MIDDLEBY Corp
MIDD · Refrigeration & Service Industry Machinery · 45.2M shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $29M (gross $75M, SBC $45M)
Reference price $146.92 · est. market cap ~$6.6B — last insider purchase, 2025-12-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C65Diversified foodservice/food-processing equipment maker with strong operating margins and cash flow, but a net loss from goodwill impairment.
Strengths
- Operating margin 18% (84th), OCF margin 19.7% (76th) and FCF $559M (85th)
- Portfolio reshaping (Residential sale, Food Processing spin-off) plus strong brand stable
Risks
- Goodwill impairment drove net margin -8.7%, ROE -10% and ROA -4.4% (loss year)
- $2.2B debt and tariff/inflation cost pressure on the Commercial Foodservice segment
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -8.7%)
- Customer concentration~100% of revenue from one customer/distributor — 0 % 100
- Strong balance sheetStrong balance sheet — $222M cash & investments
- Revenue declineRevenue -14.5% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
39.1%
Operating margin
18.0%
Net margin
-8.7%
Return on equity
-10.0%
Return on assets
-4.4%
ROIC
9.3%
Revenue growth (QoQ)
-14.5%
Net-income growth
-164.8%
Debt / equity
0.8×
Net debt / EBITDA
2.8×
Current ratio
2.6×
Free cash flow
$559M
EBITDA
$680M
Tangible book value
-$85M
Cash & investments
$222M
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-13 | Fuchsen Matthew R | Grant | 2.3K | — |
| 2026-03-13 | Cerwin Brittany C | Grant | 1.8K | — |
| 2026-03-13 | Cerwin Brittany C | Tax withheld | 801 | $143.08 |
| 2026-03-13 | Pool III James K | Grant | 4.1K | — |
| 2026-03-13 | Fuchsen Matthew R | Tax withheld | 688 | $143.08 |
| 2026-03-13 | Pool III James K | Tax withheld | 1.6K | $143.08 |
| 2026-03-13 | Spittle Steve | Grant | 4.1K | — |
| 2026-03-13 | Spittle Steve | Tax withheld | 1.6K | $143.08 |
| 2026-03-13 | Mittelman Bryan E. | Grant | 3.0K | — |
| 2026-03-13 | Mittelman Bryan E. | Tax withheld | 1.3K | $143.08 |
| 2026-03-13 | FITZGERALD TIMOTHY JOHN | Grant | 11K | — |
| 2026-03-13 | FITZGERALD TIMOTHY JOHN | Tax withheld | 4.7K | $143.08 |
| 2026-03-06 | Nerbonne Robert A | Grant | 1.2K | — |
| 2026-03-06 | GARDEN EDWARD P | Grant | 1.2K | — |
| 2026-03-06 | Bowerman Julie | Grant | 1.2K | — |
| 2026-03-06 | Scherger Stephen R. | Grant | 1.2K | — |
| 2026-03-06 | Shah Tejas P. | Grant | 1.2K | — |
| 2026-03-06 | Palisi Chapin Sarah | Grant | 1.2K | — |
| 2026-03-06 | Hix Christopher M | Grant | 1.2K | — |
| 2026-03-06 | EISENBERG GLENN A | Grant | 1.2K | — |
| 2026-03-06 | OBRIEN GORDON | Grant | 1.2K | — |
| 2026-03-06 | McCarthy Cathy L | Grant | 1.2K | — |
| 2026-03-01 | Fuchsen Matthew R | Tax withheld | 990 | $168.86 |
| 2026-03-01 | Cerwin Brittany C | Tax withheld | 1.3K | $168.86 |
| 2026-03-01 | Pool III James K | Tax withheld | 2.3K | $168.86 |
| 2026-03-01 | Spittle Steve | Tax withheld | 2.3K | $168.86 |
| 2026-03-01 | Mittelman Bryan E. | Tax withheld | 1.9K | $168.86 |
| 2026-03-01 | FITZGERALD TIMOTHY JOHN | Tax withheld | 6.5K | $168.86 |
| 2025-12-15 | GARDEN EDWARD P | Buy | 15K | $146.92 |
| 2025-12-12 | GARDEN EDWARD P | Buy | 28K | $146.33 |
| 2025-12-12 | GARDEN EDWARD P | Buy | 16K | $146.89 |
| 2025-12-11 | GARDEN EDWARD P | Buy | 8.1K | $145.99 |
| 2025-12-11 | GARDEN EDWARD P | Buy | 25K | $144.46 |
| 2025-12-11 | GARDEN EDWARD P | Buy | 10K | $143.57 |
| 2025-12-11 | GARDEN EDWARD P | Buy | 1.3K | $144.96 |
| 2025-12-09 | Nerbonne Robert A | Buy | 780 | $128.52 |
| 2025-05-21 | GARDEN EDWARD P | Buy | 18K | $145.26 |
| 2025-05-21 | GARDEN EDWARD P | Buy | 8.4K | $146.27 |
| 2025-05-21 | GARDEN EDWARD P | Buy | 75K | $148.61 |
| 2025-05-21 | GARDEN EDWARD P | Buy | 8.0K | $147.45 |
| 2025-05-21 | GARDEN EDWARD P | Buy | 27K | $149.01 |
| 2025-05-16 | GARDEN EDWARD P | Buy | 621 | $149.62 |
| 2025-05-15 | GARDEN EDWARD P | Buy | 11K | $149.41 |
| 2025-05-15 | GARDEN EDWARD P | Buy | 2.6K | $148.45 |
| 2025-05-14 | GARDEN EDWARD P | Buy | 37K | $148.40 |
| 2025-05-13 | Cerwin Brittany C | Grant | 2.9K | — |
| 2025-05-13 | Fuchsen Matthew R | Grant | 3.3K | — |
| 2025-05-13 | Pool III James K | Grant | 6.0K | — |
| 2025-05-13 | Spittle Steve | Grant | 6.0K | — |
| 2025-05-13 | Mittelman Bryan E. | Grant | 4.4K | — |
| 2025-05-13 | FITZGERALD TIMOTHY JOHN | Grant | 15K | — |
| 2025-05-13 | GARDEN EDWARD P | Buy | 206K | $149.81 |
| 2025-05-13 | GARDEN EDWARD P | Buy | 15K | $147.80 |
| 2025-05-13 | GARDEN EDWARD P | Buy | 28K | $148.99 |
| 2025-05-12 | Scherger Stephen R. | Buy | 2.0K | $146.70 |
| 2025-05-09 | GARDEN EDWARD P | Buy | 121K | $138.87 |
| 2025-05-09 | GARDEN EDWARD P | Buy | 82K | $139.52 |
| 2025-03-06 | Shah Tejas P. | Grant | 1.1K | — |
| 2025-03-06 | GARDEN EDWARD P | Grant | 1.1K | — |
| 2025-03-06 | Nerbonne Robert A | Grant | 1.1K | — |
| 2025-03-06 | Palisi Chapin Sarah | Grant | 1.1K | — |
| 2025-03-06 | Scherger Stephen R. | Grant | 1.1K | — |
| 2025-03-06 | OBRIEN GORDON | Grant | 1.1K | — |
| 2025-03-06 | McCarthy Cathy L | Grant | 1.1K | — |
| 2025-03-06 | Ziyad Nassem | Grant | 1.1K | — |
| 2025-03-06 | Bowerman Julie | Grant | 1.1K | — |
| 2025-03-05 | GARDEN EDWARD P | Conversion | 1.9M | — |
| 2025-03-03 | Palisi Chapin Sarah | Sell | 500 | $163.51 |
| 2025-03-01 | FITZGERALD TIMOTHY JOHN | Tax withheld | 6.5K | $165.41 |
| 2025-03-01 | Cerwin Brittany C | Tax withheld | 1.0K | $165.41 |
| 2025-03-01 | Fuchsen Matthew R | Tax withheld | 1.4K | $165.41 |
| 2025-03-01 | Pool III James K | Tax withheld | 2.2K | $165.41 |
| 2025-03-01 | Spittle Steve | Tax withheld | 2.2K | $165.41 |
| 2025-03-01 | Mittelman Bryan E. | Tax withheld | 1.8K | $165.41 |
| 2025-02-24 | Fuchsen Matthew R | Tax withheld | 2.2K | $168.15 |
| 2025-02-24 | Pool III James K | Grant | 8.3K | — |
| 2025-02-24 | Pool III James K | Tax withheld | 3.3K | $168.15 |
| 2025-02-24 | Spittle Steve | Tax withheld | 3.3K | $168.15 |
| 2025-02-24 | Spittle Steve | Grant | 8.3K | — |
| 2025-02-24 | Cerwin Brittany C | Grant | 2.9K | — |
| 2025-02-24 | Cerwin Brittany C | Tax withheld | 1.3K | $168.15 |
| 2025-02-24 | FITZGERALD TIMOTHY JOHN | Grant | 25K | — |
| 2025-02-24 | FITZGERALD TIMOTHY JOHN | Tax withheld | 11K | $168.15 |
| 2025-02-24 | Mittelman Bryan E. | Grant | 6.6K | — |
| 2025-02-24 | Mittelman Bryan E. | Tax withheld | 3.0K | $168.15 |
| 2025-02-24 | Fuchsen Matthew R | Grant | 4.9K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-18 | 0001193125-26-276741 ↗ |
| 8-K | 2026-06-17 | 2026-06-17 | 0001193125-26-274367 ↗ |
| 8-K | 2026-05-26 | 2026-05-20 | 0001193125-26-239449 ↗ |
| 8-K | 2026-05-21 | 2026-05-19 | 0000769520-26-000034 ↗ |
| 10-Q | 2026-05-14 | 2026-04-04 | 0000769520-26-000032 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001193125-26-218313 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001193125-26-215753 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0000769520-26-000026 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001193125-26-204102 ↗ |
| 8-K | 2026-04-01 | 2026-04-01 | 0001193125-26-135768 ↗ |
| 8-K | 2026-03-25 | 2026-03-24 | 0001193125-26-122831 ↗ |
| 8-K | 2026-03-06 | 2026-03-05 | 0001193125-26-094982 ↗ |