Gates vs Middleby
Gates reported revenue of $3.4 billion in fiscal 2025, about the same as Middleby's $3.2 billion in fiscal 2025. Gates' revenue grew 1.0% in its latest year, and Middleby's grew 1.6%. Gates had an operating margin of 13.5%, against 18.0% at Middleby. Free cash flow was $405 million at Gates and $559 million at Middleby. Their fiscal years end in different months (December 31 and January 3), so the periods don't line up exactly.
Side by side
| Gates | Middleby | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Jan 3, 2026 |
| Revenue | $3.4B | $3.2B |
| Revenue growth | 1.0% | 1.6% |
| Revenue growth a year, last 5 years | 4.3% | 5.0% |
| Gross margin | 39.8% | 39.1% |
| Operating margin | 13.5% | 18.0% |
| Net margin | 7.3% | −8.7% |
| Free cash flow | $405M | $559M |
| Free cash flow margin | 11.8% | 17.5% |
| Return on capital | 7.5% | 8.7% |
| Net debt to EBITDA | 2.1x | 2.9x |
| Dividends and buybacks | $119M | $724M |
| Change in diluted share count | −1.6% | −3.7% |
| Last close | $24.10 | $136.50 |
| P/E at the last close | 16.9× | — |
| Insider trades, last 12 months | sold $2.0 million | bought $15.1 million, sold $0 |
| Piotroski F-score | 8 of 9 | 4 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
GatesMiddleby
Operating margin
Percent of revenue
GatesMiddleby
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
GatesMiddleby