Revenue growth has normalized to 9.1% as of 2025Q2, while gross margins have faced structural pressure, declining from a peak of 32.6% in 2023Q1 to 25.7% in the most recent quarter.
| Sales/Revenue | 805.43M | 841.62M | 779.63M | 687.53M | 560.63M | 312.37M | 221.41M | 233.12M |
| Revenue Growth % | 9.65% | 7.95% | 13.4% | 22.64% | 79.47% | 41.08% | -5.02% | - |
| Cost of Goods Sold | 571.5M | 651.5M | 544.59M | 483.67M | 404.54M | 268.98M | 186.64M | 197.63M |
| COGS % of Revenue | - | 77.41% | 69.85% | 70.35% | 72.16% | 86.11% | 84.29% | 84.78% |
| Gross Profit | 233.93M | 190.13M | 235.04M | 203.87M | 156.09M | 43.39M | 34.77M | 35.49M |
| Gross Margin % | 29.04% | 22.59% | 30.15% | 29.65% | 27.84% | 13.89% | 15.71% | 15.22% |
| Gross Profit Growth % | - | -19.11% | 15.29% | 30.61% | 259.71% | 24.78% | -2.01% | - |
| Operating Expenses | 40.91M | 148.47M | 38.75M | 34.56M | 26.02M | 15.1M | 11.52M | 11.87M |
| OpEx % of Revenue | - | 17.64% | 4.97% | 5.03% | 4.64% | 4.84% | 5.2% | 5.09% |
| Selling, General & Admin | 40.91M | 148.47M | 38.75M | 34.56M | 26.02M | 15.1M | 11.52M | 11.87M |
| SG&A % of Revenue | - | 17.64% | 4.97% | 5.03% | 4.64% | 4.84% | 5.2% | 5.09% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 193.02M | 41.66M | 196.29M | 169.31M | 130.06M | 28.29M | 23.26M | 23.61M |
| Operating Margin % | 23.96% | 4.95% | 25.18% | 24.63% | 23.2% | 9.06% | 10.5% | 10.13% |
| Operating Income Growth % | - | -78.77% | 15.93% | 30.17% | 359.79% | 21.63% | -1.51% | - |
| EBITDA | 255.4M | 124.4M | 240.29M | 212.1M | 167.46M | 63.48M | 47.45M | 37.92M |
| EBITDA Margin % | 31.71% | 14.78% | 30.82% | 30.85% | 29.87% | 20.32% | 21.43% | 16.27% |
| EBITDA Growth % | 17.64% | -48.23% | 13.29% | 26.66% | 163.81% | 33.77% | 25.15% | - |
| D&A (Non-Cash Add-back) | 62.38M | 82.74M | 44M | 42.79M | 37.39M | 35.19M | 24.2M | 14.3M |
| EBIT | 45.59M | 61.02M | 55.96M | 36.57M | 8.06M | -78.31M | -52.6M | -27.14M |
| Net Interest Income | -13.04M | -11.46M | -15.47M | -17.16M | -19.86M | -23.42M | -16.82M | -10.9M |
| Interest Income | -2.86M | 0 | 5.07M | 1.85M | 1.06M | 1.5M | 888K | 811K |
| Interest Expense | 10.18M | 11.46M | 20.54M | 19.01M | 20.92M | 24.91M | 17.71M | 11.71M |
| Other Income/Expense | -125.73M | 7.9M | -163.04M | -136.2M | -162.29M | -177.88M | -75M | -55.86M |
| Pretax Income | 67.29M | 49.56M | 33.24M | 33.11M | -32.23M | -149.59M | -51.75M | -32.24M |
| Pretax Margin % | 8.35% | 5.89% | 4.26% | 4.82% | -5.75% | -47.89% | -23.37% | -13.83% |
| Income Tax | 12.97M | 13.18M | 11.84M | 7.85M | 9.03M | 1.16M | 2.01M | 774K |
| Effective Tax Rate % | 19.27% | 26.6% | 35.63% | 23.71% | -28.03% | -0.78% | -3.89% | -2.4% |
| Net Income | 54.74M | 36.47M | 21.8M | 25.65M | -41.25M | -150.75M | -53.76M | -33.02M |
| Net Margin % | 6.8% | 4.33% | 2.8% | 3.73% | -7.36% | -48.26% | -24.28% | -14.16% |
| Net Income Growth % | 212.26% | 67.27% | -15.02% | 162.19% | 72.64% | -180.42% | -62.82% | - |
| Net Income (Continuing) | 54.32M | 36.38M | 21.4M | 25.26M | -41.26M | -150.75M | -53.76M | -33.02M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.55M | 1.54M | 1.63M | 2.04M | 2.23M | 0 | 0 | 0 |
| EPS (Diluted) | 0.84 | 0.60 | 0.04 | 0.05 | -0.07 | -0.27 | -0.10 | -0.06 |
| EPS Growth % | 553.62% | 1487.3% | -17.83% | 162.16% | 72.59% | -180.08% | -62.84% | - |
| EPS (Basic) | - | 0.60 | 0.04 | 0.05 | -0.07 | -0.27 | -0.10 | -0.06 |
| Diluted Shares Outstanding | 65.03M | 60.72M | 576.73M | 557.4M | 557.4M | 557.4M | 557.4M | 557.4M |
| Basic Shares Outstanding | 65.03M | 60.72M | 576.73M | 557.41M | 557.41M | 557.4M | 557.4M | 557.4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Margin compression from labor costs
According to the provided quarterly income statement data, revenue growth has decelerated from a peak of 33.4% in 2023Q1 to 9.1% by 2025Q2, suggesting that the initial post-spin-off surge in top-line performance is moderating as the company matures into its independent operational footprint across international markets.
The transition from double-digit growth to single-digit expansion indicates that the company is moving past the easy gains associated with post-pandemic reopening. Investors should monitor whether this deceleration reflects a saturation of the core customer base or a strategic shift toward prioritizing unit-level profitability over aggressive geographic expansion.
As reported in the financial statements, gross margins have trended downward from a high of 32.6% in 2023Q1 to 25.7% in 2025Q2, highlighting the difficulty of maintaining premium pricing power while managing the rising costs of raw materials and the labor-intensive service model inherent to the brand.
The consistent contraction in gross margin suggests that the company is struggling to pass through inflationary pressures to its consumer base without sacrificing volume. This trend warrants further investigation into whether the brand's experiential value proposition is losing its pricing elasticity in a more competitive global dining environment.
Based on the reported figures, operating income has shown significant volatility, with operating margins fluctuating between 19.6% and 28.2% over the last ten quarters, indicating that the company has yet to achieve consistent operating leverage despite its scale and the high-touch nature of its service-oriented business model.
The lack of a clear upward trend in operating margins suggests that SG&A expenses are scaling in lockstep with revenue, preventing meaningful bottom-line expansion. This may imply that the company's 'master-apprentice' labor structure requires a high, fixed level of investment that limits the potential for significant margin improvement as the business grows.
Analysis of the income statement reveals that net income has been highly inconsistent, swinging from a $37.7 million profit in 2024Q3 to a $11.3 million loss in 2024Q4, which suggests that non-operating items or accounting adjustments may be significantly distorting the company's true underlying earnings power.
The frequent shifts between profitability and losses indicate that investors should look past headline EPS figures to understand the core operational health of the restaurant units. The absence of stock-based compensation is a positive sign for dilution, yet the erratic bottom-line performance suggests that the company's earnings quality remains vulnerable to external volatility.
Quick answers to the most common questions about buying HDL stock.
For fiscal year 2025, SUPER HI INTERNATIONAL HOLDING Ltd. American Depositary Shares (HDL) reported total revenue of $841.6M. This represents a 261.0% increase compared to $233.1M in 2019.
SUPER HI INTERNATIONAL HOLDING Ltd. American Depositary Shares (HDL) is profitable, generating $36.5M in net income for the fiscal year ending 2025 with a net profit margin of 4.3%.
SUPER HI INTERNATIONAL HOLDING Ltd. American Depositary Shares (HDL) reported an operating income of $41.7M, resulting in an operating profit margin of 5.0%. This margin reflects the operational efficiency of the business before interest and taxes.
SUPER HI INTERNATIONAL HOLDING Ltd. American Depositary Shares (HDL) generated $190.1M in gross profit for the year, representing a gross profit margin of 22.6%. This demonstrates the company's core pricing power and production efficiency.