Marston's PLC MRTPY

Consumer DiscretionaryHotels & Entertainment ServicesUnited Kingdom

Last close 7.63 USD on Nov 1, 2026, −4.6% year to date

Quant rating

Quant rating B Rank 97 of 297 in Consumer Discretionary

Growth D 223 of 297
Valuation B 59 of 297
Quality C 197 of 297
Revisions A 17 of 297
Momentum B 107 of 297

Wall Street consensus Buy (1.80)Average target 1.03 USD −86.6%

Historical valuation

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

Key data

Market cap: 480M
Enterprise value: 2.1B
52-week range: 6.56 – 8.00
3-year range: 4.28 – 8.00
Dividend yield: –
Beta (5 years): –
Shares outstanding: 639M
Next earnings: Nov 24, 2026

About the company

Marston's PLC is a United Kingdom-based pub operator. The Company operates an estate of pubs nationally, comprising managed, partnership (franchised) and tenanted and leased pubs. The Company’s majority of pubs are located in suburban. The Company also operates a hotel business under the name Marston's Inns. The Company’s subsidiaries include Marston’s Estates Limited, Marston’s Operating Limited, Marston’s Pubs Limited, Marston’s Parent Limited, Marston’s Telecoms Limited, Marston’s Acquisitions Limited, anks’s Brewery Insurance Limited, Marston’s Corporate Holdings Limited, and Marston’s Trading Limited, among others.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,203	1,202	1,064	892	544	–
Revenue growth	0.1%	12.9%	19.2%	64.0%	−18.4%	12.5%
EPS (basic, normalized)	0.11	0.06	0.06	0.05	−0.18	–
EPS growth	69.1%	0.6%	23.1%	–	–	–
Gross margin	76.3%	75.2%	74.3%	74.2%	74.4%	74.9%
Net margin	8.0%	1.9%	−2.2%	17.2%	−31.9%	−1.4%
ROE	9.9%	2.7%	−3.0%	26.0%	−39.2%	−0.7%

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	1,203	+0.1%	1.8x	270	+10.6%	7.9x	0.11	+69.1%	69.8x
2026	1,181	−1.8%	1.8x	281	+4.0%	7.6x	0.12	+13.6%	61.5x
2027	1,200	+1.6%	1.8x	285	+1.5%	7.5x	0.14	+10.1%	55.8x
2028	1,222	+1.8%	1.7x	292	+2.6%	7.3x	0.15	+12.4%	49.7x

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	1,181	−0.7%	−0.7%	−2.9%	0.12	+4.6%	+4.6%	+2.7%
2027	1,200	−0.9%	−0.9%	−3.4%	0.14	+2.8%	+2.8%	+1.6%
2028	1,222	−0.6%	−1.4%	−3.8%	0.15	+4.6%	+4.2%	+2.6%

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
MRTPY Marston's PLC	480M	–	8.0%	0.44x	61.5x	55.8x	7.6x	7.5x
ELORY Elior Group SA	529M	–	1.4%	0.55x	35.0x	16.8x	5.0x	4.4x
LOCO El Pollo Loco Holdings Inc	466M	0.27x	5.4%	1.47x	14.9x	13.9x	6.9x	6.3x
BRCB Black Rock Coffee Bar, Inc.	463M	2.53x	0.0%	9.53x	51.6x	38.8x	16.1x	12.9x
DIN Dine Brands Global, Inc.	450M	–	1.8%	−1.59x	8.3x	7.3x	7.3x	7.1x
TWC TWC Enterprises Ltd	448M	–	24.8%	0.99x	–	–	–	–
Mean		1.40x	6.9%	1.90x	34.2x	26.5x	8.6x	7.7x
Median		1.40x	3.6%	0.77x	35.0x	16.8x	7.3x	7.1x

Technical analysis

1M0.0%
3M0.0%
1Y+54.1%
3Y+78.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Marston's PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,203	1,202	1,064	892	544	667
Cost of revenue	286	298	273	230	139	187
Gross profit	918	904	791	662	405	479
Selling, general & administrative expenses	271	280	260	239	251	227
Research & development	–	–	–	–	–	–
Depreciation/amortization	60.6	60.6	55.5	49.3	57.8	54.2
Interest expense (income), operating	–	–	–	−3.7	19.6	–
Unusual expense (income)	−26.5	−6.0	42.2	−30.4	133	445
Other operating expenses	371	366	323	246	88.7	125
Operating income	241	203	110	163	−145	−371
Net interest income (expense)	−121	−179	−144	25.0	−106	−128
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.3	−4.9	−3.2	−5.5	18.7	−3.6
Net income before taxes	118	19.3	−37.3	182	−232	−503
Provision for taxes	22.4	−4.1	−13.9	29.2	−58.0	−52.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	95.9	23.4	−23.4	153	−174	−451
Extraordinary items	0	−48.1	12.1	0	394	−14.4
Net income	95.9	−24.7	−11.3	153	221	−465
EBIT, normalized	214	197	152	129	7.7	73.3
EBITDA, normalized	275	257	208	178	65.6	127
Basic EPS, normalized	0.11	0.06	0.06	0.05	−0.18	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Marston's PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	40.9	53.5	29.3	28.0	40.4	47.3
Receivables	19.6	22.7	22.0	16.2	60.4	23.5
Total inventory	18.5	19.3	18.2	14.1	17.5	13.4
Prepaid expenses	17.4	11.9	11.3	17.4	11.8	7.8
Other current assets	7.2	7.4	8.2	9.9	7.6	7.8
Total current assets	104	115	88.9	85.6	138	99.8
Property, plant & equipment	2,923	2,767	2,518	2,356	2,688	2,636
Goodwill	–	–	–	–	0	0
Intangibles	36.0	39.2	40.1	39.2	48.9	42.0
Long-term investments	–	–	306	290	376	–
Note receivable	19.7	19.3	18.3	20.0	21.5	22.6
Other long-term assets	21.6	19.8	21.8	24.2	71.4	474
Total assets	3,104	2,960	2,994	2,815	3,343	3,274
Liabilities
Accounts payable	100	86.9	80.9	107	148	125
Payable/accrued	–	–	–	–	–	–
Accrued expenses	126	135	111	108	132	146
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	86.4	81.8	84.0	72.8	92.9	84.2
Other current liabilities	20.8	18.2	13.8	15.2	19.6	64.7
Total current liabilities	333	322	290	302	392	420
Long-term debt	1,580	1,665	1,866	1,742	2,129	2,083
Minority interest	–	–	–	–	–	–
Other liabilities	131	97.2	57.4	48.3	271	449
Total liabilities	2,044	2,084	2,213	2,092	2,792	2,952
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	65.3	65.1	59.4	54.3	66.0	63.0
Additional paid-in capital	448	447	407	373	452	432
Retained earnings (accumulated deficit)	86.3	−11.4	0.4	11.0	−195	−445
Treasury stock	−145	−147	−135	−124	−150	−145
Other equity	606	523	448	409	378	416
Total equity	1,060	876	781	723	550	322
Total liabilities & shareholders' equity	3,104	2,960	2,994	2,815	3,343	3,274

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Marston's PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	95.9	−24.7	−11.3	153	221	95.7
Depreciation, depletion & amortization	60.6	60.6	55.5	49.3	57.8	66.7
Deferred taxes	–	–	–	–	–	–
Non-cash items	113	212	138	−40.7	−233	−50.7
Changes in working capital	−3.1	29.6	−10.1	−12.2	1.5	90.6
Cash from operations	267	277	172	150	47.0	202
Investing activities
Capital expenditures	−82.0	−61.8	−79.6	−78.2	−63.1	−82.4
Other investing cash flows	9.4	345	67.7	46.8	332	102
Cash from investing	−72.6	283	−12.0	−31.5	268	19.9
Financing activities
Financing cash flow items	−117	−144	−118	−88.6	−157	−118
Cash dividends paid	–	–	–	–	0	−39.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−89.9	−393	−43.3	−34.5	−170	−61.3
Cash from financing	−207	−537	−162	−123	−327	−218
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−12.9	23.9	−1.5	−5.0	−11.5	4.0
Free cash flow	185	216	92.6	71.3	−16.1	120

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 1, 2026 after market close.