MIDDThe Middleby Corporation
Is the business good?
The checks split: earnings fully cash-backed (1.3×), but margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MIDD?
The Middleby Corporation earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 2.0 points above what the capital costs: growth creates value
- Operating margin
- 17%
Operating margin · Specialty Industrial Machinery median 14% · 12 months to Q2 2026
- Cash conversion
- 1.31×
Cash conversion · 1.43× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −15%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 13% |
| FY2021 | 19% |
| FY2022 | 16% |
| FY2023 | 20% |
| FY2024 | 20% |
| FY2025 | 18% |
Details›
- Gross margin12 months to Q2 2026
- 38%
- Operating margin12 months to Q2 2026
- 17%
- Net margin12 months to Q2 2026
- −14%
- Free cash flow margin
- 14%
- Revenue, trailing twelve months
- $3.39B
- Free cash flow, trailing twelve months
- $474M
- Net income, trailing twelve months
- −$471M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Specialty Industrial Machinery
Ranks #10 of 33 by RyuScore