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MIDDLEBY CORP (MIDD) Stock Fundamental Analysis

NASDAQ:MIDD - Nasdaq - US5962781010 - Common Stock - Currency: USD

160.15  +1.11 (+0.7%)

Fundamental Rating

5

Taking everything into account, MIDD scores 5 out of 10 in our fundamental rating. MIDD was compared to 127 industry peers in the Machinery industry. MIDD has only an average score on both its financial health and profitability. MIDD has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

MIDD had positive earnings in the past year.
In the past year MIDD had a positive cash flow from operations.
Each year in the past 5 years MIDD has been profitable.
MIDD had a positive operating cash flow in each of the past 5 years.
MIDD Yearly Net Income VS EBIT VS OCF VS FCFMIDD Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M

1.2 Ratios

With a decent Return On Assets value of 5.88%, MIDD is doing good in the industry, outperforming 62.99% of the companies in the same industry.
MIDD has a Return On Equity of 11.78%. This is in the better half of the industry: MIDD outperforms 62.20% of its industry peers.
MIDD has a Return On Invested Capital (8.30%) which is in line with its industry peers.
The Average Return On Invested Capital over the past 3 years for MIDD is below the industry average of 10.84%.
Industry RankSector Rank
ROA 5.88%
ROE 11.78%
ROIC 8.3%
ROA(3y)6.01%
ROA(5y)5.93%
ROE(3y)13.24%
ROE(5y)13.96%
ROIC(3y)8.58%
ROIC(5y)7.78%
MIDD Yearly ROA, ROE, ROICMIDD Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

1.3 Margins

Looking at the Profit Margin, with a value of 11.06%, MIDD is in the better half of the industry, outperforming 74.02% of the companies in the same industry.
In the last couple of years the Profit Margin of MIDD has remained more or less at the same level.
The Operating Margin of MIDD (18.27%) is better than 84.25% of its industry peers.
MIDD's Operating Margin has been stable in the last couple of years.
Looking at the Gross Margin, with a value of 37.94%, MIDD is in the better half of the industry, outperforming 67.72% of the companies in the same industry.
In the last couple of years the Gross Margin of MIDD has remained more or less at the same level.
Industry RankSector Rank
OM 18.27%
PM (TTM) 11.06%
GM 37.94%
OM growth 3Y4.07%
OM growth 5Y0.8%
PM growth 3Y-9.72%
PM growth 5Y-1.46%
GM growth 3Y1.06%
GM growth 5Y0.35%
MIDD Yearly Profit, Operating, Gross MarginsMIDD Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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6

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so MIDD is destroying value.
MIDD has about the same amout of shares outstanding than it did 1 year ago.
Compared to 5 years ago, MIDD has less shares outstanding
MIDD has a better debt/assets ratio than last year.
MIDD Yearly Shares OutstandingMIDD Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M 50M
MIDD Yearly Total Debt VS Total AssetsMIDD Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

2.2 Solvency

An Altman-Z score of 3.34 indicates that MIDD is not in any danger for bankruptcy at the moment.
MIDD has a Altman-Z score (3.34) which is in line with its industry peers.
The Debt to FCF ratio of MIDD is 3.76, which is a good value as it means it would take MIDD, 3.76 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of MIDD (3.76) is comparable to the rest of the industry.
MIDD has a Debt/Equity ratio of 0.65. This is a neutral value indicating MIDD is somewhat dependend on debt financing.
MIDD has a Debt to Equity ratio of 0.65. This is in the lower half of the industry: MIDD underperforms 67.72% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF 3.76
Altman-Z 3.34
ROIC/WACC0.79
WACC10.47%
MIDD Yearly LT Debt VS Equity VS FCFMIDD Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.3 Liquidity

A Current Ratio of 2.81 indicates that MIDD has no problem at all paying its short term obligations.
Looking at the Current ratio, with a value of 2.81, MIDD is in the better half of the industry, outperforming 72.44% of the companies in the same industry.
MIDD has a Quick Ratio of 1.79. This is a normal value and indicates that MIDD is financially healthy and should not expect problems in meeting its short term obligations.
With a decent Quick ratio value of 1.79, MIDD is doing good in the industry, outperforming 71.65% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 2.81
Quick Ratio 1.79
MIDD Yearly Current Assets VS Current LiabilitesMIDD Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

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3

3. Growth

3.1 Past

MIDD shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -1.76%.
MIDD shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 6.89% yearly.
Looking at the last year, MIDD shows a decrease in Revenue. The Revenue has decreased by -4.00% in the last year.
The Revenue has been growing slightly by 5.54% on average over the past years.
EPS 1Y (TTM)-1.76%
EPS 3Y6.17%
EPS 5Y6.89%
EPS Q2Q%8.68%
Revenue 1Y (TTM)-4%
Revenue growth 3Y6.03%
Revenue growth 5Y5.54%
Sales Q2Q%0.53%

3.2 Future

Based on estimates for the next years, MIDD will show a quite strong growth in Earnings Per Share. The EPS will grow by 9.18% on average per year.
MIDD is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.56% yearly.
EPS Next Y7.57%
EPS Next 2Y7.36%
EPS Next 3Y9.18%
EPS Next 5YN/A
Revenue Next Year4.12%
Revenue Next 2Y4.05%
Revenue Next 3Y3.56%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
MIDD Yearly Revenue VS EstimatesMIDD Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1B 2B 3B 4B
MIDD Yearly EPS VS EstimatesMIDD Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2 4 6 8 10

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5

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 16.88, MIDD is valued correctly.
Based on the Price/Earnings ratio, MIDD is valued a bit cheaper than 73.23% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 29.41, MIDD is valued a bit cheaper.
With a Price/Forward Earnings ratio of 15.69, MIDD is valued correctly.
MIDD's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. MIDD is cheaper than 74.80% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of MIDD to the average of the S&P500 Index (22.12), we can say MIDD is valued slightly cheaper.
Industry RankSector Rank
PE 16.88
Fwd PE 15.69
MIDD Price Earnings VS Forward Price EarningsMIDD Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

62.20% of the companies in the same industry are more expensive than MIDD, based on the Enterprise Value to EBITDA ratio.
Based on the Price/Free Cash Flow ratio, MIDD is valued cheaper than 86.61% of the companies in the same industry.
Industry RankSector Rank
P/FCF 13.51
EV/EBITDA 12.29
MIDD Per share dataMIDD EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates MIDD does not grow enough to justify the current Price/Earnings ratio.
The decent profitability rating of MIDD may justify a higher PE ratio.
PEG (NY)2.23
PEG (5Y)2.45
EPS Next 2Y7.36%
EPS Next 3Y9.18%

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0

5. Dividend

5.1 Amount

No dividends for MIDD!.
Industry RankSector Rank
Dividend Yield N/A

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MIDDLEBY CORP

NASDAQ:MIDD (3/5/2025, 2:28:06 PM)

160.15

+1.11 (+0.7%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryMachinery
Earnings (Last)02-25 2025-02-25/bmo
Earnings (Next)05-06 2025-05-06/amc
Inst Owners110.42%
Inst Owner Change6.34%
Ins Owners1.26%
Ins Owner Change2.27%
Market Cap8.61B
Analysts76
Price Target196.69 (22.82%)
Short Float %5.65%
Short Ratio3.8
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly Dividend0
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)2.11%
Min EPS beat(2)-7.73%
Max EPS beat(2)11.96%
EPS beat(4)2
Avg EPS beat(4)-1.07%
Min EPS beat(4)-10.12%
Max EPS beat(4)11.96%
EPS beat(8)5
Avg EPS beat(8)1.93%
EPS beat(12)7
Avg EPS beat(12)1.13%
EPS beat(16)9
Avg EPS beat(16)1.06%
Revenue beat(2)0
Avg Revenue beat(2)-3.51%
Min Revenue beat(2)-6.61%
Max Revenue beat(2)-0.4%
Revenue beat(4)0
Avg Revenue beat(4)-4.09%
Min Revenue beat(4)-7.14%
Max Revenue beat(4)-0.4%
Revenue beat(8)1
Avg Revenue beat(8)-3.13%
Revenue beat(12)2
Avg Revenue beat(12)-2.21%
Revenue beat(16)4
Avg Revenue beat(16)-1.82%
PT rev (1m)4.29%
PT rev (3m)19.63%
EPS NQ rev (1m)-1.42%
EPS NQ rev (3m)-0.27%
EPS NY rev (1m)-0.11%
EPS NY rev (3m)0.82%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.3%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.12%
Valuation
Industry RankSector Rank
PE 16.88
Fwd PE 15.69
P/S 2.22
P/FCF 13.51
P/OCF 12.54
P/B 2.37
P/tB N/A
EV/EBITDA 12.29
EPS(TTM)9.49
EY5.93%
EPS(NY)10.21
Fwd EY6.37%
FCF(TTM)11.85
FCFY7.4%
OCF(TTM)12.77
OCFY7.97%
SpS72.04
BVpS67.64
TBVpS-9.12
PEG (NY)2.23
PEG (5Y)2.45
Profitability
Industry RankSector Rank
ROA 5.88%
ROE 11.78%
ROCE 10.97%
ROIC 8.3%
ROICexc 9.3%
ROICexgc 32.77%
OM 18.27%
PM (TTM) 11.06%
GM 37.94%
FCFM 16.45%
ROA(3y)6.01%
ROA(5y)5.93%
ROE(3y)13.24%
ROE(5y)13.96%
ROIC(3y)8.58%
ROIC(5y)7.78%
ROICexc(3y)9.12%
ROICexc(5y)8.23%
ROICexgc(3y)32.98%
ROICexgc(5y)32.85%
ROCE(3y)11.34%
ROCE(5y)10.28%
ROICexcg growth 3Y-1.32%
ROICexcg growth 5Y-3.17%
ROICexc growth 3Y7.22%
ROICexc growth 5Y0.39%
OM growth 3Y4.07%
OM growth 5Y0.8%
PM growth 3Y-9.72%
PM growth 5Y-1.46%
GM growth 3Y1.06%
GM growth 5Y0.35%
F-Score7
Asset Turnover0.53
Health
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF 3.76
Debt/EBITDA 2.82
Cap/Depr 38.84%
Cap/Sales 1.27%
Interest Coverage 7.25
Cash Conversion 82.25%
Profit Quality 148.78%
Current Ratio 2.81
Quick Ratio 1.79
Altman-Z 3.34
F-Score7
WACC10.47%
ROIC/WACC0.79
Cap/Depr(3y)51.59%
Cap/Depr(5y)46.78%
Cap/Sales(3y)1.72%
Cap/Sales(5y)1.68%
Profit Quality(3y)114.73%
Profit Quality(5y)130.65%
High Growth Momentum
Growth
EPS 1Y (TTM)-1.76%
EPS 3Y6.17%
EPS 5Y6.89%
EPS Q2Q%8.68%
EPS Next Y7.57%
EPS Next 2Y7.36%
EPS Next 3Y9.18%
EPS Next 5YN/A
Revenue 1Y (TTM)-4%
Revenue growth 3Y6.03%
Revenue growth 5Y5.54%
Sales Q2Q%0.53%
Revenue Next Year4.12%
Revenue Next 2Y4.05%
Revenue Next 3Y3.56%
Revenue Next 5YN/A
EBIT growth 1Y-2.63%
EBIT growth 3Y10.34%
EBIT growth 5Y6.38%
EBIT Next Year24.38%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y17.65%
FCF growth 3Y19.69%
FCF growth 5Y14.02%
OCF growth 1Y9.23%
OCF growth 3Y17.5%
OCF growth 5Y12.72%