MIDDNasdaqRefrigeration & Service Industry MachineryFiscal year ends January 2
MIDDLEBY Corp
Financials through Q2 FY2026, quarter ended Jul 4, 2026Last filing: 10-Q on Aug 13, 2026
$107.76−0.02 (-0.02%)
Close on Oct 19, 2026
- Market cap
- $4.89B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
39.1%+4.0 pts over 5 years
Operating margin
18.0%+5.0 pts over 5 years
Net margin
-8.7%−16.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.6% | -7.4% | +5.0% | +5.8% | |
| Gross profit | +0.0% | -4.7% | +7.3% | +5.9% | |
| Operating income | -10.7% | -3.5% | +12.1% | +6.6% | |
| Free cash flow | -13.9% | +28.2% | +2.7% | +9.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 23.4% | 10.6% | -8.7% | |
| Return on assets | 10.0% | 4.1% | -4.1% | |
| Current ratio | 1.66 | 1.81 | 2.57 | |
| Debt to equity | 0.58 | 0.88 | 0.78 | |
| Net debt to EBITDA | 1.39× | 3.36× | 2.87× | |
| Inventory turnover | 3.8× | 2.9× | 2.9× | |
| Capex to revenue | 1.1% | 1.4% | 2.2% | |
| Diluted shares | 57M | 55M | 52M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Middleby generated $2.70B from operations and spent $1.41B on capital expenditure, dividends and share buybacks. 20% of that went back into the business.
Generated
$2.70B
Used
$1.41B
Capital expenditure$280.43M20%Dividends$00%Share buybacks$1.13B80%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-8.7%
×Asset turnover0.47×
×Equity multiplier2.12×
=Return on equity, FY2025-8.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -8.7% | 0.47× | 2.12× | -8.7% |
| FY2024 | 13.6% | 0.44× | 2.06× | 12.4% |
| FY2023 | 12.4% | 0.47× | 2.28× | 13.3% |
| FY2022 | 10.8% | 0.61× | 2.51× | 16.5% |
| FY2021 | 15.0% | 0.56× | 2.59× | 21.9% |
| FY2020 | 8.2% | 0.49× | 2.60× | 10.6% |
| FY2019 | 11.9% | 0.62× | 2.64× | 19.5% |
| FY2018 | 11.6% | 0.69× | 2.61× | 21.0% |
| FY2017 | 12.8% | 0.75× | 2.38× | 22.7% |
| FY2016 | 12.5% | 0.80× | 2.33× | 23.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$277.73M
- Cash generatingOperating cash flow above zero$630.20M
- Return on assets improvedROA up on the prior year6.2% → -3.8%
- Earnings backed by cashOperating cash flow above net income$630.20M vs -$277.73M
- Less leverageLong-term debt to assets fell32.3% → 33.7%
- Better liquidityCurrent ratio rose2.81 → 2.57
- No dilutionShare count did not rise54M → 52M
- Gross margin improvedGross margin up on the prior year39.74% → 39.11%
- More efficientAsset turnover rose0.46 → 0.44