NASDAQ : MB
MasterBeef Group — Financial statements
Consumer Discretionary · Restaurants · Hong Kong
Last price 3.8 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 65.19M
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Financial statements
MasterBeef Group (MB) reported revenue of 459.10M HKD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in HKD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | 459.10M | 459.10M | 503.98M | 532.29M | 456.69M |
| Cost of Revenue | 335.03M | 335.03M | 351.63M | 371.70M | 306.26M |
| Gross Profit | 124.07M | 124.07M | 152.35M | 160.59M | 150.42M |
| Selling, General & Admin | 29.52M | 29.52M | 28.39M | 29.99M | 22.10M |
| Amortization of Goodwill & Intangibles | 38.97M | 38.97M | 44.56M | 48.47M | 40.33M |
| Other Operating Expenses | 48.14M | 48.14M | 49.99M | 42.15M | 28.02M |
| Operating Expenses | 155.95M | 155.95M | 156.98M | 156.40M | 118.70M |
| Operating Income | -31.88M | -31.88M | -4.64M | 4.19M | 31.73M |
| Interest Expense | -9.71M | -9.71M | -10.19M | -11.45M | -7.60M |
| Interest & Investment Income | 484.24K | 484.24K | 682.41K | 515.98K | 28.25K |
| Currency Exchange Gain (Loss) | 753.00 | 753.00 | 28.39K | 194.72K | |
| Other Non Operating Income (Expenses) | 807.56K | 807.56K | 630.99K | 472.26K | 1.12M |
| EBT Excluding Unusual Items | -40.29M | -40.29M | -13.52M | -6.24M | 25.46M |
| Gain (Loss) on Sale of Assets | 58.68M | ||||
| Asset Writedown | -5.98M | -5.98M | -9.56M | -23.55M | |
| Other Unusual Items | 720.76K | 720.76K | 14.34K | 12.32M | |
| Pretax Income | -45.55M | -45.55M | 35.61M | -29.79M | 37.79M |
| Income Tax Expense | 6.98M | 6.98M | 2.71M | 7.66M | 4.38M |
| Net Income | -52.53M | -52.53M | 32.90M | -37.45M | 33.41M |
| Net Income to Common | -52.53M | -52.53M | 32.90M | -37.45M | 33.41M |
| Shares Outstanding (Basic) | 16.56M | 16.56M | 12.85M | ||
| Shares Outstanding (Diluted) | 16.56M | 16.56M | 12.85M | ||
| EPS (Basic) | -3.17 | -3.17 | 2.56 | ||
| EPS (Diluted) | -3.17 | -3.17 | 2.56 | ||
| Free Cash Flow | -14.00M | -14.00M | 48.17M | 39.31M | 108.51M |
| Free Cash Flow Per Share | -0.85 | -0.85 | 3.75 | ||
| Gross Margin | 27.02% | 27.02% | 30.23% | 30.17% | 32.94% |
| Operating Margin | -6.94% | -6.94% | -0.92% | 0.79% | 6.95% |
| Profit Margin | -11.44% | -11.44% | 6.53% | -7.03% | 7.32% |
| Free Cash Flow Margin | -3.05% | -3.05% | 9.56% | 7.39% | 23.76% |
| EBITDA | -4.25M | -4.25M | 29.40M | 39.99M | 59.97M |
| EBITDA Margin | -0.93% | -0.93% | 5.83% | 7.51% | 13.13% |
| D&A For EBITDA | 27.63M | 27.63M | 34.04M | 35.80M | 28.24M |
| EBIT | -31.88M | -31.88M | -4.64M | 4.19M | 31.73M |
| EBIT Margin | -6.94% | -6.94% | -0.92% | 0.79% | 6.95% |
| Effective Tax Rate | 7.62% | 11.59% |
Balance sheet
Fiscal year January - December; amounts in HKD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 147.72M | 147.72M | 117.34M | 146.21M | 196.30M |
| Short-Term Investments | 11.77M | 11.77M | 12.56M | 12.09M | 7.67M |
| Cash & Short-Term Investments | 159.49M | 159.49M | 129.90M | 158.31M | 203.97M |
| Accounts Receivable | 3.40M | 3.40M | 3.32M | 9.03M | 4.09M |
| Other Receivables | 17.88M | 17.88M | 17.39M | 115.64K | 129.76K |
| Receivables | 21.28M | 21.28M | 20.71M | 9.14M | 4.22M |
| Inventory | 23.46M | 23.46M | 20.35M | 25.79M | 31.23M |
| Prepaid Expenses | 6.09M | 6.09M | 5.43M | 3.44M | 5.09M |
| Other Current Assets | 31.48M | ||||
| Total Current Assets | 210.32M | 210.32M | 176.39M | 228.15M | 244.52M |
| Property, Plant & Equipment | 73.47M | 73.47M | 112.06M | 149.87M | 191.44M |
| Long-Term Deferred Tax Assets | 7.66M | 7.66M | 8.97M | 4.16M | 5.42M |
| Other Long-Term Assets | 12.59M | 12.59M | 10.90M | 10.89M | 14.49M |
| Total Assets | 304.03M | 304.03M | 308.32M | 393.08M | 455.86M |
| Accounts Payable | 12.57M | 12.57M | 16.66M | 16.20M | 17.78M |
| Accrued Expenses | 18.04M | 18.04M | 62.07M | 17.91M | 17.38M |
| Short-Term Debt | 62.16M | 62.16M | 85.86M | 92.92M | 105.23M |
| Current Portion of Leases | 31.49M | 31.49M | 38.15M | 37.98M | 43.46M |
| Current Income Taxes Payable | 1.71M | 4.30M | 5.50M | ||
| Other Current Liabilities | 11.20M | 11.20M | 8.26M | 145.80M | 115.73M |
| Total Current Liabilities | 135.46M | 135.46M | 212.72M | 315.12M | 305.08M |
| Long-Term Debt | 88.95M | 88.95M | 28.00M | 38.71M | 48.84M |
| Long-Term Leases | 28.57M | 28.57M | 36.27M | 39.00M | 64.64M |
| Other Long-Term Liabilities | 3.63M | 3.63M | 2.78M | 4.64M | 4.10M |
| Total Liabilities | 256.61M | 256.61M | 279.77M | 397.47M | 422.66M |
| Common Stock | 66.92K | 66.92K | 58.50K | 10.00 | 10.00 |
| Additional Paid-In Capital | 59.67M | 59.67M | |||
| Retained Earnings | -24.01M | -24.01M | 28.52M | -4.38M | 33.06M |
| Comprehensive Income & Other | 11.69M | 11.69M | -32.58K | -4.55K | 136.03K |
| Shareholders' Equity | 47.42M | 47.42M | 28.54M | -4.39M | 33.20M |
| Total Liabilities & Equity | 304.03M | 304.03M | 308.32M | 393.08M | 455.86M |
| Total Debt | 211.16M | 211.16M | 188.28M | 208.61M | 262.17M |
| Net Cash (Debt) | -51.68M | -51.68M | -58.38M | -50.31M | -58.21M |
| Net Cash Per Share | -3.12 | -3.12 | -4.55 | ||
| Filing Date Shares Outstanding | 17.16M | 17.16M | 17.00M | ||
| Total Common Shares Outstanding | 17.16M | 17.16M | 15.00M | ||
| Working Capital | 74.85M | 74.85M | -36.33M | -86.96M | -60.56M |
| Book Value Per Share | 2.76 | 2.76 | 1.90 | ||
| Tangible Book Value | 47.42M | 47.42M | 28.54M | -4.39M | 33.20M |
| Tangible Book Value Per Share | 2.76 | 2.76 | 1.90 | ||
| Machinery | 26.13M | 26.13M | 26.05M | 25.61M | 29.48M |
| Leasehold Improvements | 132.99M | 132.99M | 129.92M | 131.95M | 118.49M |
Cash flow statement
Fiscal year January - December; amounts in HKD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | -52.53M | -52.53M | 32.90M | -37.45M | 33.41M |
| Depreciation & Amortization | 66.60M | 66.60M | 78.60M | 84.26M | 68.57M |
| Loss (Gain) From Sale of Assets | -58.68M | 23.55M | 417.00 | ||
| Asset Writedown & Restructuring Costs | 6.10M | 6.10M | 10.09M | 6.70M | |
| Stock-Based Compensation | 11.70M | 11.70M | |||
| Other Operating Activities | 7.42M | 7.42M | 2.80M | 11.51M | 8.27M |
| Change in Accounts Receivable | -85.00K | -85.00K | 5.58M | -5.15M | 424.41K |
| Change in Inventory | -3.11M | -3.11M | 4.77M | 5.15M | 2.14M |
| Change in Accounts Payable | -4.09M | -4.09M | 972.85K | -1.58M | 4.73M |
| Change in Other Net Operating Assets | -44.63M | -44.63M | -16.86M | -3.17M | 23.47M |
| Operating Cash Flow | -12.63M | -12.63M | 60.17M | 83.82M | 141.02M |
| Capital Expenditures | -1.38M | -1.38M | -11.99M | -44.51M | -32.51M |
| Sale of Property, Plant & Equipment | 62.93K | 62.93K | 61.24K | 216.87K | |
| Divestitures | -189.91K | ||||
| Investing Cash Flow | -1.31M | -1.31M | -12.18M | -44.45M | -32.29M |
| Short-Term Debt Issued | 86.36M | ||||
| Long-Term Debt Issued | 42.47M | 42.47M | |||
| Total Debt Issued | 42.47M | 42.47M | 86.36M | ||
| Short-Term Debt Repaid | -8.02M | -8.02M | -7.57M | -8.49M | -3.23M |
| Long-Term Debt Repaid | -43.83M | -43.83M | -59.07M | -61.63M | -52.57M |
| Lease Payments | -42.93M | -42.93M | -48.88M | -47.68M | -38.50M |
| Total Debt Repaid | -51.85M | -51.85M | -66.64M | -70.12M | -55.79M |
| Net Debt Issued (Repaid) | -9.38M | -9.38M | -66.64M | -70.12M | 30.57M |
| Issuance of Common Stock | 67.33M | 67.33M | |||
| Other Financing Activities | -13.63M | -13.63M | -10.19M | -11.45M | -7.60M |
| Financing Cash Flow | 44.32M | 44.32M | -76.83M | -81.57M | 22.96M |
| Foreign Exchange Rate Adjustments | -6.29K | -6.29K | -28.02K | -3.48K | -12.83K |
| Miscellaneous Cash Flow Adjustments | -7.88M | ||||
| Net Cash Flow | 30.38M | 30.38M | -28.88M | -50.08M | 131.68M |
| Free Cash Flow | -14.00M | -14.00M | 48.17M | 39.31M | 108.51M |
| Free Cash Flow Margin | -3.05% | -3.05% | 9.56% | 7.39% | 23.76% |
| Free Cash Flow Per Share | -0.85 | -0.85 | 3.75 | ||
| Levered Free Cash Flow | -308.59K | -308.59K | -14.81M | 33.74M | |
| Unlevered Free Cash Flow | 5.76M | 5.76M | -8.44M | 40.90M | |
| Free Cash Flow After Leases | -56.93M | -56.93M | -709.13K | -8.37M | 70.02M |
| Cash Interest Paid | 6.01M | 6.01M | 10.19M | 11.45M | 7.60M |
| Cash Income Tax Paid | 9.27M | 9.27M | 10.11M | 7.60M | 3.72M |
| Change in Working Capital | -51.91M | -51.91M | -5.54M | -4.75M | 30.77M |
Ratios
Fiscal year January - December; amounts in HKD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 67.59M | 122.32M | |||
| Enterprise Value | 74.23M | 126.87M | |||
| Last Close Price | 3.94 | 7.13 | |||
| PS Ratio | 1.15 | 2.07 | |||
| PB Ratio | 11.09 | 20.07 | |||
| P/TBV Ratio | 11.09 | 20.07 | |||
| EV/Sales Ratio | 1.26 | 2.15 | |||
| Debt / Equity Ratio | 4.45 | 4.45 | 6.60 | -47.55 | 7.90 |
| Debt / EBITDA Ratio | 6.08 | 6.08 | 2.55 | 2.36 | 2.61 |
| Debt / FCF Ratio | 3.91 | 5.31 | 2.42 | ||
| Net Debt / Equity Ratio | 1.09 | 1.09 | 2.04 | -11.47 | 1.75 |
| Net Debt / EBITDA Ratio | -12.15 | -12.15 | 1.99 | 1.26 | 0.97 |
| Net Debt / FCF Ratio | -3.69 | -3.69 | 1.21 | 1.28 | 0.54 |
| Asset Turnover | 1.50 | 1.50 | 1.44 | 1.25 | |
| Inventory Turnover | 15.30 | 15.30 | 15.24 | 13.04 | |
| Quick Ratio | 1.33 | 1.33 | 0.71 | 0.53 | 0.68 |
| Current Ratio | 1.55 | 1.55 | 0.83 | 0.72 | 0.80 |
| Return on Equity (ROE) | -138.29% | -138.29% | 272.40% | -259.94% | |
| Return on Assets (ROA) | -6.51% | -6.51% | -0.83% | 0.62% | |
| Return on Invested Capital (ROIC) | -32.17% | -34.27% | -5.20% | 4.95% | 30.69% |
| Return on Capital Employed (ROCE) | -18.90% | -18.90% | -4.90% | 5.40% | 21.00% |
| Earnings Yield | -10.35% | -5.52% | |||
| FCF Yield | -2.64% | -1.47% | |||
| Buyback Yield / Dilution | -28.88% | -28.88% |