The Middleby Corp (MIDD)
NASDAQ:MIDD
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The Middleby
(NASDAQ:MIDD)
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Rating:58Neutral
Price Target:
$154.00
▲(6.87% Upside)
Action:Reiterated
Date:05/27/26
The score is held back primarily by the sharp TTM profitability deterioration (swing to losses) and the weak valuation signal from a negative P/E. Offsetting these are resilient cash generation, a constructive earnings-call outlook with explicit guidance and capital returns, and moderately positive technical momentum; corporate events around the spin-off add potential upside but carry execution risk.
Positive Factors
Strong cash generation
Middleby converts reported results into meaningful operating and free cash flow even amid accounting losses. Persistent positive cash generation funds buybacks, working capital and deleveraging, supporting capital allocation and resilience versus peers dependent on earnings alone, though growth should be monitored.
Negative Factors
TTM profitability deterioration
A material swing to negative EBIT/EBITDA/net income is a structural concern: it indicates operational or non‑recurring hits that erode retained earnings and limit reinvestment. Sustained margin weakness reduces buffer for capex, R&D, and pricing flexibility, impairing long‑term competitive positioning if not reversed.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Middleby converts reported results into meaningful operating and free cash flow even amid accounting losses. Persistent positive cash generation funds buybacks, working capital and deleveraging, supporting capital allocation and resilience versus peers dependent on earnings alone, though growth should be monitored.
Read all positive factors
The Middleby (MIDD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.12B
Dividend YieldN/A
Average Volume (3M)514.67K
Price to Earnings (P/E)―
Beta (1Y)1.04
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 Cap1.22
Enterprise Value/Revenue2.37
Enterprise Value/Gross Profit6.25
Enterprise Value/Ebitda-3.74K
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 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 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
Positive
144.10
Price Trends
144.94
Positive
148.69
Positive
141.59
Positive
Market Momentum
3.14
Negative
62.43
Neutral
74.36
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 150.95, below the 50-day MA of 144.94, and above the 200-day MA of 141.59, indicating a bullish trend. The MACD of 3.14 indicates Negative momentum. The RSI at 62.43 is Neutral, neither overbought nor oversold. The STOCH value of 74.36 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 | $6.82B | 156.95 | 2.83% | 0.56% | 10.21% | -48.98% | |
72 Outperform | $11.51B | 44.19 | 12.67% | ― | 17.39% | 20.78% | |
66 Neutral | $9.57B | 26.96 | 15.93% | 1.17% | 0.83% | 26.77% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $6.63B | 26.60 | 7.47% | ― | 1.58% | 15.61% | |
58 Neutral | $7.12B | -17.71 | -14.35% | ― | -4.89% | -179.82% | |
57 Neutral | $4.32B | 168.24 | 1.43% | ― | 12.73% | ― |
* Industrials Sector Average
MIDD
The Middleby
161.40
12.57
8.45%
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GTES
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The Middleby Corporate Events
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...
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...
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.