# Mitchells & Butlers (MAB.LSE)

Canonical: https://gigainvestors.com/s/MAB.LSE

Analysis as of: 2026-10-16T07:40:04.847Z. Financial observations: FY2000–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 308.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 0.45×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.10×

- FY2018: 0.12×

- FY2019: 0.13×

- FY2020: 0.01×

- FY2021: 0.08×

- FY2022: 0.06×

- FY2023: 0.04×

- FY2024: 0.11×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 6.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.3%

- ROIC, second-lowest year: 1.6%

- Typical minus recent gross margin: 6.7 pp

- Typical gross margin (annual median): 18.8%

- Recent gross margin (lower of latest and 3-year median): 12.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.4%

- ROIC including acquisitions, ten-year median: 1.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.6%

- FY2017: 5.0%

- FY2018: 5.8%

- FY2019: 6.7%

- FY2020: 0.2%

- FY2021: 1.6%

- FY2022: 3.2%

- FY2023: 2.0%

- FY2024: 5.6%

- FY2025: 5.9%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.30×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -81M

- Net income, five-year total: GBP 270M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -3.8 pp

- Working capital / revenue, final three-year average: -5.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.95×

- FY2022: -5.55×

- FY2023: 24.15×

- FY2024: 0.40×

- FY2025: 0.51×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.8% vs 5.6%

- Per-share earnings: 0.22 to 0.25 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.8%

- Ordinary dilution, 5-year annual growth: 4.8%

- Market cap gain: GBP 523M

- Cumulative retained earnings: GBP 611M

- Diluted shares, 10-year annual growth: 3.8%

- Diluted shares, 5-year annual growth: 4.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.8%

- Per-share value change: GBP 0.03

- Per-share value, starting three-year median: GBP 0.22

- Per-share value, ending three-year median: GBP 0.25

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 0.3%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 21M

- Cumulative net income, 10 years: GBP 557M

- ROIC, first three-year median: 5.8%

- ROIC, last three-year median: 5.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.22

- FY2017: GBP 0.15

- FY2018: GBP 0.24

- FY2019: GBP 0.30

- FY2020: GBP -0.24

- FY2021: GBP -0.11

- FY2022: GBP 0.02

- FY2023: GBP -0.01

- FY2024: GBP 0.25

- FY2025: GBP 0.29

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 2.72×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.08×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.7%

- FY2017: -3.3%

- FY2018: -2.8%

- FY2019: -2.5%

- FY2020: -4.7%

- FY2021: -1.7%

- FY2022: -4.5%

- FY2023: -5.2%

- FY2024: -4.5%

- FY2025: -3.5%

## Holders

## Price story

Up 49% since Oct 2023 · sales +3.9%

Story as of 2026-10-16T10:00:11.200Z; price observation 2026-10-15.

- 2025-11-28: Surging steak prices deliver cost hit for Toby Carvery owner ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/surging-steak-prices-deliver-cost-123838531.html))

### Sales · FY2024–2025

sales +3.9%; source https://filings.xbrl.org/213800JHYNDNB1NS2W10/2025-09-27/ESEF/GB/0/213800JHYNDNB1NS2W10-2025-09-27/reports/213800JHYNDNB1NS2W10-2025-09-27-T01.xhtml; observed 2026-01-08.

- FY2016: GBP 2.1B 

- FY2017: GBP 2.2B 

- FY2018: GBP 2.2B 

- FY2019: GBP 2.2B 

- FY2020: GBP 1.5B 

- FY2021: GBP 1.1B 

- FY2022: GBP 2.2B 

- FY2023: GBP 2.5B 

- FY2024: GBP 2.6B 

- FY2025: GBP 2.7B 

### Gross margin · FY2025

gross margin 12.1%; source https://filings.xbrl.org/213800JHYNDNB1NS2W10/2025-09-27/ESEF/GB/0/213800JHYNDNB1NS2W10-2025-09-27/reports/213800JHYNDNB1NS2W10-2025-09-27-T01.xhtml; observed 2026-01-08.

- FY2016: 20.7% 

- FY2017: 18.1% 

- FY2018: 19.6% 

- FY2019: 19.5% 

- FY2020: 17.8% 

- FY2021: 5.6% 

- FY2022: 34.6% 

- FY2023: 14.3% 

- FY2024: 38.2% 

- FY2025: 12.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in restaurants; annual sales are GBP 2.7 billion.

- Source: https://eodhd.com/api/fundamentals/MAB.LSE.json#2025-09-30 (filed 2026-01-08); FY2025: revenue 2711000000; grossProfit 327000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 12.1% to 38.2% during 2023–25; it earns 5.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/MAB.LSE.json#2023-09-30 (filed 2026-01-08); FY2023: grossProfit / revenue = 14.3%.

- Source: https://eodhd.com/api/fundamentals/MAB.LSE.json#2024-09-30 (filed 2026-01-08); FY2024: grossProfit / revenue = 38.2%.

- Source: https://eodhd.com/api/fundamentals/MAB.LSE.json#2025-09-30 (filed 2026-01-08); FY2025: grossProfit / revenue = 12.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-08); 10-year return on capital observations [[2016,0.06625651801194996],[2017,0.049775319737296916],[2018,0.05825242718446602],[2019,0.06732580037664783],[2020,0.0016531519748888307],[2021,0.01635318170201891],[2022,0.031967001804588814],[2023,0.020400527009222662],[2024,0.05595991917735163],[2025,0.05928548893960315]]; median 0.05286761945732427. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 37.7% of cash earnings; paid dividends in 6 of 10 years.

- Source: https://eodhd.com/api/fundamentals/MAB.LSE.json#2016-09-30 (filed 2026-01-08); FY2016: growth capex 0; upkeep 166000000; owner earnings 36000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MAB.LSE.json#2017-09-30 (filed 2026-01-08); FY2017: growth capex 51000000; upkeep 115000000; owner earnings 63000000. Growth capex / owner earnings = 0.8095238095238095.

- Source: https://eodhd.com/api/fundamentals/MAB.LSE.json#2018-09-30 (filed 2026-01-08); FY2018: growth capex 0; upkeep 167000000; owner earnings 56000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MAB.LSE.json#2019-09-30 (filed 2026-01-08); FY2019: growth capex 28000000; upkeep 119000000; owner earnings 143000000. Growth capex / owner earnings = 0.1958041958041958.

- Source: https://eodhd.com/api/fundamentals/MAB.LSE.json#2024-09-30 (filed 2026-01-08); FY2024: growth capex 24000000; upkeep 130000000; cash acquisitions 2000000; owner earnings 59600000. Growth capex plus acquisitions / owner earnings = 0.436241610738255.

- Source: https://eodhd.com/api/fundamentals/MAB.LSE.json#2025-09-30 (filed 2026-01-08); FY2025: growth capex 34000000; upkeep 135000000; cash acquisitions 0; owner earnings 90200000. Growth capex plus acquisitions / owner earnings = 0.376940133037694.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-08); Dividend observations: [[2016,31000000],[2017,12000000],[2018,7000000],[2019,0],[2020,23000000],[2021,60000000],[2022,48000000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/MAB.LSE.json#2025-09-30 (filed 2026-01-08); FY2025: cash repurchases 5000000 GBP.

### Are managers owners

Insiders own 58% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MAB.LSE SharesStats.PercentInsiders = 57.971 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-08); Closing price 308 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 4.5108153078203; price multiple 0.6828033935817042. FY2025 cash earnings/share 0.15008319467554077. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 251.04 per share

- 2016-11: GBX 204.94 per share

- 2016-12: GBX 226.32 per share

- 2017-01: GBX 240.48 per share

- 2017-02: GBX 222.53 per share

- 2017-03: GBX 220.55 per share

- 2017-04: GBX 239.13 per share

- 2017-05: GBX 219.83 per share

- 2017-06: GBX 208.01 per share

- 2017-07: GBX 218.11 per share

- 2017-08: GBX 223.62 per share

- 2017-09: GBX 227.31 per share

- 2017-10: GBX 230.47 per share

- 2017-11: GBX 240.94 per share

- 2017-12: GBX 255.37 per share

- 2018-01: GBX 232.01 per share

- 2018-02: GBX 220.64 per share

- 2018-03: GBX 224.97 per share

- 2018-04: GBX 254.38 per share

- 2018-05: GBX 238.50 per share

- 2018-06: GBX 234.89 per share

- 2018-07: GBX 228.40 per share

- 2018-08: GBX 230.02 per share

- 2018-09: GBX 238.14 per share

- 2018-10: GBX 234.53 per share

- 2018-11: GBX 248.06 per share

- 2018-12: GBX 232.19 per share

- 2019-01: GBX 255.46 per share

- 2019-02: GBX 258.71 per share

- 2019-03: GBX 244.27 per share

- 2019-04: GBX 230.47 per share

- 2019-05: GBX 249.87 per share

- 2019-06: GBX 258.44 per share

- 2019-07: GBX 274.22 per share

- 2019-08: GBX 314.81 per share

- 2019-09: GBX 345.48 per share

- 2019-10: GBX 384.27 per share

- 2019-11: GBX 405.02 per share

- 2019-12: GBX 414.49 per share

- 2020-01: GBX 360.82 per share

- 2020-02: GBX 302.18 per share

- 2020-03: GBX 163.99 per share

- 2020-04: GBX 160.02 per share

- 2020-05: GBX 163.27 per share

- 2020-06: GBX 169.58 per share

- 2020-07: GBX 138.01 per share

- 2020-08: GBX 155.33 per share

- 2020-09: GBX 122.14 per share

- 2020-10: GBX 141.44 per share

- 2020-11: GBX 190.33 per share

- 2020-12: GBX 216.94 per share

- 2021-01: GBX 268.81 per share

- 2021-02: GBX 304.00 per share

- 2021-03: GBX 322.00 per share

- 2021-04: GBX 315.40 per share

- 2021-05: GBX 305.00 per share

- 2021-06: GBX 278.60 per share

- 2021-07: GBX 279.00 per share

- 2021-08: GBX 294.60 per share

- 2021-09: GBX 236.80 per share

- 2021-10: GBX 253.20 per share

- 2021-11: GBX 233.80 per share

- 2021-12: GBX 256.00 per share

- 2022-01: GBX 250.40 per share

- 2022-02: GBX 237.80 per share

- 2022-03: GBX 233.80 per share

- 2022-04: GBX 228.00 per share

- 2022-05: GBX 207.60 per share

- 2022-06: GBX 184.20 per share

- 2022-07: GBX 173.30 per share

- 2022-08: GBX 154.50 per share

- 2022-09: GBX 115.10 per share

- 2022-10: GBX 116.20 per share

- 2022-11: GBX 138.90 per share

- 2022-12: GBX 138.00 per share

- 2023-01: GBX 164.60 per share

- 2023-02: GBX 162.50 per share

- 2023-03: GBX 164.50 per share

- 2023-04: GBX 175.10 per share

- 2023-05: GBX 204.60 per share

- 2023-06: GBX 204.20 per share

- 2023-07: GBX 230.00 per share

- 2023-08: GBX 220.60 per share

- 2023-09: GBX 226.00 per share

- 2023-10: GBX 207.40 per share

- 2023-11: GBX 221.60 per share

- 2023-12: GBX 257.80 per share

- 2024-01: GBX 260.20 per share

- 2024-02: GBX 235.00 per share

- 2024-03: GBX 225.80 per share

- 2024-04: GBX 241.50 per share

- 2024-05: GBX 308.00 per share

- 2024-06: GBX 285.50 per share

- 2024-07: GBX 311.00 per share

- 2024-08: GBX 297.00 per share

- 2024-09: GBX 295.50 per share

- 2024-10: GBX 250.50 per share

- 2024-11: GBX 246.50 per share

- 2024-12: GBX 245.00 per share

- 2025-01: GBX 232.50 per share

- 2025-02: GBX 221.00 per share

- 2025-03: GBX 211.00 per share

- 2025-04: GBX 247.50 per share

- 2025-05: GBX 285.50 per share

- 2025-06: GBX 286.50 per share

- 2025-07: GBX 276.50 per share

- 2025-08: GBX 257.50 per share

- 2025-09: GBX 247.00 per share

- 2025-10: GBX 243.50 per share

- 2025-11: GBX 288.50 per share

- 2025-12: GBX 261.50 per share

- 2026-01: GBX 263.50 per share

- 2026-02: GBX 301.00 per share

- 2026-03: GBX 255.00 per share

- 2026-04: GBX 251.50 per share

- 2026-05: GBX 235.00 per share

- 2026-06: GBX 244.00 per share

- 2026-07: GBX 276.00 per share

- 2026-08: GBX 281.50 per share

- 2026-09: GBX 283.00 per share

- 2026-10: GBX 308.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 317.83 per share, central GBX 353.77 per share, high GBX 401.60 per share

- FY2017: low GBX 318.74 per share, central GBX 355.41 per share, high GBX 404.22 per share

- FY2018: low GBX 205.31 per share, central GBX 227.21 per share, high GBX 256.36 per share

- FY2019: low GBX 182.82 per share, central GBX 225.83 per share, high GBX 260.58 per share

- FY2020: low GBX 118.66 per share, central GBX 130.86 per share, high GBX 147.08 per share

- FY2021: low GBX 89.84 per share, central GBX 96.87 per share, high GBX 106.23 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800JHYNDNB1NS2W10/2025-09-27/ESEF/GB/0/213800JHYNDNB1NS2W10-2025-09-27/reports/213800JHYNDNB1NS2W10-2025-09-27-T01.xhtml); period 2025-09-27, filed 2026-01-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations