Business Description
The Middleby Corporation is a global manufacturer of commercial foodservice and food processing equipment. Headquartered in Elgin, Illinois, the company provides a wide range of solutions including cooking, warming, refrigeration, and beverage systems for restaurants and institutional kitchens. Middleby is known for its extensive portfolio of brands and its strong presence in the commercial kitchen sector.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 3,201,200 | 3,150,240 | 3,242,090 | 4,032,850 |
| Cost of Sales | 1,949,290 | 1,898,420 | 1,958,010 | 2,586,300 |
| Gross Profit | 1,251,920 | 1,251,820 | 1,284,080 | 1,446,550 |
| Selling, General & Administrative Expenses | 663,156 | 590,115 | 624,933 | 797,234 |
| Other Operating Expenses | 13,868 | 17,581 | 6,718 | 9,716 |
| Operating Profit | 574,891 | 644,123 | 652,427 | 639,604 |
| Interest Expense | (93,828) | (93,356) | (121,129) | (88,977) |
| Non-Operating Income | 1,212 | 15,330 | 4,782 | 13,788 |
| Total Non-Operating Income | (92,616) | (78,026) | (116,347) | (75,189) |
| Income Before Provision for Income Taxes | 482,275 | 566,097 | 536,080 | 564,415 |
| Provision for Income Taxes | 115,008 | 145,119 | 123,076 | 127,846 |
| Consolidated Net Income | 367,267 | 420,978 | 413,004 | 436,569 |
| Net Income Attributable to Discontinued Operations | (644,998) | 7,455 | (12,122) | — |
| Net Income Attributable to Common Shareholders | (277,731) | 428,433 | 400,882 | 436,569 |
| Basic EPS | -5.38 | 7.97 | 7.48 | 8.07 |
| Diluted EPS | -5.32 | 7.97 | 7.48 | 7.95 |
| Basic Weighted Average Shares Outstanding | 51,655 | 53,726 | 53,594 | 54,095 |
| Diluted Weighted Average Shares Outstanding | 52,179 | 53,726 | 53,594 | 54,947 |
| Shares Outstanding | 48,923 | 53,690 | 53,603 | 53,694 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 222,239 | 638,766 | 247,496 | 162,001 |
| Total Cash and Cash Equivalents | 222,239 | 638,766 | 247,496 | 162,001 |
| Accounts Receivable | 573,039 | 531,758 | 644,576 | 631,134 |
| Total Trade Receivables | 573,039 | 531,758 | 644,576 | 631,134 |
| Inventories | 692,589 | 655,944 | 935,867 | 1,077,730 |
| Other Current Assets | 1,254,780 | 503,575 | 137,920 | 135,132 |
| Total Current Assets | 2,742,640 | 2,330,040 | 1,965,860 | 2,006,000 |
| Net Property, Plant & Equipment | 431,622 | 384,683 | 510,898 | 443,528 |
| Net Intangible Assets | 1,061,190 | 1,099,820 | 1,693,080 | 1,794,230 |
| Goodwill | 1,799,650 | 1,744,250 | 2,486,310 | 2,411,830 |
| Other Long-Term Assets | 280,060 | 1,724,360 | 250,549 | 219,276 |
| Total Assets | 6,315,170 | 7,283,150 | 6,906,690 | 6,874,870 |
| Accounts Payable | 206,666 | 166,184 | 227,080 | 271,374 |
| Accrued Expenses | 574,810 | 493,678 | 579,192 | 671,327 |
| Current Portion of Long-Term Debt | 44,420 | 43,949 | 44,822 | 45,583 |
| Other Current Liabilities | 242,335 | 125,511 | — | — |
| Total Current Liabilities | 1,068,230 | 829,322 | 851,094 | 988,284 |
| Long-Term Debt | 2,128,580 | 2,351,120 | 2,380,370 | 2,676,740 |
| Other Long-Term Liabilities | 342,124 | 464,280 | 425,336 | 412,094 |
| Total Long-Term Liabilities | 2,470,710 | 2,815,400 | 2,805,710 | 3,088,840 |
| Total Liabilities | 3,538,940 | 3,644,720 | 3,656,800 | 4,077,120 |
| Common Stock | 153 | 148 | 148 | 147 |
| Treasury Stock | (1,735,280) | (940,691) | (906,031) | (831,176) |
| Additional Paid-in Capital | 602,765 | 520,177 | 479,216 | 408,376 |
| Accumulated Other Comprehensive Income | (141,864) | (269,390) | (223,198) | (278,472) |
| Retained Earnings | 4,050,460 | 4,328,190 | 3,899,750 | 3,498,870 |
| Total Common Shareholders' Equity | 2,776,230 | 3,638,430 | 3,249,890 | 2,797,750 |
| Total Shareholders' Equity | 2,776,230 | 3,638,430 | 3,249,890 | 2,797,750 |
| Total Liabilities and Shareholders' Equity | 6,315,170 | 7,283,150 | 6,906,690 | 6,874,870 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (555,462) | 856,866 | 801,764 | 436,569 |
| Depreciation & Amortization | 105,305 | 104,113 | 109,917 | 138,061 |
| Share-Based Compensation Expense | 13,462 | 31,902 | 45,156 | 58,368 |
| Other Adjustments | 74,323 | 30,887 | (5,084) | (61,450) |
| Changes in Trade Receivables | (14,468) | 16,915 | (12,123) | (28,392) |
| Changes in Inventories | 3,066 | 60,959 | 76,227 | (196,313) |
| Changes in Accounts Payable | 18,071 | (14,392) | (43,046) | (47,742) |
| Changes in Accrued Expenses | 3,168 | 7,406 | (75,815) | 38,652 |
| Changes in Other Operating Activities | (5,610) | (44,248) | 406 | (5,201) |
| Cash from Operating Activities | 630,197 | 686,816 | 628,790 | 332,552 |
| Capital Expenditure | (70,729) | (36,690) | (59,173) | (67,289) |
| Proceeds from Sale of Property, Plant & Equipment | — | 2,507 | — | — |
| Purchases of Intangible Assets | (1,114) | (80) | (1,700) | (2,233) |
| Payments for Business Acquisitions | (31,975) | (111,428) | (37,884) | (278,797) |
| Cash from Investing Activities | (126,889) | (158,535) | (155,742) | (348,319) |
| Issuance of Long-Term Debt | 1,106,500 | — | 640,200 | 1,870,000 |
| Repayments of Long-Term Debt | (1,354,000) | (35,006) | (948,662) | (1,579,720) |
| Net Issuance / (Repayments) of Long-Term Debt | (247,499) | (35,006) | (308,462) | 290,280 |
| Repurchases of Common Shares | (723,613) | (34,660) | (74,565) | (264,777) |
| Net Issuance / (Repurchases) of Common Shares | (723,613) | (34,660) | (74,565) | (264,777) |
| Other Financing Activities | (23,053) | (4,102) | (7,912) | (17,872) |
| Cash from Financing Activities | (970,941) | (73,768) | (390,939) | 7,631 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 22,547 | (12,476) | 3,386 | (10,225) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (445,086) | 442,037 | 85,495 | (18,361) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $7.38B |
| P/E | -28.34x |
| P/S | 2.30x |
| EV/EBITDA | 13.71x |
| Return on Equity | 11.5% |
| Return on Invested Capital | 7.8% |
| Current Ratio | 2.57x |
| Dividend Yield | 0.0% |
| Free Cash Flow Margin | 17.5% |
Margins
Gross margin
39.1%
Operating margin
18.0%
Net margin
11.5%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $840M | +15.0% | 15.9% | $133M |
| Q4 2025 | $335M | -67.0% | 249.0% | $833M |
| Q3 2025 | $982M | +4.2% | -56.4% | $-554M |
| Q2 2025 | $978M | -1.4% | 15.9% | $155M |
| Q1 2025 | $731M | — | 17.7% | $130M |
| Q4 2024 | $1.01B | — | 15.6% | $158M |
| Q3 2024 | $943M | — | 18.4% | $173M |
| Q2 2024 | $992M | — | 17.7% | $176M |
More on The Middleby Corp.
Figures compiled from public company filings.
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