Middleby Corp key statistics and ratios

In fiscal 2025, Middleby Corp had return on equity of -8.7%, an operating margin of 18.0%, debt equal to 78.3% of equity and a current ratio of 2.57. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Middleby Corp: financial ratios, annual
Fiscal year	2009Jan 2010	2010Jan 2011	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Jan 2015	2015Jan 2016	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Jan 2021	2021Jan 2022	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Jan 2026	LTMJul 2026
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%
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%
Return on equity	12.0%	12.6%	16.4%	20.8%	20.7%	21.0%	17.6%	23.4%	22.7%	21.0%	19.5%	10.6%	21.9%	16.5%	13.3%	12.4%	−8.7%	−18.9%
Return on assets	7.5%	4.1%	4.9%	10.1%	10.0%	10.0%	7.9%	10.0%	9.5%	8.0%	7.4%	4.1%	8.4%	6.6%	5.8%	6.0%	−4.1%	−8.1%
Asset turnover	0.79	0.40	0.44	0.87	0.93	0.84	0.76	0.80	0.75	0.69	0.62	0.49	0.56	0.61	0.47	0.44	0.47	0.58
Current ratio	1.48	1.43	0.67	1.70	1.75	1.87	1.56	1.66	1.97	1.90	2.04	1.81	1.87	2.03	2.31	2.81	2.57	1.99
Debt to equity	53.9%	32.9%	62.1%	40.0%	68.2%	59.4%	65.7%	57.9%	75.6%	113.6%	96.2%	87.5%	96.8%	97.3%	74.6%	85.1%	78.3%	89.6%
Effective tax rate	38.7%	36.2%	32.0%	30.8%	31.8%	31.2%	31.9%	32.5%	22.3%	25.1%	23.9%	22.7%	21.1%	22.7%	23.0%	25.6%	23.8%	27.8%
R&D as % of revenue	1.1%	1.1%	1.2%	1.4%	1.5%	1.4%	1.2%	1.2%	1.2%	1.3%	1.4%	1.4%	1.3%	1.2%	1.5%	1.6%	1.8%	—
SG&A as % of revenue	—	—	—	—	—	—	20.5%	20.8%	20.0%	19.8%	20.1%	21.2%	20.5%	19.8%	19.3%	18.7%	20.7%	18.3%
Capital spending as % of revenue	0.9%	0.4%	0.9%	0.7%	1.0%	0.8%	1.2%	1.1%	2.3%	1.3%	1.6%	1.4%	1.4%	1.7%	1.8%	1.2%	2.2%	1.4%
Free cash flow ÷ net income	155.4%	130.1%	128.4%	100.0%	85.4%	114.2%	118.6%	94.7%	83.8%	105.0%	93.9%	236.3%	77.1%	60.8%	142.1%	151.7%	—	—
Dividends and buybacks ÷ free cash flow	—	9.5%	12.8%	17.1%	3.3%	20.1%	2.1%	1.6%	95.9%	0.0%	1.9%	17.5%	7.8%	99.8%	13.1%	5.3%	129.3%	194.9%

US$ thousands unless shown otherwise. Fiscal quarters.

Middleby Corp: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Jan 2026	2026 Q1Apr 2026	2026 Q2Jul 2026
Gross margin	39.3%	40.0%	40.0%	39.7%	38.0%	38.8%	38.5%	38.3%
Operating margin	22.5%	19.0%	17.7%	18.6%	−68.7%	96.2%	15.9%	16.9%
Net margin	14.8%	13.5%	12.6%	13.3%	−63.5%	4.3%	−6.0%	6.3%
Free-cash-flow margin	18.9%	28.9%	15.7%	13.5%	17.6%	22.5%	6.9%	9.9%
Current ratio	2.81	2.81	2.72	2.57	2.07	2.57	1.96	1.99
Debt to equity	66.9%	65.8%	63.9%	65.6%	70.4%	78.3%	78.9%	89.6%
SG&A as % of revenue	23.3%	0.7%	22.1%	21.0%	25.2%	5.0%	22.4%	21.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: GTES vs MIDD IEX vs MIDD ESAB vs MIDD

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Figures from Middleby Corp's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Middleby Corp.