The Middleby Corp (MIDD)
NASDAQ:MIDD
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The Middleby
(NASDAQ:MIDD)
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Rating:59Neutral
Price Target:
$154.00
▲(6.87% Upside)
Action:Reiterated
Date:05/15/26
The score is held back mainly by the sharp TTM profitability deterioration and negative P/E, partially offset by resilient cash flow and a constructive earnings-call outlook with detailed guidance and significant share repurchases. Technicals are neutral-to-slightly positive and provide modest support.
Positive Factors
Cash generation
Sustained operating and free cash flow despite accounting losses indicates strong cash conversion and liquidity. This supports capital allocation (capex, buybacks, debt service) and provides a durable buffer versus earnings volatility, though continued FCF growth should be monitored.
Negative Factors
Profitability reversal
A sharp swing to negative EBIT/EBITDA and net income erodes retained earnings and weakens return metrics. Persistent operating losses reduce reinvestment capacity, increase reliance on cash reserves or debt, and mean management must deliver durable margin recovery to restore financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained operating and free cash flow despite accounting losses indicates strong cash conversion and liquidity. This supports capital allocation (capex, buybacks, debt service) and provides a durable buffer versus earnings volatility, though continued FCF growth should be monitored.
Read all positive factors
The Middleby (MIDD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.53B
Dividend YieldN/A
Average Volume (3M)514.67K
Price to Earnings (P/E)―
Beta (1Y)1.03
Revenue Growth-4.89%
EPS Growth-179.82%
CountryUS
Employees10,616
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-8.46
Shares Outstanding45,214,497
10 Day Avg. Volume584,735
30 Day Avg. Volume514,668
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)2.81
Price to Sales (P/S)2.43
P/FCF Ratio13.95
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue2.21
Enterprise Value/Gross Profit5.82
Enterprise Value/Ebitda-3.48K
Forecast
1Y Price Target
$189.00Price Target Upside31.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)9.56
Revenue Forecast (FY)$3.38B
The Middleby Business Overview & Revenue Model
Company Description
The Middleby Corporation designs, manufactures, markets, distributes, and services a range of foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Comme...
How the Company Makes Money
Middleby makes money primarily by selling equipment and related solutions across three main end-markets: (1) Commercial Foodservice: revenue is generated from the sale of restaurant and institutional kitchen equipment (e.g., ovens, fryers, grills,...
The Middleby Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed a positive operational and strategic tone: robust top-line beats, a record quarter for Food Processing (25% organic growth), strong cash generation and an aggressive buyback program, plus clear guidance and a path to margin recovery. Offsetting risks include near-term margin pressure from tariffs and new inflationary costs (shipping/electronic controls), some Q1-to-Q2 margin softness in Commercial Foodservice, and macro uncertainty around consumer wallets. Management has plans (pricing, tariff lapses, backlog mix, M&A optionality) to mitigate pressures, and the highlights materially outweigh the headwinds.Positive Updates
Strong Consolidated Results
Total company revenue ~ $840 million in Q1 2026, adjusted EBITDA of ~ $181 million and adjusted EPS from continuing operations of $2.16, driven by outperformance across both segments.
Negative Updates
Margin Pressure from Tariffs and Inflation
Although dollar tariff impacts were offset to the P&L in Q1, tariffs remained a percentage-margin headwind and are expected to persist into Q2. Management estimates roughly a ~1% margin headwind per segment from recent tariff/exposure effects.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Consolidated Results
Total company revenue ~ $840 million in Q1 2026, adjusted EBITDA of ~ $181 million and adjusted EPS from continuing operations of $2.16, driven by outperformance across both segments.
Read all positive updates
Company Guidance
Middleby guided Q2 2026 revenue of $815–$850M (Commercial Foodservice $600–$620M; Food Processing $215–$230M), adjusted EBITDA of $180–$192M (CFS $154–$164M; FP $45–$49M) and adjusted EPS of $2.27–$2.39 on approximately 45.8M weighted shares; full‑year 2026 guidance is revenue of $3.36–$3.44B (CFS $2.44–$2.49B; FP $915–$945M), adjusted EBITDA of $758–$790M (CFS $645–$668M; FP $186–$208M) and adjusted EPS of $9.54–$9.70. For context, Q1 results were revenue ≈$840M, adj. EBITDA ≈$181M and adj. EPS $2.16, operating cash flow ~$88M, free cash flow ~$80M, leverage 2.3x; post‑spin Food Processing target net leverage ~1.25x and RemainCo ~2.8x (delever to ~2.5x by YE), with share repurchase plans of roughly $175M in Q2 and ≈$50M per quarter in 2H.The Middleby Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
58
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.67B | 3.20B | 3.88B | 4.04B | 4.03B | 3.25B |
| Gross Profit | 1.39B | 1.25B | 1.47B | 1.53B | 1.45B | 1.19B |
| EBITDA | -2.33M | 675.10M | 796.72M | 797.35M | 791.45M | 801.90M |
| Net Income | -420.16M | -277.73M | 428.43M | 400.88M | 436.57M | 488.49M |
Balance Sheet | ||||||
| Total Assets | 5.42B | 6.32B | 7.28B | 6.91B | 6.87B | 6.38B |
| Cash, Cash Equivalents and Short-Term Investments | 177.06M | 222.24M | 689.53M | 247.50M | 162.00M | 180.36M |
| Total Debt | 1.87B | 2.17B | 2.52B | 2.54B | 2.83B | 2.44B |
| Total Liabilities | 3.05B | 3.54B | 3.64B | 3.66B | 4.08B | 3.89B |
| Stockholders Equity | 2.37B | 2.78B | 3.64B | 3.25B | 2.80B | 2.49B |
Cash Flow | ||||||
| Free Cash Flow | 452.07M | 558.35M | 637.51M | 541.81M | 263.03M | 371.85M |
| Operating Cash Flow | 576.88M | 630.20M | 686.82M | 628.79M | 332.55M | 423.40M |
| Investing Cash Flow | 464.48M | -126.89M | -158.53M | -155.74M | -348.32M | -1.01B |
| Financing Cash Flow | -1.60B | -970.94M | -73.77M | -390.94M | 7.63M | 502.79M |
The Middleby Technical Analysis
Negative
144.10
Price Trends
141.86
Negative
148.72
Negative
140.12
Positive
Market Momentum
0.97
Positive
45.78
Neutral
13.92
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIDD, the sentiment is Negative. The current price of 144.1 is below the 20-day moving average (MA) of 145.40, above the 50-day MA of 141.86, and above the 200-day MA of 140.12, indicating a neutral trend. The MACD of 0.97 indicates Positive momentum. The RSI at 45.78 is Neutral, neither overbought nor oversold. The STOCH value of 13.92 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MIDD.
The Middleby Risk Analysis
The Middleby disclosed 32 risk factors in its most recent earnings report. The Middleby reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
The Middleby Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $6.48B | 48.25 | 2.83% | 0.56% | 10.21% | -48.98% | |
72 Outperform | $10.04B | 37.82 | 12.67% | ― | 17.39% | 20.78% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $8.43B | 28.68 | 15.93% | 1.17% | 0.83% | 26.77% | |
63 Neutral | $6.12B | 23.50 | 7.47% | ― | 1.58% | 15.61% | |
59 Neutral | $6.53B | -31.15 | -14.35% | ― | -4.89% | -179.82% | |
57 Neutral | $4.52B | -334.43 | 1.43% | ― | 12.73% | ― |
* Industrials Sector Average
MIDD
The Middleby
141.52
-10.59
-6.96%
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FLS
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SPXC
SPX
195.79
39.98
25.66%
GTES
Gates Industrial
23.45
1.86
8.62%
MIR
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0.93
5.33%
The Middleby Corporate Events
Business Operations and StrategyFinancial Disclosures
Middleby Outlines Midera Spin-Off Strategy at Investor Day
Positive
May 12, 2026
The Middleby Corporation has prepared investor presentation materials for its May 12, 2026 Investor Day in New York, including separate slide decks for the parent company and its food processing subsidiary, Midera Food Processing, Inc. These mater...
Business Operations and StrategyDelistings and Listing Changes
Middleby Rebrands Food Processing Unit Ahead Midera Spin-Off
Positive
May 11, 2026
On May 11, 2026, The Middleby Corporation announced that its food processing business will operate under the new name Midera Food Processing, Inc., ahead of its planned separation into a standalone public company. The rebranding emphasizes Midera&...
Business Operations and StrategyRegulatory Filings and Compliance
Middleby Plans Spin-Off of Food Processing Business
Positive
May 4, 2026
On May 4, 2026, The Middleby Corporation filed a Form 10 registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of its Middleby Food Processing business into an independent, Nasdaq-listed pure-play food pr...
Business Operations and StrategyExecutive/Board Changes
Middleby Finalizes Leadership for Planned Food Processing Spin-Off
Positive
Apr 1, 2026
On April 1, 2026, The Middleby Corporation announced that Amy Campbell will serve as Chief Financial Officer of its Food Processing business once it is spun off as an independent public company in the second quarter of 2026. The appointment, effec...
Business Operations and StrategyExecutive/Board Changes
Middleby Adds Veteran Executive Glenn Eisenberg to Board
Positive
Mar 6, 2026
On March 5, 2026, Middleby’s board amended and restated its bylaws to raise the maximum board size from 11 to 13 directors and to update officer titles and executive officer positions. This governance move, effective immediately, expands the...
Business Operations and StrategyM&A Transactions
Middleby Plans Spin-Off of Food Processing Business
Positive
Mar 5, 2026
On March 5, 2026, The Middleby Corporation released an investor presentation detailing its planned spin-off of its food processing business into a standalone public company, as part of a broader portfolio transformation. The move is designed to cr...
Business Operations and StrategyExecutive/Board Changes
Middleby Sets Leadership for Food Processing Spin-Off
Positive
Feb 26, 2026
On February 26, 2026, The Middleby Corporation announced leadership appointments for its planned spin-off of the Food Processing business into an independent public company expected to be completed in the second quarter of 2026. Mark Salman, curre...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.