Middleby (MIDD) FY2021 results: revenue $3.3 billion, up 29.3% on the year

Middleby Corp. (MIDD) reported revenue of $3.3 billion for fiscal 2021, the year ended 1 January 2022, up 29.3% on the year before. Net income was $488 million, up 135.7%, and diluted earnings per share $8.62. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2022.

Revenue

$3.3 billion

+29.3% on the year

FY2014FY2021

Operating margin

19.4%

12.9% a year earlier

FY2014FY2021

Net income

$488 million

+135.7% on the year

FY2014FY2021

Diluted EPS

$8.62

+129.3% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2021 · Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	3,251	2,513	2,959	+29.3%
Cost of revenue	2,056	1,631	1,856	+26.0%
Gross profit	1,195	882	1,103	+35.5%
Gross margin	36.8%	35.1%	37.3%
Research and development	41.8	35.3	41.2	+18.4%
Selling, general and administrative	668	532	594	+25.6%
Operating income	630	324	514	+94.2%
Operating margin	19.4%	12.9%	17.4%
Pre-tax income	620	268	463	+131.1%
Income tax	131	60.8	110	+115.6%
Effective tax rate	21.1%	22.7%	23.9%
Net income	488	207	352	+135.7%
Net margin	15.0%	8.2%	11.9%
Diluted EPS	$8.62	$3.76	$6.33	+129.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	423	525	377	-19.3%
Capital expenditure	46.6	34.8	46.6	+33.6%
Free cash flow	377	490	331	-23.1%
Free cash flow margin	11.6%	19.5%	11.2%
Cash from investing	-1,009	-107	-328
Cash from financing	503	-252	-25.4
Depreciation and amortisation	125	111	103	+13.3%
Share-based compensation	42.3	19.6	8.1	+115.8%
Buybacks	29.3	85.9	6.1	-65.9%
Diluted shares, weighted	57m	55m	56m	+2.8%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	2,494	1,977	1,947	+26.2%
Debt	2,414	1,730	1,873	+39.6%
Operating lease liabilities	74.2	76.5	75.0	-3.0%
Other liabilities	1,401	1,420	1,107	-1.3%
Total liabilities and equity	6,384	5,202	5,002	+22.7%
Fixed assets	381	344	352	+10.6%
Goodwill	2,243	1,934	1,850	+16.0%
Intangible assets	1,875	1,450	1,443	+29.3%
Cash and equivalents	180	268	94.5	-32.7%
Receivables	577	363	448	+58.8%
Inventory	837	540	586	+55.0%
Other assets	289	302	229	-4.3%
Total assets	6,384	5,202	5,002	+22.7%

10-K for the year ended 1 January 2022, filed 2 March 2022: the filing.