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Makes commercial kitchen equipment (ovens, ranges, fryers) for restaurants and foodservice chains worldwide.
Makes commercial kitchen equipment (ovens, ranges, fryers) for restaurants and foodservice chains worldwide.
Sells through a mix of dealers, distributors and direct to large chains, and has grown mainly by buying specialist brands, which it keeps under their own names. Commercial foodservice equipment is the base, with food-processing machinery for industrial bakeries and meat plants and Viking home appliances alongside.
Moat: narrow (brand, scale, installed base). Broad multi-brand equipment portfolio and chain-restaurant relationships built over decades.
Headquarters: Elgin, Illinois, United States · Founded: 1888 · Employees: 8,826
Size Middleby (MIDD) is a United States Industrials company (Industrial Machinery) with a market value of $6.17B, the 1045th largest of 3,117 United States companies the cockpit tracks. Shares closed at $136.50 on 6 Nov 2026.
Performance Over six months the shares gained 3.0%, against -3.7% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 19 in its peer set.
Growth Revenue fell 7.2% over the last twelve months (peer median +18.2%); the operating margin is 17.1% (peer median 15.7%).
Valuation It trades at 18.5× forward earnings against a peer median of 25.2× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.0 points above its cost of capital (9.9% WACC).
Short interest Short interest is 3.5% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.56B | $3.20B | $3.15B | $4.04B | $4.03B |
| Revenue growth | — | +2% | -22% | 0% | — |
| Gross profit | $1.30B | $1.26B | $1.25B | $1.51B | $1.41B |
| EBITDA | $716M | $690M | $762M | $857M | $785M |
| Net income | -$376M | -$278M | $428M | $401M | $437M |
| Free cash flow | $496M | $559M | $650M | $544M | $265M |
| Capital expenditure | $34.7M | $71.8M | $36.8M | $87.0M | $69.5M |
| Total debt | $2.00B | $2.29B | $2.48B | $2.54B | $2.83B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Middleby MIDD | $6.17B | +3% | -7% | 17% | 18.5× | 6.9% |
| Illinois Tool Works ITW | $79.8B | +11% | +5% | 27% | 23.4× | 9.7% |
| Standex International SXI | $2.76B | -13% | +8% | 18% | 20.9× | 15.2% |
| HOSHIZAKI 6465.T | $4.93B | +5% | +12% | 10% | 17.8× | -4.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MIDD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +29.5% | -10.9% | highest of 21 |
| 6-month return | +3.0% | -3.7% | 6th highest of 19 |
| Distance from 52-week high | -8.1% | -23.7% | 4th highest of 21 |
| Revenue growth (TTM) | -7.2% | +18.2% | 2nd lowest of 21 |
| Operating margin | 17.1% | 15.7% | 10th highest of 21 |
| Forward P/E | 18.5× | 25.2× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.9% | 19.3% | 4th least demanding of 19 |
| Growth delivered (Del g) | +5.0% | +12.0% | 4th lowest of 19 |
| Hurdle (Req g minus delivered) | +2.0 pp | +9.5 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | +2.0 pp | +4.1 pp | 9th lowest of 21 |
| EV / EBITDA | 11.2× | 14.9× | 4th cheapest of 14 |
| Net debt / EBITDA | 2.6× | 0.3× | 2nd most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Middleby MIDD | United States | $6.17B | +3% | -7% | 17% | 18.5× | 6.9% | +5.0% |
| Shanghai BOCHU Electronic Technology 688188.SS | China | $6.16B | 0% | +20% | 44% | 29.6× | 18.0% | +30.9% |
| Welspun WELCORP.NS | India | $6.13B | +70% | +14% | 12% | 25.5× | 24.9% | +19.0% |
| Airtac International 1590.TW | Taiwan | $6.11B | -30% | +23% | 33% | 15.8× | 5.0% | +12.4% |
| MISUMI 9962.T | Japan | $6.25B | +3% | +24% | 13% | 17.9× | 9.3% | +7.3% |
| Valmet VALMT.HE | Finland | $5.97B | +30% | +3% | 10% | 13.8× | 2.1% | +6.8% |
| INDO-MIM INDOMIM.NS | India | $6.39B | n/a | +26% | 20% | 60.8× | 30.3% | +15.8% |
| KINGSEMI 688037.SS | China | $6.56B | -7% | +41% | -5% | 264.1× | n/a | n/a |
| JBT Marel JBTM | United States | $6.66B | -8% | +20% | 10% | 14.2× | 12.7% | +17.0% |
| Georg Fischer GF.SW | Switzerland | $5.65B | +32% | -20% | 3% | 19.9× | 29.2% | -1.2% |
| Robotechnik Intelligent Technology 3757.HK | Hong Kong | $6.76B | n/a | +217% | 9% | 140.6× | 53.9% | +11.6% |
| Mycronic MYCR.ST | Sweden | $5.57B | -4% | +17% | 29% | 24.9× | 10.1% | +15.6% |
| Beijing Huafeng Test & Control Technology 688200.SS | China | $6.87B | -4% | +44% | 36% | 50.0× | 47.7% | +27.6% |
| Enpro NPO | United States | $5.47B | -16% | +16% | 16% | 23.2× | 26.1% | +1.3% |
| Zhejiang Shuanghuan Driveline 002472.SZ | China | $5.46B | +9% | +15% | 15% | 26.9× | 11.0% | +20.0% |
| Rotork ROR.L | United Kingdom | $5.40B | +65% | +2% | 24% | 27.9× | 27.6% | +5.2% |
| Timken TKR | United States | $7.07B | -14% | +6% | 15% | 14.5× | 3.7% | +5.5% |
| LandMark Optoelectronics 3081.TWO | Taiwan | $5.38B | -32% | +105% | 38% | 54.3× | n/a | n/a |
| Shenzhen Envicool Technology 002837.SZ | China | $7.13B | -49% | +22% | 9% | 53.5× | 56.2% | +29.0% |
| Zurn Elkay Water Solutions ZWS | United States | $7.18B | -15% | +10% | 23% | 21.8× | 10.9% | -2.4% |
| Spirax SPX.L | United Kingdom | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% | +7.4% |