MasterBeef Group (MB) Balance Sheet

NASDAQ: MBAssets, liabilities, debt and equity over 8 years.

MB balance sheet, 2025

December 31, 2025 · Hong Kong dollars

HK$304.0M assets = HK$256.6M liabilities + HK$47.4M equity

Both columns are drawn to the same scale: what MB owns equals what it owes plus shareholders’ equity. Hover a block for its value.

MB financial health

Current ratio1.55

Comfortable · current assets cover current liabilities 1.55×

Debt / equity4.45

High leverage · HK$4.45 of debt for each $1 of equity

Equity / assets15.6%

Thin equity · of assets funded by shareholders

Cash / debt70.0%

Partial cover · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

MB balance sheet trends, 2015–2025

MasterBeef Group balance sheet trends
Metric	Then	Latest	Change
Total assets	HK$1.10B2015	HK$304.0M2025	−16.7%/yr
Total liabilities	HK$276.1M2015	HK$256.6M2025	−1.0%/yr
Shareholders’ equity	HK$819.8M2015	HK$47.4M2025	−33.4%/yr
Cash & short-term investments	HK$723.9M2015	HK$147.7M2025	−20.3%/yr
Total debt	HK$128.7M2015	HK$211.2M2025	+7.3%/yr
Net cash (debt)	HK$595.2M2015	−HK$63.4M2025	−HK$658.6M
Working capital	HK$672.6M2015	HK$74.9M2025	−HK$597.7M
Current ratio	6.312015	1.552025	−4.76
Debt / equity	0.162015	4.452025	+4.30
Shares outstanding	26.3M2015	17.2M2025	−5.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

MB assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

MB liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

MB debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

MB balance sheet in Hong Kong dollars

MasterBeef Group annual balance sheet
	2025	2024	2023	2022	2021	2017	2016	2015
Assets
Cash & short-term investments	HK$147.7M	HK$117.3M	HK$187.6M	HK$196.3M	HK$64.6M	HK$1.81B	HK$666.0M	HK$723.9M
Cash & equivalents	HK$147.7M	HK$117.3M	HK$187.6M	HK$196.3M	HK$64.6M	HK$1.81B	HK$666.0M	HK$723.9M
Short-term investments	—	—	HK$50.0M	—	—	—	—	—
Receivables	HK$21.3M	HK$20.7M	HK$9.1M	HK$4.2M	HK$5.1M	HK$85.2M	HK$70.8M	HK$51.5M
Inventory	HK$23.5M	HK$20.4M	HK$25.8M	HK$31.2M	HK$33.4M	HK$0	HK$0	HK$0
Other current assets	HK$17.9M	HK$18.0M	HK$68.6M	HK$12.8M	HK$13.4M	HK$43.8M	HK$28.7M	HK$23.9M
Total current assets	HK$210.3M	HK$176.4M	HK$291.2M	HK$244.5M	HK$116.5M	HK$1.94B	HK$765.5M	HK$799.3M
Property, plant & equipment (net)	HK$73.5M	HK$112.1M	HK$149.9M	HK$191.4M	HK$181.4M	HK$256.6M	HK$256.8M	HK$246.1M
Goodwill & intangible assets	HK$0	HK$0	HK$0	HK$0	HK$0	HK$148.0M	HK$85.8M	HK$46.7M
Long-term investments	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Other non-current assets	HK$20.2M	HK$19.9M	HK$15.1M	HK$19.9M	HK$17.7M	HK$7.3M	HK$5.0M	HK$3.9M
Total assets	HK$304.0M	HK$308.3M	HK$456.1M	HK$455.9M	HK$315.7M	HK$2.35B	HK$1.11B	HK$1.10B
Liabilities
Accounts payable	HK$12.6M	HK$16.7M	HK$16.2M	HK$17.8M	HK$13.0M	HK$7.4M	HK$4.8M	HK$4.4M
Short-term debt	HK$93.6M	HK$124.0M	HK$115.7M	HK$148.7M	HK$58.0M	HK$14.3M	HK$4.5M	HK$5.0M
Deferred revenue	—	—	—	—	—	HK$49.3M	HK$37.7M	HK$26.1M
Total current liabilities	HK$135.5M	HK$212.7M	HK$283.6M	HK$305.1M	HK$183.7M	HK$223.9M	HK$160.8M	HK$126.7M
Long-term debt	HK$88.9M	HK$28.0M	HK$38.7M	HK$48.8M	HK$62.9M	HK$0	HK$0	HK$0
Lease obligations	HK$60.1M	HK$74.4M	HK$77.0M	HK$108.1M	HK$101.3M	—	—	—
Other long-term liabilities	HK$32.2M	HK$39.0M	HK$43.6M	HK$68.7M	HK$69.2M	HK$262.6M	HK$272.9M	HK$263.4M
Total liabilities	HK$256.6M	HK$279.8M	HK$366.0M	HK$422.7M	HK$315.8M	HK$385.4M	HK$324.7M	HK$276.1M
Shareholders' equity
Common stock & paid-in capital	HK$66,916	HK$58,500	HK$64,358	HK$10	HK$10	HK$7,804	—	—
Retained earnings (deficit)	−HK$24.0M	HK$28.5M	HK$48.7M	—	−HK$346,143	−HK$1.58B	−HK$1.45B	−HK$1.27B
Accumulated other comprehensive income	HK$71.4M	−HK$32,579	−HK$4,554	HK$136,032	HK$182,279	−HK$842,921	−HK$2.3M	−HK$2.1M
Total shareholders' equity	HK$47.4M	HK$28.5M	HK$90.1M	HK$33.2M	−HK$163,854	HK$1.97B	HK$788.4M	HK$819.8M
Key figures
Total debt	HK$211.2M	HK$188.3M	HK$193.4M	HK$262.2M	HK$186.3M	HK$130.8M	HK$124.3M	HK$128.7M
Net cash (debt)	−HK$63.4M	−HK$70.9M	−HK$5.8M	−HK$65.9M	−HK$121.7M	HK$1.68B	HK$541.6M	HK$595.2M
Working capital	HK$74.9M	−HK$36.3M	HK$7.5M	−HK$60.6M	−HK$67.3M	HK$1.72B	HK$604.6M	HK$672.6M
Tangible book value	HK$47.4M	HK$28.5M	HK$90.1M	HK$33.2M	−HK$163,854	HK$1.82B	HK$702.6M	HK$773.1M
Shares outstanding	17.2M	47.5M	47.5M	47.5M	17.0M	47.5M	47.5M	26.3M
Current ratio	1.55	0.83	1.03	0.80	0.63	8.66	4.76	6.31
Quick ratio	1.25	0.65	0.69	0.66	0.38	8.47	4.58	6.12
Debt / equity	4.45	6.60	2.15	7.90	—	0.07	0.16	0.16
Equity / assets	15.6%	9.3%	19.8%	7.3%	−0.1%	83.6%	70.8%	74.8%

MasterBeef Group quarterly balance sheet
	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Jun '24	Dec '23	Sep '18	Jun '18	Mar '18
Assets
Cash & short-term investments	HK$147.7M	HK$147.7M	HK$169.9M	HK$169.9M	HK$117.3M	HK$117.3M	HK$124.5M	HK$187.6M	HK$2.54B	HK$2.56B	HK$1.71B
Cash & equivalents	HK$147.7M	HK$147.7M	HK$169.9M	HK$169.9M	HK$117.3M	HK$117.3M	HK$124.5M	HK$187.6M	HK$1.20B	HK$2.56B	HK$1.71B
Short-term investments	—	—	—	—	—	—	—	HK$50.0M	HK$1.34B	—	—
Receivables	HK$21.3M	HK$3.4M	HK$19.1M	HK$5.3M	HK$20.7M	HK$3.3M	HK$33.0M	HK$9.1M	HK$98.8M	HK$106.3M	HK$95.7M
Inventory	HK$23.5M	HK$23.5M	HK$16.9M	HK$16.9M	HK$20.4M	HK$20.4M	HK$14.2M	HK$25.8M	HK$0	HK$0	HK$0
Other current assets	HK$17.9M	HK$35.7M	HK$16.1M	HK$29.9M	HK$18.0M	HK$35.4M	HK$0	HK$68.6M	HK$90.6M	HK$88.8M	HK$57.5M
Total current assets	HK$210.3M	HK$210.3M	HK$222.1M	HK$222.1M	HK$176.4M	HK$176.4M	HK$171.6M	HK$291.2M	HK$2.73B	HK$2.75B	HK$1.86B
Property, plant & equipment (net)	HK$73.5M	HK$73.5M	HK$84.9M	HK$84.9M	HK$112.1M	HK$112.1M	HK$132.3M	HK$149.9M	HK$258.0M	HK$263.0M	HK$260.4M
Goodwill & intangible assets	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$1.41B	HK$1.44B	HK$296.1M
Long-term investments	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Other non-current assets	HK$20.2M	HK$20.2M	HK$22.1M	HK$22.1M	HK$19.9M	HK$19.9M	HK$17.1M	HK$15.1M	HK$64.3M	HK$48.4M	HK$30.7M
Total assets	HK$304.0M	HK$304.0M	HK$329.1M	HK$329.1M	HK$308.3M	HK$308.3M	HK$321.0M	HK$456.1M	HK$4.47B	HK$4.51B	HK$2.45B
Liabilities
Accounts payable	HK$12.6M	HK$12.6M	HK$13.9M	HK$13.9M	HK$16.7M	HK$16.7M	HK$10.3M	HK$16.2M	HK$88.6M	HK$86.3M	HK$73.6M
Short-term debt	HK$93.6M	—	HK$98.9M	—	HK$124.0M	—	HK$125.7M	HK$115.7M	HK$8.5M	HK$6.5M	HK$8.9M
Deferred revenue	—	—	—	—	—	—	—	—	HK$62.2M	HK$56.8M	HK$46.7M
Total current liabilities	HK$135.5M	HK$135.5M	HK$139.2M	HK$139.2M	HK$212.7M	HK$212.7M	HK$214.0M	HK$283.6M	HK$289.1M	HK$286.5M	HK$229.8M
Long-term debt	HK$0	HK$88.9M	HK$0	HK$86.8M	HK$0	HK$28.0M	HK$33.5M	HK$38.7M	HK$0	HK$0	HK$0
Lease obligations	—	HK$60.1M	—	HK$64.5M	—	HK$74.4M	HK$70.1M	HK$77.0M	—	—	—
Other long-term liabilities	HK$121.1M	HK$32.2M	HK$121.7M	HK$34.9M	HK$67.1M	HK$39.0M	HK$37.7M	HK$43.6M	HK$240.4M	HK$246.3M	HK$248.6M
Total liabilities	HK$256.6M	HK$256.6M	HK$261.0M	HK$261.0M	HK$279.8M	HK$279.8M	HK$285.2M	HK$366.0M	HK$2.27B	HK$2.25B	HK$378.9M
Shareholders' equity
Common stock & paid-in capital	HK$66,916	—	HK$66,916	—	HK$58,500	—	HK$58,500	HK$64,358	HK$7,817	HK$7,846	HK$7,847
Retained earnings (deficit)	−HK$24.0M	−HK$24.0M	−HK$3.3M	−HK$3.3M	HK$28.5M	HK$28.5M	HK$35.8M	HK$48.7M	−HK$1.83B	−HK$1.70B	−HK$1.57B
Accumulated other comprehensive income	HK$71.4M	—	HK$48,212	—	−HK$32,579	—	−HK$26,182	−HK$4,554	−HK$2.7M	−HK$1.8M	−HK$910,339
Total shareholders' equity	HK$47.4M	HK$47.4M	HK$68.1M	HK$68.1M	HK$28.5M	HK$28.5M	HK$35.8M	HK$90.1M	HK$2.20B	HK$2.26B	HK$2.07B
Key figures
Total debt	HK$211.2M	HK$88.9M	HK$217.6M	HK$86.8M	HK$188.3M	HK$28.0M	HK$193.0M	HK$193.4M	HK$121.7M	HK$121.4M	HK$125.0M
Net cash (debt)	−HK$63.4M	HK$58.8M	−HK$47.7M	HK$83.0M	−HK$70.9M	HK$89.3M	−HK$68.5M	−HK$5.8M	HK$2.42B	HK$2.44B	HK$1.58B
Working capital	HK$74.9M	HK$74.9M	HK$82.8M	HK$82.8M	−HK$36.3M	−HK$36.3M	−HK$42.4M	HK$7.5M	HK$2.44B	HK$2.47B	HK$1.63B
Tangible book value	HK$47.4M	HK$47.4M	HK$68.1M	HK$68.1M	HK$28.5M	HK$28.5M	HK$35.8M	HK$90.1M	HK$782.7M	HK$810.4M	HK$1.77B
Shares outstanding	17.2M	17.2M	17.2M	17.2M	17.0M	17.0M	17.0M	17.0M	47.5M	47.5M	47.5M
Current ratio	1.55	1.55	1.59	1.59	0.83	0.83	0.80	1.03	9.45	9.60	8.10
Quick ratio	1.25	1.12	1.36	1.26	0.65	0.57	0.74	0.69	9.13	9.29	7.85
Debt / equity	4.45	1.88	3.19	1.27	6.60	0.98	5.39	2.15	0.06	0.05	0.06
Equity / assets	15.6%	15.6%	20.7%	20.7%	9.3%	9.3%	11.2%	19.8%	49.2%	50.0%	84.5%

Quarterly columns are labeled by the month the quarter ended. Figures in Hong Kong dollars as reported (latest annual report filed May 15, 2026); data from EODHD.

MB financial position

At the end of fiscal 2025 (December 31, 2025), MasterBeef had total assets of HK$304.0 million (down 1.4% from a year earlier), total liabilities of HK$256.6 million and shareholders' equity of HK$47.4 million. It held HK$147.7 million in cash and short-term investments against HK$211.2 million of debt, net debt of HK$63.4 million. Its current ratio was 1.55. In the latest quarter (ended March 31, 2026) total assets were HK$304.0 million and equity HK$47.4 million.

Related: MB income statement, MB cash flow statement, MB key metrics. See the MB stock overview for the latest quote and news.

MB balance sheet FAQ

What are MasterBeef's total assets?

MasterBeef reported total assets of HK$304.0 million at the end of fiscal 2025 (December 31, 2025), compared with HK$308.3 million a year earlier.

How much debt does MasterBeef have?

MasterBeef had HK$211.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 4.45.

How much cash does MasterBeef have?

MasterBeef held HK$147.7 million in cash and short-term investments at the end of fiscal 2025; with HK$211.2 million of debt that is net debt of HK$63.4 million.

What is MasterBeef's book value?

MasterBeef's shareholders' equity (book value) was HK$47.4 million at the end of fiscal 2025.

What is MasterBeef's current ratio?

MasterBeef had current assets of HK$210.3 million and current liabilities of HK$135.5 million, a current ratio of 1.55 (it can cover its short-term obligations).