The Middleby (FRA:MBY) Operating Income: €499 Mil (TTM As of Mar. 2026)

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FRA:MBY The Middleby Corp FRA:MBY
78 GF Score
Price €114.00
GF Value €91.12
! 5 Warning Signs
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What is The Middleby Operating Income?

The Middleby FRA:MBY -0.87% 78 Operating Income is €499 Mil as of Mar. 2026. GuruFocus rates FRA:MBY with a GF Score™ of 78/100 and a GF Value™ of €91.12. The stock has 5 warning signs investors should review.

The Middleby's Operating Income for the three months ended in Mar. 2026 was €117 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was €499 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. The Middleby's Operating Income for the three months ended in Mar. 2026 was €117 Mil. The Middleby's Revenue for the three months ended in Mar. 2026 was €727 Mil. Therefore, The Middleby's Operating Margin % for the quarter that ended in Mar. 2026 was 16.06%.

Good Sign:

The Middleby Corp operating margin is expanding. Margin expansion is usually a good sign.

The Middleby's 5-Year average Growth Rate for Operating Margin % was 7.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. The Middleby's annualized ROC % for the quarter that ended in Mar. 2026 was 8.08%. The Middleby's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 36.36%.


The Middleby  (FRA:MBY) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

The Middleby's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=466.728 * ( 1 - 24.48% )/( (4696.449 + 4028.593)/ 2 )
=352.4729856/4362.521
=8.08 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=5393.152 - 506.911 - ( 189.792 - max(0, 912.269 - 2342.217+189.792))
=4696.449

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=4690.019 - 508.265 - ( 153.161 - max(0, 725.553 - 1425.381+153.161))
=4028.593

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

The Middleby's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=478.876/( ( (368.605 + max(1294.762, 0)) + (367.591 + max(603.142, 0)) )/ 2 )
=478.876/( ( 1663.367 + 970.733 )/ 2 )
=478.876/1317.05
=36.36 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(489.375 + 591.471 + 1071.579) - (506.911 + 143.797 + 206.955)
=1294.762

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(525.944 + 630.056 + 116.22) - (508.265 + 153.721 + 7.092)
=603.142

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

The Middleby's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=116.682/726.52
=16.06 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


The Middleby Operating Income Related Terms


The Middleby Operating Income Historical Data

* Premium members only.

The historical data trend for The Middleby's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

The Middleby Operating Income Chart

The Middleby Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 466.29 612.96 604.44 631.93 502.80

The Middleby Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 120.96 136.71 134.35 111.07 116.68
FRA:MBY
78GF Score
The Middleby Corp FRA:MBY
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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The Middleby Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €499 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of €499 Mil mean?
The Middleby (FRA:MBY) has a Operating Income of €499 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on The Middleby and its competitors.
Is The Middleby's Operating Income too high?
The Middleby's current Operating Income is €499 Mil. Overall, The Middleby has a GF Score™ of 78/100, reflecting its overall financial health beyond just this single metric.
How does The Middleby's Operating Income compare to NPO and GTES?
The Middleby's Operating Income of €499 Mil can be compared against companies in the Industrial Products industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for an Industrial Products company?
A good Operating Income depends on the Industrial Products industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on The Middleby and its competitors. The Middleby's current Operating Income is €499 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Middleby stock overvalued right now?
The Middleby (FRA:MBY) has a current Operating Income of €499 Mil. The stock's GF Value™ is €91.12, compared to a current price of €114.00 — trading 25.1% above its estimated fair value. The current Operating Income is €499 Mil. The Middleby's overall GF Score™ is 78/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For The Middleby (FRA:MBY), the current Operating Income is €499 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is The Middleby (FRA:MBY) Overvalued in 2026?

Based on GuruFocus' analysis, The Middleby stock appears to be overvalued. The current stock price of €114.00 is trading 25.1% above its estimated GF Value™ of €91.12.

Key valuation signals for FRA:MBY:

  • Operating Income: €499 Mil
  • GF Value™: €91.12 vs. price of €114.00 (25.1% above fair value)
  • GF Score™: 78/100 with 5 warning signs

No single metric tells the full story. See the FRA:MBY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


The Middleby Business Description

Other Exchanges MIDD:USA0K1G:UK
Address 1400 Toastmaster Drive, Elgin, IL, USA, 60120
The Middleby Corp is engaged in designing, manufacturing, marketing, distribution and service of a broad line of foodservice equipment used in all types of commercial restaurants and institutional kitchens, food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and premium kitchen equipment including ranges, ovens, refrigerators, ventilation, dishwashers and outdoor cooking equipment used in the residential market. The company conducts its business through three principal business segments namely the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. The firm derives majority revenue from Commercial Foodservice Equipment Group segment.
78GF Score

Get the complete analysis for FRA:MBY

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€114.00
Price
€91.12
GF Value