Cash flow Mitchells & Butlers plc

Equities

MAB

GB00B1FP6H53

Restaurants & Bars

Real-time Estimate Cboe Europe Other stock markets 08:51:12 17/03/2026 GMT			5-day change	1st Jan Change
266.75 ^GBX	-1.75%		-5.33%	+2.64%

02-13	CEO sells GBP6 million in shares back to Yu Group	AN
02-11	Mitchells & Butlers confirms new CFO will start in April	AN

c015e44d24.CbVSLlY2iNj2pkwqUH-WVK-HUrp4XJNV8ks0djaeBjI.Ou1qYiZ87uC11ihEH0nBN8jzZsISJfAknCp8PgaoYkhF1gF-D1jO4Mf8AQ

Published financial data: MITCHELLS & BUTLERS PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2021	2022	2023	2024	2025
Revenues	1.06B	2.21B	2.5B	2.61B	2.71B
Total Revenues	1.06B	2.21B	2.5B	2.61B	2.71B
Cost of Goods Sold, Total	1.09B	1.84B	2.14B	2.17B	2.25B
Gross Profit	-26M	372M	358M	442M	465M
Selling General & Admin Expenses, Total	3M	2M	3M	2M	-7M
Depreciation & Amortization - (IS)	139M	133M	133M	130M	135M
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	142M	135M	136M	132M	128M
Operating Income	-168M	237M	222M	310M	337M
Interest Expense, Total	-122M	-115M	-116M	-109M	-100M
Interest And Investment Income	2M	1M	8M	10M	9M
Net Interest Expenses	-120M	-114M	-108M	-99M	-91M
Income (Loss) On Equity Invest.	1M	1M	1M	-	-
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	-287M	124M	115M	211M	246M
Impairment of Goodwill	-	-	-1M	-	-1M
Gain (Loss) On Sale Of Assets	1M	1M	3M	2M	1M
Asset Writedown	38M	-117M	-130M	-14M	-2M
Legal Settlements	-	-	-	-	-3M
Other Unusual Items	206M	-	-	-	-3M
EBT, Incl. Unusual Items	-42M	8M	-13M	199M	238M
Income Tax Expense	23M	-5M	-9M	50M	61M
Earnings From Continuing Operations	-65M	13M	-4M	149M	177M
Net Income to Company	-65M	13M	-4M	149M	177M
Net Income - (IS)	-65M	13M	-4M	149M	177M
Net Income to Common Incl Extra Items	-65M	13M	-4M	149M	177M
Net Income to Common Excl. Extra Items	-65M	13M	-4M	149M	177M
Per Share Items
Net EPS - Basic	-0.11	0.02	-0.01	0.25	0.3
Basic EPS - Continuing Operations	-0.11	0.02	-0.01	0.25	0.3
Basic Weighted Average Shares Outstanding	566M	595M	595M	595M	595M
Net EPS - Diluted	-0.12	0.02	-0.01	0.25	0.3
Diluted EPS - Continuing Operations	-0.12	0.02	-0.01	0.25	0.3
Diluted Weighted Average Shares Outstanding	567M	596M	595M	600M	601M
Normalized Basic EPS	-0.32	0.13	0.12	0.22	0.26
Normalized Diluted EPS	-0.32	0.13	0.12	0.22	0.26
Dividend Per Share	-	-	-	-	-
Payout Ratio	-	-	-	-	-
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	-70M	330M	315M	402M	434M
EBITA	-168M	237M	222M	310M	338M
EBIT	-168M	237M	222M	310M	337M
EBITDAR	-61M	351M	338M	425M	458M
Effective Tax Rate - (Ratio)	-54.76	-62.5	69.23	25.13	25.63
Current Domestic Taxes	-2M	-	-	-	-
Total Current Taxes	-2M	2M	5M	16M	22M
Total Deferred Taxes	25M	-7M	-14M	34M	39M
Normalized Net Income	-179M	77.5M	71.88M	132M	154M
Interest on Long-Term Debt	115M	110M	105M	96M	89M
Non-Cash Pension Expense	11M	6M	8M	7M	0
Supplemental Operating Expense Items
Net Rental Expense, Total	9M	21M	23M	23M	24M
Imputed Operating Lease Interest Expense	3.59M	9.1M	11.31M	11.59M	12.06M
Imputed Operating Lease Depreciation	5.41M	11.9M	11.69M	11.41M	11.94M
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	3M	4M	5M	7M	9M
Total Stock-Based Compensation	3M	4M	5M	7M	9M

Fiscal Period: September	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	252M	207M	126M	176M	216M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	252M	207M	126M	176M	216M
Accounts Receivable, Total	10M	14M	18M	14M	16M
Other Receivables	15M	17M	16M	16M	15M
Total Receivables	25M	31M	34M	30M	31M
Inventory	19M	23M	25M	27M	26M
Prepaid Expenses	7M	11M	32M	27M	23M
Other Current Assets, Total	20M	54M	60M	42M	28M
Total Current Assets	323M	326M	277M	302M	324M
Gross Property Plant And Equipment	5.58B	5.33B	5.24B	5.58B	5.75B
Accumulated Depreciation	-758M	-795M	-830M	-851M	-871M
Net Property Plant And Equipment	4.82B	4.53B	4.41B	4.73B	4.88B
Long-term Investments	5M	6M	-	-	-
Goodwill	2M	2M	2M	7M	6M
Other Intangibles, Total	11M	12M	15M	13M	22M
Accounts Receivable Long-Term	14M	12M	11M	11M	10M
Deferred Tax Assets Long-Term	4M	4M	4M	3M	2M
Other Long-Term Assets, Total	29M	56M	80M	183M	147M
Total Assets	5.21B	4.95B	4.8B	5.24B	5.39B
Liabilities
Accounts Payable, Total	80M	106M	100M	114M	111M
Accrued Expenses, Total	261M	280M	283M	286M	265M
Short-term Borrowings	24M	17M	21M	13M	37M
Current Portion of Long-Term Debt	147M	113M	123M	132M	141M
Current Portion of Leases	50M	53M	33M	33M	42M
Current Income Taxes Payable	2M	-	2M	1M	-
Unearned Revenue Current, Total	22M	23M	29M	34M	39M
Other Current Liabilities	21M	41M	80M	49M	59M
Total Current Liabilities	607M	633M	671M	662M	694M
Long-Term Debt	1.59B	1.36B	1.19B	1.07B	911M
Long-Term Leases	463M	428M	430M	414M	392M
Pension & Other Post Retirement Benefits	92M	22M	21M	24M	21M
Deferred Tax Liability Non Current	346M	354M	348M	491M	546M
Other Non Current Liabilities	9M	9M	9M	20M	13M
Total Liabilities	3.1B	2.81B	2.67B	2.68B	2.58B
Common Stock, Total	51M	51M	51M	51M	51M
Additional Paid In Capital	356M	357M	357M	357M	358M
Retained Earnings	690M	733M	763M	1.03B	1.2B
Treasury Stock	-3M	-5M	-5M	-9M	-10M
Comprehensive Income and Other	1.01B	1.01B	964M	1.14B	1.22B
Total Common Equity	2.1B	2.14B	2.13B	2.57B	2.82B
Total Equity	2.1B	2.14B	2.13B	2.57B	2.82B
Total Liabilities And Equity	5.21B	4.95B	4.8B	5.24B	5.39B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	594M	594M	594M	593M	593M
ECS Total Common Shares Outstanding	594M	594M	594M	593M	593M
Book Value / Share	3.54	3.61	3.59	4.33	4.75
Tangible Book Value	2.09B	2.13B	2.11B	2.55B	2.79B
Tangible Book Value Per Share	3.52	3.59	3.56	4.3	4.7
Total Debt	2.27B	1.97B	1.8B	1.66B	1.52B
Net Debt	2.02B	1.77B	1.67B	1.48B	1.31B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-370M	-257M	-121M	-139M	-110M
Debt Equivalent Oper. Leases	72M	168M	184M	184M	192M
Equity Method Investments, Total	5M	6M	-	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Work In Process, Total	-	-	-	-	-
Inventories - Finished Goods, Total	19M	23M	25M	27M	26M
Land - (BS)	4.08B	3.83B	3.7B	4B	4.12B
Machinery, Total	943M	923M	942M	961M	1B
Full Time Employees	43.35K	46.84K	50.26K	50K	50K
Accumulated Allowance for Doubtful Accounts (Supple)	4M	3M	3M	2M	2M

Fiscal Period: September	2021	2022	2023	2024	2025
Net Income	-65M	13M	-4M	149M	177M
Depreciation & Amortization - CF	135M	129M	129M	126M	132M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	1M
Depreciation & Amortization, Total	135M	129M	129M	126M	133M
Amortization of Deferred Charges, Total - (CF)	4M	4M	4M	4M	2M
(Gain) Loss From Sale Of Asset	1M	-1M	-1M	-2M	-1M
(Gain) Loss on Sale of Investments - (CF)	-	-	-5M	-	-
Asset Writedown & Restructuring Costs	-38M	117M	131M	14M	3M
Provision for Credit Losses	2M	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-1M	-1M	-1M	-	-
Stock-Based Compensation (CF)	3M	4M	5M	7M	9M
Other Operating Activities, Total	29M	-2M	-1M	39M	49M
Change In Accounts Receivable	-7M	-19M	-42M	44M	16M
Change In Inventories	3M	-3M	-2M	-1M	1M
Change In Accounts Payable	10M	42M	44M	8M	-17M
Change in Other Net Operating Assets	-51M	-45M	-9M	-2M	-4M
Cash from Operations	25M	238M	248M	386M	368M
Capital Expenditure	-29M	-117M	-154M	-152M	-169M
Sale of Property, Plant, and Equipment	1M	1M	3M	1M	1M
Cash Acquisitions	-	-	-12M	-2M	-
Sale (Purchase) of Intangible assets	-4M	-5M	-3M	-2M	-12M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	3M	1M	1M	1M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-32M	-118M	-165M	-154M	-179M
Short Term Debt Issued, Total	-	-	-	2M	-
Total Debt Issued	-	-	-	2M	-
Short Term Debt Repaid, Total	-119M	-	-	-	-
Long-Term Debt Repaid, Total	-148M	-163M	-174M	-170M	-173M
Total Debt Repaid	-267M	-163M	-174M	-170M	-173M
Issuance of Common Stock	351M	1M	-	-	1M
Repurchase of Common Stock	-1M	-2M	-	-7M	-5M
Common Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Other Financing Activities, Total	-6M	5M	5M	5M	4M
Cash from Financing	77M	-159M	-169M	-170M	-173M
Foreign Exchange Rate Adjustments	-1M	2M	-1M	-1M	1M
Net Change in Cash	69M	-37M	-87M	61M	17M
Supplemental Items
Cash Interest Paid	127M	117M	122M	118M	99M
Cash Income Tax Paid (Refund)	-1M	2M	3M	18M	24M
Levered Free Cash Flow	-56.25M	107M	59.25M	124M	119M
Unlevered Free Cash Flow	20M	179M	132M	192M	182M
Change In Net Working Capital	-16M	-16M	-12M	-15M	-8M
Net Debt Issued / Repaid	-267M	-163M	-174M	-168M	-173M

Fiscal Period: September	2021	2022	2023	2024	2025
Profitability
Return on Assets	-2.04	2.92	2.85	3.86	3.96
Return on Total Capital	-2.42	3.49	3.45	4.75	4.92
Return On Equity %	-3.44	0.61	-0.19	6.35	6.58
Return on Common Equity	-3.44	0.61	-0.19	6.35	6.58
Margin Analysis
Gross Profit Margin %	-2.44	16.85	14.3	16.93	17.15
SG&A Margin	0.28	0.09	0.12	0.08	-0.26
EBITDA Margin %	-6.57	14.95	12.58	15.4	16.01
EBITA Margin %	-15.77	10.73	8.87	11.88	12.47
EBIT Margin %	-15.77	10.73	8.87	11.88	12.43
Income From Continuing Operations Margin %	-6.1	0.59	-0.16	5.71	6.53
Net Income Margin %	-6.1	0.59	-0.16	5.71	6.53
Net Avail. For Common Margin %	-6.1	0.59	-0.16	5.71	6.53
Normalized Net Income Margin	-16.84	3.51	2.87	5.05	5.67
Levered Free Cash Flow Margin	-5.28	4.86	2.37	4.74	4.39
Unlevered Free Cash Flow Margin	1.88	8.11	5.26	7.35	6.7
Asset Turnover
Asset Turnover	0.21	0.43	0.51	0.52	0.51
Fixed Assets Turnover	0.22	0.47	0.56	0.57	0.56
Receivables Turnover (Average Receivables)	125.29	184	156.44	163.12	180.73
Inventory Turnover (Average Inventory)	53.22	87.43	89.38	83.38	84.75
Short Term Liquidity
Current Ratio	0.53	0.52	0.41	0.46	0.47
Quick Ratio	0.46	0.38	0.24	0.31	0.36
Operating Cash Flow to Current Liabilities	0.04	0.38	0.37	0.58	0.53
Days Sales Outstanding (Average Receivables)	2.91	1.98	2.37	2.23	2.01
Days Outstanding Inventory (Average Inventory)	6.84	4.16	4.15	4.37	4.29
Average Days Payable Outstanding	24.92	18.4	17.8	17.95	18.24
Cash Conversion Cycle (Average Days)	-15.18	-12.26	-11.28	-11.35	-11.93
Long Term Solvency
Total Debt/Equity	107.98	92.07	84.51	64.69	54.08
Total Debt / Total Capital	51.92	47.93	45.8	39.28	35.1
LT Debt/Equity	97.48	83.53	76.2	57.76	46.27
Long-Term Debt / Total Capital	46.87	43.49	41.3	35.07	30.03
Total Liabilities / Total Assets	59.61	56.72	55.64	51.08	47.78
EBIT / Interest Expense	-1.38	2.06	1.91	2.84	3.37
EBITDA / Interest Expense	-0.27	3.18	3.03	4	4.7
(EBITDA - Capex) / Interest Expense	-0.51	2.17	1.7	2.61	3.01
Total Debt / EBITDA	-68.85	5.39	5.13	3.81	3.24
Net Debt / EBITDA	-61.21	4.83	4.77	3.4	2.78
Total Debt / (EBITDA - Capex)	-36.65	7.92	9.14	5.85	5.06
Net Debt / (EBITDA - Capex)	-32.58	7.09	8.5	5.23	4.34
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-27.8	107.32	13.36	4.27	3.87
Gross Profit, 1 Yr. Growth %	-125.49	-1.53K	-3.76	23.46	5.2
EBITDA, 1 Yr. Growth %	-229.63	-571.43	-4.55	27.62	7.96
EBITA, 1 Yr. Growth %	200	-241.07	-6.33	39.64	9.03
EBIT, 1 Yr. Growth %	200	-241.07	-6.33	39.64	8.71
Earnings From Cont. Operations, 1 Yr. Growth %	-41.96	-120	-130.77	-3.82K	18.79
Net Income, 1 Yr. Growth %	-41.96	-120	-130.77	-3.82K	18.79
Normalized Net Income, 1 Yr. Growth %	55.98	-143.21	-7.26	83.48	16.59
Diluted EPS Before Extra, 1 Yr. Growth %	-56.05	-119	-132.04	-3.64K	18.95
Accounts Receivable, 1 Yr. Growth %	42.86	40	28.57	-22.22	14.29
Inventory, 1 Yr. Growth %	-13.64	21.05	8.7	8	-3.7
Net Property, Plant and Equip., 1 Yr. Growth %	2.42	-5.97	-2.65	7.09	3.3
Total Assets, 1 Yr. Growth %	1.96	-4.95	-3.01	9.23	2.82
Tangible Book Value, 1 Yr. Growth %	25.74	1.82	-0.75	20.49	9.51
Common Equity, 1 Yr. Growth %	25.46	1.85	-0.61	20.47	9.74
Cash From Operations, 1 Yr. Growth %	-80.32	852	4.2	55.65	-4.66
Capital Expenditures, 1 Yr. Growth %	-72.12	303.45	31.62	-1.3	11.18
Levered Free Cash Flow, 1 Yr. Growth %	-13.46	-290.67	-44.76	108.65	-3.64
Unlevered Free Cash Flow, 1 Yr. Growth %	33.33	795.62	-26.45	45.54	-5.28
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-31	22.35	53.3	8.72	4.07
Gross Profit, 2 Yr. CAGR %	-75.58	90.97	271.07	9	13.97
EBITDA, 2 Yr. CAGR %	-59.46	147.21	112.13	10.37	17.38
EBITA, 2 Yr. CAGR %	-26.38	105.72	14.95	14.37	23.39
EBIT, 2 Yr. CAGR %	-26.38	105.72	14.95	14.37	23.21
Earnings From Cont. Operations, 2 Yr. CAGR %	-32.58	-65.93	-75.19	238.55	565.21
Net Income, 2 Yr. CAGR %	-32.58	-65.93	-75.19	238.55	565.21
Normalized Net Income, 2 Yr. CAGR %	20.7	-17.91	-36.7	30.45	46.26
Diluted EPS Before Extra, 2 Yr. CAGR %	-41.23	-71.11	-75.33	236.91	549.18
Accounts Receivable, 2 Yr. CAGR %	19.52	41.42	34.16	0	-5.72
Inventory, 2 Yr. CAGR %	-14.52	2.25	14.71	8.35	1.98
Net Property, Plant and Equip., 2 Yr. CAGR %	3.18	-1.87	-4.32	2.11	5.18
Total Assets, 2 Yr. CAGR %	3.19	-1.56	-3.99	2.93	5.98
Tangible Book Value, 2 Yr. CAGR %	4.01	13.15	0.52	9.36	14.87
Common Equity, 2 Yr. CAGR %	3.95	13.04	0.62	9.43	14.98
Cash From Operations, 2 Yr. CAGR %	-69.34	36.89	214.96	27.35	21.81
Capital Expenditures, 2 Yr. CAGR %	-55.58	6.07	130.44	13.98	4.76
Levered Free Cash Flow, 2 Yr. CAGR %	-30.4	28.45	2.63	7.36	41.79
Unlevered Free Cash Flow, 2 Yr. CAGR %	-67.27	245.57	156.66	3.46	17.41
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-20.9	-0.43	19.28	34.82	7.08
Gross Profit, 3 Yr. CAGR %	-60.5	-5.15	51.97	157.13	7.72
EBITDA, 3 Yr. CAGR %	-44.61	-8.16	80.01	79.08	9.56
EBITA, 3 Yr. CAGR %	-17.2	-8.56	58.27	22.65	12.56
EBIT, 3 Yr. CAGR %	-17.2	-8.56	58.27	22.65	12.45
Earnings From Cont. Operations, 3 Yr. CAGR %	-14.5	-55.04	-67.07	31.85	138.79
Net Income, 3 Yr. CAGR %	-14.5	-55.04	-67.07	31.85	138.79
Normalized Net Income, 3 Yr. CAGR %	17.26	-14.3	-14.5	-9.75	25.65
Diluted EPS Before Extra, 3 Yr. CAGR %	-22.18	-59.67	-70.09	29.2	138.12
Accounts Receivable, 3 Yr. CAGR %	12.62	25.99	37	11.87	4.55
Inventory, 3 Yr. CAGR %	-9.93	-4	4.35	12.43	4.17
Net Property, Plant and Equip., 3 Yr. CAGR %	2.89	0.04	-2.13	-0.66	2.5
Total Assets, 3 Yr. CAGR %	2.21	0.4	-2.04	0.23	2.89
Tangible Book Value, 3 Yr. CAGR %	5.95	3.27	8.31	6.78	9.41
Common Equity, 3 Yr. CAGR %	5.95	3.25	8.3	6.84	9.53
Cash From Operations, 3 Yr. CAGR %	-52.95	-3.64	24.99	149.01	15.64
Capital Expenditures, 3 Yr. CAGR %	-44.21	-7.33	13.98	73.71	13.04
Levered Free Cash Flow, 3 Yr. CAGR %	-6.7	-2.62	-3.04	30.02	3.56
Unlevered Free Cash Flow, 3 Yr. CAGR %	-48.09	-1.38	106.33	112.44	0.46
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-12.58	0.26	3.07	3.13	12.95
Gross Profit, 5 Yr. CAGR %	-42.97	-1.14	-3.24	0.27	35.45
EBITDA, 5 Yr. CAGR %	-30.02	-3.04	-5.23	-1.15	51.71
EBITA, 5 Yr. CAGR %	-11.3	-2.72	-5.59	0	43.27
EBIT, 5 Yr. CAGR %	-11.3	-2.72	-5.59	0	43.18
Earnings From Cont. Operations, 5 Yr. CAGR %	-6.09	-27.07	-47.88	0.83	9.58
Net Income, 5 Yr. CAGR %	-6.09	-27.07	-47.88	0.83	9.58
Normalized Net Income, 5 Yr. CAGR %	9.66	-3.48	-8.37	1.38	5.98
Diluted EPS Before Extra, 5 Yr. CAGR %	-11.8	-31.98	-50.85	-5.72	2.43
Accounts Receivable, 5 Yr. CAGR %	20.11	22.87	20.79	14.87	17.98
Inventory, 5 Yr. CAGR %	-5.34	-0.85	-0.78	0.76	3.4
Net Property, Plant and Equip., 5 Yr. CAGR %	1.74	0.47	-0.06	0.86	0.73
Total Assets, 5 Yr. CAGR %	0.96	0.05	-0.31	1.4	1.09
Tangible Book Value, 5 Yr. CAGR %	8.37	5.67	3.75	5.66	10.89
Common Equity, 5 Yr. CAGR %	8.36	5.68	3.78	5.68	10.92
Cash From Operations, 5 Yr. CAGR %	-35.39	1.04	0.66	7.73	23.71
Capital Expenditures, 5 Yr. CAGR %	-29.46	-6.76	-1.61	0.67	10.2
Levered Free Cash Flow, 5 Yr. CAGR %	4.33	49.21	-3.07	1.26	12.88
Unlevered Free Cash Flow, 5 Yr. CAGR %	-30.6	14.25	-1.63	0.53	64.67