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Middleby

MIDD on Nasdaq. Middleby sells cooking and food processing equipment to restaurants and food processors. Market value $4.8bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
10.1%very high

For every $100 of what the whole company costs, it produced $10.06 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
11.4×fair

You pay 11.4 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
9.5%five-year median

Each dollar kept in the business earns 9 cents a year. Above 10 is good.

Quality score: 92 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.

$105.92 a share, 19% above its 1-year low

Over the past year the price has ranged from $89.16 to $148.55.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.4
0.3
0.6
0.7
0.6
0.5
2021202220232024202512 monthsto Jun '26
Revenue
$3.3bn$4.0bn$3.2bn$3.2bn$3.2bn
Operating margin
19.4%15.9%20.1%20.4%18.0%
Debt to equity
0.970.970.750.660.78
Shares outstanding
0.05bn0.05bn0.05bn0.05bn0.05bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)4 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt0.78× equity
  • Revenue growth, five yearsSlow, 5.0% a year
  • Buying back its own sharesYes, 16% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $876 million last quarter, up 10% on a year ago.
  • Profit: $55 million, down 48% on a year ago.
  • It keeps 17 cents of each $1 of sales as operating profit, down from 22 cents a year earlier.
  • Spare cash over the past 12 months: $482 million, down from $606 million.
  • 15% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $1.8 billion more than cash, down from $1.9 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$770m
December 2024$829m
March 2025$731m
June 2025$797m
September 2025$807m
December 2025$866m
March 2026$840m
June 2026$876m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$114m
December 2024$112m
March 2025$92m
June 2025$106m
September 2025-$513m
December 2025$37m
March 2026-$50m
June 2026$55m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
4 March 2026
Next quarterly (estimated, 10-Q)
12 November 2026

Who owns it

10 long-term investors we follow own it, unchanged from 10 last quarter. 451 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $15m of shares on the open market.

  • GARDEN EDWARD P
    Director
    Bought
    Date
    15 December 2025
    Shares
    14,740
    Price
    $146.92
    Value
    $2m
  • GARDEN EDWARD P
    Director
    Bought
    Date
    12 December 2025
    Shares
    43,838
    Price
    $146.53
    Value
    $6m
  • GARDEN EDWARD P
    Director
    Bought
    Date
    11 December 2025
    Shares
    44,325
    Price
    $144.55
    Value
    $6m
  • Nerbonne Robert A
    Director
    Bought
    Date
    9 December 2025
    Shares
    780
    Price
    $128.52
    Value
    $100,246

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 4 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 17 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • The company has a significant amount of goodwill and indefinite life intangibles, which have in the past, and could in the future, become impaired and require us to record significant impairment charges.

    Already happened
    On December 4, 2025, the company entered into a definitive agreement to sell a 51% stake in its Residential Kitchen business to an affiliate of 26North Partners LP, and the transaction contemplated by such agreement was completed on February 2, 2026. During the third quarter of 2025, the company identified an impairment indicator impacting the fair value of Residential Kitchen Equipment Group reporting unit in connection with conducting a strategic review of its business portfolio and performed an interim quantitative impairment test as of September 27, 2025. As a result, the company recognized non-cash impairments of $709.1 million in the three month period ended September 27, 2025, primarily associated with the interim quantitative impairment tests of goodwill of the Residential Kitchen Equipment Group reporting unit and several trademarks within Residential Kitchen Equipment Group.
    Read more

  • Unfavorable tax law changes and tax authority rulings may adversely affect financial results.

    Could happen
    In recent years, the OECD has issued Administrative Guidance, including the most recent agreement to a side-by-side system released on January 5, 2026. The side-by-side agreement is intended to complement the OECD’s Pillar II model rules with the addition of new safe harbors, as well as other simplification measures, that are designed to provide clarity and reduce compliance complexity for eligible multinational companies. The Administrative Guidance generally requires further legislative or regulatory action to be effective. These potential changes increase tax uncertainty and may impact income tax expense in future years. The company will continue to monitor pending legislation and implementation by individual countries and evaluate the potential impact on the company's business in future periods.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.