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
- $6.6B
- Employees
- 4,786
- $669K revenue each
- Net debt / EBITDA
- 3.3×
- $2.2B net debt
- AI in 10-K
- 0.5
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes3 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo$8M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo172% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowYes115% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo33% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$669K · 80th pctBottom quartile of its SIC industry
- Quiet on AIYes0.5 per 10K words · 22nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$6.6B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes2 filingsActive-intent 13D in 18 months
- Net insider sellingNo$15M netNet sales over $10M in 12 months
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
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 6, 2026 | Garden Investment Management, L.P. | SCHEDULE 13D/A | 6.7% | Active |
| May 16, 2025 | Garden Investment Management, L.P. | SCHEDULE 13D | 5.9% | Active |
Insider trading
- Open-market buys, 12 mo
- $15M · 8
- Open-market sells, 12 mo
- $0 · 0
- Net
- $15M
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 |