The MiddlebyFRA:MBY +0.88%73 ROC (Joel Greenblatt) % is 36.36% as of Mar. 2026, which is 40% below its 10-year median of 60.18. GuruFocus rates FRA:MBY with a GF Score™ of 73/100 and a GF Value™ of €90.34 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 3,064 Industrial Products companies, The Middleby ranks better than 84.69% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. The Middleby's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 36.36%.
The historical rank and industry rank for The Middleby's ROC (Joel Greenblatt) % or its related term are showing as below:
FRA:MBY'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 35.39 Med: 60.18 Max: 94.35
Current: 38.44
During the past 13 years, The Middleby's highest ROC (Joel Greenblatt) % was 94.35%. The lowest was 35.39%. And the median was 60.18%.
FRA:MBY's ROC (Joel Greenblatt) % is ranked better than 84.69% of 3064
companies
in the Industrial Products industry
Industry Median: 11.69
vs FRA:MBY: 38.44
The Middleby's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -7.30% per year.
The Middleby (FRA:MBY) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
The Middleby ROC (Joel Greenblatt) % Related Terms
The Middleby ROC (Joel Greenblatt) % Historical Data
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The historical data trend for The Middleby's ROC (Joel Greenblatt) % 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.
FRA:MBY vs NPO, GTES, JBTM: ROC (Joel Greenblatt) % Comparison
For the Specialty Industrial Machinery subindustry, The Middleby's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
The Middleby ROC (Joel Greenblatt) % vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, The Middleby's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where The Middleby's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 36.36% mean?
The Middleby (FRA:MBY) has a ROC (Joel Greenblatt) % of 36.36% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on The Middleby and its competitors. This is 40% below median its historical median of 60.18. Over the past decade, The Middleby's ROC (Joel Greenblatt) % has ranged from 35.39 to 94.35. According to the industry distribution chart, The Middleby ranks #469 out of 3064 companies in the Industrial Products industry, placing it in the top 15.3%.
Is The Middleby's ROC (Joel Greenblatt) % too high?
The Middleby's current ROC (Joel Greenblatt) % of 36.36% is 40% below median its 10-year median of 60.18. Over the past 10 years, this metric has ranged from a low of 35.39 to a high of 94.35. The Industrial Products industry median ROC (Joel Greenblatt) % is 11.69. The Middleby's value of 36.36% is 211% above this industry median. Based on the distribution chart, The Middleby ranks #469 out of 3064 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, The Middleby has a GF Score™ of 73/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does The Middleby's ROC (Joel Greenblatt) % compare to NPO and GTES?
According to the Industrial Products industry distribution chart, The Middleby ranks #469 out of 3064 companies for ROC (Joel Greenblatt) %. This places The Middleby in the top 15% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 11.69. The Middleby's value of 36.36% is 211% above this benchmark. Historically, The Middleby's own ROC (Joel Greenblatt) % has ranged from 35.39 to 94.35 over the past decade. While the company's 10-year median is 60.18 vs. the industry median of 11.69, The Middleby has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for an Industrial Products company?
The median ROC (Joel Greenblatt) % among Industrial Products companies is 11.69, based on 3,064 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. The Middleby's current ROC (Joel Greenblatt) % of 36.36% is 211% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on The Middleby and its competitors. For the Industrial Products industry, the median ROC (Joel Greenblatt) % is 11.69 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. The Middleby's current ROC (Joel Greenblatt) % is 36.36%, which is 40% below median its own 10-year median of 60.18. 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?
Based on GuruFocus' analysis, The Middleby (FRA:MBY) is currently considered Modestly Overvalued. The stock's GF Value™ is €90.34, compared to a current price of €114.00 — trading 26.2% above its estimated fair value. The current ROC (Joel Greenblatt) % is 36.36%, which is 40% below median its 10-year median of 60.18 and 211% above the Industrial Products industry median of 11.69. The Middleby's overall GF Score™ is 73/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For The Middleby (FRA:MBY), the current ROC (Joel Greenblatt) % is 36.36% 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 26.2% above its estimated GF Value™ of €90.34.
GuruFocus considers The Middleby to be Modestly Overvalued.
Key valuation signals for FRA:MBY:
ROC (Joel Greenblatt) %: 36.36% (40% below median its 10-year median of 60.18)
GF Value™: €90.34 vs. price of €114.00 (26.2% above fair value)
Industry Position: 211% above the Industrial Products median (#469 of 3064)
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 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.
73GF Score
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