Middleby Corp. (MIDD) intrinsic value & 10-year financials
Middleby Corp. (MIDD) has a Graham intrinsic value of $163.44 per share. At $107.76 on Oct 20, 2026, the stock trades 34% below that value. Over the last 10 fiscal years revenue grew 7.7% a year to $3.2B, with an average return on invested capital of 11.5%.
- Graham intrinsic value
- $163.44
- Share price (Oct 20, 2026)
- $107.76
- Price vs Graham value
- 34% below
- Market cap
- $5.6B
- Revenue (FY2026)
- $3.2B
- Revenue growth (10-yr CAGR)
- 7.7%
- ROIC (10-yr avg)
- 11.5%
- Free cash flow (FY2026)
- $559.5M
MIDD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $3.2B | -$277.7M | -$5.32 | $559.5M | 18.0% | 11.2% |
| FY2024 | $3.9B | $428.4M | $7.90 | $637.5M | 16.9% | 8.9% |
| FY2023 | $4.0B | $400.9M | $7.41 | $543.6M | 15.7% | 8.9% |
| FY2022 | $4.0B | $436.6M | $7.95 | $265.3M | 15.9% | 11.1% |
| FY2021 | $2.5B | $207.3M | $3.76 | $489.9M | 12.9% | 6.9% |
| FY2019 | $3.0B | $352.2M | $6.33 | $330.8M | 17.4% | 10.7% |
| FY2018 | $2.7B | $317.2M | $5.70 | $332.9M | 16.4% | 11.5% |
| FY2017 | $2.3B | $298.1M | $5.26 | $250.0M | 17.6% | 15.1% |
| FY2016 | $2.3B | $284.2M | $4.98 | $269.3M | 19.7% | 17.3% |
| FY2015 | $1.6B | $193.3M | $3.40 | $220.7M | 18.4% | 13.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MIDDLEBY Corp has demonstrated mature, steady growth, with revenue compounding at 7.7% annually over the past decade.
MIDDLEBY Corp returns on capital have been average, hovering around 11.5% ROIC over the decade.
Over the decade, MIDDLEBY Corp shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MIDDLEBY Corp is modeled at 7.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $163.44 per share.