• Middleby average return on tangible equity for 2023 was -33.18, a 13.55% increase from 2022.
• Middleby average return on tangible equity for 2022 was -29.22, a 7.15% increase from 2021.
• Middleby average return on tangible equity for 2021 was -27.27, a 32.51% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.