# The Middleby Corporation (MIDD)

> Source: Nexqual · https://nexqual.com/MIDD · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, The Middleby Corporation (MIDD), nexqual.com/MIDD" · informational, not investment advice.

**Price:** USD 114.04 (-0.83% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 115 · day 112.61–115.61 · 52w 89.16–148.55 · market cap $5.16B · NMS

## Key facts
- Last four reported quarters (through Jul 4, 2026): revenue $3.39B, net income -$471M (-13.9% margin), free cash flow $482M (SEC filings).
- 1 of 80 tracked superinvestors hold MIDD (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (11 analysts), mean target USD 155.67 (range 145–169).
- Total return with dividends: 1Y +13.4% vs S&P 500 +13.6%; 5Y -22.3% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD 1.75, revenue estimate $634M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.25B | $4.03B | $3.24B | $3.15B | $3.20B | $3.39B |
| Gross profit | $1.19B | $1.45B | $1.28B | $1.25B | $1.25B | — |
| Operating income | $630M | $640M | $652M | $644M | $575M | $560M |
| Net income | $488M | $437M | $401M | $428M | -$278M | -$471M |
| EPS (diluted) | $6.93 | $6.40 | $5.96 | $6.36 | -$4.28 | — |
| Free cash flow | $377M | $265M | $570M | $650M | $559M | $482M |
| Gross margin | 36.8% | 35.9% | 39.6% | 39.7% | 39.1% | — |
| Operating margin | 19.4% | 15.9% | 20.1% | 20.4% | 18.0% | 16.5% |
| Net margin | 15.0% | 10.8% | 12.4% | 13.6% | -8.7% | -13.9% |
| Revenue growth | +29.3% | +24.1% | -19.6% | -2.8% | +1.6% | — |
| Cash + short-term investments | $180M | $162M | $247M | $639M | $222M | — |
| Total debt | $2.41B | $2.72B | $2.43B | $2.40B | $2.17B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 4, 2026)
P/S 1.5x · EV/EBITDA 11.2x · EV/Sales 2.1x · P/FCF 10.7x · P/B 2.3x · FCF yield 9.35% · Earnings yield -9.14% · Buyback yield (TTM) 18.22% · Net debt $1.82B · EV $6.98B
P/E at fiscal year-ends: Dec 2024 17.1x, Dec 2023 19.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MIDD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 2.82% | $283M | Added +4.4% |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 11 analysts; mean target USD 155.67 (low 145, high 169).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | JP Morgan | Target lowered | Overweight | $147 → $145 |
| 2026-09-15 | JP Morgan | Upgrade | Neutral → Overweight | $141 → $147 |
| 2026-09-01 | Canaccord Genuity | Target raised | Buy | $157 → $160 |
| 2026-08-13 | Barclays | Target lowered | Overweight | $155 → $145 |
| 2026-08-12 | Canaccord Genuity | Target lowered | Buy | $165 → $157 |
| 2026-08-12 | Oppenheimer | Target lowered | Outperform | $205 → $160 |
| 2026-08-12 | JP Morgan | Target lowered | Neutral | $151 → $141 |
| 2026-07-20 | Barclays | Target lowered | Overweight | $190 → $155 |
| 2026-07-13 | JP Morgan | Target lowered | Neutral | $185 → $151 |
| 2026-07-08 | Jefferies | Target lowered | Buy | $200 → $160 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +13.4% | -22.3% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +13.4% | -4.9% |
| Volatility (annualized) | 34.1% | 34.5% |
| Max drawdown | -28.8% (Jul 2026→Oct 2026) | -43.2% (Jan 2022→Oct 2023) |

## Peers (Specialty Industrial Machinery)
RRX (Regal Rexnord Corporation) USD 161.09 +1.82% · GGG (Graco Inc.) USD 67.16 +1.05% · WTS (Watts Water Technologies, Inc.) USD 342.87 -5.12% · CR (Crane Company) USD 198.42 +2.87% · GNRC (Generac Holdlings Inc.) USD 201.34 +3.94% · INIO (INNIO N.V.) USD 18.35 +8.07%

## More
Full page: https://nexqual.com/MIDD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Commercial Foodservice Equipment Group | $630.6M | 72.0% | +8.6% |
| Food Processing Group | $244.9M | 28.0% | +13.3% |
| Total revenue | $875.5M | 100% | — |

## Revenue by region (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States and Canada | $562.8M | 64.3% | +4.7% |
| Europe and Middle East | $206.6M | 23.6% | +27.9% |
| Asia | $63.5M | 7.3% | +7.1% |
| Latin America | $42.7M | 4.9% | +10.8% |
| Total revenue | $875.5M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.75 | $1.69 | +3.5% | $634.0M | 10 |
| Next quarter (ends 2026-12-31) | $1.78 | $1.68 | +6.1% | $631.0M | 10 |
| Current fiscal year (ends 2026-12-31) | $6.87 | $7.92 | -13.2% | $2.51B | 11 |
| Next fiscal year (ends 2027-12-31) | $7.78 | $8.62 | -9.8% | $2.61B | 11 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $2.35 | $2.09 | Beat +12.4% | — |
| — | Quarter ended Mar 31, 2026 | $2.16 | $1.94 | Beat +11.3% | — |
| — | Quarter ended Dec 31, 2025 | $2.42 | $2.26 | Beat +7.1% | — |
| — | Quarter ended Sep 30, 2025 | $2.37 | $2.07 | Beat +14.5% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-13 | Schedule 13G/A | JPMORGAN CHASE & CO.: 4.5% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/769520/000001961726000353/0000019617-26-000353-index.htm |
| 2026-09-10 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/769520/000110465926106538/0001104659-26-106538-index.htm |
| 2026-09-09 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/769520/000110465926106313/0001104659-26-106313-index.htm |
| 2026-08-13 | 10-Q | Quarterly report · period ended Jul 4, 2026 | https://www.sec.gov/Archives/edgar/data/769520/000076952026000047/0000769520-26-000047-index.htm |
| 2026-08-11 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/769520/000076952026000044/0000769520-26-000044-index.htm |
| 2026-07-31 | Schedule 13G/A | Vanguard Capital Management: 4.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/769520/000210011926001463/0002100119-26-001463-index.htm |
| 2026-07-09 | 8-K/A | Current report | https://www.sec.gov/Archives/edgar/data/769520/000076952026000041/0000769520-26-000041-index.htm |
| 2026-07-06 | 8-K | Entered a material agreement; Completed an acquisition or sale of assets; Director or executive officer change, or pay arrangement; Regulation FD disclosure — “Agreements with Midera Food Processing, Inc. On July 6, 2026, The Middleby Corporation (the "Company") completed its spin-off of Midera Food Processing, Inc., a Delaware corporation ("Midera"), into a new, publicly traded company (the "Spin-off"). As a result of the Spin-off, the Company has no ownership interest in Midera. The Company has entered into the following agreements with Midera in connection with the Spin-off in order to govern the ongoing relationship between the Company and Midera after the Spin-off…” | https://www.sec.gov/Archives/edgar/data/769520/000119312526295648/0001193125-26-295648-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.