NASDAQ : MIDD
The Middleby Corporation — Financial statements
Industrials · Specialty Industrial Machinery · United States
Last price 117.59 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.32B
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Financial statements
The Middleby Corporation (MIDD) reported revenue of 3.39B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year February - January; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.39B | 3.20B | 3.15B | 3.24B | 4.03B | 3.25B |
| Cost of Revenue | 2.09B | 1.95B | 1.90B | 1.96B | 2.57B | 2.06B |
| Gross Profit | 1.30B | 1.25B | 1.25B | 1.28B | 1.46B | 1.19B |
| Selling, General & Admin | 694.28M | 651.21M | 577.09M | 615.89M | 754.55M | 622.91M |
| Amortization of Goodwill & Intangibles | 4.90M | 4.90M | 1.50M | |||
| Operating Expenses | 699.18M | 656.11M | 578.59M | 615.89M | 754.55M | 622.91M |
| Operating Income | 602.32M | 595.81M | 673.23M | 668.18M | 707.10M | 571.95M |
| Interest Expense | -106.20M | -93.83M | -93.36M | -121.13M | -88.98M | -57.16M |
| Currency Exchange Gain (Loss) | -14.30M | -9.40M | 600.00K | -8.60M | -28.10M | 300.00K |
| Other Non Operating Income (Expenses) | 9.10M | 1.22M | 358.00K | 4.34M | -793.00K | 1.30M |
| EBT Excluding Unusual Items | 462.03M | 493.80M | 580.83M | 542.80M | 589.23M | 516.40M |
| Merger & Restructuring Charges | -3.61M | -3.27M | -8.24M | -4.73M | -24.82M | 102.34M |
| Gain (Loss) on Sale of Assets | 1.14M | 763.00K | ||||
| Asset Writedown | -10.60M | -10.60M | -10.47M | -1.99M | ||
| Other Unusual Items | 6.57M | 2.34M | 2.85M | |||
| Pretax Income | 454.40M | 482.27M | 566.10M | 536.08M | 564.41M | 619.50M |
| Income Tax Expense | 134.36M | 115.01M | 145.12M | 123.08M | 127.85M | 131.01M |
| Earnings From Continuing Operations | 320.04M | 367.27M | 420.98M | 413.00M | 436.57M | 488.49M |
| Earnings From Discontinued Operations | -791.34M | -645.00M | 7.46M | -12.12M | ||
| Net Income | -471.30M | -277.73M | 428.43M | 400.88M | 436.57M | 488.49M |
| Net Income to Common | -471.30M | -277.73M | 428.43M | 400.88M | 436.57M | 488.49M |
| Shares Outstanding (Basic) | 48.24M | 51.66M | 53.74M | 53.58M | 54.09M | 55.22M |
| Shares Outstanding (Diluted) | 48.24M | 52.18M | 54.21M | 54.09M | 54.95M | 56.66M |
| EPS (Basic) | -9.77 | -5.38 | 7.97 | 7.48 | 8.07 | 8.85 |
| EPS (Diluted) | -9.78 | -5.32 | 7.91 | 7.42 | 7.95 | 8.62 |
| Free Cash Flow | 482.09M | 559.47M | 650.13M | 569.62M | 265.26M | 376.85M |
| Free Cash Flow Per Share | 9.99 | 10.72 | 11.99 | 10.53 | 4.83 | 6.65 |
| Gross Margin | 38.40% | 39.11% | 39.74% | 39.61% | 36.24% | 36.76% |
| Operating Margin | 17.77% | 18.61% | 21.37% | 20.61% | 17.53% | 17.59% |
| Profit Margin | -13.91% | -8.68% | 13.60% | 12.37% | 10.82% | 15.03% |
| Free Cash Flow Margin | 14.22% | 17.48% | 20.64% | 17.57% | 6.58% | 11.59% |
| EBITDA | 702.45M | 694.85M | 770.19M | 770.97M | 838.02M | 690.43M |
| EBITDA Margin | 20.73% | 21.71% | 24.45% | 23.78% | 20.78% | 21.24% |
| D&A For EBITDA | 100.13M | 99.04M | 96.96M | 102.78M | 130.92M | 118.48M |
| EBIT | 602.32M | 595.81M | 673.23M | 668.18M | 707.10M | 571.95M |
| EBIT Margin | 17.77% | 18.61% | 21.37% | 20.61% | 17.53% | 17.59% |
| Effective Tax Rate | 29.57% | 23.85% | 25.64% | 22.96% | 22.65% | 21.15% |
Balance sheet
Fiscal year February - January; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 159.18M | 222.24M | 638.77M | 247.50M | 162.00M | 180.36M |
| Trading Asset Securities | 1.92M | 1.52M | 1.99M | 2.90M | 6.80M | |
| Cash & Short-Term Investments | 161.10M | 223.75M | 640.75M | 250.39M | 168.81M | 180.36M |
| Receivables | 653.05M | 630.08M | 591.62M | 691.65M | 671.57M | 598.73M |
| Inventory | 737.63M | 692.59M | 655.94M | 935.87M | 1.08B | 837.42M |
| Prepaid Expenses | 80.19M | 93.78M | 76.90M | 87.95M | 87.89M | 90.57M |
| Other Current Assets | 11.84M | 1.10B | 364.83M | |||
| Total Current Assets | 1.64B | 2.74B | 2.33B | 1.97B | 2.01B | 1.71B |
| Property, Plant & Equipment | 423.05M | 541.56M | 467.06M | 620.27M | 545.84M | 474.37M |
| Long-Term Investments | 116.16M | 9.71M | 27.97M | 39.88M | 58.18M | 3.65M |
| Goodwill | 1.79B | 1.80B | 1.74B | 2.49B | 2.41B | 2.24B |
| Other Intangible Assets | 1.03B | 1.06B | 1.10B | 1.69B | 1.79B | 1.88B |
| Long-Term Deferred Tax Assets | 6.73M | 8.21M | 6.28M | 7.95M | 6.74M | 33.19M |
| Other Long-Term Assets | 258.74M | 152.19M | 1.61B | 93.35M | 52.04M | 46.46M |
| Total Assets | 5.36B | 6.32B | 7.28B | 6.91B | 6.87B | 6.38B |
| Accounts Payable | 224.28M | 206.67M | 166.18M | 227.08M | 271.37M | 304.74M |
| Accrued Expenses | 256.52M | 270.93M | 248.49M | 316.10M | 346.30M | 315.72M |
| Current Portion of Long-Term Debt | 44.10M | 44.42M | 43.95M | 44.82M | 45.58M | 28.46M |
| Current Portion of Leases | 20.82M | 19.52M | 17.83M | 26.42M | 25.25M | 22.75M |
| Current Unearned Revenue | 173.02M | 168.38M | 113.73M | 118.68M | 185.82M | 133.31M |
| Other Current Liabilities | 108.54M | 358.31M | 239.14M | 118.00M | 113.95M | 109.89M |
| Total Current Liabilities | 827.29M | 1.07B | 829.32M | 851.09M | 988.28M | 914.89M |
| Long-Term Debt | 1.94B | 2.13B | 2.35B | 2.38B | 2.68B | 2.41B |
| Long-Term Leases | 94.26M | 67.48M | 87.55M | 80.24M | 74.20M | |
| Long-Term Unearned Revenue | 21.26M | 20.99M | 19.93M | 15.72M | 12.49M | 11.60M |
| Pension & Post-Retirement Benefits | 7.31M | 7.63M | 9.57M | 12.13M | 14.95M | 219.68M |
| Long-Term Deferred Tax Liabilities | 212.18M | 156.72M | 151.21M | 216.14M | 220.20M | 186.94M |
| Other Long-Term Liabilities | 147.24M | 62.53M | 216.09M | 93.79M | 84.20M | 74.55M |
| Total Liabilities | 3.15B | 3.54B | 3.64B | 3.66B | 4.08B | 3.89B |
| Common Stock | 153.00K | 153.00K | 148.00K | 148.00K | 147.00K | 147.00K |
| Additional Paid-In Capital | 618.77M | 602.76M | 520.18M | 479.22M | 408.38M | 357.31M |
| Retained Earnings | 4.06B | 4.05B | 4.33B | 3.90B | 3.50B | 3.06B |
| Treasury Stock | -2.32B | -1.74B | -940.69M | -906.03M | -831.18M | -566.40M |
| Comprehensive Income & Other | -147.51M | -141.86M | -269.39M | -223.20M | -278.47M | -359.08M |
| Shareholders' Equity | 2.21B | 2.78B | 3.64B | 3.25B | 2.80B | 2.49B |
| Total Liabilities & Equity | 5.36B | 6.32B | 7.28B | 6.91B | 6.87B | 6.38B |
| Total Debt | 2.00B | 2.29B | 2.48B | 2.54B | 2.83B | 2.53B |
| Net Cash (Debt) | -1.84B | -2.06B | -1.84B | -2.29B | -2.66B | -2.35B |
| Net Cash Per Share | -38.13 | -39.54 | -33.94 | -42.32 | -48.39 | -41.52 |
| Filing Date Shares Outstanding | 45.22M | 47.18M | 53.62M | 53.60M | 53.61M | 54.66M |
| Total Common Shares Outstanding | 45.22M | 48.92M | 53.69M | 53.60M | 53.69M | 55.50M |
| Working Capital | 816.52M | 1.67B | 1.50B | 1.11B | 1.02B | 792.20M |
| Book Value Per Share | 48.87 | 56.75 | 67.77 | 60.63 | 52.11 | 44.95 |
| Tangible Book Value | -615.33M | -84.61M | 794.37M | -929.50M | -1.41B | -1.62B |
| Tangible Book Value Per Share | -13.61 | -1.73 | 14.80 | -17.34 | -26.23 | -29.27 |
| Land | 60.37M | 52.85M | 73.06M | 65.79M | 54.48M | |
| Buildings | 327.91M | 282.13M | 346.53M | 306.00M | 270.81M | |
| Machinery | 354.58M | 318.14M | 430.84M | 371.30M | 321.89M | |
| Order Backlog | 670.30M | 522.90M |
Cash flow statement
Fiscal year February - January; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -471.30M | -277.73M | 428.43M | 400.88M | 436.57M | 488.49M |
| Depreciation & Amortization | 100.13M | 99.04M | 96.96M | 102.78M | 130.92M | 118.48M |
| Other Amortization | 4.00M | 6.26M | 7.15M | 7.14M | 7.14M | 6.76M |
| Loss (Gain) From Sale of Assets | -1.14M | -763.00K | ||||
| Asset Writedown & Restructuring Costs | 10.60M | 10.60M | 10.47M | 1.99M | 1.92M | |
| Stock-Based Compensation | 22.91M | 13.46M | 31.90M | 45.16M | 58.37M | 42.33M |
| Other Operating Activities | 51.16M | 63.73M | 21.55M | -7.07M | -61.45M | -50.01M |
| Change in Accounts Receivable | -39.18M | -14.47M | 16.91M | -12.12M | -28.39M | -93.99M |
| Change in Inventory | -30.26M | 3.07M | 60.96M | 76.23M | -196.31M | -198.26M |
| Change in Accounts Payable | 21.57M | 18.07M | -14.39M | -43.05M | -47.74M | 61.34M |
| Change in Other Net Operating Assets | 33.22M | -2.44M | -36.84M | -75.41M | 33.45M | 47.10M |
| Operating Cash Flow | 530.39M | 630.20M | 686.82M | 628.79M | 332.55M | 423.40M |
| Capital Expenditures | -48.30M | -70.73M | -36.69M | -59.17M | -67.29M | -46.55M |
| Sale of Property, Plant & Equipment | 2.51M | 6.29M | ||||
| Cash Acquisitions | -29.55M | -31.98M | -111.43M | -37.88M | -278.80M | -963.60M |
| Sale (Purchase) of Intangibles | -1.11M | -80.00K | -1.70M | -2.23M | -5.00M | |
| Other Investing Activities | -11.06M | -23.07M | -12.84M | -56.98M | ||
| Investing Cash Flow | 475.67M | -126.89M | -158.53M | -155.74M | -348.32M | -1.01B |
| Long-Term Debt Issued | 1.13B | 640.20M | 1.87B | 1.74B | ||
| Long-Term Debt Repaid | -1.35B | -35.01M | -948.66M | -1.58B | -1.14B | |
| Net Debt Issued (Repaid) | -394.89M | -224.28M | -35.01M | -308.46M | 290.28M | 602.01M |
| Repurchase of Common Stock | -939.80M | -723.61M | -34.66M | -74.56M | -264.78M | -29.27M |
| Other Financing Activities | -20.26M | -23.05M | -4.10M | -7.91M | -17.87M | -69.96M |
| Financing Cash Flow | -1.35B | -970.94M | -73.77M | -390.94M | 7.63M | 502.79M |
| Foreign Exchange Rate Adjustments | -2.55M | 22.55M | -12.48M | 3.39M | -10.22M | -5.07M |
| Net Cash Flow | -351.44M | -445.09M | 442.04M | 85.50M | -18.36M | -87.74M |
| Free Cash Flow | 482.09M | 559.47M | 650.13M | 569.62M | 265.26M | 376.85M |
| Free Cash Flow Margin | 14.22% | 17.48% | 20.64% | 17.57% | 6.58% | 11.59% |
| Free Cash Flow Per Share | 9.99 | 10.72 | 11.99 | 10.53 | 4.83 | 6.65 |
| Levered Free Cash Flow | 604.10M | -232.19M | 475.53M | 420.24M | 256.55M | 136.36M |
| Unlevered Free Cash Flow | 666.48M | -179.81M | 526.72M | 488.81M | 305.02M | 165.32M |
| Cash Interest Paid | 109.10M | 104.20M | 97.70M | 119.20M | 77.20M | 50.60M |
| Cash Income Tax Paid | 58.81M | 79.11M | 108.70M | 131.90M | 114.00M | 125.80M |
| Change in Working Capital | -14.66M | 4.23M | 26.64M | -54.35M | -239.00M | -183.82M |
Ratios
Fiscal year February - January; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.58B | 7.59B | 7.35B | 7.89B | 7.22B | 10.95B |
| Enterprise Value | 7.42B | 9.51B | 9.17B | 10.33B | 9.83B | 12.63B |
| Last Close Price | 118.95 | 121.28 | 109.87 | 118.38 | 107.71 | 158.28 |
| PE Ratio | 17.15 | 19.68 | 16.53 | 22.41 | ||
| Forward PE | 16.93 | 16.52 | 14.08 | 14.69 | 14.16 | 22.04 |
| PS Ratio | 1.64 | 2.37 | 2.33 | 2.43 | 1.79 | 3.37 |
| PB Ratio | 2.43 | 2.74 | 2.02 | 2.43 | 2.58 | 4.39 |
| P/TBV Ratio | 9.25 | |||||
| P/FCF Ratio | 11.51 | 13.57 | 11.30 | 13.85 | 27.20 | 29.04 |
| P/OCF Ratio | 10.46 | 12.05 | 10.70 | 12.55 | 21.70 | 25.85 |
| PEG Ratio | 1.63 | 2.21 | 2.21 | 4.12 | 4.12 | 4.12 |
| EV/Sales Ratio | 2.18 | 2.97 | 2.91 | 3.19 | 2.44 | 3.89 |
| EV/EBITDA Ratio | 10.52 | 13.69 | 11.90 | 13.39 | 11.73 | 18.30 |
| EV/EBIT Ratio | 12.26 | 15.97 | 13.62 | 15.45 | 13.90 | 22.09 |
| EV/FCF Ratio | 15.32 | 17.00 | 14.10 | 18.13 | 37.06 | 33.52 |
| Debt / Equity Ratio | 0.91 | 0.82 | 0.68 | 0.78 | 1.01 | 1.01 |
| Debt / EBITDA Ratio | 2.74 | 3.16 | 3.11 | 3.19 | 3.24 | 3.51 |
| Debt / FCF Ratio | 4.15 | 4.09 | 3.81 | 4.46 | 10.66 | 6.72 |
| Net Debt / Equity Ratio | 0.83 | 0.74 | 0.51 | 0.70 | 0.95 | 0.94 |
| Net Debt / EBITDA Ratio | 2.62 | 2.97 | 2.39 | 2.97 | 3.17 | 3.41 |
| Net Debt / FCF Ratio | 3.81 | 3.69 | 2.83 | 4.02 | 10.02 | 6.24 |
| Asset Turnover | 0.53 | 0.47 | 0.44 | 0.47 | 0.61 | 0.56 |
| Inventory Turnover | 2.57 | 2.89 | 2.38 | 1.95 | 2.69 | 2.98 |
| Quick Ratio | 0.98 | 0.80 | 1.49 | 1.11 | 0.85 | 0.85 |
| Current Ratio | 1.99 | 2.57 | 2.81 | 2.31 | 2.03 | 1.87 |
| Return on Equity (ROE) | 10.97% | 11.45% | 12.22% | 13.66% | 16.50% | 21.85% |
| Return on Assets (ROA) | 5.93% | 5.48% | 5.93% | 6.06% | 6.67% | 6.17% |
| Return on Invested Capital (ROIC) | 10.42% | 8.79% | 9.09% | 9.36% | 10.62% | 10.69% |
| Return on Capital Employed (ROCE) | 13.30% | 11.40% | 10.40% | 11.00% | 12.00% | 10.50% |
| Earnings Yield | -7.92% | -3.66% | 5.83% | 5.08% | 6.05% | 4.46% |
| FCF Yield | 8.69% | 7.37% | 8.85% | 7.22% | 3.68% | 3.44% |
| Buyback Yield / Dilution | 10.72% | 3.74% | -0.23% | 1.57% | 3.03% | -2.77% |