At a glance
Middleby Corp is worth $5.16B. Revenue grew 1.6% to $3.20B in fiscal 2025, at a loss. It pays no dividend; it spent $1.13B buying back its shares over FY2021–FY2025. The stock returned +9.8% over the past year with dividends reinvested and −4.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 62.0% in the 2020 crash (S&P 500: 33.7%) and 38.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Middleby designs, builds, sells and services equipment for commercial kitchens and food processing plants. It was founded in 1888 as a maker of baking ovens. It has grown by acquiring established brands such as TurboChef, Pitco, Taylor, Blodgett and Viking Commercial. Its products range from ovens, fryers and griddles to refrigerators, ice machines and coffee dispensers. It also sells internet-connected kitchen controls.
In the fiscal year ended January 3, 2026, revenue was $3.2 billion. The Commercial Foodservice Equipment Group produced 73.4% of it, selling to fast-food and full-service restaurants, convenience stores, supermarkets, hotels, schools and hospitals. US sales go mainly through independent dealers and distributors, though some big chains purchase through their own procurement teams. The Food Processing Group, 26.6% of revenue, sells mixers, ovens, slicers, freezers and packaging lines to large producers of meat, poultry, pet food, bread and snacks.
The US and Canada accounted for 67.5% of revenue, Europe and the Middle East 19.7%, Asia 7.8% and Latin America 5%. The company is reshaping itself. On February 2, 2026, it sold 51% of its residential kitchen business to an affiliate of 26North Partners and kept 49%. Its annual report, filed March 4, 2026, said it was aiming for the second quarter of 2026 to spin off Food Processing. In a spin-off, Middleby shareholders would receive stock in a new, separate public company.
Price history
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MIDD +9.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Commercial Foodservice Equipment Group | $2.35B | 73.4% |
| Food Processing Group | $850.2M | 26.6% |
By geography
| United States And Canada | $2.16B | 67.5% |
| Europe And Middle East | $631.4M | 19.7% |
| Asia | $248.9M | 7.8% |
| Latin America | $161.0M | 5% |
Latest results
- In Q2 FY2026 (ended Jul 4, 2026), revenue was $875.5M, up 9.9% from a year earlier, and net income was $54.8M (-48.3%).
- For fiscal 2025, revenue was $3.20B (+1.6% year over year) with a -8.7% net margin.
Financial health check
| Operating margin | 18% good |
|---|---|
| Free cash flow margin | 17.5% good |
| Return on equity (FY2025) | -10% weak |
| Return on assets (FY2025) | -4.4% weak |
| Net cash (cash minus debt) | $-1.82B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.51B | $207.3M | $489.9M |
| FY2021 | $3.25B | $488.5M | $376.8M |
| FY2022 | $4.03B | $436.6M | $265.3M |
| FY2023 | $3.24B | $400.9M | $569.6M |
| FY2024 | $3.15B | $428.4M | $650.1M |
| FY2025 | $3.20B | $-277.7M | $559.5M |
Valuation snapshot
| Market value | $5.16B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Middleby’s market value went from $7.41B at the end of 2016 to $5.16B on Oct 28, 2026, down 30%; since the end of 2025 it is down 31%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.16B | -31.1% |
| 2025 | $7.49B | +2.8% |
| 2024 | $7.29B | -7.6% |
| 2023 | $7.89B | +9.3% |
| 2022 | $7.22B | -34.1% |
| 2021 | $10.95B | +52.7% |
| 2020 | $7.17B | +16.6% |
| 2019 | $6.15B | +7.2% |
| 2018 | $5.74B | -24.0% |
| 2017 | $7.55B | +1.8% |
| 2016 | $7.41B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MIDD price data to Oct 28, 2026 | -4.0% | +9.8% | +8.4% | -4.6% | +2.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.0% |
| 2025 | +9.8% |
| 2024 | -8.0% |
| 2023 | +9.9% |
| 2022 | -31.9% |
| 2021 | +52.6% |
| 2020 | +17.7% |
| 2019 | +6.6% |
| 2018 | -23.9% |
| 2017 | +4.8% |
| 2016 | +19.4% |
| 2015 | +8.8% |
| 2014 | +24.0% |
| 2013 | +87.0% |
| 2012 | +36.3% |
| 2011 | +11.4% |
| 2010 | +72.2% |
| 2009 | +79.8% |
| 2008 | -64.4% |
| 2007 | +46.4% |
| 2006 | +21.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 65.8% over that stretch · deepest drop along the way 73.1%, back to its old high 20.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 60.8% over that stretch · deepest drop along the way 62%, back to its old high 7.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.9% over that stretch · deepest drop along the way 38.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (24 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| T. Rowe Price Associates, Inc. | 13.6% | Mar 31, 2026 |
| JPMORGAN CHASE & CO | 5% | Mar 31, 2026 |
| Vanguard Capital Management | 4.83% | Jun 30, 2026 |
| JPMORGAN CHASE & CO. | 4.5% | Sep 30, 2026 |
| Victory Capital Management, Inc. | 3.36% | Jun 30, 2025 |
| Select Equity Group, L.P. | 3.3% | Mar 31, 2026 |
| Wellington Management Group LLP | 2.6% | Dec 31, 2025 |
| THE GOLDMAN SACHS GROUP, INC. | 0.1% | Jun 30, 2025 |
ETFs with the most weight in MIDD
| TMSL T. Rowe Price Small-Mid Cap ETF | 0.76% |
| FXR First Trust Industrials/Producer Durables AlphaDEX Fund | 0.73% |
| TMFX Motley Fool Next Index ETF | 0.44% |
| AFMC First Trust Active Factor Mid Cap ETF | 0.37% |
| QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 0.33% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 0.31% |
| MDY SPDR S&P Midcap 400 ETF Trust | 0.31% |
| XJH iShares ESG Select Screened S&P Mid-Cap ETF | 0.31% |
What could go wrong
- Food Processing spin-off could slip or disappoint. Middleby's March 2026 annual report targeted a second-quarter 2026 spin-off of Food Processing as a separate public company. The deal could be delayed, changed, called off or fall short of its goals.
- Heavy debt limits flexibility. Borrowings were $2.2 billion at January 3, 2026. Paying that debt uses cash that could fund growth. Loan terms restrict dividends and new borrowing, and changes in interest rates could raise costs.
- Acquisitions and goodwill write-downs. Middleby grows partly by acquiring brands, adding seven in two years. Deals can disappoint. Goodwill (the premium paid for acquired companies) has been written down before and could be again, cutting reported profits.
- Reliance on key customers. Key customers supply a meaningful share of revenue, and Middleby's customers include several large multinational restaurant chains. Losing a key customer, or a change in its purchasing patterns, could hurt results.
- Tariffs and raw material costs. Tariffs have already raised the cost of some raw materials and components, and Middleby may not fully offset them. Retaliatory tariffs from other countries could also cut demand for its exported products.
- Customers delay purchases in downturns. When the economy weakens or credit tightens, customers can put off replacing aging equipment. That can cut orders and make it harder to collect money customers owe.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Major agreement signed; Acquisition or sale of assets completed; Executive or board change; Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Executive or board change
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
Middleby pays no dividend. It paid none from fiscal 2021 through fiscal 2025, and its yield was 0% as of October 28, 2026. Income investors get no regular cash from the stock, so any return comes from the share price. Instead, Middleby repurchased about $1.13 billion of stock over those five years. That included $724 million in fiscal 2025 (ended January 3, 2026), more than that year's $559 million of free cash flow (cash left after running and investing in the business). Shares outstanding fell 18.7% between November 2021 and August 2026.
In downturns, the stock has fallen hard. It dropped 73.1% between November 2007 and March 2009 and did not regain its old high until November 2010. It fell 62% in the 2020 COVID crash and recovered by November 2020. In 2022 it fell 38.1% and had not regained its February 2022 peak as of October 28, 2026. A single stock like Middleby carries more risk than a diversified fund.
Questions investors ask
Does Middleby pay a dividend?
No. Middleby paid no dividends from fiscal 2021 through fiscal 2025, and its dividend yield was 0% as of October 28, 2026. The company's credit facility also limits its ability to pay dividends. Instead, Middleby has returned cash by repurchasing its shares, spending about $1.13 billion over those five years. For income investors, that means the stock provides no regular cash payments, and any return comes from changes in the share price.
How does Middleby make money?
Middleby makes money by designing, manufacturing, selling and servicing equipment for commercial kitchens and food processing plants. In the fiscal year ended January 3, 2026, revenue was $3.2 billion. The Commercial Foodservice Equipment Group sells ovens, fryers, refrigeration, ice machines and beverage equipment to restaurants, stores, hotels and institutions, and it produced 73.4%. The Food Processing Group supplies meat, poultry, bakery and snack producers, and it produced 26.6%. The US and Canada provided 67.5% of revenue.
Is Middleby spinning off its food processing business?
Middleby announced that plan on February 25, 2025. Under the plan, Food Processing would become a new, independent public company, and its shares would go to Middleby shareholders. In its annual report filed March 4, 2026, Middleby was targeting completion in the second quarter of 2026. It expected the spin-off to be tax-free for US federal income tax purposes. It cautioned that the separation might not happen, or could differ in terms or timing.
How much debt does Middleby have?
Middleby carries a large amount of debt. As of July 4, 2026, total debt was about $1.98 billion against cash and investments of about $159 million, leaving net debt of roughly $1.82 billion. Shareholders' equity was about $2.21 billion. The company's annual report warns that a significant portion of its cash flow must go to debt payments. It adds that its credit facility limits dividends, new borrowing and other activities.
How has Middleby stock performed over the long term?
Returns have been modest and uneven. As of October 28, 2026, the share price rose an average of 2.6% a year over 10 years, or 30% in total. Over five years it fell an average of 4.6% a year, a 21% total decline. Over one year it gained 9.8%. Because Middleby pays no dividend, there is nothing to add to these price returns. Its deepest fall was 73.1%, during the 2008 financial crisis.