NasdaqGS:MIDD

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Executive Summary

The Middleby Corporation designs, manufactures, markets, distributes, and services a range of foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. More Details


Snowflake Analysis

Slightly overvalued with questionable track record.


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

-4.1%

MIDD

1.7%

US Machinery

2.3%

US Market


1 Year Return

-22.4%

MIDD

14.5%

US Machinery

17.2%

US Market

Return vs Industry: MIDD underperformed the US Machinery industry which returned 11.9% over the past year.

Return vs Market: MIDD underperformed the US Market which returned 15.8% over the past year.


Shareholder returns

MIDDIndustryMarket
7 Day-4.1%1.7%2.3%
30 Day-11.1%-1.7%-4.6%
90 Day18.2%13.3%7.4%
1 Year-22.4%-22.4%16.7%14.5%19.8%17.2%
3 Year-30.6%-30.6%18.9%11.1%37.4%28.3%
5 Year-19.0%-19.0%93.1%71.1%83.8%63.0%

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

Valuation

Is Middleby undervalued compared to its fair value and its price relative to the market?

17.19x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MIDD ($88.72) is trading above our estimate of fair value ($78.62)

Significantly Below Fair Value: MIDD is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MIDD is good value based on its PE Ratio (17.2x) compared to the US Machinery industry average (24.8x).

PE vs Market: MIDD is good value based on its PE Ratio (17.2x) compared to the US market (18x).


Price to Earnings Growth Ratio

PEG Ratio: MIDD is poor value based on its PEG Ratio (1.7x)


Price to Book Ratio

PB vs Industry: MIDD is overvalued based on its PB Ratio (2.5x) compared to the US Machinery industry average (2.1x).


Next Steps

Future Growth

How is Middleby forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

10.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MIDD's forecast earnings growth (10% per year) is above the savings rate (2.2%).

Earnings vs Market: MIDD's earnings (10% per year) are forecast to grow slower than the US market (22.8% per year).

High Growth Earnings: MIDD's earnings are forecast to grow, but not significantly.

Revenue vs Market: MIDD's revenue (4.6% per year) is forecast to grow slower than the US market (9.9% per year).

High Growth Revenue: MIDD's revenue (4.6% 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?

10.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MIDD has high quality earnings.

Growing Profit Margin: MIDD's current net profit margins (10.7%) are lower than last year (11.3%).


Past Earnings Growth Analysis

Earnings Trend: MIDD's earnings have grown by 10.2% per year over the past 5 years.

Accelerating Growth: MIDD's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MIDD had negative earnings growth (-13.1%) over the past year, making it difficult to compare to the Machinery industry average (-12.7%).


Return on Equity

High ROE: MIDD's Return on Equity (14.7%) is considered low.


Next Steps

Financial Health

How is Middleby's financial position?


Financial Position Analysis

Short Term Liabilities: MIDD's short term assets ($1.7B) exceed its short term liabilities ($504.6M).

Long Term Liabilities: MIDD's short term assets ($1.7B) do not cover its long term liabilities ($3.0B).


Debt to Equity History and Analysis

Debt Level: MIDD's debt to equity ratio (122.9%) is considered high.

Reducing Debt: MIDD's debt to equity ratio has increased from 53.1% to 122.9% over the past 5 years.

Debt Coverage: MIDD's debt is not well covered by operating cash flow (18.5%).

Interest Coverage: MIDD's interest payments on its debt are well covered by EBIT (5.8x coverage).


Balance Sheet


Next Steps

Dividend

What is Middleby current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate MIDD's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate MIDD's dividend yield against the top 25% of dividend payers, as the company has not reported any recent 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?

1.5yrs

Average management tenure


CEO

Tim FitzGerald (50 yo)

1.5yrs

Tenure

US$7,198,183

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 The Middleby Corporation (formerly known as ...


CEO Compensation Analysis

Compensation vs Market: Tim's total compensation ($USD7.20M) is about average for companies of similar size in the US market ($USD7.43M).

Compensation vs Earnings: Tim's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Timothy FitzGerald
CEO & Director1.5yrsUS$7.20m0.68%
$ 33.7m
Bryan Mittelman
Chief Financial Officer1.5yrsUS$1.92m0.026%
$ 1.3m
David Brewer
Executive VP & COO1.5yrsUS$4.39m0.14%
$ 7.0m
Selim Bassoul
Consultant1.5yrsUS$9.23m1.19%
$ 58.6m
Martin Lindsay
VP, Treasurer & Secretary1.5yrsUS$1.78m0.13%
$ 6.6m
Partha Biswas
Division President of Middleby India & Global Chief Information Officerno datano datano data
David Abi
President of CookTek and President of Carter-Hoffmann1.08yrsno datano data
Magdy Albert
President Food Processing Groupno dataUS$583.49kno data
Gary Mick
President of Blodgett Oven Company13.42yrsUS$497.09kno data
Ousama Sidani
VP of Supply Chain & Group President of Houno A/S11.67yrsno datano data
Robert Fortmann
President of Carter-Hoffmann LLC13.25yrsno datano data
John Perruccio
President of Southbend Operations10.5yrsno datano data

1.5yrs

Average Tenure

60yo

Average Age

Experienced Management: MIDD's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Timothy FitzGerald
CEO & Director1.5yrsUS$7.20m0.68%
$ 33.7m
Gordon O'Brien
Independent Chairman of the Board1.5yrsUS$233.71k0.067%
$ 3.3m
John Miller
Independent Director42.67yrsUS$233.71k0.031%
$ 1.5m
Cathy McCarthy
Independent Director4.83yrsUS$233.71k0.014%
$ 689.8k
Sarah Chapin
Independent Director6.83yrsUS$223.71k0.013%
$ 617.8k
Robert Nerbonne
Independent Director1.08yrsUS$41.67k0.028%
$ 1.4m
Nassem Ziyad
Independent Director3.33yrsUS$218.71k0.013%
$ 635.6k

3.3yrs

Average Tenure

58yo

Average Age

Experienced Board: MIDD's board of directors are considered experienced (3.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold 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$4.934b
  • Shares outstanding: 55.62m
  • Website: https://www.middleby.com

Number of Employees


Location

  • The Middleby Corporation
  • 1400 Toastmaster Drive
  • Elgin
  • Illinois
  • 60120
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MIDDNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDAug 1987
MBYDB (Deutsche Boerse AG)YesCommon StockDEEURAug 1987
0K1GLSE (London Stock Exchange)YesCommon StockGBUSDAug 1987

Biography

The Middleby Corporation designs, manufactures, markets, distributes, and services a range of foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/29 23:50
End of Day Share Price2020/09/29 00:00
Earnings2020/06/27
Annual Earnings2019/12/28


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.