MIDDLEBY Corp MIDD
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -5.38 | 7.97 | 7.48 | 8.07 | 8.85 | 3.76 | 6.33 | 5.71 | 5.26 | 4.98 |
| EPS, diluted | -5.32 | 7.90 | 7.41 | 7.95 | 8.62 | 3.76 | 6.33 | 5.70 | 5.26 | 4.98 |
| Shares, diluted (wtd. avg.) | $52.2M | $54.2M | $54.1M | $54.9M | $56.7M | $55.1M | $55.7M | $55.6M | $56.7M | $57.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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