The Middleby Corporation (MIDD) vs Enpro Inc. (NPO)

The Middleby Corporation and Enpro Inc. are both Specialty Industrial Machinery companies. Enpro Inc. is the larger, with a market value of $6.6B against $4.9B — 1.3× the size. The Middleby Corporation has negative trailing earnings, so its P/E is not meaningful; Enpro Inc. trades at 149×. The Middleby Corporation grew revenue faster over the last twelve months: 22.8% against 13.3%. Enpro Inc. has the higher net margin (3.60% vs −13.9%) and the lower return on invested capital (5.25% vs 8.97%). Both pay a dividend; Enpro Inc. yields more (0.74% vs 0.23%). Across the 22 metrics below, The Middleby Corporation leads on 11 and Enpro Inc. on 11.

Valuation

Metric MIDD NPO Specialty Industrial Machinery median
P/E n/m 149.01 29.62
P/S 1.44 5.37 2.77
P/B 2.21 4.14 3.04
Price to free cash flow 10.15 40.64 23.81
EV/EBITDA 9.81 25.04 16.05
EV/Sales 1.98 5.78 2.94
Earnings yield (8.60%) 0.67% 3.08%
Free cash flow yield 9.86% 2.46% 3.12%

Profitability

Metric MIDD NPO Specialty Industrial Machinery median
Gross margin 38.40% 42.78% 35.90%
Operating margin 17.07% 14.32% 11.22%
Net margin (13.91%) 3.60% 7.80%
Free cash flow margin 14.22% 13.21% 9.51%
Return on equity (16.16%) 2.86% 11.10%
Return on assets (7.42%) 1.75% 4.63%
Return on invested capital 8.97% 5.25% 5.37%

Growth

Metric MIDD NPO Specialty Industrial Machinery median
Revenue growth (TTM) 22.83% 13.25% 6.45%
EPS growth (last fiscal year) (167.34%) (44.64%) —
Revenue growth, 5-year CAGR 4.96% 7.40% 8.31%
Net income growth, 5-year CAGR 0.00% (25.59%) 5.04%

Health

Metric MIDD NPO Specialty Industrial Machinery median
Debt to equity 0.90 0.36 0.35
Current ratio 1.99 2.28 2.11
Net debt to EBITDA 2.87 2.04 1.32

Dividend

Metric MIDD NPO Specialty Industrial Machinery median
Dividend yield 0.23% 0.74% 1.12%
Payout ratio 0.00 0.13 0.17

Size

Metric MIDD NPO Specialty Industrial Machinery median
Market cap 4.89b 6.59b 1.97b

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