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MIDD, Middleby

Industrial Machinery capital-intensive Serial acquirer

Revenue is Commercial Foodservice Equipment Group (73%) and Food Processing Group (27%).

Latest annual: FY2026 10-K

MIDD · Middleby

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$3.2B

+1.6% YoY · 2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.3B 5-yr avg $3.2B

Gross margin 39% 5-yr avg 38%

Operating margin 17.5% 5-yr avg 17.5%

Owner-earnings margin 15% 5-yr avg 16%

Free cash flow margin 15% 5-yr avg 16%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: A capital-goods maker, whose demand swings with its customers' own spending.
Situation: Serial acquirer. Goodwill and acquired intangibles are 45% of assets, with meaningful acquisition spending in 6 of the record's 8 years; much of what this business is was bought, at prices the record carries.
What moves the needle: Gross margin has run about 37% and operating margin about 16% through the cycle, a solid spread between what it charges and what the product costs to make. Inventory runs near 21% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the capital-goods cycle and the aftermarket. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 9%). By owner earnings: roughly 15% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Commercial Foodservice Equipment Group is 73% of revenue, with Food Processing Group the other meaningful segment at 27%.

Revenue by reportable segment, FY2026

Commercial Foodservice Equipment Group73%$2.4B
Food Processing Group27%$850M
Corporate Segment and Other Operating0%$0

By geographyUnited States And Canada67%Europe And Middle East20%Asia8%Latin America5%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2026

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2021’21	2022’22	2023’23	2024’24	2026’26	TTMTTMApr 2026
									Income statement
$2.3B	$2.7B	$3.0B	$2.5B	$4.0B	$3.2B	$3.2B	$3.2B	$3.3B	RevenueRevenue
39%	37%	37%	35%	36%	40%	40%	39%	39%	Gross marginGross mgn
20%	20%	20%	21%	20%	19%	19%	21%	21%	SG&A / revenueSG&A/rev
1%	1%	1%	1%	1%	1%	2%	2%	2%	R&D / revenueR&D/rev
$379M	$446M	$514M	$324M	$640M	$652M	$644M	$575M	$579M	Operating incomeOp. inc.
16.2%	16.4%	17.4%	12.9%	15.9%	20.1%	20.4%	18.0%	17.5%	Operating marginOp. mgn
$298M	$317M	$352M	$207M	$437M	$401M	$428M	($278M)	($420M)	Net incomeNet inc.
22%	25%	24%	23%	23%	23%	25%	—	—	Effective tax rateTax rate
									Cash flow & returns
$304M	$369M	$377M	$525M	$333M	$629M	$687M	$630M	$555M	Operating cash flowOp. cash
$70M	$97M	$103M	$111M	$138M	$110M	$104M	$105M	$104M	DepreciationDeprec.
($70M)	($48M)	($86M)	$187M	($300M)	$73M	$122M	$789M	$849M	Working capital & otherWC & other
$54M	$36M	$47M	$35M	$67M	$59M	$37M	$71M	$52M	CapexCapex
2.3%	1.3%	1.6%	1.4%	1.7%	1.8%	1.2%	2.2%	1.6%	Capex / revenueCapex/rev
$250M	$333M	$331M	$490M	$265M	$570M	$650M	$559M	$502M	Owner earningsOwner earn.
10.7%	12.2%	11.2%	19.5%	6.6%	17.6%	20.6%	17.5%	15.2%	Owner earnings marginOE mgn
$250M	$333M	$331M	$490M	$265M	$570M	$650M	$559M	$502M	Free cash flowFCF
10.7%	12.2%	11.2%	19.5%	6.6%	17.6%	20.6%	17.5%	15.2%	Free cash flow marginFCF mgn
$305M	$1.2B	$281M	$79M	$279M	$38M	$111M	$32M	$32M	AcquisitionsAcquis.
$240M	$0	$6M	$86M	$265M	$75M	$35M	$724M	—	BuybacksBuybacks
13%	10%	11%	7%	9%	9%	9%	—	—	ROICROIC
22%	19%	18%	10%	16%	12%	12%	-10%	-18%	Return on equityROE
22%	19%	18%	10%	16%	12%	12%	−10%	−18%	Retained to equityRetained/eq
									Balance sheet
$90M	$72M	$95M	$268M	$162M	$247M	$639M	$222M	$177M	Cash & investmentsCash+inv
$328M	$399M	$448M	$363M	$631M	$645M	$532M	$573M	$608M	ReceivablesReceiv.
$425M	$522M	$586M	$540M	$1.1B	$936M	$656M	$693M	$728M	InventoryInvent.
$146M	$188M	$174M	$183M	$271M	$227M	$166M	$207M	$215M	Accounts payablePayables
$607M	$732M	$860M	$721M	$1.4B	$1.4B	$1.0B	$1.1B	$1.1B	Operating working capitalOper. WC
$932M	$1.1B	$1.2B	$1.3B	$2.0B	$2.0B	$2.3B	$2.7B	$1.6B	Current assetsCur. assets
$474M	$559M	$593M	$700M	$988M	$851M	$829M	$1.1B	$839M	Current liabilitiesCur. liab.
2.0×	1.9×	2.0×	1.8×	2.0×	2.3×	2.8×	2.6×	2.0×	Current ratioCurr. ratio
$1.3B	$1.7B	$1.8B	$1.9B	$2.4B	$1.7B	$1.7B	$1.8B	$1.8B	GoodwillGoodwill
$3.3B	$4.5B	$5.0B	$5.2B	$6.9B	$6.9B	$7.3B	$6.3B	$5.4B	Total assetsAssets
$1.0B	$1.9B	$1.9B	$1.7B	$2.7B	$2.4B	$2.4B	$2.2B	$1.9B	Total debtDebt
$939M	$1.8B	$1.8B	$1.5B	$2.6B	$2.2B	$1.8B	$2.0B	$1.7B	Net debt / (cash)Net debt
14.6×	7.6×	6.2×	4.1×	7.2×	5.4×	6.9×	6.1×	5.8×	Interest coverageInt. cov.
$1.4B	$1.7B	$1.9B	$2.0B	$2.8B	$3.2B	$3.6B	$2.8B	$2.4B	Shareholders’ equityEquity
0.3%	0.1%	0.3%	0.8%	1.4%	1.4%	1.0%	0.4%	0.6%	Stock comp / revenueSBC/rev
									Per share
56.7M	55.6M	55.7M	55.1M	54.9M	54.1M	54.2M	52.2M	47.2M	Shares out (diluted)Shares
$41.18	$48.97	$53.17	$45.58	$73.40	$59.94	$58.11	$61.35	$70.07	Revenue / shareRev/sh
$5.26	$5.70	$6.33	$3.76	$7.95	$7.41	$7.90	$-5.32	$-8.89	EPS (diluted)EPS
$4.41	$5.99	$5.94	$8.89	$4.83	$10.53	$11.99	$10.72	$10.64	Owner earnings / shareOE/sh
$4.41	$5.99	$5.94	$8.89	$4.83	$10.53	$11.99	$10.72	$10.64	Free cash flow / shareFCF/sh
$0.96	$0.65	$0.84	$0.63	$1.22	$1.09	$0.68	$1.36	$1.11	Cap. spending / shareCapex/sh
$24.00	$29.95	$34.98	$35.85	$50.92	$60.09	$67.12	$53.21	$50.27	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+4.5%/yr	+6.1%/yr
Owner earnings / share	+10.4%/yr	+3.8%/yr
Capital spending / share	+3.9%/yr	+16.5%/yr
Book value / share	+9.2%/yr	+8.2%/yr

The record, charted

FY2017–2026

Each measure over its full record; the current point and the worst year marked.

Share count

52Mpeak FY2017

ROIC

9%low FY2021

Gross margin

39%low FY2021

Net debt ÷ owner earnings

3.5×peak FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$559Mowner earningsvs.($278M)net incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2026

Owner-earnings bridge

FY2021–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business turned a $278M loss into $559M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2026	FY2024	FY2023	FY2022	FY2021
Reported net income	($278M)	$428M	$401M	$437M	$207M
Depreciation & amortizationnon-cash charge added back	+$105M	+$104M	+$110M	+$138M	+$111M
Stock-based compensationreal costnon-cash, but a real cost	+$13M	+$32M	+$45M	+$58M	+$20M
Working capital & othertiming of cash in and out, other non-cash items	+$789M	+$122M	+$73M	−$300M	+$187M
Cash from operations	$630M	$687M	$629M	$333M	$525M
Capital expenditurecash put back in to keep running and to grow	−$71M	−$37M	−$59M	−$67M	−$35M
Owner earnings	$559M	$650M	$570M	$265M	$490M
Owner-earnings marginowner earnings ÷ revenue	17%	21%	18%	7%	19%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $13M), owner earnings is nearer $546M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 6.1×

Comfortable

Operating income $575M ÷ interest expense $94M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $2.0B · 3.4× operating profit

Meaningful net debt

Cash $222M − debt $2.2B

What this means
Netting $222M of cash and short-term investments against $2.2B of debt leaves $2.0B owed, about 3.4× a year's operating profit (3.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 156d

Long (60+ days)

DSO 65 + DIO 130 − DPO 39 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 9%

Solid through the cycle

7-yr median, range 7%–13%; the latest year is left out — large non-operating charges put its operating line well above pretax profit

Industry peers: median 13%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years, so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 12%

Solid through the cycle

8-yr median margin, range 7%–21%; latest $559M = operating cash $630M − maintenance capex $71M

Industry peers: median 11%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 17% of revenue this year, a 12% median across 8 years. Treating stock comp as the real expense it is (less $13M of SBC) leaves $546M.
Are earnings backed by cash? $630M

Loss, but cash-generative

Net income ($278M) · cash from operations $630M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? 129%

Returned more than it generated

Dividends + buybacks $724M ÷ Owner Earnings $559M

What this means
The company returned more than it generated: against $559M of Owner Earnings, $724M (129%) went back to shareholders, $0 dividends, $724M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $13M stock comp, the real buyback was about $710M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 0.67×

Harvesting

Capex $71M ÷ depreciation $105M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $3.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.57×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Near

Debt ≤ working capital · $2.2B vs $1.7B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Near

A profit every year (8-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −43%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $4.07/share (latest year $-6.14), the averaged base the calculator's gate runs on, and book value is $61.40/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 7 of 8

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 8 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 17% → 20% (3-yr avg ends)

In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

What this means
Through the cycle the operating margin widened — about 17% early to 20% lately, median 16% — pricing power intact or improving.
Reinvestment, incremental ROIC 7%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +8%/yr

What this means
Owner earnings grew about 8% a year over the record.
Worst year 2021 · 12.9% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −0.9%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Apr 4, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.6B

Cash & short-term investments$177M
Receivables$608M
Inventory$728M
Other current assets$134M

Current liabilities$839M

Debt due within a year$44M
Accounts payable$215M
Other current liabilities$579M

Current ratio1.96×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.10×stricter: inventory excluded

Cash ratio0.21×strictest: cash alone against what's due

Working capital$809Mthe cushion left after near-term bills

Debt due this year vs. cash$44M due · $177M cash covered by cash on hand, no refinancing forced · both figures from the Apr 4, 2026 balance sheet

Revenue, latest quarter vs. a year ago+15.0%the freshest read on whether the business is still growing

Current ratio, recent quarters2.5× → 2.0×

Deeper floors

Tangible book value($464M)equity stripped of goodwill & intangibles

Debt incl. operating leases$2.0B$115M of it operating leases

Deferred revenue$189Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2026

Over the record, the business generated $3.9B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$406M · 11%
Buybacks$1.4B · 37%
Retained (debt / cash)$2.0B · 52%

Returned to owners$1.4B
41% of the owner earnings the business produced over the span, $0 as dividends and $1.4B as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $845M and cash and short-term investments rose $87M.
Average price paid for buybacks$150.24
Across the years where the filing reports a share count, 8M shares were bought for $1.2B, about $150.24 each. Year to year the price paid ranged from $95.74 (2021) to $294.91 (2024); its heaviest year, 2026, paid $147.34 ($724M).
Net change in share count−16.7%
The diluted count fell from 57M to 47M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained39%
Of the earnings it kept rather than paid out ($733M over the span), annual owner earnings (first three years vs last three) grew $289M, so each retained $1 added about 0.39 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 8-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$2.9B45% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity65%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$2.3Bover 8 years buying other businesses, against $406M of capital spent building

$78M written down across 1 year (2023): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 8-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Timothy J. FitzGerald	$9.4M	$15.0M	$490M
2022	Mr. Timothy J. FitzGerald	$9.4M	$7.2M	$265M
2023	Mr. Timothy J. FitzGerald	$8.4M	$12.2M	$570M
2024	Mr. Timothy J. FitzGerald	$7.5M	$10.0M	$650M
2026	Mr. Timothy J. FitzGerald	$8.2M	$11.0M	$559M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Stock-based compensation$13M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 2% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Middleby is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2026.

2 of the 6 tests turned up something to look into; the other 4 came back clean.

Look hereDid receivables and inventory outpace sales?32% → 40% of sales
Receivables and inventory grew from $753M to $1.3B while revenue grew 42%: working capital is climbing faster than sales (32% of revenue then, 40% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.
Look hereAre "one-time" charges a yearly habit?4 of 8 years
Management took an impairment or write-down in 4 of the last 8 years, $116M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2026

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Pension & retirement, Income taxes, Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Industrial Machinery

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
LIILennox Intl	$5.2B	29%	14.0%	44%	11%
IEXIDEX Corp.	$3.5B	44%	22.3%	15%	18%
GTESGates Industrial	$3.4B	39%	12.9%	7%	9%
MIDDMiddleby	$3.2B	38%	16.9%	9%	15%
BWXTBWX Technologies Inc.	$3.2B	27%	15.9%	17%	11%
ALHAlliance Laundry Holdings Inc.	$1.7B	—	18.6%	—	9%
TNCTennant Company	$1.2B	40%	7.2%	10%	5%
HAYWHayward Holdings Inc.	$1.1B	45%	19.9%	9%	16%
Group median	—	39%	16.4%	10%	11%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Middleby has delivered.

Middleby’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Middleby earns about $475M on its 14.9% median owner-earnings margin. This year’s 17.5% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($475M) Net of stock comp (−$21M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’26+10%/yr

Owner-earnings growth · ’17→’26+8%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $502M on 45M shares outstanding, per the 10-Q cover, as of 2026-05-11; net debt $1.7B. The if-converted diluted count is 47M, 4% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh MIDD against another business →

The owners of MIDD: the meeting and the votes →

Cite: Owner Scorecard, "Middleby (MIDD), the owner's record," https://ownerscorecard.com/c/MIDD, data as of 2026-07-09.

Manual order: ← MIAX its page in the Manual MIR →

Industry order: ← MEC the Industrial Machinery chapter MTRN →