Middleby Corp

Industrials
Industrial Machinery/Components
www.middleby.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $7.63B
PE 19
Debt $2.45B
Cash $606.00M
EV $9.47B
FCF $651.07M

Earnings

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Sales & Net Margins

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Earnings	$392.42M
EBIT	$600.91M
ROE	11%
ROA	8%
FCF	$651.07M
Equity	$3.59B
Growth Stability	64%
PE	19.44
PEG	2.04
PB	2.12
P/FCF	11.72
P/S	1.97
Price/Cash	0.08
Debt/Equity	0.68
Debt/FCF	3.76
Net Margins	11%
Gross Margins	38%
Op. Margins	16%
Earnings CAGR	7%
Sales Growth YoY	-4%
Sales Growth QoQ	-5%
Sales CAGR	9%
FCF CAGR	9%
Equity CAGR	13%
Earnings Stability	0.55
Earnings Growth YoY	5%
Earnings Growth QoQ	-1%

Earnings CAGR 5Y	10%
Sales CAGR 5Y	11%
FCF CAGR 5Y	6%
Equity CAGR 5Y	15%
Earnings CAGR 3Y	5%
Sales CAGR 3Y	5%
FCF CAGR 3Y	44%
Equity CAGR 3Y	17%
Market Cap	$7.63B
Revenue	$3.87B
Assets	$7.20B
Total Debt	$2.45B
Cash	$606.00M
Shares Outstanding	53.73M
EV	9.47B
Earnings Score	61%
Moat Score	90%
Safety Score	81%
Final Score	77%
Working Capital	1.48B
Current Ratio	2.81
Gross Profit	$1.47B
Shares Growth 3y	-1%
Equity Growth QoQ	5%
Equity Growth YoY	16%

Assets & ROA

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Stockholders Equity & ROE

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The Middleby Corp is engaged in designing, manufacturing, marketing, distribution and service of a broad line of foodservice equipment used in all types of commercial restaurants and institutional kitchens, food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and premium kitchen equipment including ranges, ovens, refrigerators, ventilation, dishwashers and outdoor cooking equipment primarily used in the residential market. The company conducts its business through three principal business segments namely the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group.

SEC Filings

Direct access to Middleby Corp (MIDD) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 28
- 10-Q Jun 29
- 10-Q Mar 30
2023
- 10-K Dec 30
- 10-Q Sep 30
- 10-Q Jul 01
- 10-Q Apr 01
2022
- 10-K Dec 31
- 10-Q Oct 01
- 10-Q Jul 02
- 10-Q Apr 02
- 10-K Jan 01

Sector Comparison

How does Middleby Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Middleby Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 7%

Stability 55%

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Middleby Corp Discounted Cash Flow

Fully customizable DCF calculator online for Middleby Corp.

Years

Calculation mode

= $12B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$651M	$710M	$775M	$845M	$922M	$1B	$1.1B	$1.2B	$1.3B	$1.4B	$1.6B	$16B
DCF		$646M	$640M	$635M	$630M	$624M	$619M	$614M	$609M	$604M	$599M	$6B
Value	$12B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	01/2015	01/2016	12/2016	12/2017	12/2018	12/2019	01/2021	12/2021	12/2022	12/2023	TTM
Net Margins	12%	10%	13%	13%	12%	12%	8%	15%	11%	10%	11%
ROA	-	11%	15%	12%	11%	11%	7%	10%	9%	9%	8%
ROE	-	16%	22%	22%	19%	18%	10%	20%	16%	12%	11%

Good Net Margins (11.05%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	01/2015	01/2016	12/2016	12/2017	12/2018	12/2019	01/2021	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	3.51	2.74	4.14	5.69	5.67	3.58	6.48	10.43	4.54	3.76
Debt over Equity	0.6	0.68	0.58	0.76	1.14	0.96	0.89	0.98	0.99	0.76	0.68
Growth Stability	-	-	-	100%	100%	100%	64%	100%	100%	100%	64%

Neutral Debt/FCF ratio (3.76)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.68)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (64%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	01/2015	01/2016	12/2016	12/2017	12/2018	12/2019	01/2021	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	12%	24%	3%	17%	9%	-15%	29%	24%	0%	11%
Earnings YoY growth	-	-1%	48%	5%	6%	11%	-41%	136%	-11%	-8%	10%
Equity YoY growth	-	16%	8%	8%	22%	17%	2%	26%	12%	16%	15%
FCF YoY growth	-	3%	19%	-7%	33%	-1%	48%	-23%	-30%	105%	6%