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MASTERBEEF GROUP (MB) 10-Year Financial Performance & Capital Metrics

MB • • Industrial / General
Consumer CyclicalRestaurantsEthnic & Specialty CuisineAsian Cuisine
AboutMasterBeef Group is a full-service restaurant group based in Hong Kong, specializing in Taiwanese hotpot and Taiwanese barbecue. As of April 2025, the company operates 12 restaurant outlets under the “Master Beef” and “Anping Grill” brands. According to the Frost & Sullivan Report, in 2023, the Master Beef brand ranked first among specialty hotpot restaurant chain brands and Taiwanese hotpot restaurant chain brands in Hong Kong in terms of revenue, capturing approximately 9.7% market share in the overall Taiwanese cuisine market in Hong Kong.Show more
  • Revenue $504M +0.9%
  • EBITDA $73M -57.2%
  • Net Income $33M +996.4%
  • EPS (Diluted) 0.69 +991.8%
  • Gross Margin 34.03% -49.7%
  • EBITDA Margin 14.44% -57.6%
  • Operating Margin -1.15% -106.7%
  • Net Margin 6.53% +986.8%
  • ROE 55.46% +1039.5%
  • ROIC -4.45% -106.7%
  • Debt/Equity 6.60 +207.2%
  • Interest Coverage -0.57 -106.4%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 27.9%
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 37.8%
  • ✓Efficient asset utilization: 1.6x turnover

✗Weaknesses

  • ✗High debt to equity ratio of 6.6x
  • ✗Trading more than 30% below 52-week high
  • ✗Expensive at 12.0x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y37.82%
3Y40.26%
TTM33.77%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-144.08%

EPS CAGR

10Y-
5Y-
3Y-
TTM-144.52%

ROCE

10Y Avg2.83%
5Y Avg8.96%
3Y Avg23.09%
Latest-4.33%

Peer Comparison

Asian Cuisine
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Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
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TTM Growth
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Latest Quarter
Momentum & Returns
Total Return (DRIP)
Technical
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Sector-Specific
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GENKGEN Restaurant Group, Inc.12.94M2.4618.9215.12%-0.61%-3.5%3.69
MBMASTERBEEF GROUP123.52M7.2010.430.89%-16.91%-13.78%39%6.60
PCPremium Catering (Holdings) Limited19.48M9.40-15.41-0.96%-28.4%3.05%
KRUSKura Sushi USA, Inc.820.47M73.84-461.5018.88%-1.37%-1.75%0.74
HCHLHappy City Holdings Limited Class A Ordinary shares31.88M4.4222.81%15.91%219.23%1.55%8.19

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2022Dec 2023Dec 2024
Sales/Revenue+101.37M139.02M182.63M456.69M499.54M503.98M
Revenue Growth %-0.37%0.31%1.5%0.09%0.01%
Cost of Goods Sold+37.19M43.08M51.87M161.07M161.84M332.5M
COGS % of Revenue0.37%0.31%0.28%0.35%0.32%0.66%
Gross Profit+64.18M95.94M130.76M295.62M337.7M171.48M
Gross Margin %0.63%0.69%0.72%0.65%0.68%0.34%
Gross Profit Growth %-0.49%0.36%1.26%0.14%-0.49%
Operating Expenses+98.93M117.27M145.11M252.2M251.91M177.28M
OpEx % of Revenue0.98%0.84%0.79%0.55%0.5%0.35%
Selling, General & Admin29.53M30.5M37.47M172.49M161.57M55.13M
SG&A % of Revenue0.29%0.22%0.21%0.38%0.32%0.11%
Research & Development23.06M30.32M35.81M005.93M
R&D % of Revenue0.23%0.22%0.2%--0.01%
Other Operating Expenses46.34M56.46M71.83M79.71M90.34M116.22M
Operating Income+-34.74M-21.33M-14.35M43.42M85.79M-5.8M
Operating Margin %-0.34%-0.15%-0.08%0.1%0.17%-0.01%
Operating Income Growth %-0.39%0.33%4.03%0.98%-1.07%
EBITDA+-28.23M-13.58M-5.2M111.99M170.05M72.8M
EBITDA Margin %-0.28%-0.1%-0.03%0.25%0.34%0.14%
EBITDA Growth %-0.52%0.62%22.54%0.52%-0.57%
D&A (Non-Cash Add-back)6.52M7.75M9.15M68.57M84.26M78.6M
EBIT-34.89M0045.39M20.27M45.8M
Net Interest Income+000-7.57M-9.61M-9.51M
Interest Income00028.25K0682.41K
Interest Expense955K007.6M9.61M10.19M
Other Income/Expense-1.1M-1.33M-275K-5.63M-75.13M41.42M
Pretax Income+-35.84M-22.66M-14.63M37.79M10.66M35.61M
Pretax Margin %-0.35%-0.16%-0.08%0.08%0.02%0.07%
Income Tax+246K321K167K4.38M7.66M2.71M
Effective Tax Rate %1.01%1.01%1.01%0.88%0.28%0.92%
Net Income+-36.09M-22.98M-14.79M33.41M3M32.9M
Net Margin %-0.36%-0.17%-0.08%0.07%0.01%0.07%
Net Income Growth %-0.36%0.36%3.26%-0.91%9.96%
Net Income (Continuing)-36.09M-22.98M-14.79M33.41M3M32.9M
Discontinued Operations000000
Minority Interest000000
EPS (Diluted)+-1.37-0.48-0.310.700.060.69
EPS Growth %-0.65%0.35%3.26%-0.91%9.92%
EPS (Basic)-0.76-0.48-0.310.700.060.69
Diluted Shares Outstanding26.32M47.49M47.49M47.49M47.49M47.49M
Basic Shares Outstanding47.49M47.49M47.49M47.49M47.49M47.49M
Dividend Payout Ratio------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2022Dec 2023Dec 2024
Total Current Assets+103.13M98.69M248.55M244.52M291.16M176.39M
Cash & Short-Term Investments93.41M85.86M232.02M196.3M187.65M117.34M
Cash Only93.41M85.86M232.02M196.3M187.65M117.34M
Short-Term Investments000000
Accounts Receivable6.64M9.13M10.92M4.22M62.19M20.71M
Days Sales Outstanding23.9223.9721.823.3845.4415
Inventory00031.23M25.79M20.35M
Days Inventory Outstanding---70.7858.1722.34
Other Current Assets3.08M3.7M5.61M000
Total Non-Current Assets+38.28M44.82M52.77M211.34M164.93M131.93M
Property, Plant & Equipment31.75M33.1M32.87M191.44M149.87M112.06M
Fixed Asset Turnover3.19x4.20x5.56x2.39x3.33x4.50x
Goodwill5.4M9.04M11.58M000
Intangible Assets636K2.03M7.38M000
Long-Term Investments000000
Other Non-Current Assets498K650K934K14.49M10.89M10.9M
Total Assets+141.41M143.51M301.31M455.86M456.08M308.32M
Asset Turnover0.72x0.97x0.61x1.00x1.10x1.63x
Asset Growth %-0.01%1.1%0.51%0%-0.32%
Total Current Liabilities+16.35M20.74M28.69M305.08M283.64M212.72M
Accounts Payable4.43M4.83M7.45M17.78M16.2M16.66M
Days Payables Outstanding43.4440.952.4140.2936.5318.29
Short-Term Debt645K581K1.83M105.23M77.75M85.86M
Deferred Revenue (Current)1000K1000K1000K000
Other Current Liabilities7.91M10.47M13.1M700K730K2.52M
Current Ratio6.31x4.76x8.66x0.80x1.03x0.83x
Quick Ratio6.31x4.76x8.66x0.70x0.94x0.73x
Cash Conversion Cycle---33.8667.0819.05
Total Non-Current Liabilities+33.99M35.19M33.65M117.58M82.35M67.05M
Long-Term Debt15.96M15.45M14.93M48.84M38.71M28M
Capital Lease Obligations00064.64M39M36.27M
Deferred Tax Liabilities15.96M15.45M14.93M000
Other Non-Current Liabilities181K1.02M585K4.1M4.64M2.78M
Total Liabilities35.63M41.86M49.38M422.66M365.99M279.77M
Total Debt+16.61M16.03M16.76M262.17M193.45M188.28M
Net Debt-76.8M-69.83M-215.26M65.88M5.8M70.95M
Debt / Equity0.16x0.16x0.07x7.90x2.15x6.60x
Debt / EBITDA---2.34x1.14x2.59x
Net Debt / EBITDA---0.59x0.03x0.97x
Interest Coverage-36.38x--5.71x8.92x-0.57x
Total Equity+105.78M101.66M251.94M33.2M90.09M28.54M
Equity Growth %--0.04%1.48%-0.87%1.71%-0.68%
Book Value per Share4.022.145.300.701.900.60
Total Shareholders' Equity105.78M101.66M251.94M33.2M90.09M28.54M
Common Stock001K1064.36K58.5K
Retained Earnings-164.38M-187.36M-202.15M048.68M28.52M
Treasury Stock000000
Accumulated OCI-271K-300K-108K136.03K-4.55K-32.58K
Minority Interest000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2022Dec 2023Dec 2024
Cash from Operations+-18.57M-3.9M11.11M141.02M83.82M60.17M
Operating CF Margin %-0.18%-0.03%0.06%0.31%0.17%0.12%
Operating CF Growth %-0.79%3.85%11.69%-0.41%-0.28%
Net Income-36.09M-22.98M-14.79M37.79M-29.79M35.61M
Depreciation & Amortization6.52M7.75M9.15M68.57M84.26M78.6M
Stock-Based Compensation8.38M8.76M14.1M000
Deferred Taxes-83.66M00000
Other Non-Cash Items2.62M11.39M-139.25M3.89M34.1M-48.51M
Working Capital Changes83.66M-8.82M141.9M30.77M-4.75M-5.54M
Change in Receivables-3.84M-2.56M-1.74M396.95K-5.23M50.65M
Change in Inventory0-84.31M-78.18M2.14M5.15M4.77M
Change in Payables722K92K1.97M4.73M-1.58M972.85K
Cash from Investing+-12.21M-12.73M-10.51M-32.29M-44.45M-12.18M
Capital Expenditures-9.92M-8.59M-6.85M-32.51M-44.51M-11.99M
CapEx % of Revenue0.1%0.06%0.04%0.07%0.09%0.02%
Acquisitions------
Investments------
Other Investing705K0-1.96M216.87K61.24K0
Cash from Financing+89.52M9.17M145.3M22.96M-81.57M-76.83M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid-1.75M00000
Share Repurchases------
Other Financing91.27M9.17M145.3M-7.6M-11.45M-10.19M
Net Change in Cash------
Free Cash Flow+-28.49M-12.49M4.26M108.51M39.31M48.17M
FCF Margin %-0.28%-0.09%0.02%0.24%0.08%0.1%
FCF Growth %-0.56%1.34%24.47%-0.64%0.23%
FCF per Share-1.08-0.260.092.280.831.01
FCF Conversion (FCF/Net Income)0.51x0.17x-0.75x4.22x27.94x1.83x
Interest Paid000000
Taxes Paid000000

Key Ratios

Metric201520162017202220232024
Return on Equity (ROE)-34.12%-22.15%-8.37%23.43%4.87%55.46%
Return on Invested Capital (ROIC)-89.9%-52.62%-31.42%47.97%66%-4.45%
Gross Margin63.31%69.01%71.6%64.73%67.6%34.03%
Net Margin-35.6%-16.53%-8.1%7.32%0.6%6.53%
Debt / Equity0.16x0.16x0.07x7.90x2.15x6.60x
Interest Coverage-36.38x--5.71x8.92x-0.57x
FCF Conversion0.51x0.17x-0.75x4.22x27.94x1.83x
Revenue Growth-37.14%31.37%150.07%9.38%0.89%

Revenue by Segment

201520162017
Subscription And Services Revenue61.34M82.92M109.17M
Subscription And Services Revenue Growth-35.18%31.66%
Payments Revenue37.46M53.81M71.26M
Payments Revenue Growth-43.64%32.44%
Product And Other2.57M2.29M2.19M
Product And Other Growth--10.74%-4.58%

Revenue by Geography

201520162017
UNITED STATES-114.88M147.19M
UNITED STATES Growth--28.13%
Other Geographic Location16.55M24.14M35.43M
Other Geographic Location Growth-45.91%46.75%
U S84.82M--
U S Growth---

Frequently Asked Questions

Valuation & Price

MASTERBEEF GROUP (MB) has a price-to-earnings (P/E) ratio of 10.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

MASTERBEEF GROUP (MB) reported $228.9M in revenue for fiscal year 2024. This represents a 126% increase from $101.4M in 2015.

MASTERBEEF GROUP (MB) grew revenue by 0.9% over the past year. Growth has been modest.

MASTERBEEF GROUP (MB) reported a net loss of $38.7M for fiscal year 2024.

Dividend & Returns

MASTERBEEF GROUP (MB) has a return on equity (ROE) of 55.5%. This is excellent, indicating efficient use of shareholder capital.

MASTERBEEF GROUP (MB) had negative free cash flow of $8.9M in fiscal year 2024, likely due to heavy capital investments.

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