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The Middleby
(NASDAQ:MIDD)
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Rating:64Neutral
Price Target:
$185.00
▲(28.38% Upside)
Action:Reiterated
Date:06/30/26
Overall score reflects a tension between strong technical momentum and positive guidance/catalysts versus weaker recent profitability. The biggest risk is the sharp TTM earnings deterioration and negative P/E, partially offset by resilient cash flow, clear forward guidance, and supportive spin-off developments.
Positive Factors
Strong cash generation
Sustained operating and free cash flow despite accounting losses indicates durable cash conversion ability. This funds buybacks, working capital and investments, cushions earnings volatility, and supports near-term capital allocation without immediate reliance on equity markets.
Negative Factors
TTM profitability deterioration
A swing to negative EBITDA and net income reduces retained earnings and erodes operating leverage. Sustained losses constrain reinvestment, increase scrutiny from lenders and investors, and make margin recovery and deleveraging objectives materially harder over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained operating and free cash flow despite accounting losses indicates durable cash conversion ability. This funds buybacks, working capital and investments, cushions earnings volatility, and supports near-term capital allocation without immediate reliance on equity markets.
Read all positive factors
The Middleby (MIDD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.78B
Dividend YieldN/A
Average Volume (3M)679.85K
Price to Earnings (P/E)―
Beta (1Y)1.05
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. Volume741,744
30 Day Avg. Volume679,845
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 Cap1.18
Enterprise Value/Revenue2.50
Enterprise Value/Gross Profit6.59
Enterprise Value/Ebitda7.75K
Forecast
1Y Price Target
$191.63Price Target Upside32.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)9.61
Revenue Forecast (FY)$3.39B
The Middleby Business Overview & Revenue Model
Company Description
The Middleby Corporation is a global enterprise specializing in the design, production, marketing, distribution, and servicing of a comprehensive range of equipment for commercial foodservice, industrial food processing, and residential kitchens. ...
How the Company Makes Money
Middleby makes money primarily by selling equipment and related solutions to commercial foodservice operators and food processors through its branded product lines. Its core revenue stream is the sale of new equipment (e.g., ovens, ranges, fryers,...
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 | 1.18M | 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 | 1.90B | 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 | 502.46M | 558.35M | 637.51M | 541.81M | 263.03M | 371.85M |
| Operating Cash Flow | 554.67M | 630.20M | 686.82M | 628.79M | 332.55M | 423.40M |
| Investing Cash Flow | 462.90M | -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
Positive
144.10
Price Trends
153.39
Positive
151.09
Positive
143.68
Positive
Market Momentum
5.53
Negative
66.57
Neutral
77.85
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIDD, the sentiment is Positive. The current price of 144.1 is below the 20-day moving average (MA) of 163.35, below the 50-day MA of 153.39, and above the 200-day MA of 143.68, indicating a bullish trend. The MACD of 5.53 indicates Negative momentum. The RSI at 66.57 is Neutral, neither overbought nor oversold. The STOCH value of 77.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $7.96B | 184.48 | 2.83% | 0.56% | 10.21% | -48.98% | |
72 Outperform | $12.27B | 45.95 | 12.67% | ― | 17.39% | 20.78% | |
69 Neutral | $9.48B | 27.24 | 15.93% | 1.17% | 0.83% | 26.77% | |
68 Neutral | $7.10B | 28.93 | 7.47% | ― | 1.58% | 15.61% | |
64 Neutral | $7.78B | -20.45 | -14.35% | ― | -4.89% | -179.82% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $4.66B | 181.40 | 1.43% | ― | 12.73% | ― |
* Industrials Sector Average
MIDD
The Middleby
172.01
22.85
15.32%
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GTES
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-12.19%
The Middleby Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Middleby Prepares Midera Spin-Off with New Credit Facility
Positive
Jun 29, 2026
On June 29, 2026, Middleby announced that Midera Food Processing entered into a five-year, $1.0 billion credit agreement with Bank of America and other lenders, comprising a $750 million U.S. dollar revolving facility and a $250 million multi-curr...
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
Middleby to Spin Off Midera Food Processing Unit
Positive
Jun 22, 2026
On June 18, 2026, The Middleby Corporation’s board approved the separation of its Midera Food Processing business into an independent, publicly traded company via a pro rata spin-off to shareholders of record as of June 26, 2026. The distrib...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Middleby Advances Midera Spin-Off for Shareholders
Positive
Jun 17, 2026
On June 17, 2026, the U.S. Securities and Exchange Commission declared effective Midera Food Processing, Inc.’s Form 10 registration in connection with its separation from The Middleby Corporation into a new publicly traded company. The Midd...
Business Operations and StrategyExecutive/Board Changes
Middleby Adopts New Executive Severance and Incentive Plans
Positive
May 26, 2026
On May 20, 2026, Middleby’s board Compensation Committee adopted a new Executive Severance Plan that sets structured cash and benefits packages for the CEO, named executive officers, and other senior executives if they are terminated without...
Executive/Board ChangesShareholder Meetings
Middleby Shareholders Back Directors, Executive Pay and Auditor
Positive
May 21, 2026
On May 19, 2026, The Middleby Corporation held its 2026 Annual Meeting of Stockholders, with 44,057,414 of 46,621,841 eligible shares present or represented by proxy. Shareholders elected all eleven director nominees to serve until the 2027 annual...
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...
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.