Middleby Corporation (MIDD)

Middleby acquired Frigomeccanica S.p.A. and Oka-Spezialmaschinenfabrik GmbH & Co. KG in August 2025, expanding its food processing portfolio. In Q2 2025, Middleby reported operating income of $155 million and repurchased 3.1 million common shares. In Q3 2025, the company's EPS exceeded expectations, leading to a stock surge, and announced a non-cash impairment charge for its residential segment and plans to spin off its food processing business. Middleby announced the sale of a 51% stake in its Residential Kitchen business to 26North in December 2025. As of February 5, 2026, the stock closed at $156.72, with a 12-month decrease of 6.22% and a year-to-date return of 5.41%.

The diversified food equipment manufacturing industry, in which Middleby operates, can be cyclical and seasonal. Middleby faces sluggish end-markets due to restaurant capital expenditure being pressured by weak customer traffic, making growth and margin leverage more challenging.

The Middleby Corporation is a global manufacturer of solutions for commercial kitchens, industrial processing, packaging, baking, and residential kitchen equipment, operating in the industrial machinery and equipment sector. Its business is structured into three main segments: Commercial Foodservice Equipment Group, Food Processing Equipment Group, and Residential Kitchen Equipment Group. The Commercial Foodservice Equipment Group offers cooking, refrigeration, and beverage equipment with brands like TurboChef and Follett. The Food Processing Equipment Group manufactures equipment for industrial food processing, baking, and packaging industries with brands including Alkar and Armor Inox. The Residential Kitchen Equipment Group focuses on premium kitchen equipment for the residential market.

The Middleby Corporation is a worldwide manufacturer and markets its solutions globally through an established global distribution platform. The company's revenue is heavily weighted towards the North American market, accounting for 68% of its revenue in Q3 2025. Sales in Canada saw significant growth, climbing 60% from $1.1 billion in 2020 to $1.7 billion in 2024.

Middleby is recognized as a global leader in foodservice equipment and technology, with well-known brands in commercial foodservice. The company has received industry awards for its cooking innovations and emphasizes operating efficiently and reducing its carbon footprint. Strategic decisions, such as the spin-off of its Food Processing business and the sale of a majority stake in its Residential Kitchen business, have shaped the company's reputation. However, a decline in organic sales in Q2 2025 presented a challenge.

The ownership of Middleby Corporation is primarily distributed among institutional investors, who collectively own 51.69% of the stock. Major institutional shareholders include T. Rowe Price Group, Inc., The Vanguard Group, Inc., and BlackRock, Inc. Edward Garden, an insider, holds a notable stake of 6.13%.