Does THE MIDDLEBY CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores THE MIDDLEBY CORPORATION (MIDD) 48.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 64, returns on capital 47, balance-sheet safety 26, capital discipline 50.

How has MIDD's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 48.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

THE MIDDLEBY CORPORATION

MIDD · Industrials · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power64

Median gross margin 38.2% over 10y, very stable.

Returns on capital47

Median ROIC 9.4%, above the 9% hurdle in 80% of years.

Balance-sheet safety26

Net debt/EBITDA 2.9x, interest coverage 6x.

Capital discipline50

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $495.9M
Est. intrinsic value / share: —
Recent price: $133.22
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

THE MIDDLEBY CORPORATION booked $3.2B of revenue in FY2025 in the Industrials sector and kept 39.1% of it as gross profit — a solid-margin business by that measure. After every other cost, −8.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $651.9M (FY2008) to $3.2B (FY2025) — about 9.8% a year compounded over 17 years.

It earned 9.3% on invested capital in FY2025, with a median of 10.5% across 18 filed years. The Returns on Capital filter above scores it 47/100.

The balance sheet carried $2.2B of total debt in FY2025. Balance-Sheet Safety scores it 26/100.

The share count rose 201.9% between FY2010 and FY2017 — existing owners have been diluted over the record. Capital Discipline scores it 50/100.

Put together: Pricing Power is the strongest of the four filters (64/100) and Balance-Sheet Safety the weakest (26/100), which is how MIDD lands at 49/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$3.2B FY2025

Gross marginRevenue kept after cost of goods39.1% FY2025

Return on invested capitalOperating profit on the capital employed9.3% FY2025

Owner earningsCash an owner could take out−$243.2M FY2025

Gaps in a line mean that item isn’t in MIDD’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale48.7 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — MIDD has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#112 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#110NHTC Natural Health Trends Corp.49.4 out of 100, Shallow moatShallow moat
#111EAF GRAFTECH INTERNATIONAL LTD49.2 out of 100, Shallow moatShallow moat
#113HAYW Hayward Holdings, Inc.48.6 out of 100, Shallow moatShallow moat
#114STRL Sterling Infrastructure, Inc.48.5 out of 100, Shallow moatShallow moat

Compare MIDD with its nearest peers →All Industrials companies on the Index →

Common questions about MIDD

Does THE MIDDLEBY CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores THE MIDDLEBY CORPORATION (MIDD) 48.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 64, returns on capital 47, balance-sheet safety 26, capital discipline 50.
How has MIDD's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 48.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MIDD. See the disclaimer.