MIDDLEBY Corp MIDD

Industrials SIC 3580 - Refrigeration & Service Industry Machinery NAICS Manufacturing › Machinery Manufacturing derived Nasdaq

The Middleby Corporation, a Delaware corporation ("Middleby" or the "company"), through its operating subsidiary Middleby Marshall Inc., a Delaware corporation ("Middleby Marshall") and its subsidiaries, is a leader in the design, manufacture, marketing, distribution, and service of a broad line of (i) foodservice equipment, integrated IoT solutions and universal controllers used in all types of commercial restaurants and institutional kitchens and (ii) food preparation, cooking, baking, chilling and packaging equipment for food processing operations.

Founded in 1888 as a manufacturer of baking ovens, Middleby Marshall Oven Company was acquired in 1983 by TMC Industries Ltd., a publicly traded company that changed its name in 1985 to The Middleby Corporation. The company has established itself as a leading provider of (i) commercial restaurant equipment and (ii) food processing equipment as a result of its acquisition of industry leading brands and through the introduction of innovative products.

Last close 113.05 2026-10-23
Market cap $5.11B 2026-07-04 share count
52-week range 102.14 - 180.13

Valuation FY2025 figures against the last close

P/S1.6x
P/E—
P/FCF9.1x
EV/EBITDA10.4x
Dividend yield—
Diluted EPS-5.32

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States And Canada
  • Europe And Middle East
  • Asia
  • Latin America
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 United States And Canada, FY2025: 2.2B (67.5%) 67% United States And Canada Europe And Middle East, FY2025: 631.4M (19.7%) 20% Europe And Middle East Asia, FY2025: 248.9M (7.8%) 8% Asia Latin America, FY2025: 161M (5.0%) 5% FY2024 United States And Canada, FY2024: 2.2B (68.4%) 68% Europe And Middle East, FY2024: 590.9M (18.8%) 19% Asia, FY2024: 244.2M (7.8%) 8% Latin America, FY2024: 161.3M (5.1%) 5% FY2023 United States And Canada, FY2023: 2.3B (71.2%) 71% Europe And Middle East, FY2023: 515.1M (15.9%) 16% Asia, FY2023: 273.2M (8.4%) 8% Latin America, FY2023: 146M (4.5%) 5%
Region FY2025FY2024FY2023
United States And Canada $2.16B $2.15B $2.31B
Europe And Middle East $631.4M $590.9M $515.1M
Asia $248.9M $244.2M $273.2M
Latin America $161.0M $161.3M $146.0M

As the company reported it, from the “Revenue Recognition Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Commercial Foodservice Equipment Group
  • Food Processing Group
  • Other
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2025 Commercial Foodservice Equipment Group, FY2025: 2.4B (73.4%) 73% Commercial Foodservice Equipment Group Food Processing Group, FY2025: 850.2M (26.6%) 27% Food Processing Group Other, FY2025: 0 (0.0%) FY2024 Commercial Foodservice Equipment Group, FY2024: 2.4B (75.6%) 76% Food Processing Group, FY2024: 769.9M (24.4%) 24% Other, FY2024: 0 (0.0%) FY2023 Commercial Foodservice Equipment Group, FY2023: 2.5B (76.7%) 77% Food Processing Group, FY2023: 756.8M (23.3%) 23% Other, FY2023: 0 (0.0%)
Segment FY2025FY2024FY2023
Commercial Foodservice Equipment Group $2.35B $2.38B $2.49B
Food Processing Group $850.2M $769.9M $756.8M
Other $0 $0 $0

As the company reported it, from the “Segment Information - Results of Business Segments (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $3.20B$3.15B$3.24B$4.03B$3.25B$2.51B$2.96B$2.72B$2.34B$2.27B
Cost of revenue $1.95B$1.90B$1.96B$2.59B$2.06B$1.63B$1.86B$1.72B$1.42B$1.37B
Gross profit $1.25B$1.25B$1.28B$1.45B$1.19B$882.0M$1.10B$1.00B$912.7M$901.2M
R&D $58.8M$50.8M$47.1M$48.9M$41.8M$35.3M$41.2M$35.3M$29.1M$26.3M
SG&A $663.2M$590.1M$624.9M$797.2M$668.0M$531.9M$593.8M$538.8M$468.2M$471.6M
Operating income $574.9M$644.1M$652.4M$639.6M$630.0M$324.4M$514.0M$446.0M$378.6M$419.0M
Pre-tax income $482.3M$566.1M$536.1M$564.4M$619.5M$268.1M$462.6M$423.5M$383.5M$421.3M
Income tax $115.0M$145.1M$123.1M$127.8M$131.0M$60.8M$110.4M$106.4M$85.4M$137.1M
Net income $367.3M$428.4M$400.9M$436.6M$488.5M$207.3M$352.2M$317.2M$298.1M$284.2M
EPS, basic -5.387.977.488.078.853.766.335.715.264.98
EPS, diluted -5.327.907.417.958.623.766.335.705.264.98
Shares, diluted (wtd. avg.) 52.2M54.2M54.1M54.9M56.7M55.1M55.7M55.6M56.7M57.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $222.2M$638.8M$247.5M$162.0M$180.4M$268.1M$94.5M$71.7M$89.7M$68.5M
Receivables $573.0M$531.8M$644.6M$631.1M$577.1M$363.4M$447.6M$398.7M$328.4M$325.9M
Inventory $692.6M$655.9M$935.9M$1.08B$837.4M$540.2M$585.7M$521.8M$424.6M$368.2M
Total current assets $2.74B$2.33B$1.97B$2.01B$1.71B$1.27B$1.21B$1.06B$931.9M$811.7M
Property, plant and equipment $431.6M$384.7M$510.9M$443.5M$381.0M$344.5M$352.1M$314.6M$281.9M$221.6M
Goodwill $1.80B$1.74B$1.70B$2.41B$2.24B$1.93B$1.85B$1.74B$1.26B$1.09B
Other intangibles $1.06B$1.10B$1.69B$1.79B$1.88B$1.45B$1.44B$1.36B$780.4M$696.2M
Total assets $6.32B$7.28B$6.91B$6.87B$6.38B$5.20B$5.00B$4.55B$3.34B$2.92B
Accounts payable $206.7M$166.2M$227.1M$271.4M$304.7M$182.8M$173.7M$188.3M$146.3M$146.9M
Short-term debt $44.4M$43.9M$44.8M$45.6M$27.3M$22.9M$2.9M$3.2M$5.1M$5.9M
Total current liabilities $1.07B$829.3M$851.1M$988.3M$914.9M$700.3M$593.1M$559.0M$473.7M$488.4M
Long-term debt $2.13B$2.35B$2.38B$2.68B$2.39B$1.71B$1.87B$1.89B$1.02B$726.2M
Retained earnings $4.05B$4.33B$3.90B$3.50B$3.06B$2.57B$2.36B$2.01B$1.70B$1.40B
Total equity $2.78B$3.64B$3.25B$2.80B$2.49B$1.98B$1.95B$1.67B$1.36B$1.27B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $630.2M$686.8M$628.8M$332.6M$423.4M$524.8M$377.4M$368.9M$304.5M$294.1M
Depreciation and amortisation $105.3M$104.1M$109.9M$138.1M$125.2M$110.5M$103.4M$97.2M$69.8M$58.2M
Stock-based compensation $13.5M$31.9M$45.2M$58.4M$42.3M$19.6M$8.1M$2.5M$6.2M$27.9M
Capital expenditure $70.7M$36.7M$59.2M$67.3M$46.6M$34.8M$46.6M$36.0M$54.5M$24.8M
Investing cash flow -$126.9M-$158.5M-$155.7M-$348.3M-$1.01B-$106.8M-$327.7M-$1.24B-$345.5M-$235.7M
Financing cash flow -$970.9M-$73.8M-$390.9M$7.6M$502.8M-$252.5M-$25.4M$856.1M$55.8M-$41.4M
Buybacks $723.6M$34.7M$74.6M$264.8M$29.3M$85.9M$6.1M$0$239.8M$4.4M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000231.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B Revenue, FY2016: 2.3B Gross profit, FY2016: 901.2M Net income, FY2016: 284.2M Revenue, FY2017: 2.3B Gross profit, FY2017: 912.7M Net income, FY2017: 298.1M Revenue, FY2018: 2.7B Gross profit, FY2018: 1B Net income, FY2018: 317.2M Revenue, FY2019: 3B Gross profit, FY2019: 1.1B Net income, FY2019: 352.2M Revenue, FY2020: 2.5B Gross profit, FY2020: 882M Net income, FY2020: 207.3M Revenue, FY2021: 3.3B Gross profit, FY2021: 1.2B Net income, FY2021: 488.5M Revenue, FY2022: 4B Gross profit, FY2022: 1.4B Net income, FY2022: 436.6M Revenue, FY2023: 3.2B Gross profit, FY2023: 1.3B Net income, FY2023: 400.9M Revenue, FY2024: 3.2B Gross profit, FY2024: 1.3B Net income, FY2024: 428.4M Revenue, FY2025: 3.2B Gross profit, FY2025: 1.3B Net income, FY2025: 367.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $2.27B $2.34B $2.72B $2.96B $2.51B $3.25B $4.03B $3.24B $3.15B $3.20B
Gross profit $901.2M $912.7M $1.00B $1.10B $882.0M $1.19B $1.45B $1.28B $1.25B $1.25B
Net income $284.2M $298.1M $317.2M $352.2M $207.3M $488.5M $436.6M $400.9M $428.4M $367.3M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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