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MIDDLEBY vs Tennant: revenue, profit, margins and growth compared

MIDDLEBY brought in $3.2B of revenue in fiscal 2025, Tennant $1.2B in fiscal 2025. Revenue changed by +1.6% at MIDDLEBY and -6.5% at Tennant on the year before, so MIDDLEBY grew faster. MIDDLEBY kept -8.7% of its revenue as net profit, Tennant 3.6%. Free cash flow was $559.5M at MIDDLEBY and $43.3M at Tennant.

Side by side, latest fiscal year

MIDDTNC
Fiscal year endedFY2025 (January 3, 2026)FY2025 (December 31, 2025)
Revenue$3.2B$1.2B
Revenue growth+1.6%-6.5%
Net income-$277.7M$43.8M
Net margin-8.7%3.6%
Free cash flow$559.5M$43.3M
Free cash flow margin17.5%3.6%
Earnings per share (diluted)-$5.32$2.36
Cash$222.2M$106.4M
Debt$2.2B$273.6M
Price to earningsn/a28.7
Market value$4.9B$1.2B
Dividend yieldn/a1.76%
Rank by revenue in sector#171 of 451 · Industrials#257 of 451 · Industrials

Over the years

Revenue
MIDD FY2018: $2.7BMIDD FY2019: $3BMIDD FY2020: $2.5BMIDD FY2021: $3.3BMIDD FY2022: $4BMIDD FY2023: $3.2BMIDD FY2024: $3.2BMIDD FY2025: $3.2BTNC FY2018: $1.1BTNC FY2019: $1.1BTNC FY2020: $1BTNC FY2021: $1.1BTNC FY2022: $1.1BTNC FY2023: $1.2BTNC FY2024: $1.3BTNC FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
MIDD $3.2BTNC $1.2B
Net income
MIDD FY2018: $317.2MMIDD FY2019: $352.2MMIDD FY2020: $207.3MMIDD FY2021: $488.5MMIDD FY2022: $436.6MMIDD FY2023: $400.9MMIDD FY2024: $428.4MMIDD FY2025: -$277.7MTNC FY2018: $33.4MTNC FY2019: $45.8MTNC FY2020: $33.7MTNC FY2021: $64.9MTNC FY2022: $66.3MTNC FY2023: $109.5MTNC FY2024: $83.7MTNC FY2025: $43.8MFY18FY19FY20FY21FY22FY23FY24FY25
MIDD -$277.7MTNC $43.8M
Net margin
MIDD FY2018: 11.6%MIDD FY2019: 11.9%MIDD FY2020: 8.2%MIDD FY2021: 15.0%MIDD FY2022: 10.8%MIDD FY2023: 12.4%MIDD FY2024: 13.6%MIDD FY2025: -8.7%TNC FY2018: 3.0%TNC FY2019: 4.0%TNC FY2020: 3.4%TNC FY2021: 5.9%TNC FY2022: 6.1%TNC FY2023: 8.8%TNC FY2024: 6.5%TNC FY2025: 3.6%FY18FY19FY20FY21FY22FY23FY24FY25
MIDD -8.7%TNC 3.6%
Revenue growth
MIDD FY2019: +8.7%MIDD FY2020: -15.1%MIDD FY2021: +29.3%MIDD FY2022: +24.1%MIDD FY2023: -19.6%MIDD FY2024: -2.8%MIDD FY2025: +1.6%TNC FY2019: +1.3%TNC FY2020: -12.0%TNC FY2021: +9.0%TNC FY2022: +0.1%TNC FY2023: +13.9%TNC FY2024: +3.5%TNC FY2025: -6.5%FY19FY20FY21FY22FY23FY24FY25
MIDD +1.6%TNC -6.5%
Free cash flow
MIDD FY2018: $332.9MMIDD FY2019: $330.8MMIDD FY2020: $489.9MMIDD FY2021: $376.8MMIDD FY2022: $265.3MMIDD FY2023: $569.6MMIDD FY2024: $650.1MMIDD FY2025: $559.5MTNC FY2018: $61.2MTNC FY2019: $33.5MTNC FY2020: $103.9MTNC FY2021: $50MTNC FY2022: -$50.1MTNC FY2023: $165.6MTNC FY2024: $68.8MTNC FY2025: $43.3MFY18FY19FY20FY21FY22FY23FY24FY25
MIDD $559.5MTNC $43.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about MIDDLEBY and Tennant

Which is bigger by revenue, MIDDLEBY or Tennant?

MIDDLEBY is bigger by revenue: $3.2B in fiscal 2025, against $1.2B for Tennant in fiscal 2025.

Which keeps more of its revenue as profit, MIDDLEBY or Tennant?

MIDDLEBY had a net margin of -8.7% in fiscal 2025; Tennant had 3.6% in fiscal 2025.

Which grew revenue faster, MIDDLEBY or Tennant?

In their latest fiscal years revenue changed by +1.6% at MIDDLEBY and -6.5% at Tennant.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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