Middleby Corp (MIDD)
Activity ratios
Short-term
Turnover ratios
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Inventory turnover | 2.90 | 2.71 | 2.69 | 2.64 | 2.69 | 2.48 | 2.35 | 2.28 | 2.40 | 2.35 | 2.36 | 2.42 | 2.46 | 2.88 | 3.08 | 2.94 | 3.02 | 2.97 | 2.79 | 2.97 |
| Receivables turnover | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Payables turnover | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Working capital turnover | 2.58 | 2.62 | 3.04 | 3.35 | 3.62 | 3.70 | 3.52 | 3.78 | 3.96 | 3.82 | 3.85 | 3.85 | 4.10 | 4.55 | 3.69 | 3.82 | 4.41 | 3.99 | 2.32 | 3.28 |
Middleby Corp's inventory turnover has fluctuated over the last few years, ranging from a low of 2.28 in March 2023 to a high of 3.08 in June 2021. The company's ability to manage its inventory efficiently has shown some variability, but overall, the trend seems to be relatively stable.
On the other hand, Middleby Corp's receivables turnover and payables turnover ratios are not available, indicating a lack of information regarding the company's management of its receivables and payables.
In terms of working capital turnover, Middleby Corp has shown a decreasing trend, with the ratio declining from 4.41 in December 2020 to 2.58 in December 2024. This suggests that the company may be becoming less efficient in generating revenue from its working capital over time.
Overall, Middleby Corp's activity ratios reflect a mixed performance in managing its inventory and working capital turnover, while the lack of data on receivables and payables turnover limits a comprehensive analysis of the company's complete working capital cycle.
Average number of days
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Days of inventory on hand (DOH) | days | 125.97 | 134.75 | 135.88 | 138.31 | 135.50 | 146.88 | 155.27 | 159.74 | 152.10 | 155.43 | 154.36 | 150.83 | 148.67 | 126.57 | 118.64 | 124.32 | 120.87 | 122.89 | 130.79 | 122.83 |
| Days of sales outstanding (DSO) | days | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Number of days of payables | days | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Middleby Corp's Days of Inventory on Hand (DOH) has been fluctuating over the years, ranging from 118.64 days to 159.74 days. The company seems to have experienced an increase in inventory holding periods in recent years, with the highest DOH observed at 159.74 days as of March 31, 2023. This indicates that Middleby Corp may be holding onto its inventory for a longer period, which could tie up working capital and potentially increase carrying costs.
Unfortunately, data for Days of Sales Outstanding (DSO) and Number of Days of Payables are not available, making it challenging to provide a comprehensive analysis of Middleby Corp's activity ratios. DSO and Payables ratios are crucial for understanding the efficiency of the company in collecting receivables and managing its payment to suppliers. Without this information, a complete assessment of Middleby Corp's liquidity management and working capital efficiency is limited.
Long-term
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed asset turnover | — | — | — | — | — | — | 8.43 | 8.76 | 9.09 | 9.12 | 8.84 | 9.12 | 8.53 | 8.41 | 8.70 | 7.71 | 7.30 | 7.48 | 7.75 | 8.53 |
| Total asset turnover | 0.53 | 0.54 | 0.56 | 0.57 | 0.58 | 0.59 | 0.58 | 0.58 | 0.59 | 0.58 | 0.56 | 0.54 | 0.51 | 0.54 | 0.54 | 0.49 | 0.48 | 0.51 | 0.49 | 0.56 |
Middleby Corp has shown a consistent improvement in its fixed asset turnover ratio over the past few years, indicating that the company has been able to generate more sales relative to its investment in fixed assets. From March 31, 2020, to June 30, 2022, the fixed asset turnover ratio increased from 8.53 to 8.84, peaking at 9.12 on September 30, 2022, before slightly decreasing to 8.43 by June 30, 2023.
In contrast, the total asset turnover ratio for Middleby Corp has fluctuated within a smaller range over the same period. The ratio increased from 0.56 on March 31, 2020, to a peak of 0.59 on December 31, 2022, before stabilizing around 0.56 from June 30, 2023, to June 30, 2024.
Overall, the increasing trend in the fixed asset turnover ratio suggests that Middleby Corp is efficiently utilizing its fixed assets to generate sales. However, the stable but slightly fluctuating total asset turnover ratio indicates that the company's overall efficiency in generating sales from all assets has been relatively consistent over the years.