The Middleby Corporation (MIDD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-27.6%

$89.34

vs $123.47 price

Levered DCF

$97.85

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.9

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-22.55×	13.79×	15.83×	13.35×	17.89×	27.59×	13.92×	14.47×
P/B	2.26×	1.62×	1.95×	2.08×	3.5×	2.89×	2.52×	2.76×
P/S	1.96×	1.52×	1.57×	1.44×	2.69×	2.27×	1.66×	1.69×
EV / EBITDA	12.06×	9.71×	10.83×	10.73×	13.71×	16.3×	10.33×	11.06×
Gross margin	39.1%	37.9%	38.0%	35.9%	36.8%	35.1%	37.3%	36.9%
Operating margin	18.4%	16.9%	15.7%	15.9%	19.4%	12.9%	17.4%	16.4%
Net margin	-8.7%	11.1%	9.9%	10.8%	15.0%	8.2%	11.9%	11.6%
Current ratio	2.57×	2.81×	2.31×	2.03×	1.87×	1.81×	2.04×	1.9×
Debt / equity	0.78×	0.69×	0.78×	1.01×	0.98×	0.89×	0.97×	1.14×
Interest coverage	6.27×	7.11×	5.28×	7.19×	11.02×	4.13×	6.22×	7.59×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-10.0%	11.8%	12.3%	15.6%	19.6%	10.5%	18.1%	19.0%
Return on invested capital	8.5%	7.5%	8.0%	8.3%	9.0%	5.5%	8.8%	8.4%
Return on assets	-4.4%	5.9%	5.8%	6.4%	7.7%	4.0%	7.0%	7.0%
Free cash flow yield	8.9%	10.8%	8.5%	4.5%	4.3%	8.5%	6.7%	7.1%
Earnings yield	-4.4%	7.3%	6.3%	7.5%	5.6%	3.6%	7.2%	6.9%
Enterprise value	$8.2B	$7.7B	$8.6B	$8.5B	$11B	$7.2B	$6.7B	$6.4B
Net debt / EBITDA	2.86×	2.3×	2.87×	3.37×	2.81×	3.36×	2.78×	3.14×
Cash conversion cycle (days)	156	157	166	175	159	133	136	124