Mitchells & Butlers PLC MBPFY

Consumer DiscretionaryHotels & Entertainment ServicesUnited Kingdom

Last close 7.70 USD on Nov 2, 2026, −7.6% year to date

Quant rating

Quant rating C Rank 169 of 297 in Consumer Discretionary

Growth D 212 of 297
Valuation A 31 of 297
Quality D 208 of 297
Revisions C 125 of 297
Momentum C 205 of 297

Wall Street consensus Buy (1.78)Average target 4.68 USD −39.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.7B
Enterprise value: 4.2B
52-week range: 7.70 – 8.33
3-year range: 7.70 – 8.33
Dividend yield: –
Beta (5 years): –
Shares outstanding: 600M
Next earnings: Nov 26, 2026

About the company

Mitchells & Butlers plc is a United Kingdom-based company, which is engaged in the hospitality industry, providing food and drink across a range of restaurants, pubs, and bars. The Company operates through one segment, namely operating pubs and restaurants. It has a diverse portfolio of brands and formats offering dining and drinking experiences, such as All Bar One, Browns, Castle, Ember Inns, Harvester, Innkeeper’s Collection, Miller & Carter, Nicholson's, O'Neill's, Premium Country Pubs, Sizzling Pubs, Stonehouse, Toby Carvery, and Vintage Inns. These brands serve a wide range of food and drink options, catering to various customer preferences and occasions. It also operates Innkeeper's Collection hotels in the United Kingdom and Alex restaurants and bars in Germany. It serves customers across the United Kingdom through approximately 1,700 locations. Its subsidiaries include Mitchells & Butlers Retail Limited, Pesto Restaurants Ltd, 3Sixty Restaurants Limited, among others.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,633	3,490	3,053	2,397	1,457	–
Revenue growth	4.1%	14.3%	27.4%	64.5%	−22.5%	14.1%
EPS (basic, normalized)	0.41	0.33	0.20	0.22	−0.18	–
EPS growth	21.9%	63.5%	−7.5%	–	–	–
Gross margin	74.8%	74.4%	73.2%	75.0%	77.1%	74.9%
Net margin	6.5%	5.7%	−0.2%	0.6%	−6.1%	1.3%
ROE	6.6%	6.3%	−0.2%	0.6%	−3.4%	2.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,633	+4.1%	1.2x	615	+11.0%	6.9x	0.41	+21.9%	19.0x
2026	3,691	+1.6%	1.1x	621	+1.0%	6.8x	0.41	+2.4%	18.6x
2027	3,801	+3.0%	1.1x	639	+2.8%	6.6x	0.44	+6.7%	17.4x
2028	3,899	+2.6%	1.1x	657	+3.0%	6.4x	0.47	+7.2%	16.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,691	−0.2%	−0.3%	−1.2%	0.41	−0.2%	−0.2%	−1.0%
2027	3,801	−0.3%	−0.5%	−1.4%	0.44	−0.1%	−0.3%	−1.5%
2028	3,899	−0.3%	−0.6%	−1.5%	0.47	0.0%	−0.3%	−2.9%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MBPFY Mitchells & Butlers PLC	2.7B	–	6.5%	0.68x	18.6x	17.4x	6.8x	6.6x
AMC AMC Entertainment Holdings, Inc.	2.8B	8.07x	−13.0%	−1.96x	−17.4x	335.8x	7.5x	7.3x
RSI Rush Street Interactive, Inc.	2.6B	−1.42x	2.9%	13.49x	18.7x	13.9x	9.5x	7.4x
JBFCY Jollibee Foods Corporation	2.5B	2.87x	3.4%	2.00x	60.5x	50.5x	6.8x	6.1x
CHA Chagee Holdings Ltd	2.4B	–	8.8%	1.95x	8.6x	7.9x	3.7x	3.2x
LIND Lindblad Expeditions Holdings, Inc.	2.4B	3.00x	−4.5%	−12.26x	181.8x	72.8x	19.3x	16.5x
Mean		3.13x	0.7%	0.65x	45.1x	83.1x	8.9x	7.9x
Median		2.93x	3.2%	1.32x	18.6x	33.9x	7.2x	6.9x

Technical analysis

1M–
3M−7.6%
1Y−7.6%
3Y−7.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Mitchells & Butlers PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,633	3,490	3,053	2,397	1,457	1,880
Cost of revenue	914	893	818	600	334	477
Gross profit	2,719	2,597	2,235	1,797	1,123	1,403
Selling, general & administrative expenses	1,415	1,311	1,109	855	573	691
Research & development	–	–	–	–	–	–
Depreciation/amortization	181	174	162	144	190	196
Interest expense (income), operating	–	–	−7.3	−1.1	−1.4	1.3
Unusual expense (income)	10.7	16.0	162	126	−71.1	116
Other operating expenses	681	695	689	537	322	389
Operating income	431	401	120	135	111	10.2
Net interest income (expense)	−122	−132	−132	−124	−164	−162
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	9.4	−2.7	−3.7	−2.2	−4.1	−5.1
Net income before taxes	319	266	−15.9	8.7	−57.5	−157
Provision for taxes	81.7	66.9	−11.0	−5.4	31.5	−14.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	237	199	−4.9	14.1	−88.9	−143
Extraordinary items	–	–	–	–	–	–
Net income	237	199	−4.9	14.1	−88.9	−143
EBIT, normalized	442	417	274	259	38.3	127
EBITDA, normalized	623	591	437	404	228	324
Basic EPS, normalized	0.41	0.33	0.20	0.22	−0.18	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Mitchells & Butlers PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	327	275	224	248	345	220
Receivables	41.5	56.2	41.5	65.1	61.6	45.9
Total inventory	34.8	36.1	30.5	25.0	26.0	28.0
Prepaid expenses	30.8	36.1	39.0	11.9	9.6	10.2
Other current assets	0	0	2.4	4.3	0	0
Total current assets	434	404	338	354	442	305
Property, plant & equipment	6,542	6,320	5,383	4,921	6,596	5,999
Goodwill	8.0	9.4	2.4	2.2	2.7	2.5
Intangibles	29.5	17.4	18.3	13.0	15.1	15.3
Long-term investments	–	–	0	6.5	6.8	5.1
Note receivable	13.4	14.7	13.4	13.0	19.2	19.1
Other long-term assets	200	249	102	65.1	45.2	166
Total assets	7,227	7,014	5,857	5,375	7,127	6,511
Liabilities
Accounts payable	149	152	122	115	109	87.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	354	381	344	258	287	273
Short-term debt	49.6	18.7	28.1	18.5	34.2	0
Current portion of long-term debt	240	218	190	180	219	206
Other current liabilities	138	115	134	115	181	326
Total current liabilities	930	885	818	687	830	893
Long-term debt	1,731	1,946	1,971	1,913	2,571	2,581
Minority interest	–	–	–	–	–	–
Other liabilities	792	752	470	448	847	900
Total liabilities	3,453	3,583	3,259	3,048	4,248	4,374
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	68.3	68.2	62.2	55.4	69.8	47.2
Additional paid-in capital	480	477	435	388	487	35.7
Retained earnings (accumulated deficit)	1,613	1,379	934	799	948	923
Treasury stock	−13.4	−12.0	−6.1	−5.4	−4.1	−3.8
Other equity	1,625	1,519	1,172	1,090	1,378	1,136
Total equity	3,773	3,431	2,598	2,326	2,879	2,137
Total liabilities & shareholders' equity	7,227	7,014	5,857	5,375	7,127	6,511

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Mitchells & Butlers PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	431	401	120	135	111	10.2
Depreciation, depletion & amortization	181	174	162	144	190	196
Deferred taxes	–	–	–	–	–	–
Non-cash items	36.2	32.1	167	134	−34.2	125
Changes in working capital	−155	−90.9	−146	−154	−233	−170
Cash from operations	493	516	302	258	34.2	162
Investing activities
Capital expenditures	−243	−206	−191	−132	−45.2	−138
Other investing cash flows	2.7	0	−9.8	4.3	1.4	5.1
Cash from investing	−240	−206	−201	−128	−43.8	−133
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−232	−227	−206	−173	105	1.3
Cash from financing	−232	−227	−206	−173	105	1.3
Foreign exchange effects	1.3	−1.3	−1.2	2.2	−1.4	1.3
Net change in cash	22.8	81.6	−106	−40.2	94.4	31.9
Free cash flow	251	310	111	126	−10.9	24.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.