Want to see MIDD full AI Analyst Report?
Top Page
The Middleby
(NASDAQ:MIDD)
Select Model
Select Model
Rating:54Neutral
Price Target:
$108.00
▼(-5.24% Downside)
Action:Reiterated
Date:09/11/26
Overall score reflects a tug-of-war between weak recent profitability (TTM losses) and bearish technicals versus strong cash flow and a generally confident, target-reaffirming earnings call. Valuation is also constrained by the negative P/E and lack of dividend yield support.
Positive Factors
Focused commercial foodservice platform
The completed portfolio separation gives Middleby a clearer commercial foodservice identity and allows management to concentrate capital, innovation, and operating resources on its core market. Greater strategic focus may support execution, product-led share gains, and more consistent long-term performance.
Negative Factors
Recent loss-making profitability
The shift from prior operating profits to a sizable TTM net loss weakens earnings quality and reduces the reliability of current profitability as a funding source. If operating costs and other charges remain elevated, cash generation may not translate into sustainable shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Focused commercial foodservice platform
The completed portfolio separation gives Middleby a clearer commercial foodservice identity and allows management to concentrate capital, innovation, and operating resources on its core market. Greater strategic focus may support execution, product-led share gains, and more consistent long-term performance.
Read all positive factors
The Middleby (MIDD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.10B
Dividend YieldN/A
Average Volume (3M)616.46K
Price to Earnings (P/E)―
Beta (1Y)1.12
Revenue Growth-7.22%
EPS Growth-191.27%
CountryUS
Employees8,826
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-9.27
Shares Outstanding45,222,347
10 Day Avg. Volume749,120
30 Day Avg. Volume616,456
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)2.26
Price to Sales (P/S)1.96
P/FCF Ratio11.22
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$154.00Price Target Upside35.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)6.89
Revenue Forecast (FY)$2.51B
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:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call highlights a successful strategic transformation (completed spin-off and divestiture), strong commercial foodservice growth (8.3% organic in Q2), meaningful shareholder returns ($1.3B repurchased; 16% fewer shares) and solid cash flow and deleveraging progress. At the same time, near-term margin pressures from accelerated inflation, freight, tariffs and investment-related dilution in the ice & beverage platform represent tangible challenges, along with industry softness in QSR traffic and some moderation of growth guidance in the near term. Management outlined operating initiatives and product/production ramps expected to drive sequential margin improvement and to support medium-term targets, indicating confidence in recovery and longer-term upside.Positive Updates
Completed Strategic Transformation and Spin-off
Completed the separation of businesses: sold a controlling stake in the residential kitchen business and completed the spin-off of the food processing business (MDF) on July 6, positioning Middleby as a focused commercial foodservice leader.
Negative Updates
Near-Term Margin Headwinds from Inflation and Freight
Q2 experienced a near 100 basis point total margin headwind driven by accelerated inflationary costs, notably ocean freight and steel surcharges; management expects these margin pressures to persist through the second half of the year.
Read all updates
Q2-2026 Updates
Positive
Negative
Completed Strategic Transformation and Spin-off
Completed the separation of businesses: sold a controlling stake in the residential kitchen business and completed the spin-off of the food processing business (MDF) on July 6, positioning Middleby as a focused commercial foodservice leader.
Read all positive updates
Company Guidance
The company reiterated near‑term and multi‑year targets, guiding third‑quarter post‑spin revenue of $620M–$640M (organic ≈4%), adjusted EBITDA of $143M–$150M and adjusted EPS of $1.67–$1.83 (≈45.2M WG avg shares), and full‑year post‑spin revenue of $2.48B–$2.53B (organic ≈7%), adjusted EBITDA $572M–$588M and adjusted EPS $6.73–$6.89 (≈45.8M WG avg shares); its 3‑year Investor Day targets remain net sales organic growth 3%–6%, adjusted EBITDA growth 6%–9% and adjusted EPS growth 10%–15%. Q2 Commercial Foodservice results and cash metrics underpinning guidance included revenue ≈$631M with organic growth 8.3%, organic adjusted EBITDA margin 25.8%, consolidated adjusted EBITDA ≈$193M, adjusted EPS from continuing ops $2.35 (adjusted EPS ex‑food $1.74 v. $1.40 prior), operating cash flow ≈$100M, free cash flow ≈$89M and leverage 2.4x (pro forma at spin 2.7x; target ~2.5x by year‑end). Management flagged near‑term margin headwinds—~100 bps in Q2, a ~150‑bp drag from ice & beverage ramp (that platform is ~400 bps lower than cooking), and $10M–$15M of incremental inflationary pressure versus prior expectations—partly offset by a $5M tariff refund in Q2 (≈$5M more possible in H2); they expect pricing benefits to start in Q4 and sequential margin improvements in Q3 and Q4 as operating initiatives take hold.The Middleby Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
56
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.56B | 3.20B | 3.88B | 4.04B | 4.03B | 3.25B |
| Gross Profit | 1.36B | 1.25B | 1.47B | 1.53B | 1.45B | 1.19B |
| EBITDA | -6.36M | 675.10M | 796.72M | 797.35M | 791.45M | 801.90M |
| Net Income | -471.30M | -277.73M | 428.43M | 400.88M | 436.57M | 488.49M |
Balance Sheet | ||||||
| Total Assets | 5.36B | 6.32B | 7.28B | 6.91B | 6.87B | 6.38B |
| Cash, Cash Equivalents and Short-Term Investments | 159.18M | 222.24M | 689.53M | 247.50M | 162.00M | 180.36M |
| Total Debt | 1.98B | 2.17B | 2.52B | 2.54B | 2.83B | 2.44B |
| Total Liabilities | 3.15B | 3.54B | 3.64B | 3.66B | 4.08B | 3.89B |
| Stockholders Equity | 2.21B | 2.78B | 3.64B | 3.25B | 2.80B | 2.49B |
Cash Flow | ||||||
| Free Cash Flow | 495.68M | 558.35M | 637.51M | 541.81M | 263.03M | 371.85M |
| Operating Cash Flow | 530.39M | 630.20M | 686.82M | 628.79M | 332.55M | 423.40M |
| Investing Cash Flow | 475.67M | -126.89M | -158.53M | -155.74M | -348.32M | -1.01B |
| Financing Cash Flow | -1.35B | -970.94M | -73.77M | -390.94M | 7.63M | 502.79M |
The Middleby Technical Analysis
Negative
113.97
Price Trends
120.70
Negative
124.06
Negative
121.61
Negative
Market Momentum
-2.24
Negative
43.44
Neutral
76.35
Neutral
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 113.97 is above the 20-day moving average (MA) of 111.07, below the 50-day MA of 120.70, and below the 200-day MA of 121.61, indicating a neutral trend. The MACD of -2.24 indicates Negative momentum. The RSI at 43.44 is Neutral, neither overbought nor oversold. The STOCH value of 76.35 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $77.03B | 24.74 | 101.74% | 2.36% | 4.30% | -3.22% | |
69 Neutral | $3.33B | 31.90 | 14.35% | 0.49% | 12.85% | 85.73% | |
67 Neutral | $25.12B | 22.64 | 15.00% | 1.10% | 7.56% | -49.98% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $5.88B | 30.62 | 4.31% | 0.35% | 45.00% | ― | |
58 Neutral | $4.29B | 23.15 | 60.27% | ― | ― | ― | |
54 Neutral | $5.10B | -12.00 | -18.30% | ― | -7.22% | -191.27% |
* Industrials Sector Average
MIDD
The Middleby
111.24
5.34
5.04%
DOV
Dover
189.03
25.12
15.32%
ITW
Illinois Tool Works
273.42
21.89
8.70%
JBTM
JBT Marel
113.28
-22.62
-16.65%
SXI
Standex International
276.91
76.19
37.96%
ALH
Alliance Laundry Holdings, Inc.
21.07
-3.92
-15.69%
The Middleby Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Middleby Highlights Growth Targets at Jefferies Industrials Conference
Positive
Sep 10, 2026
Middleby has transformed into a focused commercial foodservice equipment company following the February 2025 food processing spin-off announcement and the February 2026 residential joint venture with 26North, completing its transition to a pure-pl...
Business Operations and StrategyFinancial Disclosures
Middleby to Exit Brewing & Distilling Solutions Group
Positive
Sep 9, 2026
On September 9, 2026, The Middleby Corporation announced it will discontinue its Middleby Brewing Distilling Solutions Group, which includes the Deutsche Beverage + Process, Ss Brewtech and Wild Goose Filling brands, with the wind-down expected t...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
The Middleby Completes Spin-Off of Midera Food Processing
Positive
Jul 6, 2026
On July 6, 2026, The Middleby Corporation completed the spin-off of its food processing business into Midera Food Processing, Inc., a new publicly traded company on Nasdaq under the ticker MFP, distributed one-for-one to Middleby shareholders as o...
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...
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.