Latest Ratios: P/E Ratio 15.7x · EV/EBITDA 5.4x · ROE 11.1%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.8B | $5.8B | $7.4B | $6.4B | $3.4B | $3.1B | $5.7B | — | — |
| Enterprise Value | $3.4B | $10.1B | $4.2B | $1.2B | $-2231716539 | $-1545471218 | $-206676253 | — | — |
| P/E Ratio → | 15.74 | 4.99 | 2.84 | 18.21 | 1.90 | 4.97 | — | — | — |
| P/S Ratio | 0.88 | 0.28 | 0.44 | 0.42 | 0.29 | 0.31 | 0.63 | — | — |
| P/B Ratio | 1.70 | 0.54 | 0.72 | 0.69 | 0.38 | 0.45 | 0.86 | — | — |
| P/FCF | 11.16 | 3.50 | 5.30 | 3.83 | 2.26 | 18.28 | 7.80 | — | — |
| P/OCF | 7.03 | 2.20 | 3.43 | 2.91 | 2.02 | 2.24 | 6.26 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.48 | 0.25 | 0.08 | -0.19 | -0.15 | -0.02 | — | — |
| EV / EBITDA | 5.39 | 2.39 | 1.04 | 0.34 | -1.02 | -1.72 | -0.29 | — | — |
| EV / EBIT | 7.46 | 4.43 | 1.23 | 0.37 | -0.94 | -1.64 | — | — | — |
| EV / FCF | — | 6.11 | 3.01 | 0.73 | -1.50 | -8.98 | -0.28 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.0% | 45.0% | 44.9% | 42.5% | 38.7% | 30.4% | 26.8% | 30.4% | 26.7% |
| Operating Margin | 14.6% | 14.6% | 19.0% | 20.0% | 18.5% | 8.1% | 5.0% | 8.5% | 10.8% |
| Net Profit Margin | 5.6% | 5.6% | 15.4% | 16.4% | 15.4% | 6.3% | -15.6% | -2.9% | -3.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.1% | 11.1% | 26.8% | 27.6% | 22.2% | 9.3% | -44.7% | — | — |
| ROA | 5.0% | 5.0% | 16.1% | 17.9% | 14.3% | 5.8% | -17.1% | -4.7% | -5.6% |
| ROIC | 20.6% | 20.6% | 43.3% | 62.2% | 31.2% | 16.2% | 48.4% | — | — |
| ROCE | 18.7% | 18.7% | 28.7% | 31.0% | 24.9% | 11.1% | 9.3% | 34.0% | 51.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.06 | 1.06 | 0.30 | 0.14 | 0.10 | 0.09 | 0.12 | — | — |
| Debt / EBITDA | 2.70 | 2.70 | 0.76 | 0.35 | 0.41 | 0.73 | 1.14 | 0.98 | 0.42 |
| Net Debt / Equity | — | 0.40 | -0.31 | -0.56 | -0.63 | -0.67 | -0.89 | — | — |
| Net Debt / EBITDA | 1.02 | 1.02 | -0.79 | -1.43 | -2.57 | -5.21 | -8.25 | -1.77 | -0.86 |
| Debt / FCF | — | 2.61 | -2.29 | -3.10 | -3.75 | -27.26 | -8.08 | -2.38 | -1.13 |
| Interest Coverage | 5.44 | 5.44 | 266.48 | 465.57 | 68.40 | 28.15 | -41.88 | 3.58 | 12.46 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.66 | 1.66 | 2.04 | 2.34 | 2.55 | 2.13 | 2.64 | 1.51 | 1.39 |
| Quick Ratio | 1.23 | 1.23 | 1.55 | 1.90 | 2.18 | 1.82 | 2.20 | 1.08 | 0.99 |
| Cash Ratio | 0.84 | 0.84 | 1.17 | 1.50 | 1.87 | 0.23 | 1.97 | 0.86 | 0.59 |
| Asset Turnover | — | 0.73 | 0.94 | 1.05 | 0.85 | 0.89 | 0.85 | 1.54 | 1.80 |
| Inventory Turnover | 3.11 | 3.11 | 3.40 | 4.45 | 4.85 | 5.91 | 4.33 | 4.48 | 5.26 |
| Days Sales Outstanding | — | 50.39 | 40.73 | 10.21 | 30.28 | 29.27 | 14.01 | 24.41 | 28.82 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.2% | 22.8% | 16.7% | 28.9% | 11.0% | 9.7% | — | — | — |
| Payout Ratio | 112.7% | 112.7% | 47.5% | 74.0% | 21.0% | 48.0% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 20.1% | 35.2% | 5.5% | 52.6% | 20.1% | — | — | — |
| FCF Yield | 9.0% | 28.6% | 18.9% | 26.1% | 44.3% | 5.5% | 12.8% | — | — |
| Buyback Yield | 2.8% | 9.0% | 4.2% | 5.0% | 1.1% | 2.7% | 0.0% | — | — |
| Total Shareholder Yield | 10.1% | 31.8% | 20.9% | 34.0% | 12.1% | 12.5% | 0.0% | — | — |
| Shares Outstanding | — | $308M | $312M | $313M | $314M | $304M | $276M | $304M | $304M |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying MNSO stock.
MINISO Group Holding Limited's current P/E ratio is 15.7x. The historical average is 6.6x. This places it at the 80th percentile of its historical range.
MINISO Group Holding Limited's current EV/EBITDA is 5.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.3x.
MINISO Group Holding Limited's return on equity (ROE) is 11.1%. The historical average is 8.7%.
Based on historical data, MINISO Group Holding Limited is trading at a P/E of 15.7x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MINISO Group Holding Limited's current dividend yield is 7.23% with a payout ratio of 112.7%.
MINISO Group Holding Limited has 45.0% gross margin and 14.6% operating margin. Operating margin between 10-20% is typical for established companies.
MINISO Group Holding Limited's Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Geopolitical supply chain disruption
Market Pricing Reflects Growth Uncertainty
Based on current market data, MNSO trades at a P/E of 20.60, which appears to discount the company's historical growth trajectory compared to the premium multiples commanded by US-listed peers like Five Below, suggesting investors remain skeptical of the sustainability of its international expansion and IP-driven revenue model.
The valuation gap relative to peers suggests the market is applying a persistent 'China discount' despite the company's superior revenue growth rates. Investors should monitor whether the current P/E multiple reflects a realistic assessment of long-term earnings quality or an overreaction to geopolitical risks surrounding the firm's supply chain.
Capital Efficiency Facing Downward Pressure
As reported in recent financial statements, MNSO's ROIC has experienced a notable decline from 17.5% in 2023Q2 to 4.3% in 2025Q2, indicating that the company's recent capital deployment into store infrastructure and global expansion is currently failing to generate the same level of returns as its historical asset-light model.
The sharp contraction in ROIC warrants further investigation into whether the shift toward 'Super Store' formats is diluting overall capital efficiency. This trend suggests that the company's transition from a pure franchise-lite model to a more capital-intensive footprint may be pressuring its ability to compound returns effectively.
Working Capital Dynamics Show Friction
According to the latest quarterly data, the Cash Conversion Cycle has lengthened to 46 days in 2025Q2 from a negative 44 days in 2023Q2, revealing that the company is increasingly tying up liquidity in inventory and experiencing a deterioration in its ability to leverage supplier payment terms.
The reversal from a negative to a positive CCC suggests that the company's bargaining power with suppliers may be weakening or that inventory management has become less efficient. This shift appears to be a direct consequence of the company's aggressive global store expansion, which necessitates higher inventory levels and longer lead times.
Debt Burden Escalation Risks Stability
Based on reported figures, MNSO's debt-to-EBITDA ratio has surged to 14.10 in 2025Q2 from 1.21 in 2023Q2, indicating that the company's rapid accumulation of debt is significantly outpacing its operational earnings growth and potentially limiting its financial flexibility in a volatile retail environment.
The rapid rise in leverage suggests that the company is financing its growth through debt rather than internal cash generation, which may increase vulnerability to interest rate fluctuations. Investors should monitor the interest coverage ratio, which has tightened significantly, to assess the risk of potential refinancing challenges in the near term.
Misapplication of Asset-Light Retail Metrics
The most commonly misapplied metric for MNSO is the 'asset-light' label, which obscures the company's growing reliance on physical infrastructure and debt-funded expansion, as evidenced by the significant increase in net PPE and total liabilities reported in recent quarterly filings.
Analysts often rely on the historical franchise-lite narrative, which fails to account for the company's recent shift toward capital-intensive 'Super Stores' and the associated inventory risks. A more accurate assessment would involve adjusting for these hidden capital requirements rather than assuming the company maintains the same lean operational profile it held in previous years.