Middleby Corp (MIDD)

Solvency ratios

	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	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Debt-to-assets ratio	0.34	0.37	0.38	0.39	0.39	0.40	0.40	0.40	0.37	0.32	0.33	0.34	0.33	0.36	0.44	0.41	0.37	0.40	0.41	0.40
Debt-to-capital ratio	0.42	0.45	0.47	0.48	0.49	0.52	0.52	0.51	0.49	0.45	0.46	0.47	0.46	0.47	0.55	0.53	0.49	0.51	0.53	0.52
Debt-to-equity ratio	0.73	0.82	0.90	0.94	0.96	1.08	1.09	1.06	0.96	0.81	0.84	0.90	0.86	0.89	1.22	1.15	0.96	1.05	1.11	1.09
Financial leverage ratio	2.13	2.24	2.33	2.43	2.46	2.67	2.72	2.67	2.56	2.51	2.55	2.65	2.63	2.47	2.79	2.79	2.57	2.66	2.72	2.72

Middleby Corp's solvency ratios have shown some fluctuations over the past few quarters. The debt-to-assets ratio has ranged between 0.32 and 0.44, indicating that on average, 34-44% of the company's assets are financed by debt. This ratio has been relatively stable with a slight increase in recent quarters.

The debt-to-capital ratio has varied between 0.42 and 0.55, reflecting the proportion of debt in the company's capital structure. This ratio has shown an increasing trend over the quarters, indicating a higher reliance on debt financing.

The debt-to-equity ratio has fluctuated between 0.73 and 1.22, highlighting the amount of debt relative to shareholders' equity. The ratio has been relatively high, indicating a significant reliance on debt rather than equity to fund operations.

The financial leverage ratio, which measures the company's debt level in relation to its equity, has ranged between 2.13 and 2.79. This ratio has shown variability over time, with higher levels indicating higher financial risk due to increased debt utilization.

Overall, Middleby Corp's solvency ratios suggest a moderate to high reliance on debt to finance its operations, with some fluctuation in the levels of leverage over the past few quarters. Investors and analysts may need to monitor these ratios closely to assess the company's ability to meet its debt obligations and manage financial risk effectively.

Coverage ratios

	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	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Interest coverage	4.94	5.98	6.24	6.73	7.19	7.74	10.13	10.75	11.02	8.83	6.13	4.31	4.13	5.10	5.39	6.66	6.22	6.00	5.96	6.53

Middleby Corp's interest coverage ratio has been fluctuating over the past several quarters. The interest coverage ratio measures the company's ability to cover its interest expenses with its operating income. A higher interest coverage ratio indicates the company is more capable of meeting its interest payment obligations.

Looking at the trend, the interest coverage ratio has generally been above 5, which is a healthy sign, indicating that Middleby Corp has been able to comfortably cover its interest expenses. The ratio peaked at 11.02 in March 2022, showing a strong ability to cover interest payments at that time.

However, there have been fluctuations in the ratio over the periods, with some quarters showing a decline, such as the ratios in the fourth quarter of 2021 and the first quarter of 2023 dropping to 4.13 and 4.31, respectively. This could suggest potential fluctuations in the company's operating income affecting its ability to cover interest expenses during those periods.

Overall, while Middleby Corp has generally maintained a healthy interest coverage ratio above 5, investors and analysts may want to monitor the trend closely to ensure it remains at adequate levels to meet its interest payment obligations in the long run.