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The Middleby Corporation, a Delaware corporation ( Middleby or the company ), through its operating subsidiary Middleby Marshall Inc., a Delaware corporation ( Middleby Marshall ) and its subsidiaries, is a leader in the design, manufacture, marketing, distribution, and service of a broad line of (i) foodservice equipment, integrated IoT solutions and universal controllers used in all types of …
17.96% operating margin is respectable but not wide. ROIC at 8.20%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 1.6%, essentially flat. Margins also contracted 2.5pp. This is a business that needs a catalyst.
Free cash flow declined 14% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$3.31B
▲ +1.6% YoY
Net Income (TTM)
-$420M
▼ -164.8% YoY
Op. Margin
17.48%
▼ -2.5pp YoY
ROIC
9.07%
▼ -0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$502M
▼ -13.9% YoY
Op. Cash Flow (TTM)
$555M
▼ -8.2% YoY
Net Debt
$1.72B
Cash & Equiv.
$177M
5Y CAGR: +5.0%
5Y CAGR: +2.7%
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