Market Cap
US$6.3b
Last Updated
2020/02/20 00:12 UTC
Data Sources
Company Financials +
Executive Summary
The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America.
Rewards
Risk Analysis
Snowflake Analysis
Solid track record and slightly overvalued.
Similar Companies
Share Price & News
How has Middleby's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: MIDD has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-2.8%
MIDD
-1.4%
US Machinery
0.5%
US Market
1 Year Return
-6.7%
MIDD
9.4%
US Machinery
20.3%
US Market
Return vs Industry: MIDD underperformed the US Machinery industry which returned 9.4% over the past year.
Return vs Market: MIDD underperformed the US Market which returned 20.3% over the past year.
Shareholder returns
| MIDD | Industry | Market | |
|---|---|---|---|
| 7 Day | -2.8% | -1.4% | 0.5% |
| 30 Day | -0.09% | -1.7% | 2.0% |
| 90 Day | -2.3% | 1.4% | 9.4% |
| 1 Year | -6.7%-6.7% | 11.4%9.4% | 22.8%20.3% |
| 3 Year | -18.9%-18.9% | 37.8%29.0% | 50.1%40.4% |
| 5 Year | 4.4%4.4% | 61.4%42.3% | 73.1%54.1% |
Price Volatility Vs. Market
How volatile is Middleby's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
Is Middleby (NASDAQ:MIDD) Using Too Much Debt?3 weeks ago | Simply Wall St
Does The Middleby Corporation’s (NASDAQ:MIDD) ROCE Reflect Well On The Business?1 month ago | Simply Wall St
Volatility 101: Should Middleby (NASDAQ:MIDD) Shares Have Dropped 18%?Valuation
Is Middleby undervalued compared to its fair value and its price relative to the market?
13.1%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: MIDD ($111.97) is trading below our estimate of fair value ($128.85)
Significantly Below Fair Value: MIDD is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: MIDD is good value based on its PE Ratio (18.4x) compared to the Machinery industry average (21.3x).
PE vs Market: MIDD is poor value based on its PE Ratio (18.4x) compared to the US market (18.3x).
Price to Earnings Growth Ratio
PEG Ratio: MIDD is poor value based on its PEG Ratio (2.4x)
Price to Book Ratio
PB vs Industry: MIDD is overvalued based on its PB Ratio (3.4x) compared to the US Machinery industry average (2.2x).
Next Steps
Future Growth
How is Middleby forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?
7.7%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MIDD's forecast earnings growth (7.7% per year) is above the savings rate (1.7%).
Earnings vs Market: MIDD's earnings (7.7% per year) are forecast to grow slower than the US market (14.2% per year).
High Growth Earnings: MIDD's earnings are forecast to grow, but not significantly.
Revenue vs Market: MIDD's revenue (3.4% per year) is forecast to grow slower than the US market (7.6% per year).
High Growth Revenue: MIDD's revenue (3.4% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if MIDD's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Middleby performed over the past 5 years?
12.4%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MIDD has high quality earnings.
Growing Profit Margin: MIDD's current net profit margins (11.5%) are higher than last year (11.5%).
Past Earnings Growth Analysis
Earnings Trend: MIDD's earnings have grown by 12.4% per year over the past 5 years.
Accelerating Growth: MIDD's earnings growth over the past year (13.6%) exceeds its 5-year average (12.4% per year).
Earnings vs Industry: MIDD earnings growth over the past year (13.6%) exceeded the Machinery industry 1.5%.
Return on Equity
High ROE: MIDD's Return on Equity (18.2%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Middleby's financial position?
Financial Position Analysis
Short Term Liabilities: MIDD's short term assets ($1.2B) exceed its short term liabilities ($585.2M).
Long Term Liabilities: MIDD's short term assets ($1.2B) do not cover its long term liabilities ($2.5B).
Debt to Equity History and Analysis
Debt Level: MIDD's debt to equity ratio (107.2%) is considered high.
Reducing Debt: MIDD's debt to equity ratio has increased from 53.7% to 107.2% over the past 5 years.
Debt Coverage: MIDD's debt is not well covered by operating cash flow (17.4%).
Interest Coverage: MIDD's interest payments on its debt are well covered by EBIT (6.5x coverage).
Balance Sheet
Inventory Level: MIDD has a high level of physical assets or inventory.
Debt Coverage by Assets: MIDD's debt is not covered by short term assets (assets are 0.6x debt).
Next Steps
Dividend
What is Middleby's current dividend yield, its reliability and sustainability?
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: Unable to evaluate MIDD's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.
High Dividend: Unable to evaluate MIDD's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.
Stability and Growth of Payments
Stable Dividend: Insufficient data to determine if MIDD's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if MIDD's dividend payments have been increasing.
Current Payout to Shareholders
Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: No need to calculate the sustainability of MIDD's dividend in 3 years as they are not forecast to pay a notable one for the US market.
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
1.0yrs
Average management tenure
CEO
Tim FitzGerald (49yo)
1yrs
Tenure
US$3,561,555
Compensation
Mr. Timothy J. FitzGerald, also known as Tim, has been Chief Executive Officer and Director since February 16, 2019 and served as the Chief Financial Officer of Middleby Corp. since May 16, 2003 until Febr ...
CEO Compensation Analysis
Compensation vs Market: Tim's total compensation ($USD3.56M) is below average for companies of similar size in the US market ($USD6.27M).
Compensation vs Earnings: Tim's compensation has increased by more than 20% in the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 1yrs | US$3.56m | 0.48% $30.1m | |
| Executive VP & COO | 1yrs | US$1.51m | 0.13% $8.2m | |
| Consultant | 1yrs | US$1.55m | 1.18% $73.9m | |
| VP, Treasurer & Secretary | 18yrs | US$778.21k | 0.14% $8.5m | |
| Chief Financial Officer | 1yrs | no data | 0.014% $887.6k | |
| Division President of Middleby India & Global Chief Information Officer | 0yrs | no data | no data | |
| President of CookTek and President of Carter-Hoffmann | 0.5yrs | no data | no data | |
| President Food Processing Group | 0yrs | US$583.49k | no data | |
| President of Blodgett Oven Company | 12.8yrs | US$497.09k | no data | |
| VP of Supply Chain & Group President of Houno A/S | 11.1yrs | no data | no data |
1.0yrs
Average Tenure
59.5yo
Average Age
Experienced Management: MIDD's management team is not considered experienced ( 1 years average tenure), which suggests a new team.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 1yrs | US$3.56m | 0.48% $30.1m | |
| Independent Chairman of the Board | 1yrs | US$219.97k | 0.064% $4.0m | |
| Independent Director | 42.1yrs | US$219.97k | 0.029% $1.8m | |
| Independent Director | 4.3yrs | US$219.97k | 0.011% $664.4k | |
| Independent Director | 6.3yrs | US$209.97k | 0.0086% $537.5k | |
| Director | 0.5yrs | no data | 0.0063% $398.5k | |
| Independent Director | 2.8yrs | US$204.97k | 0.0089% $560.1k |
2.8yrs
Average Tenure
55yo
Average Age
Experienced Board: MIDD's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: MIDD insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
The Middleby Corporation's company bio, employee growth, exchange listings and data sources
Key Information
- Name: The Middleby Corporation
- Ticker: MIDD
- Exchange: NasdaqGS
- Founded: 1888
- Industry: Industrial Machinery
- Sector: Capital Goods
- Market Cap: US$6.286b
- Shares outstanding: 56.14m
- Website: https://www.middleby.com
Number of Employees
Location
- The Middleby Corporation
- 1400 Toastmaster Drive
- Elgin
- Illinois
- 60120
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| MIDD | NasdaqGS (Nasdaq Global Select) | Yes | Common Stock | US | USD | Aug 1987 |
| MBY | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Aug 1987 |
| 0K1G | LSE (London Stock Exchange) | Yes | Common Stock | GB | USD | Aug 1987 |
Biography
The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions. This segment provides conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, rethermalizers, heated cabinets, charbroilers, ventless cooking systems, kitchen ventilations, toasters, griddles, grills, mixers, refrigerators, blast chillers, coldrooms, ice machines, and freezers; steam cooking, food warming, catering, induction and countertop cooking equipment, as well as soft serve, ice cream, coffee, and beverage dispensing equipment; and stainless steel fabrication and custom millwork products. The company’s Food Processing Equipment Group segment offers processing solutions for customers producing hot dog, dinner sausage, poultry, and lunchmeat, as well as muffin, cookie, and bread products. This segment provides batch, baking, proofing, conveyor, and continuous processing ovens; frying and automated thermal processing systems; grinders, slicers, reduction and emulsion systems, mixers, blenders, water cutting systems, food presses, and automated loading and unloading systems; and various battering and breading, seeding, food suspension and forming, food safety and handling, freezing, defrosting, and packaging equipment. Its Residential Kitchen Equipment Group segment offers kitchen equipment comprising ranges, cookers, stoves, dishwashers, microwaves, cooktops, wine coolers, and ventilation and outdoor equipment. The company was formerly known as Middleby Marshall Oven Company and changed its name to The Middleby Corporation in 1985. The company was founded in 1888 and is based in Elgin, Illinois.Â
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/02/20 00:12 |
| End of Day Share Price | 2020/02/19 00:00 |
| Earnings | 2019/09/28 |
| Annual Earnings | 2018/12/29 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.