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Building products & equipment · Industrials · Fiscal year ends Jan 2
Middleby reported revenue of $3.2B in the fiscal year ended Jan 2026, up 1.6% from the year before. Operating income was $575M, an operating margin of 18.0%, and net income was −$278M. Operating cash flow of $630M less capital expenditure of $71M left free cash flow of $559M. Net debt was $2B.
Ranks among the 14 building products & equipment companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 3,251 | 4,033 | 3,242 | 3,150 | 3,201 |
| Cost of revenue | 2,056 | 2,586 | 1,958 | 1,898 | 1,949 |
| Gross profit | 1,195 | 1,447 | 1,284 | 1,252 | 1,252 |
| Research & development | 41.8 | 48.9 | 47.1 | 50.8 | 58.8 |
| Selling, general & admin | 668 | 797 | 625 | 590 | 663 |
| Operating income | 630 | 640 | 652 | 644 | 575 |
| Interest expense | 57.2 | 89.0 | 121 | 93.4 | 93.8 |
| Pre-tax income | 620 | 564 | 536 | 566 | 482 |
| Income tax | 131 | 128 | 123 | 145 | 115 |
| Net income | 488 | 437 | 401 | 428 | −278 |
| Diluted EPS | 8.62 | 7.95 | 7.41 | 7.90 | −5.32 |
| Diluted shares | 56.7 | 54.9 | 54.1 | 54.2 | 52.2 |
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 180 | 162 | 247 | 639 | 222 |
| Receivables | 577 | 631 | 645 | 532 | 573 |
| Inventory | 837 | 1,078 | 936 | 656 | 693 |
| Current assets | 1,707 | 2,006 | 1,966 | 2,330 | 2,743 |
| Net PP&E | 381 | 444 | 511 | 385 | 432 |
| Goodwill | 2,243 | 2,412 | 1,704 | 1,744 | 1,800 |
| Total assets | 6,384 | 6,875 | 6,907 | 7,283 | 6,315 |
| Payables | 305 | 271 | 227 | 166 | 207 |
| Deferred revenue | 133 | 186 | 119 | 114 | 168 |
| Current liabilities | 915 | 988 | 851 | 829 | 1,068 |
| Short-term debt | 27.3 | 45.6 | 44.8 | 43.9 | 44.4 |
| Long-term debt | 2,387 | 2,677 | 2,380 | 2,351 | 2,129 |
| Total liabilities | 3,889 | 4,077 | 3,657 | 3,645 | 3,539 |
| Shareholders' equity | 2,494 | 2,798 | 3,250 | 3,638 | 2,776 |
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 423 | 333 | 629 | 687 | 630 |
| Capital expenditure | 46.6 | 67.3 | 59.2 | 36.7 | 70.7 |
| Free cash flow | 377 | 265 | 570 | 650 | 559 |
| Depreciation & amortisation | 125 | 138 | 110 | 104 | 105 |
| Stock-based compensation | 42.3 | 58.4 | 45.2 | 31.9 | 13.5 |
| Acquisitions | 964 | 279 | 37.9 | 111 | 32.0 |
| Share buybacks | 29.3 | 265 | 74.6 | 34.7 | 724 |
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.1% | −19.6% | −2.8% | 1.6% |
| Operating income growth (YoY) | – | 1.5% | 2.0% | −1.3% | −10.7% |
| EPS growth (YoY) | – | −7.8% | −6.8% | 6.6% | −167.3% |
| Gross margin | 36.8% | 35.9% | 39.6% | 39.7% | 39.1% |
| Operating margin | 19.4% | 15.9% | 20.1% | 20.4% | 18.0% |
| Net margin | 15.0% | 10.8% | 12.4% | 13.6% | −8.7% |
| Return on equityBlank when equity is negative | 19.6% | 15.6% | 12.3% | 11.8% | −10.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.5% | 10.9% | 10.8% | 10.0% | 11.0% |
| Free cash flow margin | 11.6% | 6.6% | 17.6% | 20.6% | 17.5% |
| Cash conversion (CFO ÷ net income) | 0.87x | 0.76x | 1.57x | 1.60x | −2.27x |
| Receivable days | 65 | 57 | 73 | 62 | 65 |
| Inventory days | 149 | 152 | 174 | 126 | 130 |
| Payable days | 54 | 38 | 42 | 32 | 39 |
| Interest cover | 11.0x | 7.19x | 5.39x | 6.90x | 6.13x |
| Debt ÷ equity | 0.97x | 0.97x | 0.75x | 0.66x | 0.78x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,234 | 2,560 | 2,178 | 1,756 | 1,951 |
| Current ratio | 1.87x | 2.03x | 2.31x | 2.81x | 2.57x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.