Back to rankings

The Middleby Corporation (MIDD)

Fair Value
IndustrialsSpecialty Industrial MachineryUnited States

Fundamental

54

Price

$103.58

Market Cap

$4.68B

Part 1 · What the company is worth

Overview

The Middleby Corporation operates in the foodservice industry worldwide. The company develops and manufactures a line of solutions used in commercial foodservice and food processing. It offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, and rethermalizers; steam cooking, food warming, catering, induction, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers and refrigerators, stainless steel fabrication, custom millwork, blast chillers, coldrooms, ice machines, and frozen dessert equipment; soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment; and fry dispenser, bottle filling and canning equipment, IoT solutions, and controls development and manufacturing. The company was formerly known as Middleby Marshall Oven Company and changed its name to The Middleby Corporation in 1985. The Middleby Corporation was founded in 1888 and is based in Elgin, Illinois.

No editorial profile for this company yet

Direct competitors

Who this company fights with for the same customers

Compare

Generated on September 19, 2026 with claude-haiku-4-5 — shared with all users

P/E: 23.3Score: 63Market cap: $77.99B

Its Food Equipment Group, with the Hobart and Vulcan brands, competes head-on with Middleby for the same commercial kitchen customers in cooking, warewashing and food preparation equipment.

Ali Group S.r.l.Not tracked

Privately held Italian group that, like Middleby, sells a broad multi-brand portfolio of commercial cooking, refrigeration and warewashing equipment to restaurant chains and foodservice operators worldwide, and Middleby names it first among its competitors.

Rational AGRAA

German specialist in combi-ovens and connected cooking systems, the direct rival of Middleby's Convotherm and TurboChef lines for the professional kitchen's main cooking station.

Hoshizaki Corporation (ホシザキ株式会社)6465

Japanese manufacturer of commercial ice machines, refrigeration and dispensing equipment sold to the same restaurants, hotels and convenience-store chains that buy Middleby's refrigeration brands.

Electrolux Professional ABNot tracked

The professional arm of the Electrolux group supplies full commercial kitchen and laundry lines to European and global foodservice chains, bidding for the same equipment packages as Middleby.

Marmon Foodservice Technologies (Berkshire Hathaway)Not tracked

Supplies beverage dispensing, ice and countertop equipment to the large quick-service restaurant and convenience chains that are also Middleby's core accounts.

Balance Sheet & Liquidity

Revenue

$3.39B

Trailing 12 months (through 7/4/2026)

Net Income

$-471M

Trailing 12 months (through 7/4/2026)

Free Cash Flow

$559M

Total Equity

$2.78B

Total Liabilities

$3.54B

Current Ratio

1.99

Interest Coverage

-

Debt/EBITDA

2.94

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

General caseFairly Valued

Fair Value

$130.68

Current Price

$103.58

Margin of Safety

+20.7%

Fair Value Range

$86.07 - $175.30

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$155.89
Discounted cash flow (DCF):$212.06
Earnings multiple (P/E):$98.87
Graham growth formula:$107.12
Earnings power value (EPV):$82.77
Justified P/B:Not enough data to compute it
Dividend discount (Gordon):Not enough data to compute it
P/FFO, funds from operations:Not enough data to compute it
Mid-cycle earnings:$282.79
Revenue multiple:$190.17
Analyst Consensus:Strong Buy (13B / 4H / 0S)
Last Earnings Surprise:-16.11%

Valuation Metrics

P/E Ratio

-

ROE

-10.0%

P/B Ratio

2.12

P/FCF

9.72

Gross Margin

38.4%

ROIC

8.7%

Profitability Radar

Value Creation (Economic Moat)

ROIC

8.7%

WACC

8.3%

ROIC − WACC

+0.4 pp

ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.

Fundamental Analysis Criteria

Passed (12)

  • ROIC 8.7%
  • Gross Margin 38.4%
  • P/FCF 9.72
  • P/B Ratio 2.12
  • Debt/Equity ratio
  • Operating Margin 18.0%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Analyst Consensus 76% Buy
  • Share Dilution -3.7%

Failed (10)

  • EPS shows upward trend
  • Price CAGR 0.71%
  • Return on Tangible Assets
  • Low reliance on intangibles
  • DCF valuation (Fairly valued)
  • ROE -18.3%
  • Revenue Growth 5Y 5.0%
  • Earnings Surprise avg 2.4%
  • Net Margin Trend -13.9% vs 13.6%
  • Piotroski F-Score 4/9

Unavailable (5)

  • Dividend Payout NaN%
  • Interest Coverage
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Earnings Quality (OCF/Net Income)

Piotroski F-Score

4/9

Mixed signals: some areas need attention

score
criteria

Earnings Quality

-

Low quality: investigate accounting

Share Dilution

-3.7%

Buying back shares. Shareholder friendly

Institutional Holdings

Governance

Executive Team

NameTitleAge
Mr. Timothy J. FitzGerald CPACEO & Director55
Mr. James K. Pool IIIChief Technology & Operations Officer53
Mr. Steven P. SpittleChief Commercial Officer44
Ms. Brittany C. CerwinCFO & Chief Accounting Officer41
Mr. Michael D. ThompsonGeneral Counsel & Secretary-
Ms. Darcy BretzVice President of Corporate Communications-
Ms. Rebecca Ellin CFA, MBASVP of Investor Strategy & Corporate Development-
Mr. George F. KoetherGroup President of business operations in Asia-
Peter JongenGroup President of Protein-
Ms. Amy A. CampbellChief Financial Officer of Middleby Food Processing Group48

Audit Risk

4

Board Risk

3

Compensation Risk

2

Shareholder Rights Risk

1

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Documents

  • Annual Report (10-K)

    A yearly overview of the business, its financial results, and the risks it faces.

    Filed on 2026-03-04

    View document
  • Quarterly Report (10-Q)

    A snapshot of financial performance for the most recent three-month period.

    Filed on 2026-08-13

    View document
  • Current Report (8-K)

    An announcement of a major event, such as a leadership change or big news.

    Filed on 2026-09-10

    View document

via SEC EDGAR

Income History

via SEC EDGAR

Latest News

Recent headlines for MIDD, sourced from Markets Gazette.

  • 3/10/2026POSITIVE
    Garden Investment Adds to Large Stake in Middleby Ahead of Spin-Off

    Garden Investment Management has disclosed a significant increase in its stake in Middleby Corporation, now holding approximately 7.5% of the company's outstanding shares. This strategic move comes ahead of Middleby's planned spin-off of its residential kitchen equipment business, which is expected to unlock shareholder value. The increased stake suggests confidence from Garden Investment in Middleby's restructuring strategy and its potential to outperform post-separation. Investors may view this as a positive signal, potentially driving interest and support for Middleby's stock as the spin-off approaches.

  • 2/28/2026POSITIVE
    Middleby Is Spinning Off Its Food Processing Segment After a $540 Million Asset Sale. Can the Breakup Close Its Valuation Gap?

    Middleby Corporation is embarking on a significant strategic reorganization, with the spin-off of its food processing segment and a $540 million asset sale. This move is widely seen as an attempt to unlock shareholder value, with analysts suggesting a promising 'sum-of-the-parts' valuation post-breakup. Investors will need to closely monitor the evolution of operational margins in the wake of the spin-off, as these will be critical in determining whether the reorganization successfully closes the existing valuation gap. The simplification of Middleby's corporate structure could attract new capital and enhance market perception, positioning the company for more focused growth.

  • 2/26/2026NEUTRAL
    Middleby (MIDD) Q4 2025 Earnings Call Transcript

    The market is currently awaiting crucial details regarding Middleby Corporation's (MIDD) performance for the fourth quarter of 2025. Although the earnings call transcript has been announced, its specific content is not yet available. Investors and analysts are eager to review the financial results, future projections, and any management commentary that could influence the outlook for the commercial food service equipment manufacturer. The immediate lack of information maintains a degree of uncertainty, with the stock potentially reacting significantly once key data, such as revenues, earnings per share, and 2026 guidance, are finally released. The transparency of these communications is vital for guiding investment decisions in the sector.

  • 2/25/2026POSITIVE
    What's Behind a New $6.5 Million Bet on Middleby With Stock Down 5% in One Year?

    A significant new $6.5 million investment in The Middleby Corporation is drawing investor attention, signaling renewed confidence in the foodservice equipment manufacturer. Despite the stock's 5% decline over the past year, this substantial "bet" suggests that some major investors perceive a recovery potential or undervaluation. Middleby, known for its wide range of solutions for commercial, industrial, and residential kitchens worldwide, might be seen as a buying opportunity at discounted prices. Analysts suggest this move could anticipate a turnaround, possibly linked to new contracts or a rebound in demand within the hospitality sector.

via Markets Gazette