The Middleby Corporation (MIDD)
UndervaluedFundamental
54
Price
$113.05
Market Cap
$5.02B
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
Generated with artificial intelligence on September 19, 2026, shared with all users
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.
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.
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.
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.
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.
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
Fair Value
$151.01
Current Price
$113.05
Margin of Safety
+25.1%
Fair Value Range
$101.93 - $200.09
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-10.0%
P/B Ratio
2.31
P/FCF
10.60
Gross Margin
38.4%
ROIC
8.7%
Profitability Radar
Value Creation (Economic Moat)
ROIC
8.7%
WACC
8.4%
ROIC − WACC
+0.2 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental Analysis Criteria
Passed (11)
- ROIC 8.7%
- Gross margin 38.4%
- P/FCF 10.60
- P/B ratio 2.31
- Debt/equity ratio
- Operating margin 18.0%
- Positive free cash flow
- CapEx intensity
- Current ratio
- Debt/EBITDA
- 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, average 2.4%
- Net margin trend -13.9% vs 13.6%
- Piotroski F-Score 4/9
Unavailable (5)
- Dividend payout –
- Interest coverage
- Price below Graham Number
- PEG ratio (needs P/E > 0 and growth > 0)
- Earnings quality (operating cash flow / net income)
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Timothy J. FitzGerald CPA | CEO & Director | 55 |
| Mr. James K. Pool III | Chief Technology & Operations Officer | 53 |
| Mr. Steven P. Spittle | Chief Commercial Officer | 44 |
| Ms. Brittany C. Cerwin | CFO & Chief Accounting Officer | 41 |
| Mr. Michael D. Thompson | General Counsel & Secretary | - |
| Ms. Darcy Bretz | Vice President of Corporate Communications | - |
| Ms. Rebecca Ellin CFA, MBA | SVP of Investor Strategy & Corporate Development | - |
| Mr. George F. Koether | Group President of business operations in Asia | - |
| Peter Jongen | Group President of Protein | - |
| Ms. Amy A. Campbell | Chief Financial Officer of Middleby Food Processing Group | 48 |
Audit Risk
4
Board Risk
3
Compensation Risk
2
Shareholder Rights Risk
1
Documents
- View document
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
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much MIDD moves, measured on its daily prices.
More volatile than 36% of the tracked stocks (90-day volatility).
- Volatility 30d
- 20.1%
- Volatility 90d
- 30.7%
- Beta vs S&P 500 (1y)
- 1.07Correlation 0.40
- Max drawdown (12m)
- -28.8%
- ATR (14d, % of price)
- 2.33%
Earnings reactions
How MIDD moved around its past quarterly results.
Next earnings release
Nov 5, 2026 · In 12 days · Before the open
EPS estimate: 1.75Revenue estimate: $634M
What usually happens
- Over the last 12 releases the stock moved a median of 4.3% the next day, up or down.
- Next-day moves: up 6, down 6 (out of 12).
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026 | During the session | 2.07 | 1.74 | -16.1% | -4.8% | -7.9% | -11.8% |
| May 7, 2026 | During the session | 1.98 | 2.16 | +9.2% | +12.0% | +11.0% | +3.5% |
| Feb 26, 2026 | During the session | 2.32 | 2.42 | +4.3% | -3.2% | +5.8% | +1.8% |
| Nov 6, 2025 | During the session | 2.11 | 2.37 | +12.2% | +7.5% | -2.8% | +0.8% |
| Aug 6, 2025 | During the session | n/a | n/a | n/a | -0.3% | -18.3% | -10.0% |
| May 7, 2025 | During the session | n/a | n/a | n/a | +1.9% | -2.8% | +10.7% |
| Feb 25, 2025 | During the session | n/a | n/a | n/a | +5.7% | +0.7% | -3.9% |
| Oct 31, 2024 | During the session | n/a | n/a | n/a | -7.4% | -7.6% | +2.3% |
| Aug 1, 2024 | During the session | n/a | n/a | n/a | +2.9% | +6.5% | +0.9% |
| May 8, 2024 | During the session | n/a | n/a | n/a | -3.6% | -2.3% | -3.4% |
| Feb 20, 2024 | During the session | n/a | n/a | n/a | +0.1% | +2.6% | +7.1% |
| Nov 8, 2023 | During the session | n/a | n/a | n/a | +4.5% | +0.9% | +8.5% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on MIDD and what the price did next.
- 3/10/2026PositiveGarden Investment Adds to Large Stake in Middleby Ahead of Spin-Off
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 2/28/2026PositiveMiddleby Is Spinning Off Its Food Processing Segment After a $540 Million Asset Sale. Can the Breakup Close Its Valuation Gap?
- +1 day
- -2.3%
- +3 days
- -4.8%
- 2/25/2026PositiveWhat's Behind a New $6.5 Million Bet on Middleby With Stock Down 5% in One Year?
- +1 day
- +6.4%
- +3 days
- +5.5%
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for MIDD.
- 3/10/2026POSITIVEGarden 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.
- 2/28/2026POSITIVEMiddleby 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.
- 2/26/2026NEUTRALMiddleby (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.
- 2/25/2026POSITIVEWhat'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.