MIDDMIDDLEBY Corp
Refrigeration & Service Industry Machinery
- Revenue
- $3.2B
- 1.6% YoY
- Operating margin
- 18.0%
- 12% YoY
- EBITDA
- $680M
- 9.1% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 3.3×
- $2.2B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear172% of net incomeCash flow under 80% of net income
- Dilutive SBCClear0% of revenueOver 10% of revenue
- Payouts exceed cash flowFired115% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear33% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2026 | YoY |
|---|---|---|---|---|---|
| Revenue | $4.0B | $3.2B | $3.2B | $3.2B | 1.6% |
| Operating income | $640M | $652M | $644M | $575M | 11% |
| Net income | $488M | $401M | $428M | $367M | 14% |
| Operating cash flow | $333M | $629M | $687M | $630M | 8.2% |
| Capex | $67M | $59M | $37M | $71M | 93% |
| Stock-based comp | $58M | $45M | $32M | $13M | 58% |
| Buybacks | $265M | $75M | $35M | $724M | 1988% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $8M | $11M | 115 | 167 |
| FY2024 | $8M | $10M | 105 | 154 |
| FY2023 | $8M | $12M | 114 | 138 |
| FY2022 | $9M | $15M | 153 | 125 |