Middleby is broken up into three different segments, commercial, food processing, and residential. They expanded their residential brands in the outdoors at the end of 2021 when they purchased Masterbuilt, Char-Griller, and Kamado Joe.
The commercial and food processing segments account for about 81% of their revenue, while residential is the other 19%. All three segments have felt the effects of a consumer under pressure causing less restaurant foot traffic, and less discretionary spending for grill purchases. This has caused their share price to lag the market in recent history.
