Middleby Corp Financials
This page shows Middleby Corp (MIDD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Middleby Corp has an operating margin of 16.9%, meaning the company retains $17 of operating profit per $100 of revenue. This strong profitability earns a score of 85/100, reflecting efficient cost management and pricing power. This is up from 15.7% the prior year.
Middleby Corp's revenue declined 4% year-over-year, from $4.0B to $3.9B. This contraction results in a growth score of 17/100.
Middleby Corp carries a low D/E ratio of 0.65, meaning only $0.65 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.81, Middleby Corp holds $2.81 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 92/100.
Middleby Corp converts 16.4% of revenue into free cash flow ($637.5M). This strong cash generation earns a score of 82/100.
Middleby Corp's ROE of 11.8% shows moderate profitability relative to equity, earning a score of 47/100. This is down from 12.3% the prior year.
Middleby Corp scores 3.27, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Middleby Corp passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Middleby Corp generates $1.60 in operating cash flow ($686.8M OCF vs $428.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Middleby Corp earns $7.1 in operating income for every $1 of interest expense ($656.2M vs $92.2M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Middleby Corp generated $3.9B in revenue in fiscal year 2024. This represents a decrease of 4.0% from the prior year.
Middleby Corp's EBITDA was $783.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.1% from the prior year.
Middleby Corp generated $637.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 17.3% from the prior year.
Middleby Corp reported $428.4M in net income in fiscal year 2024. This represents an increase of 6.9% from the prior year.
Middleby Corp earned $7.90 per diluted share (EPS) in fiscal year 2024. This represents an increase of 6.6% from the prior year.
Middleby Corp held $689.5M in cash against $2.4B in long-term debt as of fiscal year 2024.
Middleby Corp's gross margin was 37.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the prior year.
Middleby Corp's operating margin was 16.9% in fiscal year 2024, reflecting core business profitability. This is up 1.2 percentage points from the prior year.
Middleby Corp's net profit margin was 11.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1.1 percentage points from the prior year.
Middleby Corp's ROE was 11.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.6 percentage points from the prior year.
Middleby Corp invested $57.7M in research and development in fiscal year 2024. This represents an increase of 8.7% from the prior year.
Middleby Corp spent $34.7M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 53.5% from the prior year.
Middleby Corp invested $49.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 42.1% from the prior year.
MIDD Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $982.1M+0.4% | $977.9M+7.9% | $906.6M-10.6% | $1.0B+2.3% | $991.5M+7.0% | $926.9M-8.1% | $1.0B+2.8% | $980.7M |
| Cost of Revenue | $620.8M+2.4% | $606.6M+8.2% | $560.7M-10.3% | $624.9M+2.1% | $611.9M+5.4% | $580.6M-6.6% | $621.8M+2.7% | $605.3M |
| Gross Profit | $361.3M-2.7% | $371.3M+7.3% | $345.9M-11.1% | $388.9M+2.4% | $379.6M+9.6% | $346.4M-10.4% | $386.8M+3.0% | $375.3M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $203.6M-4.7% | $213.6M+5.4% | $202.6M+13.6% | $178.4M-10.2% | $198.6M-3.6% | $206.0M+7.5% | $191.6M-2.5% | $196.4M |
| Operating Income | -$554.2M-456.7% | $155.4M+10.5% | $140.6M-17.3% | $169.9M-3.3% | $175.7M+28.1% | $137.1M+19.6% | $114.6M-34.3% | $174.4M |
| Interest Expense | $25.1M+26.7% | $19.8M+8.1% | $18.4M-8.1% | $20.0M-18.6% | $24.6M-6.5% | $26.3M-7.1% | $28.3M-9.0% | $31.1M |
| Income Tax | -$66.0M-344.0% | $27.0M-7.1% | $29.1M-28.5% | $40.7M+3.4% | $39.4M+39.3% | $28.3M+165.8% | $10.6M-70.2% | $35.7M |
| Net Income | -$513.0M-584.1% | $106.0M+14.7% | $92.4M-17.8% | $112.3M-2.7% | $115.4M+33.3% | $86.6M+13.5% | $76.3M-29.8% | $108.7M |
| EPS (Diluted) | $-10.15-610.1% | $1.99+17.8% | $1.69-18.4% | $2.07-2.8% | $2.13+34.0% | $1.59+12.0% | $1.42-29.4% | $2.01 |
MIDD Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.4B-13.4% | $7.3B-0.9% | $7.4B+1.6% | $7.3B+3.7% | $7.0B+1.4% | $6.9B+0.3% | $6.9B-0.2% | $6.9B |
| Current Assets | $2.0B-12.8% | $2.3B-6.4% | $2.4B+3.6% | $2.3B+8.7% | $2.1B+6.0% | $2.0B+2.9% | $2.0B+0.3% | $2.0B |
| Cash & Equivalents | $175.1M-65.8% | $511.5M-31.4% | $745.1M+8.1% | $689.5M+50.1% | $459.5M+34.7% | $341.0M+37.8% | $247.5M+48.0% | $167.2M |
| Inventory | $919.6M+3.5% | $888.7M+1.2% | $877.7M+4.3% | $841.6M-8.5% | $920.1M-2.5% | $943.7M+0.8% | $935.9M-7.8% | $1.0B |
| Accounts Receivable | $673.9M+1.2% | $665.8M+3.1% | $645.5M+0.3% | $643.4M+3.0% | $624.6M+3.2% | $605.2M-6.1% | $644.6M+1.8% | $633.2M |
| Goodwill | $2.0B-21.9% | $2.6B+1.9% | $2.5B+1.0% | $2.5B+1.9% | $2.5B-0.1% | $2.5B-0.5% | $2.5B+1.4% | $2.5B |
| Total Liabilities | $3.4B-8.0% | $3.7B+1.1% | $3.7B+0.7% | $3.6B+1.1% | $3.6B-0.4% | $3.6B-1.0% | $3.7B-4.5% | $3.8B |
| Current Liabilities | $951.6M+8.0% | $880.8M-0.6% | $885.8M+6.8% | $829.3M-3.2% | $856.9M+1.9% | $840.9M-1.2% | $851.1M-1.5% | $864.2M |
| Long-Term Debt | $2.0B-13.2% | $2.3B-0.4% | $2.3B-0.4% | $2.4B-0.4% | $2.4B-0.4% | $2.4B-0.4% | $2.4B-6.1% | $2.5B |
| Total Equity | $2.9B-18.9% | $3.6B-2.9% | $3.7B+2.5% | $3.6B+6.3% | $3.4B+3.3% | $3.3B+1.9% | $3.2B+5.0% | $3.1B |
| Retained Earnings | $4.0B-11.3% | $4.5B+2.4% | $4.4B+2.1% | $4.3B+5.5% | $4.1B+2.9% | $4.0B+2.2% | $3.9B+2.0% | $3.8B |
MIDD Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $176.3M+44.5% | $122.0M-13.6% | $141.1M-41.1% | $239.7M+60.3% | $149.5M+6.1% | $140.9M-44.9% | $255.7M+16.7% | $219.2M |
| Capital Expenditures | $20.3M-3.1% | $20.9M-38.0% | $33.7M+156.7% | $13.1M+20.2% | $10.9M-20.4% | $13.7M-11.5% | $15.5M-27.2% | $21.3M |
| Free Cash Flow | $156.1M+54.4% | $101.1M-5.9% | $107.4M-52.6% | $226.6M+63.5% | $138.6M+9.0% | $127.2M-47.1% | $240.2M+21.4% | $197.8M |
| Investing Cash Flow | -$51.3M-110.1% | -$24.4M+29.9% | -$34.8M+69.6% | -$114.5M-705.0% | -$14.2M+11.6% | -$16.1M+2.6% | -$16.5M+69.4% | -$54.0M |
| Financing Cash Flow | -$462.6M-33.6% | -$346.4M-506.7% | -$57.1M-104.0% | -$28.0M-98.2% | -$14.1M+50.6% | -$28.6M+82.7% | -$165.2M-9.7% | -$150.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $148.6M-54.0% | $322.9M+654.9% | $42.8M+160.8% | $16.4M+1580.5% | $976K-94.3% | $17.0M+80828.6% | $21K | $0 |
MIDD Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.8%-1.2pp | 38.0%-0.2pp | 38.2%-0.2pp | 38.4%+0.1pp | 38.3%+0.9pp | 37.4%-1.0pp | 38.4%+0.1pp | 38.3% |
| Operating Margin | -56.4%-72.3pp | 15.9%+0.4pp | 15.5%-1.3pp | 16.8%-1.0pp | 17.7%+2.9pp | 14.8%+3.4pp | 11.4%-6.4pp | 17.8% |
| Net Margin | -52.2%-63.1pp | 10.8%+0.6pp | 10.2%-0.9pp | 11.1%-0.6pp | 11.6%+2.3pp | 9.3%+1.8pp | 7.6%-3.5pp | 11.1% |
| Return on Equity | N/A | 2.9%+0.4pp | 2.5%-0.6pp | 3.1%-0.3pp | 3.4%+0.8pp | 2.6%+0.3pp | 2.4%-1.2pp | 3.5% |
| Return on Assets | -8.1%-9.5pp | 1.4%+0.2pp | 1.3%-0.3pp | 1.5%-0.1pp | 1.6%+0.4pp | 1.3%+0.2pp | 1.1%-0.5pp | 1.6% |
| Current Ratio | 2.07-0.5 | 2.57-0.2 | 2.72-0.1 | 2.81+0.3 | 2.50+0.1 | 2.40+0.1 | 2.31+0.0 | 2.27 |
| Debt-to-Equity | 0.69+0.0 | 0.64+0.0 | 0.63-0.0 | 0.65-0.0 | 0.69-0.0 | 0.72-0.0 | 0.73-0.1 | 0.82 |
| FCF Margin | 15.9%+5.6pp | 10.3%-1.5pp | 11.8%-10.5pp | 22.4%+8.4pp | 14.0%+0.3pp | 13.7%-10.1pp | 23.8%+3.6pp | 20.2% |
Similar Companies
Frequently Asked Questions
What is Middleby Corp's annual revenue?
Middleby Corp (MIDD) reported $3.9B in total revenue for fiscal year 2024. This represents a -4.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Middleby Corp's revenue growing?
Middleby Corp (MIDD) revenue declined by 4% year-over-year, from $4.0B to $3.9B in fiscal year 2024.
Is Middleby Corp profitable?
Yes, Middleby Corp (MIDD) reported a net income of $428.4M in fiscal year 2024, with a net profit margin of 11.1%.
What is Middleby Corp's earnings per share (EPS)?
Middleby Corp (MIDD) reported diluted earnings per share of $7.90 for fiscal year 2024. This represents a 6.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Middleby Corp's EBITDA?
Middleby Corp (MIDD) had EBITDA of $783.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Middleby Corp have?
As of fiscal year 2024, Middleby Corp (MIDD) had $689.5M in cash and equivalents against $2.4B in long-term debt.
What is Middleby Corp's gross margin?
Middleby Corp (MIDD) had a gross margin of 37.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Middleby Corp's operating margin?
Middleby Corp (MIDD) had an operating margin of 16.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Middleby Corp's net profit margin?
Middleby Corp (MIDD) had a net profit margin of 11.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Middleby Corp's return on equity (ROE)?
Middleby Corp (MIDD) has a return on equity of 11.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Middleby Corp's free cash flow?
Middleby Corp (MIDD) generated $637.5M in free cash flow during fiscal year 2024. This represents a 17.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Middleby Corp's operating cash flow?
Middleby Corp (MIDD) generated $686.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Middleby Corp's total assets?
Middleby Corp (MIDD) had $7.3B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Middleby Corp's capital expenditures?
Middleby Corp (MIDD) invested $49.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Middleby Corp spend on research and development?
Middleby Corp (MIDD) invested $57.7M in research and development during fiscal year 2024.
Does Middleby Corp buy back shares?
Yes, Middleby Corp (MIDD) spent $34.7M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
What is Middleby Corp's current ratio?
Middleby Corp (MIDD) had a current ratio of 2.81 as of fiscal year 2024, which is generally considered healthy.
What is Middleby Corp's debt-to-equity ratio?
Middleby Corp (MIDD) had a debt-to-equity ratio of 0.65 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Middleby Corp's return on assets (ROA)?
Middleby Corp (MIDD) had a return on assets of 5.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Middleby Corp's Altman Z-Score?
Middleby Corp (MIDD) has an Altman Z-Score of 3.27, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Middleby Corp's Piotroski F-Score?
Middleby Corp (MIDD) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Middleby Corp's earnings high quality?
Middleby Corp (MIDD) has an earnings quality ratio of 1.60x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Middleby Corp cover its interest payments?
Middleby Corp (MIDD) has an interest coverage ratio of 7.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Middleby Corp?
Middleby Corp (MIDD) scores 68 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.