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UK operator of pubs, bars and restaurants under brands such as Harvester, Toby Carvery and All Bar One.
UK operator of pubs, bars and restaurants under brands such as Harvester, Toby Carvery and All Bar One.
Runs its sites itself rather than leasing them to tenants, so it keeps the full takings from food and drink; staff, property and energy costs are the main expenses. Most of the estate is owned freehold and partly funded through long-dated securitised debt, borrowing secured on pub income.
In one line: A UK Darden Restaurants/Cracker Barrel peer for pub dining.
Moat: narrow (scale, brand, installed base). Large, well-located managed pub/restaurant estate with a recognizable multi-brand portfolio.
Headquarters: Birmingham, UK · Founded: 2003 · Employees: 50,191
Size Mitchells & Butlers (MAB.L) is a United Kingdom Consumer Discretionary company (Restaurants) with a market value of $2.56B, the 145th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £320.00 on 6 Nov 2026.
Performance Over six months the shares gained 24.5%, against +20.2% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 3.0% over the last twelve months (peer median +8.1%); the operating margin is 12.0% (peer median 5.7%).
Valuation It trades at 10.2× forward earnings against a peer median of 31.0× (2nd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.5 points below its cost of capital (10.5% WACC).
Next results Next results expected around 26 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.75B | £2.71B | £2.61B | £2.50B | £2.21B |
| Revenue growth | — | +4% | +4% | +13% | — |
| Gross profit | £330M | £871M | £866M | £821M | £764M |
| EBITDA | £469M | £465M | £442M | £358M | £372M |
| Net income | £184M | £177M | £149M | -£4.00M | £13.0M |
| Free cash flow | £179M | £199M | £234M | £94.0M | £121M |
| Capital expenditure | £206M | £181M | £154M | £157M | £122M |
| Total debt | n/a | £1.51B | £1.63B | £1.79B | £1.95B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mitchells & Butlers MAB.L | $2.56B | +25% | +3% | 12% | 10.2× | 4.7% |
| J D Wetherspoon JDW.L | $1.33B | +69% | +5% | 5% | 19.6× | 7.7% |
| Marston's MARS.L | $497M | +23% | -1% | 22% | 6.2× | -2.5% |
| Fuller, Smith & Turner P.L.C FSTA.L | $576M | +29% | +6% | 12% | 15.9× | 8.0% |
| Young & Co.'s Brewery, P.L.C YNGA.L | $822M | +52% | +5% | 14% | 15.4× | 9.0% |
| Whitbread WTB.L | $6.37B | +25% | +2% | 21% | 15.8× | 9.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MAB.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.3% | +10.1% | 11th highest of 21 |
| 6-month return | +24.5% | +20.2% | 10th highest of 21 |
| Distance from 52-week high | -3.5% | -12.6% | highest of 21 |
| Revenue growth (TTM) | +3.0% | +8.1% | 6th lowest of 21 |
| Operating margin | 12.0% | 5.7% | 5th highest of 21 |
| Forward P/E | 10.2× | 31.0× | 2nd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 4.7% | 12.1% | 7th least demanding of 19 |
| Growth delivered (Del g) | +12.9% | +18.0% | 7th lowest of 19 |
| Hurdle (Req g minus delivered) | -8.2 pp | -1.9 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | -4.5 pp | +0.5 pp | 5th lowest of 21 |
| EV / EBITDA | 6.5× | 12.9× | 2nd cheapest of 18 |
| Net debt / EBITDA | 2.5× | 3.1× | 9th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mitchells & Butlers MAB.L | United Kingdom | $2.56B | +25% | +3% | 12% | 10.2× | 4.7% | +12.9% |
| Saizeriya 7581.T | Japan | $2.52B | +60% | +17% | 5% | 26.9× | 4.6% | +19.0% |
| TORIDOLL 3397.T | Japan | $2.68B | +19% | +3% | 7% | 57.7× | 5.9% | +15.6% |
| create restaurants 3387.T | Japan | $2.34B | +14% | +3% | 5% | 65.7× | 17.8% | +17.3% |
| Shake Shack SHAK | United States | $3.08B | +2% | +17% | 5% | 55.7× | n/a | n/a |
| Jubilant Foodworks JUBLFOOD.NS | India | $3.20B | -5% | +16% | 10% | 61.4× | 28.6% | +23.5% |
| SSP SSPG.L | United Kingdom | $1.87B | +17% | +5% | 7% | 13.9× | 2.6% | +20.5% |
| Yoshinoya 9861.T | Japan | $1.84B | +42% | +10% | 4% | 45.5× | 11.2% | +5.8% |
| Guzman y Gomez GYG.AX | Australia | $1.82B | +55% | +19% | 17% | 51.0× | 32.7% | +34.2% |
| Devyani International DEVYANI.NS | India | $1.68B | +8% | +14% | 4% | 323.9× | 52.1% | +37.6% |
| Travel Food Services TRAVELFOOD.NS | India | $1.63B | -6% | -2% | 30% | 31.7× | 13.0% | +15.6% |
| Wendy's WEN | United States | $1.55B | +12% | -1% | 13% | 17.9× | 2.4% | +4.7% |
| Colowide 7616.T | Japan | $1.51B | +21% | +16% | 4% | n/a | 13.6% | +12.3% |
| Monogatari 3097.T | Japan | $1.50B | +43% | +22% | 8% | 25.4× | 2.0% | +18.8% |
| Domino's Pizza Enterprises DMP.AX | Australia | $1.48B | +48% | -11% | 5% | 16.9× | 17.9% | -1.4% |
| Wingstop WING | United States | $4.42B | +26% | +7% | 28% | 35.3× | 21.9% | +22.9% |
| Arcos Dorados ARCO | United States | $1.45B | -23% | +11% | 6% | 9.1× | -3.5% | +18.7% |
| Cracker Barrel Old Country Store CBRL | United States | $1.45B | +106% | -5% | 0% | 30.3× | 14.0% | +3.3% |
| Sweetgreen SG | United States | $1.43B | +72% | -1% | -18% | n/a | n/a | n/a |
| J D Wetherspoon JDW.L | United Kingdom | $1.33B | +69% | +5% | 5% | 19.6× | 7.7% | +23.7% |
| Guangzhou Restaurant 603043.SS | China | $1.31B | 0% | +9% | 11% | 17.3× | -3.5% | +10.4% |