The Middleby Corporation (MIDD) Key Metrics
MIDD valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $4.87B
- Enterprise value
- $6.87B
- P/E (TTM)
- — 10-yr median 19.9
- Forward P/E
- 14.6
- PEG ratio
- 1.51
- Price / sales
- 1.4 10-yr median 2.2
- Price / book
- 2.3 10-yr median 3.3
- EV / EBITDA
- 9.7 10-yr median 13.6
- Dividend yield
- —
- Beta
- 1.34
MIDD key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMIDD valuation Price multiples at each fiscal year-end price.
Price / sales+26.6%
2.4
2025 · hover or tap a bar for each year
20162025
Price / book+37.1%
2.8
2025 · hover or tap a bar for each year
20162025
EV / EBITDA+22.7%
14.1
2025 · hover or tap a bar for each year
20162025
Price / free cash flow+19.4%
13.8
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−1.4 pts
7.3%
2025 · hover or tap a bar for each year
20162025
MIDD returns How much profit the business earns on the capital it uses.
Return on equity−21.1 pts
−8.7%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−0.1 pts
8.8%
2025 · hover or tap a bar for each year
20162025
Return on assets−10.1 pts
−4.1%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+1.0 pts
17.4%
2025 · hover or tap a bar for each year
20162025
Asset turnover−13.8%
0.47
2025 · hover or tap a bar for each year
20162025
MIDD per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−13.3%
$61.97
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$5.38
2025 · hover or tap a bar for each year
20162025
Free cash flow per share−8.1%
$10.81
2025 · hover or tap a bar for each year
20162025
Book value per share−19.9%
$53.75
2025 · hover or tap a bar for each year
20162025
Shares outstanding−4.7%
51.7M
2025 · hover or tap a bar for each year
20162025
MIDD financial health Debt, liquidity and how easily interest is covered.
Debt / equity+13.0%
0.78
2025 · hover or tap a bar for each year
20162025
Net debt+$119.2M
$1.95B
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA+0.56
2.86
2025 · hover or tap a bar for each year
20162025
Current ratio−8.6%
2.57
2025 · hover or tap a bar for each year
20162025
Interest coverage−11.8%
6.3
2025 · hover or tap a bar for each year
20162025
Debt / assets−0.6%
0.34
2025 · hover or tap a bar for each year
20162025
MIDD efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+6 days
69 days
2025 · hover or tap a bar for each year
20162025
Days of inventory+9 days
144 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+6 days
39 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle+9 days
174 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+1.0 pts
2.2%
2025 · hover or tap a bar for each year
20162025
Dividends + buybacks / FCF+124.2 pts
129.6%
2025 · hover or tap a bar for each year
20162025
MIDD valuation history
Fiscal year-endToday10-year median
MIDD returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MIDD debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MIDD cash returned to shareholders
DividendsBuybacksFree cash flow
MIDD price vs earnings per share
Share price at year-endEPS (right axis)
MIDD key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $7.68B | $7.34B | $7.96B | $7.36B | $11.15B | $7.11B | $6.10B | $5.71B | $7.65B | $7.35B |
| Enterprise value | $9.63B | $9.17B | $10.25B | $10.02B | $13.41B | $8.59B | $7.90B | $7.53B | $8.59B | $8.02B |
| P/E ratio | — | 17.1 | 19.9 | 16.9 | 22.8 | 34.3 | 17.3 | 18.0 | 25.7 | 25.9 |
| Price / sales | 2.4 | 1.9 | 2.0 | 1.8 | 3.4 | 2.8 | 2.1 | 2.1 | 3.3 | 3.2 |
| Price / book | 2.8 | 2.0 | 2.4 | 2.6 | 4.5 | 3.6 | 3.1 | 3.4 | 5.6 | 5.8 |
| Price / free cash flow | 13.8 | 11.5 | 14.7 | 28.0 | 30.0 | 14.7 | 18.4 | 17.4 | 30.6 | 27.3 |
| Price / operating cash flow | 12.2 | 10.7 | 12.7 | 22.1 | 26.3 | 13.5 | 16.2 | 15.5 | 25.1 | 25.0 |
| EV / sales | 3.0 | 2.4 | 2.5 | 2.5 | 4.1 | 3.4 | 2.7 | 2.8 | 3.7 | 3.5 |
| EV / EBITDA | 14.1 | 11.5 | 12.9 | 12.7 | 16.7 | 19.6 | 12.2 | 13.0 | 18.0 | 16.0 |
| EV / free cash flow | 17.2 | 14.4 | 18.9 | 38.1 | 36.1 | 17.8 | 23.9 | 23.0 | 34.4 | 29.8 |
| Earnings yield | −3.6% | 5.8% | 5.0% | 5.9% | 4.4% | 2.9% | 5.8% | 5.6% | 3.9% | 3.9% |
| Free cash flow yield | 7.3% | 8.7% | 6.8% | 3.6% | 3.3% | 6.8% | 5.4% | 5.7% | 3.3% | 3.7% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 9.4% | 0.5% | 0.9% | 3.6% | 0.3% | 1.2% | 0.1% | 0.0% | 3.1% | 0.1% |
| Share price at fiscal year-end | $148.67 | $135.45 | $147.17 | $133.90 | $196.76 | $128.92 | $109.52 | $102.73 | $134.95 | $128.81 |
| Per share | ||||||||||
| Revenue per share | $61.97 | $71.49 | $74.63 | $73.40 | $57.37 | $45.58 | $53.17 | $48.97 | $41.18 | $39.73 |
| Earnings per share | −$5.38 | $7.90 | $7.41 | $7.95 | $8.62 | $3.76 | $6.33 | $5.70 | $5.26 | $4.98 |
| Operating cash flow per share | $12.20 | $12.67 | $11.63 | $6.05 | $7.47 | $9.52 | $6.78 | $6.63 | $5.37 | $5.15 |
| Free cash flow per share | $10.81 | $11.76 | $10.02 | $4.79 | $6.56 | $8.76 | $5.94 | $5.89 | $4.41 | $4.72 |
| Cash per share | $4.30 | $12.72 | $4.58 | $2.95 | $3.18 | $4.86 | $1.70 | $1.29 | $1.58 | $1.20 |
| Book value per share | $53.75 | $67.12 | $60.09 | $50.92 | $44.02 | $35.85 | $34.98 | $29.95 | $24.00 | $22.17 |
| Tangible book value per share | −$1.64 | −$9.05 | −$17.19 | −$25.63 | −$28.67 | −$25.54 | −$24.19 | −$25.88 | −$12.06 | −$9.17 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $1.39 | $0.91 | $1.61 | $1.27 | $0.91 | $0.76 | $0.84 | $0.75 | $0.96 | $0.43 |
| Debt per share | $42.07 | $46.51 | $46.95 | $51.46 | $43.01 | $31.78 | $34.05 | $34.03 | $18.14 | $12.83 |
| Shares outstanding | 51.7M | 54.2M | 54.1M | 54.9M | 56.7M | 55.1M | 55.7M | 55.6M | 56.7M | 57.1M |
| Change in shares outstanding | −4.7% | +0.2% | −1.6% | −3.0% | +2.8% | −0.9% | +0.1% | −2.0% | −0.6% | +0.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −8.7% | 12.4% | 13.3% | 16.5% | 21.9% | 10.6% | 19.5% | 21.0% | 22.7% | 23.4% |
| Return on invested capital (ROIC) | 8.8% | 8.8% | 8.9% | 9.7% | 12.1% | 7.0% | 10.8% | 11.5% | 15.1% | 15.8% |
| Return on assets (ROA) | −4.1% | 6.0% | 5.8% | 6.6% | 8.4% | 4.1% | 7.4% | 8.0% | 9.5% | 10.0% |
| Return on tangible assets | −8.0% | 13.6% | 14.7% | 16.4% | 21.6% | 11.4% | 20.6% | 21.9% | 23.0% | 25.2% |
| Free cash flow margin | 17.4% | 16.5% | 13.4% | 6.5% | 11.4% | 19.2% | 11.2% | 12.0% | 10.7% | 11.9% |
| Income quality (OCF / net income) | — | 1.60 | 1.57 | 0.76 | 0.87 | 2.53 | 1.07 | 1.16 | 1.02 | 1.03 |
| Financial health | ||||||||||
| Total debt | $2.17B | $2.52B | $2.54B | $2.83B | $2.44B | $1.75B | $1.89B | $1.89B | $1.03B | $732.1M |
| Cash & short-term investments | $222.2M | $689.5M | $247.5M | $162.0M | $180.4M | $268.1M | $94.5M | $71.7M | $89.7M | $68.5M |
| Net debt | $1.95B | $1.83B | $2.29B | $2.67B | $2.26B | $1.48B | $1.80B | $1.82B | $939.2M | $663.6M |
| Debt / equity | 0.78 | 0.69 | 0.78 | 1.01 | 0.98 | 0.89 | 0.97 | 1.14 | 0.76 | 0.58 |
| Debt / assets | 0.34 | 0.35 | 0.37 | 0.41 | 0.38 | 0.34 | 0.38 | 0.42 | 0.31 | 0.25 |
| Net debt / EBITDA | 2.86 | 2.30 | 2.87 | 3.37 | 2.81 | 3.38 | 2.78 | 3.14 | 1.96 | 1.33 |
| Current ratio | 2.57 | 2.81 | 2.31 | 2.03 | 1.87 | 1.81 | 2.04 | 1.90 | 1.97 | 1.66 |
| Quick ratio | 1.92 | 1.79 | 1.21 | 0.94 | 0.95 | 1.04 | 1.05 | 0.97 | 1.07 | 0.91 |
| Interest coverage | 6.3 | 7.1 | 5.3 | 7.2 | 11.0 | 4.1 | 6.2 | 7.6 | 15.8 | 18.7 |
| Working capital | $1.67B | $1.50B | $1.11B | $1.02B | $792.2M | $570.2M | $616.1M | $502.6M | $458.2M | $323.3M |
| Invested capital | $4.73B | $5.47B | $5.54B | $5.46B | $4.75B | $3.46B | $3.75B | $3.49B | $2.30B | $1.93B |
| Tangible asset value | −$84.6M | −$490.8M | −$929.5M | −$1.41B | −$1.62B | −$1.41B | −$1.35B | −$1.44B | −$684.1M | −$523.6M |
| Net current asset value | −$796.3M | −$1.31B | −$1.69B | −$2.07B | −$2.18B | −$1.96B | −$1.85B | −$1.82B | −$1.05B | −$840.1M |
| Graham number | — | $109.25 | $100.10 | $95.41 | $92.40 | $55.07 | $70.58 | $61.99 | $53.27 | $49.83 |
| Graham net-net per share | −$49.18 | −$37.85 | −$44.79 | −$52.28 | −$50.43 | −$43.80 | −$41.91 | −$40.52 | −$25.22 | −$20.23 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | $723.6M | $34.7M | $74.6M | $264.8M | $29.3M | $85.9M | $6.1M | $0 | $239.8M | $4.4M |
| Dividend payout ratio | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 129.6% | 5.4% | 13.8% | 100.7% | 7.9% | 17.8% | 1.9% | 0.0% | 95.9% | 1.6% |
| Capex / revenue | 2.2% | 1.3% | 2.2% | 1.7% | 1.6% | 1.7% | 1.6% | 1.5% | 2.3% | 1.1% |
| Capex / operating cash flow | 11.4% | 7.2% | 13.8% | 20.9% | 12.2% | 8.0% | 12.3% | 11.2% | 17.9% | 8.4% |
| Capex / depreciation | 0.68 | 0.39 | 0.69 | 0.50 | 0.41 | 0.38 | 0.45 | 0.43 | 0.78 | 0.43 |
| Stock-based compensation / revenue | 0.4% | 0.9% | 1.3% | 1.4% | 1.3% | 0.8% | 0.3% | 0.1% | 0.3% | 1.2% |
| R&D / revenue | — | — | 1.3% | 1.2% | 1.3% | 1.4% | 1.4% | 1.3% | 1.2% | 1.2% |
| SG&A / revenue | 20.7% | 19.7% | 19.8% | 18.7% | 19.2% | 21.2% | 19.1% | 19.8% | 20.0% | 9.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 69.3 | 62.9 | 61.6 | 56.5 | 52.8 | 58.9 | 52.2 | 48.7 | 51.1 | 49.0 |
| Days of inventory on hand | 143.6 | 134.9 | 146.8 | 135.1 | 122.3 | 126.0 | 108.9 | 100.5 | 101.7 | 96.5 |
| Days payables outstanding | 38.9 | 33.1 | 36.4 | 40.7 | 43.3 | 39.9 | 35.6 | 35.5 | 37.6 | 40.7 |
| Cash conversion cycle (days) | 174.1 | 164.7 | 172.1 | 151.0 | 131.8 | 145.0 | 125.5 | 113.7 | 115.2 | 104.7 |
| Receivables turnover | 5.26 | 5.81 | 5.92 | 6.46 | 6.91 | 6.20 | 6.99 | 7.49 | 7.14 | 7.46 |
| Payables turnover | 9.38 | 11.03 | 10.04 | 8.98 | 8.43 | 9.15 | 10.25 | 10.27 | 9.70 | 8.97 |
| Inventory turnover | 2.54 | 2.71 | 2.49 | 2.70 | 2.98 | 2.90 | 3.35 | 3.63 | 3.59 | 3.78 |
| Asset turnover | 0.47 | 0.55 | 0.59 | 0.61 | 0.56 | 0.49 | 0.62 | 0.69 | 0.75 | 0.80 |
| Average receivables | $608.2M | $667.5M | $681.6M | $624.4M | $470.3M | $405.5M | $423.1M | $363.5M | $327.1M | $304.2M |
| Average payables | $207.8M | $218.0M | $249.2M | $288.1M | $243.8M | $178.2M | $181.0M | $167.3M | $146.6M | $152.3M |
| Average inventory | $767.1M | $888.7M | $1.01B | $957.6M | $688.8M | $562.9M | $553.8M | $473.2M | $396.4M | $361.2M |
| Intangibles / total assets | 45.3% | 56.7% | 60.5% | 61.2% | 64.5% | 65.1% | 65.8% | 68.2% | 61.2% | 61.3% |
Computed from MIDD's annual financial statements (latest annual report filed March 4, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MIDD valuation and financial ratios
Middleby earned a return on equity of −8.7% and a return on invested capital of 8.8% in fiscal 2025. It ended the year with $2.2 billion of debt and $222.2 million in cash and short-term investments, net debt of $2.0 billion. It returned $723.6 million to shareholders: $0 in dividends and $723.6 million in share buybacks, 130% of free cash flow. The share count fell 9.5% from 57.1M to 51.7M over 9 years.
See the MIDD income statement, the MIDD chart for price history, or the MIDD stock overview for the latest quote and news.
MIDD key metrics FAQ
What is Middleby's EV/EBITDA?
Middleby's enterprise value was 14.1 times EBITDA at the end of fiscal 2025 (enterprise value $9.6 billion, EBITDA $681.4 million); the current EV/EBITDA is 9.7.
What is Middleby's return on equity?
Middleby's return on equity (ROE) was −8.7% in fiscal 2025: net income of -$277.7 million on average shareholders' equity of $3.2 billion.
What is Middleby's ROIC?
Middleby's return on invested capital was 8.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Middleby have?
Middleby had total debt of $2.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.78 and $2.0 billion of net debt (2.86 times EBITDA).
Does Middleby buy back its shares?
Yes. Middleby spent $723.6 million on net share repurchases in fiscal 2025 Shares outstanding changed −4.7% over the year, to 51.7M..
What is Middleby's free cash flow yield?
Middleby generated $558.4 million of free cash flow in fiscal 2025, a free cash flow yield of 7.3% on its market value at year-end ($7.7 billion).
What is Middleby's current ratio?
Middleby's current ratio was 2.57 at the end of fiscal 2025: current assets were 2.57 times current liabilities.