MB

MKT CAP:$106M

MasterBeef Group

Market Cap

$106M

Consumer Cyclical·Restaurants·🇭🇰 Hong Kong·NASDAQ

Consumer Cyc.·Restaurants·🇭🇰·NASDAQ

Stock Price

$5.86-$1.69 (-22.38%)

Apr 21, 2026

Company Details

MasterBeef 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....

CEO

Ka Chun Lam

IPO Date

Apr 10, 2025

Website

masterbeef.hk

Key Metrics TTM

Revenue

$229M

+33.8% YoY

Net Income

-$39M

EPS (Diluted)

-$0.82

Free Cash Flow

-$9M

Revenue / Share

$4.82

Gross Margin

69.8%

Operating Margin

-16.5%

Net Margin

-16.9%

FCF Margin

-3.9%

P/S

0.5x

P/E

—

Earnings Reports

Q3 2018

Nov 8, 2018

$64M+36.8%EPS -$0.36

Q2 2018

Aug 8, 2018

$62M+39.7%EPS -$0.36

Q1 2018

May 10, 2018

$54M+27.5%EPS -$0.04

FY 2017

Mar 1, 2018

$183M+31.4%EPS -$0.31

Q4 2017

Mar 1, 2018

$50M+30.1%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 15	$26M	$16M	-$9M
Q4 15	$28M	$18M	-$9M
Q1 16	$32M	$22M	-$6M
Q2 16	$34M	$23M	-$6M
Q3 16	$35M	$24M	-$5M
Q4 16	$38M	$27M	-$4M
Q1 17	$42M	$30M	-$3M
Q2 17	$44M	$31M	-$4M
Q3 17	$47M	$33M	-$4M
Q4 17	$50M	$36M	-$3M
Q1 18	$54M	$38M	-$4M
Q2 18	$62M	$42M	-$16M
Q3 18	$64M	$44M	-$15M

Valuation

Quarter	P/S	P/E
Q3 15	—	—
Q4 15	—	—
Q1 16	—	—
Q2 16	1.8x	—
Q3 16	1.7x	—
Q4 16	1.5x	—
Q1 17	1.4x	—
Q2 17	1.3x	—
Q3 17	1.3x	—
Q4 17	1.2x	—
Q1 18	1.1x	—
Q2 18	1.0x	—
Q3 18	0.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 15	-$4M	-$12M
Q4 15	-$5M	-$7M
Q1 16	-$3M	-$4M
Q2 16	-$1M	-$4M
Q3 16	-$408.0K	-$3M
Q4 16	$228.0K	-$2M
Q1 17	$1M	-$373.0K
Q2 17	$3M	$596.0K
Q3 17	$1M	-$491.0K
Q4 17	$6M	$5M
Q1 18	$55.0K	-$2M
Q2 18	-$5M	-$7M
Q3 18	-$2M	-$4M

Capital Expenditures

Quarter	CapEx
Q3 15	$8M
Q4 15	$2M
Q1 16	$1M
Q2 16	$3M
Q3 16	$3M
Q4 16	$2M
Q1 17	$1M
Q2 17	$3M
Q3 17	$2M
Q4 17	$1M
Q1 18	$2M
Q2 18	$2M
Q3 18	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 16	+35.2%	+15.3%
Q4 16	+35.1%	+11.4%
Q1 17	+31.9%	+19.8%
Q2 17	+31.4%	+21.6%
Q3 17	+32.2%	+23.9%
Q4 17	+30.1%	+25.8%
Q1 18	+27.5%	+26.9%
Q2 18	+39.7%	+61.3%
Q3 18	+36.8%	+55.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 15	$2M	8.8%
Q4 15	$3M	11.1%
Q1 16	$2M	6.0%
Q2 16	$2M	7.1%
Q3 16	$2M	6.6%
Q4 16	$2M	5.6%
Q1 17	$2M	5.9%
Q2 17	$4M	8.0%
Q3 17	$4M	8.4%
Q4 17	$4M	8.4%
Q1 18	$5M	8.9%
Q2 18	$7M	12.0%
Q3 18	$8M	12.0%

OpEx Breakdown

Quarter	R&D	S&M
Q3 15	$6M	$12M
Q4 15	$7M	$12M
Q1 16	$7M	$13M
Q2 16	$8M	$14M
Q3 16	$8M	$15M
Q4 16	$8M	$15M
Q1 17	$9M	$16M
Q2 17	$9M	$17M
Q3 17	$9M	$19M
Q4 17	$9M	$20M
Q1 18	$12M	$18M
Q2 18	$18M	$25M
Q3 18	$19M	$26M

Revenue Segments

Quarter	Payments Revenue	Product And Other	Subscription And Services Revenue
Q3 15	$10M	$577.0K	$16M
Q4 15	$11M	$652.0K	$17M
Q1 16	$12M	$598.0K	$19M
Q2 16	$13M	$545.0K	$20M
Q3 16	$13M	$593.0K	$21M
Q4 16	$15M	$558.0K	$22M
Q1 17	$17M	$511.0K	$25M
Q2 17	$18M	$496.0K	$26M
Q3 17	$18M	$543.0K	$28M
Q4 17	$19M	$639.0K	$30M

Revenue by Geography

Quarter	Other Geographic Location	U S	United States	Non-US
Q3 15	$4M	$22M	—	—
Q4 15	$5M	$24M	—	—
Q1 16	$5M	—	$27M	—
Q2 16	$6M	—	$28M	—
Q3 16	$6M	—	$29M	—
Q4 16	$7M	—	$31M	—
Q1 17	$8M	—	$34M	—
Q2 17	$9M	—	$36M	—
Q3 17	$9M	—	$37M	—
Q4 17	$10M	—	$40M	—
Q2 18	—	—	$50M	$11M
Q3 18	—	—	$52M	$12M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 15	$93M	$0	$93M
Q1 16	$91M	$0	$91M
Q2 16	$88M	$0	$88M
Q3 16	$86M	$0	$86M
Q4 16	$86M	$0	$86M
Q1 17	$88M	$0	$88M
Q2 17	$224M	$0	$224M
Q3 17	$225M	$0	$225M
Q4 17	$232M	$0	$232M
Q1 18	$218M	$0	$218M
Q2 18	$326M	$0	$326M
Q3 18	$154M	$171M	$325M
Q4 23	$24M	$0	$24M
Q2 24	$16M	$0	$16M
Q4 24	$15M	$0	$15M
Q2 25	$22M	$0	$22M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 15	22M	—	—
Q4 15	26M	+19.8%	—
Q1 16	47M	+80.4%	—
Q2 16	47M	0.0%	—
Q3 16	47M	0.0%	+116.1%
Q4 16	47M	0.0%	+80.4%
Q1 17	47M	0.0%	0.0%
Q2 17	47M	0.0%	0.0%
Q3 17	47M	0.0%	0.0%
Q4 17	47M	0.0%	0.0%
Q1 18	47M	0.0%	0.0%
Q2 18	47M	0.0%	0.0%
Q3 18	47M	0.0%	0.0%

Shares Outstanding