Tariffs and trade policymixed · 4 filings
“The gross margin rate decreased to 39.7%, as compared to 40.8% in the prior year period, primarily driven by tariffs, input cost inflation and product mix.”10-Q · Aug 13, 2026 ↗
The Middleby Corporation
MIDD
Market read
The Middleby Corporation's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 2 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
What changed
- Revenue increased 15.0% versus the comparable filing period.
- Cash declined 568.1M versus the comparable period.
Company+2.4% todayVolume comparison unavailable
Market group0 of 2 activeNo Coherent Theme · unavailable
Disclosed network0 of 4 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Tariffs, input-cost inflation, and product mix reduced the gross margin rate in the latest six-month period.
- Working-capital movements reduced operating cash flow, including inventory, prepaid expenses, receivables, and accrued liabilities.
Invalidation: The isolated read changes if MIDD's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 2 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 15.0% versus the comparable filing period.
Evidence that challenges
- Cash declined 568.1M versus the comparable period.
- Gross margin fell 1.6 percentage points.
- Net margin fell 18.6 percentage points.
What would clarify the read
- Tariffs, input-cost inflation, and product mix reduced the gross margin rate in the latest six-month period.
- Working-capital movements reduced operating cash flow, including inventory, prepaid expenses, receivables, and accrued liabilities.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements52
Verified relationships4
Evidence supporting the case
No qualifying supportive evidence was identified.
Evidence challenging the case
- Operating margin changed -2.5 percentage points in the latest annual period.
- Net margin changed -22.3 percentage points in the latest annual period.
Questions before a position
- EV/sales is 35% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
108.326m-25.3%12m-21.5%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2022-01-01$3.3B+29.3%$8.62+2.8%
2022-12-31$4.0B+24.1%$7.95-3.0%
2023-12-30$3.2B-19.6%$7.41-1.6%
2024-12-28$3.2B-2.8%$7.90+0.2%
2026-01-03$3.2B+1.6%$-5.32-3.7%
What management says matters
Persistent and emerging business drivers
Input and raw-material costsmixed · 3 filings
“The gross margin rate decreased to 39.7%, as compared to 40.8% in the prior year period, primarily driven by tariffs, input cost inflation and product mix.”10-Q · Aug 13, 2026 ↗
Demand and volumemixed · 2 filings
“Due to customer requirements, food processors are expected to continue to demand new and innovative equipment that addresses food safety, food quality, automation, flexibility and sustainability.”10-K · Mar 4, 2026 ↗
Macroeconomic conditionsnegative · 2 filings
“The gross margin rate decreased to 39.7%, as compared to 40.8% in the prior year period, primarily driven by tariffs, input cost inflation and product mix.”10-Q · Aug 13, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.8× · EV/sales 2.4×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
108.32+2.4% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for MIDD. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-05-14 against the comparable filing from 2025-05-08.
OperationsmixedEvidence score +1
liquiditycautiousEvidence score -1
valuationmixed
What improved
- Revenue increased 15.0% versus the comparable filing period.
What weakened
- Cash declined 568.1M versus the comparable period.
- Gross margin fell 1.6 percentage points.
- Net margin fell 18.6 percentage points.
Filing receipts
“During the three month period ended April 4, 2026, working capital changes impacted operating cash flows primarily driven by increased inventory levels of $40.6 million due to inflationary increases in costs, an increase in prepaid expenses and other assets of $27.1 million due to impacts from the timing of tax payments and status of over-time revenue contracts, an increase in accounts payable of $10.6 million and an increase of $3.2 million in accrued expenses and other liabilities, including impacts from the timing of payments made for taxes, various customer programs and incentive programs.”
“The gross margin rate decreased to 40.0%, as compared to 41.3% in the prior year period, primarily driven by tariffs, input cost inflation and product mix.”
“The effective tax rate for the three month period ended April 4, 2026 was higher than the U.S. statutory tax rate of 21% primarily due to non-deductible expenses, state taxes and foreign tax rate differentials. (Loss)/Earnings from Discontinued Operations, Net of Tax Loss from discontinued operations, net of tax, was $135.4 million in the three month period ended April 4, 2026 , as compared to earnings from discontinued operations, net of tax, of $7.3 million in the three month period ended March 29, 2025 .”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind MIDD
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
BRK-BBerkshire Hathaway Inc.competitorMar 4, 2026 ▾
“Among the company's major competitors to the Commercial Foodservice Equipment Group are the Ali Group S.r.l.; Duke Manufacturing; AB Electrolux; Haier Group; Hoshizaki America, Inc.; Hobart Corporation and Vulcan-Hart, subsidiaries of Illinois Tool Works Inc.…”
ITWIllinois Tool Works Inc.competitorMar 4, 2026 ▾
“Among the company's major competitors to the Commercial Foodservice Equipment Group are the Ali Group S.r.l.; Duke Manufacturing; AB Electrolux; Haier Group; Hoshizaki America, Inc.; Hobart Corporation and Vulcan-Hart, subsidiaries of Illinois Tool Works Inc.…”
JBTMJBT Marel CorporationcompetitorMar 4, 2026 ▾
“Major competitors to the Food Processing Equipment Group include AMF Bakery Systems, Duravant, The GEA Group, JBT Marel Corporation and ProMach.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
MIDD is currently a Leader in the organic co-movement group No Coherent Theme. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.