Latest Ratios: P/E Ratio -32.6x · EV/EBITDA 14.3x · ROE -8.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.9B | $7.8B | $7.4B | $8.0B | $7.4B | $11.1B | $7.1B | $6.1B | $5.7B | $7.7B | $7.4B |
| Enterprise Value | $9.9B | $9.7B | $9.2B | $10.3B | $10.0B | $13.4B | $8.6B | $7.9B | $7.5B | $8.6B | $8.0B |
| P/E Ratio → | -32.55 | — | 17.29 | 19.86 | 16.84 | 22.83 | 34.29 | 17.30 | 18.02 | 25.66 | 25.87 |
| P/S Ratio | 2.47 | 2.43 | 1.91 | 1.97 | 1.82 | 3.43 | 2.83 | 2.06 | 2.10 | 3.28 | 3.24 |
| P/B Ratio | 3.26 | 2.81 | 2.03 | 2.45 | 2.63 | 4.47 | 3.60 | 3.13 | 3.43 | 5.62 | 5.81 |
| P/FCF | 14.18 | 13.95 | 11.61 | 14.69 | 27.97 | 29.98 | 14.72 | 18.43 | 17.44 | 30.62 | 27.31 |
| P/OCF | 12.56 | 12.36 | 10.78 | 12.66 | 22.12 | 26.33 | 13.54 | 16.15 | 15.48 | 25.14 | 25.00 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.04 | 2.38 | 2.54 | 2.49 | 4.12 | 3.42 | 2.67 | 2.77 | 3.68 | 3.53 |
| EV / EBITDA | 14.35 | 14.16 | 11.79 | 13.48 | 12.89 | 17.75 | 19.87 | 12.79 | 13.87 | 17.90 | 15.96 |
| EV / EBIT | 16.76 | 16.90 | 13.79 | 15.26 | 15.34 | 19.81 | 25.95 | 14.48 | 15.62 | 20.98 | 18.06 |
| EV / FCF | — | 17.44 | 14.49 | 18.92 | 38.11 | 36.05 | 17.79 | 23.87 | 23.00 | 34.38 | 29.77 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.1% | 39.1% | 37.9% | 38.0% | 35.9% | 36.8% | 35.1% | 37.3% | 36.9% | 39.1% | 39.7% |
| Operating Margin | 18.4% | 18.4% | 16.9% | 15.7% | 15.9% | 19.4% | 12.9% | 17.4% | 16.4% | 17.6% | 19.7% |
| Net Profit Margin | -8.7% | -8.7% | 11.1% | 9.9% | 10.8% | 15.0% | 8.2% | 11.9% | 11.6% | 12.8% | 12.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.7% | -8.7% | 12.4% | 13.3% | 16.5% | 21.9% | 10.6% | 19.5% | 21.0% | 22.7% | 23.4% |
| ROA | -4.1% | -4.1% | 6.0% | 5.8% | 6.6% | 8.4% | 4.1% | 7.4% | 8.0% | 9.5% | 10.0% |
| ROIC | 8.7% | 8.7% | 8.9% | 8.7% | 9.4% | 11.5% | 6.8% | 10.7% | 11.6% | 14.6% | 17.6% |
| ROCE | 10.1% | 10.1% | 10.5% | 10.6% | 11.3% | 12.6% | 7.3% | 12.2% | 13.0% | 15.5% | 19.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 0.69 | 0.78 | 1.01 | 0.98 | 0.89 | 0.97 | 1.14 | 0.76 | 0.58 |
| Debt / EBITDA | 3.16 | 3.16 | 3.22 | 3.34 | 3.64 | 3.23 | 4.05 | 3.07 | 3.48 | 2.14 | 1.46 |
| Net Debt / Equity | — | 0.70 | 0.50 | 0.71 | 0.95 | 0.90 | 0.75 | 0.92 | 1.09 | 0.69 | 0.52 |
| Net Debt / EBITDA | 2.84 | 2.84 | 2.34 | 3.01 | 3.43 | 2.99 | 3.43 | 2.92 | 3.35 | 1.96 | 1.32 |
| Debt / FCF | — | 3.49 | 2.87 | 4.23 | 10.14 | 6.07 | 3.07 | 5.44 | 5.56 | 3.76 | 2.46 |
| Interest Coverage | 6.14 | 6.14 | 7.26 | 5.58 | 7.34 | 11.84 | 4.21 | 6.60 | 8.21 | 15.76 | 18.59 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.57 | 2.57 | 2.81 | 2.31 | 2.03 | 1.87 | 1.81 | 2.04 | 1.90 | 1.97 | 1.66 |
| Quick Ratio | 1.92 | 1.92 | 1.79 | 1.21 | 0.94 | 0.95 | 1.04 | 1.05 | 0.97 | 1.07 | 0.91 |
| Cash Ratio | 0.21 | 0.21 | 0.83 | 0.29 | 0.16 | 0.20 | 0.38 | 0.16 | 0.13 | 0.19 | 0.14 |
| Asset Turnover | — | 0.51 | 0.53 | 0.58 | 0.59 | 0.51 | 0.48 | 0.59 | 0.60 | 0.70 | 0.78 |
| Inventory Turnover | 2.81 | 2.81 | 2.86 | 2.67 | 2.40 | 2.46 | 3.02 | 3.17 | 3.29 | 3.35 | 3.71 |
| Days Sales Outstanding | — | 65.34 | 60.60 | 62.54 | 60.78 | 64.80 | 52.77 | 55.21 | 53.44 | 51.33 | 52.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 5.8% | 5.0% | 5.9% | 4.4% | 2.9% | 5.8% | 5.5% | 3.9% | 3.9% |
| FCF Yield | 7.1% | 7.2% | 8.6% | 6.8% | 3.6% | 3.3% | 6.8% | 5.4% | 5.7% | 3.3% | 3.7% |
| Buyback Yield | 9.1% | 9.3% | 0.5% | 0.9% | 3.6% | 0.3% | 1.2% | 0.1% | 0.0% | 3.1% | 0.1% |
| Total Shareholder Yield | 9.1% | 9.3% | 0.5% | 0.9% | 3.6% | 0.3% | 1.2% | 0.1% | 0.0% | 3.1% | 0.1% |
| Shares Outstanding | — | $52M | $54M | $54M | $55M | $57M | $55M | $56M | $56M | $57M | $57M |
Excessive Goodwill and Impairment
As reported in recent financial filings, Middleby's negative TTM P/E of -32.22 reflects significant non-recurring charges, while the forward P/E of 18.04 suggests that market participants are pricing in a recovery that remains contingent on stabilizing the company's core commercial and residential segment performance.
The current valuation multiples appear heavily influenced by recent goodwill impairments, rendering trailing earnings metrics largely uninformative for assessing intrinsic value. Investors should monitor whether the forward P/E multiple adequately accounts for the structural risks associated with the company's reliance on high-end residential demand and the potential for further margin compression.
Based on the provided financial data, Middleby's ROIC has trended downward to 2.3% in 2026Q1, a significant decline from historical levels, which suggests that the company's aggressive acquisition strategy is currently failing to generate returns that exceed its cost of capital in the current environment.
The erosion of ROIC indicates that the integration of recent acquisitions is not yielding the expected synergies, potentially due to overpayment or operational inefficiencies within the expanded brand portfolio. This trend warrants further investigation into whether the company's capital allocation process requires a fundamental shift toward organic growth rather than serial M&A.
According to the latest quarterly reports, Middleby's cash conversion cycle has expanded to 152 days in 2026Q1, driven by elevated inventory levels, which suggests that the company is struggling to optimize its supply chain and manage working capital effectively amidst a period of declining top-line demand.
The increase in days inventory outstanding (DIO) to 125 days indicates a potential mismatch between production levels and actual market demand, leading to inefficient capital deployment. This inefficiency appears to be a structural drag on cash flow, limiting the company's flexibility to navigate the current cyclical downturn.
As indicated by recent financial statements, Middleby's reported Debt/Equity ratio of 0.79 in 2026Q1 may be misleading, as the rapid depletion of the equity base through net losses and share repurchases likely obscures the true extent of the company's financial risk and debt service burden.
While the D/E ratio appears stable on the surface, the underlying erosion of retained earnings suggests that the company's balance sheet is becoming increasingly vulnerable to further operational shocks. Investors should focus on the interest coverage ratio, which has declined to 5.29, indicating a tightening margin of safety for debt obligations.
Based on the company's unique business model, the trailing P/E ratio is a fundamentally flawed metric for Middleby, as it fails to account for the significant non-cash amortization and goodwill impairment charges that frequently distort the reported net income of serial acquirers in the industrial sector.
Analysts should instead prioritize EV/EBITDA or normalized free cash flow metrics to better capture the underlying earning power of the company's diverse brand portfolio. Relying on P/E in this context risks misinterpreting one-time accounting adjustments as permanent operational decline, potentially leading to an incorrect assessment of the company's long-term value proposition.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MIDD stock.
The Middleby Corporation's current P/E ratio is -32.6x. The historical average is 25.2x.
The Middleby Corporation's current EV/EBITDA is 14.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.4x.
The Middleby Corporation's return on equity (ROE) is -8.7%. The historical average is 23.2%.
Based on historical data, The Middleby Corporation is trading at a P/E of -32.6x. Compare with industry peers and growth rates for a complete picture.
The Middleby Corporation has 39.1% gross margin and 18.4% operating margin. Operating margin between 10-20% is typical for established companies.
The Middleby Corporation's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.