MIDD
The Middleby Corporation

The Middleby CorporationMIDD

Industrials · Specialty Industrial Machinery
136.50USD
+4.89%
Nov 09, 2026
MIDD overview ready
Commercial Kitchen Automation Equipment Supplier to Foodservice Operators
Middleby is now principally a commercial-foodservice equipment provider following the July 2026 separation of its Food Processing business.
Primary theme is improving
Diversified Industrials is improving (+8.5pp vs SPY over 21 sessions; 16 of 24 members ahead of SPY).
Advancing price action
Longer-term context reads early trend, with a near-term setup of daily reclaim.
Fair valuation
The price broadly reflects the cash the business actually produces, with upside and risk reasonably balanced.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Exposure to restaurant and institutional foodservice industry cyclicality.
Market Nov 6Filing Jul 4Price action Nov 8Research Oct 22

Conviction Level

PriceAction8.0BusinessPerformance5.0BusinessQuality7.8Valuation3.7ThemeMomentum7.0Mixed — Revenue is growing at a steady pace (+9.9% year over year). Diluted EPS fell 39% year over year to $1.21. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
+8.5pp
Theme return
+3.5%
Beating SPY
16 of 24
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Advancing price action
Longer-term context reads early trend, with a near-term setup of daily reclaim.
EntryBreakout + retest

Price broke through the weekly SMA200, then retested it constructively and recovered — a fresh structural entry rather than a chase.

Key Financials

Market Cap
$6.2B
Avg Volume (60D)
570.0K
60 sessions
Revenue Growth YoY
+1.6%
FY2026 vs FY2025
Gross Margin
+38.4%
Trailing twelve months
Operating Margin
+17.1%
Trailing twelve months
Free Cash Flow Yield
+7.8%
Distance from 200DMA
+13.3%
P/E
N/M
EV / EBITDA
11.7x
EV / Sales
2.4x
Market metrics as of Nov 6, 2026
Financial results for the period ended Jul 4, 2026
Filed balance-sheet data as of Jul 4, 2026

Business Performance

Mixed

Revenue is growing at a steady pace (+9.9% year over year). Diluted EPS fell 39% year over year to $1.21.

Latest reported: Q2 FY2026, ended Jul 4
Revenue growthGrowing
+9.9%
$876M in Q2 FY2026 · YoY
YoY growth, last 4 quarters
  1. +4.9%
  2. +4.5%
  3. +15%
  4. +9.9%
Earnings growthDeclining
-39%
Diluted EPS $1.21 vs $1.99 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. n/a
  2. -64%
  3. n/a
  4. -39%
Operating marginContracting
16.9%
-1.7 pp YoY · gross margin 38.3% (-1.4 pp)

Business Quality

7.8 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

All three valuation perspectives agree this company is fair.
The Middleby Corporation has a Fair valuation stance because the price broadly reflects the cash the business actually produces, with upside and risk reasonably balanced.

Company Research

Thesis
Middleby is now principally a commercial-foodservice equipment provider following the July 2026 separation of its Food Processing business.
Opportunity
Moderate opportunity
Restaurant, institutional-foodservice and convenience-food operators are investing in automated, programmable and connected back-of-house equipment to reduce labor intensity, improve throughput and consistency, and protect operating margins.
Key risk
Exposure to restaurant and institutional foodservice industry cyclicality.

Economic classification

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Business & Markets

Industrials · Specialty Industrial Machinery
What they do

The Middleby Corporation designs, manufactures, and sells commercial foodservice and food processing equipment globally, focusing on automated and connected kitchen solutions.

How it earns

The company generates revenue primarily through transactional sales of commercial kitchen equipment and related products.

Products & services
Conveyor ovens
Combi ovens
Convection ovens
Baking ovens
Proofing ovens
Deck ovens
Speed cooking ovens
Hydrovection ovens
Ranges
Fryers
Rethermalizers
Steam cooking equipment
Food warming equipment
Catering equipment
Induction cooking equipment
Countertop cooking equipment
Heated cabinets
Charbroilers
Ventless cooking systems
Kitchen ventilation
Toasters
Griddles
Charcoal grills
Professional mixers
Refrigerators
Stainless steel fabrication
Custom millwork
Customers & end markets
Chain restaurants
Institutional foodservice operators
Convenience food operators
Commercial foodservice customers
Market position

Leader in commercial foodservice equipment with a broad portfolio emphasizing automation and connectivity.

Demand drivers
Medium cyclicality

Demand is influenced by the health of the restaurant and institutional foodservice sectors, which are sensitive to economic cycles.