MIDDThe Middleby Corporation

$113.07-16% 1Y

RyuScore

Seven criteria, each scored 0 to 100 on a published scale, weighted into one number.

RyuScore 70 out of 100, Above average
Today's price. Only valuation depends on it.

Above average. The Middleby Corporation scores higher than 76% of the 2,231 companies Ryufin scores.

Carried by valuation and capital allocation, held back by the balance sheet.

Industrials median 61 · all companies 55

How the score has moved

At each fiscal year end, from the reports and price of the time
55
59
68
62
65
67
70
202020212022202320242025today

The biggest move was up 9 points from 2021 to 2022, mostly return on new capital.

Valuation

26% of the score

90median 53

The Middleby Corporation is valued at 11.5x its operating profit before acquisition amortisation (EBITA), including debt: a low multiple.

60x
50x
35x
25x
18x
12x
8x
11.5x
Full points at 8x or less, none from 60xfull points

Return on capital

18% of the score

48median 24

Over 7 years the business earned 8.5% a year after tax on the capital it uses.

2%
8%
15%
25%
8.5%
None at 2% or less, full points from 25%full points
Return on capital by year
7 years agolatest 8%

Return on new capital

16% of the score

50median 33

For every dollar of operating profit earned over 6 years, yearly profit grew by 4 cents. New capital earned 12%, and 28% of profit went back into the business.

-5%
12%
3.5%
None at minus 5 cents, full points from 12 centsfull points

Capital allocation

14% of the score

83median 63

How management spends the money: shares bought back or issued, and whether assets grow faster than the business they serve.

Share countDown 1.1% a year over 5 years: buybacks
76
5%
-3%
-1.1%
0 pointsfull points
Assets against salesAssets grew 4% a year, sales 5%
93
12%
-2%
-1%
0 pointsfull points

Cycle position

12% of the score

79median 63

Today's operating margin of 17% is 0.88x its normal 19%: below its usual level, with room to recover. Normal is half the 10 year median, half the last four years, so a margin that has held is not taken for a peak.

2x
1.5x
1x
0.7x
0.9x
A trough earns points, a peak costs themfull points
Operating margin by year, against its normal level
10 years agonow 17%

Balance sheet

8% of the score

37median 50

What the debt weighs against the profit that has to carry it.

Net debt to EBITDA2.9x a year of EBITDA
39
4.5x
0.5x
2.9x
0 pointsfull points
Interest coverOperating profit covers interest 5x
36
1.5x
12x
5.2x
0 pointsfull points

Earnings quality

6% of the score

100median 90

Whether the reported profit arrives as cash, and whether the accounts show the usual signs of stretching.

Cash against profitOperating cash flow was 3.53x profit over 3 years
100
0.7x
1x
1.3x
3.5x
0 pointsfull points
AccrualsCash ran ahead of profit by 13.4% of assets
100
8%
0%
-8%
-13%
0 pointsfull points
Beneish M-score-3.39
100
-1.50
-1.78
-2.22
-3.00
-3.39
0 pointsfull points

How the RyuScore works

Each criterion earns 0 to 100 points on the scale drawn under it, and the RyuScore is their average weighted 26, 18, 16, 14, 12, 8 and 6. Scales bend in the company's favour between their ends, so an ordinary figure is never already near zero. Where a criterion cannot be measured from the filings it is taken out and the remaining weights scale up; a company needs 60% of the weight covered, and always a price, to get a score.

Built from the company's annual and quarterly filings with the SEC and today's share price. Banks, insurers and property trusts are not scored: their debt is their raw material, so these yardsticks mean something else there. Figures as of 2026-07-04, latest annual report FY2025.