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.5%
of tradable shares
Days to cover
2.65
at average volume
Short interest, 1 month
−20%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.7%
of shares
Employees
8,826
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +23.5%

$99.94 on October 31, 2025 to $123.47

ThenNowEffect
Revenue (last 12 months) $3.1bn $3.4bn +8.4%
P/S multiple 1.7x 1.8x +2.0%
Share count 54m 48m +11.7%

Biggest factor: share count. Loss-making at one end, so the split uses price/sales.

Last 3 years +30.7%

$94.46 on November 3, 2023 to $123.47

ThenNowEffect
Revenue (last 12 months) $4.1bn $3.4bn −16.8%
P/S multiple 1.3x 1.8x +39.9%
Share count 54m 48m +12.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MIDD+53%−32%+10%−8%+10%+3%
Industry peers (median)+19%−13%+21%+2%+12%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MIDD67%25%50%42%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MIDD−14%−38%−31%−26%−35%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 69% from December 8, 2016 to March 23, 2020. Getting back needed a 225% gain, reached on February 24, 2021, 338 days after the low.

Price behaviour

52-week range
$89.85 – $144.17
From 52-week high
−14.4%
vs 50-day average
+12.0%
vs 200-day average
+2.7%
Volatility (1 year)
35%
Beta vs S&P 500
1.03

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.4%
After a week
6 up, 6 down
typical move ±5.1%
After a month
7 up, 5 down
typical move ±8.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 11, 2026 −8.7% −0.1% −12.5% −18.9%
May 7, 2026 +15.6% +0.5% +3.2% +10.6%
February 26, 2026 +7.0% −1.0% −1.0% −18.5%
November 6, 2025 −0.2% −1.0% −3.2% +3.8%
August 6, 2025 −17.0% +0.7% −4.7% −0.2%
May 7, 2025 +3.1% +1.1% +9.9% +8.7%
February 25, 2025 −1.7% −0.4% −5.4% −6.9%
October 31, 2024 −7.3% −1.5% +0.6% +1.2%
August 1, 2024 +3.8% −3.3% +1.6% +3.7%
May 8, 2024 −3.9% +0.6% −4.3% −11.2%
February 20, 2024 +4.2% −0.5% +6.2% +5.0%
November 8, 2023 +3.7% −0.7% +8.8% +18.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Middleby Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Middleby Corp
$2.5B $3B $3.5B $4B $4.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $4.1B Revenue (TTM), FY23 Q4: $3.2B Revenue (TTM), FY24 Q1: $3B Revenue (TTM), FY24 Q2: $2.7B Revenue (TTM), FY24 Q3: $2.5B Revenue (TTM), FY24 Q4: $3.2B Revenue (TTM), FY25 Q1: $3.1B Revenue (TTM), FY25 Q2: $3.1B Revenue (TTM), FY25 Q3: $3.2B Revenue (TTM), FY25 Q4: $3.2B Revenue (TTM), FY26 Q1: $3.3B Revenue (TTM), FY26 Q2: $3.4B $3.4B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $4.1B
FY23 Q4 $3.2B
FY24 Q1 $3B
FY24 Q2 $2.7B
FY24 Q3 $2.5B
FY24 Q4 $3.2B
FY25 Q1 $3.1B
FY25 Q2 $3.1B
FY25 Q3 $3.2B
FY25 Q4 $3.2B
FY26 Q1 $3.3B
FY26 Q2 $3.4B
Revenue growth, TTM YoY Middleby Corp
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 5.0% Revenue growth, TTM YoY, FY23 Q4: -19.6% Revenue growth, TTM YoY, FY24 Q1: -26.1% Revenue growth, TTM YoY, FY24 Q2: -32.6% Revenue growth, TTM YoY, FY24 Q3: -37.5% Revenue growth, TTM YoY, FY24 Q4: -2.8% Revenue growth, TTM YoY, FY25 Q1: 4.7% Revenue growth, TTM YoY, FY25 Q2: 13.8% Revenue growth, TTM YoY, FY25 Q3: 24.8% Revenue growth, TTM YoY, FY25 Q4: 1.6% Revenue growth, TTM YoY, FY26 Q1: 5.8% Revenue growth, TTM YoY, FY26 Q2: 8.4% 8.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 5.0%
FY23 Q4 -19.6%
FY24 Q1 -26.1%
FY24 Q2 -32.6%
FY24 Q3 -37.5%
FY24 Q4 -2.8%
FY25 Q1 4.7%
FY25 Q2 13.8%
FY25 Q3 24.8%
FY25 Q4 1.6%
FY26 Q1 5.8%
FY26 Q2 8.4%
Operating margin (TTM) Middleby Corp
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 17.4% Operating margin (TTM), FY23 Q4: 20.1% Operating margin (TTM), FY24 Q1: 21.0% Operating margin (TTM), FY24 Q2: 22.6% Operating margin (TTM), FY24 Q3: 24.4% Operating margin (TTM), FY24 Q4: 20.4% Operating margin (TTM), FY25 Q1: 20.3% Operating margin (TTM), FY25 Q2: 19.5% Operating margin (TTM), FY25 Q3: -3.8% Operating margin (TTM), FY25 Q4: 17.4% Operating margin (TTM), FY26 Q1: 16.9% Operating margin (TTM), FY26 Q2: 16.5% 16.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 17.4%
FY23 Q4 20.1%
FY24 Q1 21.0%
FY24 Q2 22.6%
FY24 Q3 24.4%
FY24 Q4 20.4%
FY25 Q1 20.3%
FY25 Q2 19.5%
FY25 Q3 -3.8%
FY25 Q4 17.4%
FY26 Q1 16.9%
FY26 Q2 16.5%
FCF margin (TTM) Middleby Corp
10% 15% 20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 11.0% FCF margin (TTM), FY23 Q4: 17.6% FCF margin (TTM), FY24 Q1: 21.1% FCF margin (TTM), FY24 Q2: 26.6% FCF margin (TTM), FY24 Q3: 26.7% FCF margin (TTM), FY24 Q4: 20.6% FCF margin (TTM), FY25 Q1: 20.4% FCF margin (TTM), FY25 Q2: 19.4% FCF margin (TTM), FY25 Q3: 19.1% FCF margin (TTM), FY25 Q4: 17.5% FCF margin (TTM), FY26 Q1: 15.2% FCF margin (TTM), FY26 Q2: 14.2% 14.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 11.0%
FY23 Q4 17.6%
FY24 Q1 21.1%
FY24 Q2 26.6%
FY24 Q3 26.7%
FY24 Q4 20.6%
FY25 Q1 20.4%
FY25 Q2 19.4%
FY25 Q3 19.1%
FY25 Q4 17.5%
FY26 Q1 15.2%
FY26 Q2 14.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Jan 2011 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Jan 2015 2015 Jan 2016 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Jan 2021 2021 Jan 2022 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Jan 2026 LTM Jul 2026
Income
Revenue 647 719 856 1,038 1,429 1,637 1,827 2,268 2,336 2,723 2,959 2,513 3,251 4,033 3,242 3,150 3,201 3,389
Gross profit 251 287 344 403 550 641 707 901 913 1,004 1,103 882 1,195 1,447 1,284 1,252 1,252 1,302
EBITDA 127 140 168 215 288 342 357 477 448 543 617 435 755 778 762 748 680 621
Operating income 111 123 149 188 244 300 303 419 379 446 514 324 630 640 652 644 575 560
Net income 61 73 95 121 154 193 192 284 298 317 352 207 488 437 401 428 −278 −471
Diluted EPS $1.10 $1.32 $1.72 $2.20 $2.74 $3.40 $3.36 $4.98 $5.26 $5.70 $6.33 $3.76 $8.62 $7.95 $7.41 $7.90 −$5.32 −$9.74
Growth (year on year)
Revenue −0.8% +11.2% +19.0% +21.3% +37.6% +14.5% +11.6% +24.2% +3.0% +16.6% +8.7% −15.1% +29.3% +24.1% −19.6% −2.8% +1.6% +8.4%
EBITDA −3.5% +9.8% +20.5% +27.7% +33.8% +18.8% +4.4% +33.8% −6.0% +21.1% +13.7% −29.6% +73.6% +3.0% −2.0% −1.9% −9.1% −7.2%
Operating income −6.8% +10.2% +21.1% +26.5% +30.0% +22.9% +0.7% +38.5% −9.6% +17.8% +15.3% −36.9% +94.2% +1.5% +2.0% −1.3% −10.7% −8.0%
Net income −4.3% +19.1% +31.0% +26.4% +27.5% +25.6% −0.9% +48.3% +4.9% +6.4% +11.1% −41.1% +135.7% −10.6% −8.2% +6.9% −164.8% −211.0%
Diluted EPS −12.3% +20.7% +29.7% +28.2% +24.5% +24.1% −1.2% +48.2% +5.6% +8.4% +11.1% −40.6% +129.3% −7.8% −6.8% +6.6% −167.3% −223.9%
Margins
Gross margin 38.8% 39.9% 40.2% 38.8% 38.5% 39.1% 38.7% 39.7% 39.1% 36.9% 37.3% 35.1% 36.8% 35.9% 39.6% 39.7% 39.1% 38.4%
EBITDA margin 19.7% 19.4% 19.7% 20.7% 20.1% 20.9% 19.5% 21.0% 19.2% 19.9% 20.9% 17.3% 23.2% 19.3% 23.5% 23.8% 21.2% 18.3%
Operating margin 17.2% 17.1% 17.4% 18.1% 17.1% 18.4% 16.6% 18.5% 16.2% 16.4% 17.4% 12.9% 19.4% 15.9% 20.1% 20.4% 18.0% 16.5%
Net margin 9.5% 10.1% 11.2% 11.6% 10.8% 11.8% 10.5% 12.5% 12.8% 11.6% 11.9% 8.2% 15.0% 10.8% 12.4% 13.6% −8.7% −13.9%
Free-cash-flow margin 14.7% 13.2% 14.3% 11.6% 9.2% 13.5% 12.4% 11.9% 10.7% 12.2% 11.2% 19.5% 11.6% 6.6% 17.6% 20.6% 17.5% 14.2%
Cash flow
Cash from operations 101 98 130 128 146 234 250 294 304 369 377 525 423 333 629 687 630 530
Capital spending 6 3 8 8 15 13 22 25 54 36 47 35 47 67 59 37 71 48
Free cash flow 95 95 123 121 132 221 227 269 250 333 331 490 377 265 570 650 559 482
Stock-based pay 11 15 18 12 12 17 16 28 6 2 8 20 42 58 45 32 13 22
Free cash flow after stock pay 84 80 104 109 120 204 211 241 244 330 323 470 335 207 524 618 546 460
Balance sheet
Cash 8 8 44 34 44 44 56 68 90 72 95 268 180 162 247 639 222 159
Total debt 276 — 317 260 572 598 766 732 1,029 1,892 1,873 1,730 2,414 2,722 2,425 3,096 2,173 1,980
Net debt (negative = net cash) 268 −8 273 226 528 554 711 664 939 1,820 1,779 1,461 2,234 2,560 2,178 2,457 1,951 1,820
Diluted shares 56m 55m 56m 55m 56m 57m 57m 57m 57m 56m 56m 55m 57m 55m 54m 54m 52m 48m
Returned to shareholders
Buybacks — 9 16 21 4 44 5 4 240 0 6 86 29 265 75 35 724 940
Total returned — 9 16 21 4 44 5 4 240 0 6 86 29 265 75 35 724 940

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · July 4, 2026
What it owns · $5.4bn
Short-term assets $1.6bnLonger-term assets $3.7bn
What it owes, and who funded it · $3.0bn
Short-term liabilities $827mShareholders' equity $2.2bn
  • Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $827m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $159m of cash against $2.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 90% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 96% to 90% over five years.
  • A year's operating cash flow covers at least 20% of debt $530m of operating cash flow against $2.0bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Middleby Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$940M
Returned to shareholders
195%
of free cash flow
Buybacks, last 3 fiscal years
$833M
Diluted share count
−10.5%
year over year
Total shareholder yield
16.8%
dividends 0.0% + buybacks 16.8% of market value
Sales & admin spending
18.3%
of revenue
Days sales outstanding
65 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial machinery & supplies & components
Last 12 months unless stated MIDD GTES IEX ESAB NDSN DCI Median
Revenue, last 12 months $3.4bn $3.6bn $3.7bn $3.0bn $3.0bn $3.9bn $1.4bn
Revenue growth, last 12 months 8.4% 4.0% 6.9% 9.7% 7.0% 5.3% 8.3%
Revenue growth, 3-year average −5.9% −0.4% 3.5% 3.7% 4.7% 4.2% 4.0%
Revenue growth, latest quarter 9.9% 5.6% 8.3% 12.9% 10.3% 8.0% 9.1%
Gross margin 38.4% 40.3% 44.9% 37.0% 55.3% 34.6% 35.2%
Operating margin 16.5% 13.5% 20.9% 12.1% 26.9% 15.4% 13.1%
Operating margin, 3-year average 19.5% 13.8% 20.6% 14.6% 25.6% 14.7% 13.7%
Net margin −13.9% 10.4% 14.6% 5.7% 18.6% 11.7% 8.9%
Cash from operations / revenue 15.6% 12.4% 20.6% 8.6% 26.0% 12.7% 11.9%
Free-cash-flow margin 14.2% 10.3% 18.2% 6.5% 24.3% 11.0% 8.8%
Free-cash-flow margin, 3-year average 20.1% 9.5% 18.3% 9.1% 21.7% 10.5% 9.8%
Stock pay / revenue 0.7% 0.8% 0.9% 0.6% 0.8% 0.6% 0.8%
Change in share count −10.5% −1.7% −1.7% 0.2% −1.8% −2.1% −0.0%

Median of all 76 companies we cover in industrial machinery & supplies & components. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

76 industrial machinery & supplies & components companies
Measure Company Peer median Rank
Revenue growth Growth 8.4% 8.3% 37 of 75
Change in growth rate Growth +2.6pp +1.2pp 27 of 75
Gross margin Profitability 38.4% 35.4% 28 of 70
Operating margin Profitability 16.5% 13.0% 23 of 75
Net margin Profitability -13.9% 8.9% 66 of 76
Free-cash-flow margin Cash generation 14.2% 9.1% 17 of 76
Stock pay as % of revenue Cash generation 0.7% 0.8% 26 of 70
Long-term debt as % of assets Balance sheet 36.1% 23.4% 50 of 59
Change in share count Balance sheet -10.5% -0.0% 1 of 73
Days sales outstanding Balance sheet 65 days 63 days 38 of 65

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 3, 2026
Segments
Line of business Revenue Share YoY
Commercial Foodservice Equipment Group $2.4B 73.4% ▼ 1.2%
Food Processing Group $850M 26.6% ▲ 10.4%
Corporate and Other $0 0.0% —
Geography
Region Revenue Share YoY
United States and Canada $2.2B 67.5% ▲ 0.3%
Europe and Middle East $631M 19.7% ▲ 6.9%
Asia $249M 7.8% ▲ 1.9%
Latin America $161M 5.0% ▼ 0.2%

From Middleby Corp's 10-K filed March 4, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$8.1B
Institutions reporting
449
Shares held vs prior quarter
▼ 1.4%
Positions opened / closed
81 / 50

Top buyers and sellers, Q2 2026: 196 institutions bought and 223 sold ; the biggest buyer was FMR LLC (+1.3M shares) and the biggest seller Select Equity Group, L.P (−932K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Price T Rowe Associates Inc $1B 5.8M 12.3% ▼ 9.4%
Blackrock, Inc. $676M 3.9M 8.3% ▼ 7.6%
Garden Investment Management, L.P. $581M 3.4M 7.2% 0.0%
Jpmorgan Chase & Co $423M 2.4M 5.2% ▲ 3.3%
Invesco Ltd. $323M 1.9M 4.0% ▲ 35.9%
Vanguard Capital Management LLC $320M 1.9M 3.9% ▼ 9.4%
Vanguard Portfolio Management LLC $305M 1.8M 3.8% ▼ 10.3%
Ariel Investments, LLC $283M 1.6M 3.5% ▲ 4.4%
FMR LLC $232M 1.3M 2.9% ▲ 4205.8%
State Street Corp $229M 1.3M 2.8% ▼ 6.4%
Dimensional Fund Advisors LP $228M 1.3M 2.8% ▲ 19.6%
Earnest Partners LLC $219M 1.3M 2.7% ▼ 1.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Middleby Corp's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $15.1M 8 trades by 2 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $15.1M net buying
Insider Date Trade Shares Price Value
Garden Edward P Director December 15, 2025 Buy 14,740 $146.92 $2.2M
Garden Edward P Director December 12, 2025 Buy 15,749 $146.89 $2.3M
Garden Edward P Director December 12, 2025 Buy 28,089 $146.33 $4.1M
Garden Edward P Director December 11, 2025 Buy 10,138 $143.57 $1.5M
Garden Edward P Director December 11, 2025 Buy 8,109 $145.99 $1.2M
Garden Edward P Director December 11, 2025 Buy 24,732 $144.46 $3.6M
Garden Edward P Director December 11, 2025 Buy 1,346 $144.96 $195,116
Nerbonne Robert A Director December 9, 2025 Buy 780 $128.52 $100,246

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 24 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 14 sales of Middleby Corp shares.

  • April McClain Delaney(D-MD 6):Sale (full), $15,001 - $50,000, traded August 25, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded August 24, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded August 10, 2026, filed September 9, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced

  • August 11, 2026
  • May 7, 2026
  • February 26, 2026
  • November 6, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Middleby Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Middleby Corp in brief

What does Middleby Corp do?
Middleby Corp is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.
What is Middleby Corp's stock ticker?
Middleby Corp trades under the ticker MIDD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Middleby Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Middleby Corp reported revenue of $3.4B, 8.4% higher than a year earlier, according to its SEC filings.
What is Middleby Corp's free cash flow?
Middleby Corp's free-cash-flow margin is 14.2% of revenue over the trailing twelve months, ranking 17 of the 76 industrial machinery & supplies & components companies we cover.
Who are Middleby Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Price T Rowe Associates Inc, Blackrock, Inc. and Garden Investment Management, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Middleby Corp buying back stock, and does it pay a dividend?
Middleby Corp spent $940M on share repurchases over the trailing twelve months, and its diluted share count fell 10.5% over the year.
What is Middleby Corp's market cap?
On November 2, 2026, Middleby Corp's market capitalisation was about $6B and net debt of $1.8B. Market figures come from third-party market data and may be delayed.
How much debt does Middleby Corp have?
Middleby Corp's debt-to-equity ratio is 89.6%, from its latest balance sheet (95.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Middleby Corp's competitors?
In our Industrial Machinery & Supplies & Components peer group, the companies closest to Middleby Corp are Gates Industrial Corp Ltd., IDEX Corporation, ESAB Corp, Nordson Corporation and Donaldson Co Inc. The side-by-side comparison below sets their revenue, margins and growth against Middleby Corp's.
Are insiders buying or selling Middleby Corp stock?
Over the last 12 months, Middleby Corp's directors and officers reported 8 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Middleby Corp's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Middleby Corp announces its own schedule.