Want to see GB:MEX full AI Analyst Report?
Top Page
Tortilla Mexican Grill Ltd.
(LSE:MEX)
Select Model
Select Model
Rating:46Neutral
Price Target:
71.00 p
▼(-0.70% Downside)
Action:Reiterated
Date:10/01/26
The score is held down primarily by weak financial performance—large recent operating losses, negative equity, and elevated leverage—despite continued revenue growth and some positive cash generation. The earnings call adds moderate support due to improving trading trends and a stated deleveraging plan, while technicals look neutral and valuation is pressured by loss-making earnings and no indicated dividend.
Positive Factors
Strong revenue growth and market traction
Sustained revenue expansion and system sales above GBP 100 million indicate that Tortilla has continued to build customer demand and scale its operating base. This provides a stronger platform for purchasing leverage, brand investment, and improved profitability if execution and margins recover.
Negative Factors
Highly constrained balance sheet
Negative equity combined with elevated debt materially limits Tortilla’s financial flexibility and increases sensitivity to further operating weakness. The company may have less capacity to fund renovations, absorb cost shocks, or accelerate expansion internally while meeting its deleveraging priorities.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth and market traction
Sustained revenue expansion and system sales above GBP 100 million indicate that Tortilla has continued to build customer demand and scale its operating base. This provides a stronger platform for purchasing leverage, brand investment, and improved profitability if execution and margins recover.
Read all positive factors
Tortilla Mexican Grill Ltd. (MEX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£27.64M
Dividend YieldN/A
Average Volume (3M)10.56K
Price to Earnings (P/E)―
Beta (1Y)-0.10
Revenue Growth5.48%
EPS Growth-184.82%
CountryUK
Employees1,095
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-0.38
Shares Outstanding38,664,032
10 Day Avg. Volume12,952
30 Day Avg. Volume10,562
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-1.20
Price to Sales (P/S)0.26
P/FCF Ratio5.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.03
Revenue Forecast (FY)£80.70M
Tortilla Mexican Grill Ltd. Business Overview & Revenue Model
Company Description
Tortilla Mexican Grill PLC oversees the running of its Mexican eateries, all trading under the 'Tortilla' name. Its operations span the United Kingdom, where it manages 51 company-owned locations and three franchised outlets, as well as the Middle...
How the Company Makes Money
The company makes money primarily by selling food and beverages to customers across its restaurant network. Revenue is generated through (1) in-store sales (dine-in and takeaway), where customers pay per order for menu items such as burritos, taco...
Tortilla Mexican Grill Ltd. Earnings Call Summary
Earnings Call Date:Sep 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 12, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Management reported strong U.K. and France like-for-like growth, improved delivery performance, U.K. profitability, French gross-margin progress, store turnaround actions, and a broad strategic and technology plan. These positives were tempered by France's prior accounting and operating problems, continuing negative French EBITDA in H1, labor and food-cost pressures, high debt utilization, constrained cash, a Middle East franchise sales dip, and the history of missed profit targets. Management nevertheless expressed confidence in the current trajectory and emphasized decisive corrective actions and a focus on deleveraging.Positive Updates
System Sales and Average Unit Volume Milestones
Last-12-month system sales reached GBP 100 million, with system-wide sales at GBP 103 million and average unit volumes exceeding GBP 1 million per site.
Negative Updates
France Previously Had Accounting and Oversight Issues
Management said France had accounting issues reported in the media and insufficient oversight from the U.K. team. The company has been addressing these issues through new processes, personnel, system alignment, and a One Tortilla reporting structure.
Read all updates
Q2-2026 Updates
Positive
Negative
System Sales and Average Unit Volume Milestones
Last-12-month system sales reached GBP 100 million, with system-wide sales at GBP 103 million and average unit volumes exceeding GBP 1 million per site.
Read all positive updates
Company Guidance
Management said it is “currently trading or expecting to trade at GBP 1.15 million AUV per annum for 2026” and has an “ambition” of GBP 1.5 million, with EBITDA margin at 16.4% across the estate, about 17.5% for mature stores, and a goal of 20% EBITDA margin; in France, it “definitely expect[s]” restaurant EBITDA margin to “pop above a positive in the not too distant future,” with the GBP 1.1 million annualized saving from closed stores and GBP 0.5 million in head office costs, while the business expects positive free cash flows to come “much more quickly in the future” and has a “huge focus on deleveraging over the coming months and year.” Management also said new sites typically target “about 35%” return on capital employed, that sites doing GBP 20,000 a week can deliver 25% return on capital, and that “a couple hundred Tortillas” could be possible in the U.K.Tortilla Mexican Grill Ltd. Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
22
Negative
Cash Flow
46
Neutral
| Breakdown | Jun 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 73.99M | 68.00M | 65.67M | 57.70M | 48.08M |
| Gross Profit | 55.67M | 52.10M | 50.79M | 44.09M | 38.28M |
| EBITDA | -2.19M | 7.65M | 8.87M | 6.71M | 9.78M |
| Net Income | -15.11M | -3.33M | -1.09M | -638.22K | 1.36M |
Balance Sheet | |||||
| Total Assets | 45.92M | 58.28M | 51.41M | 52.36M | 46.07M |
| Cash, Cash Equivalents and Short-Term Investments | 1.61M | 2.76M | 1.64M | 2.38M | 9.65M |
| Total Debt | 48.11M | 45.98M | 38.15M | 39.65M | 34.57M |
| Total Liabilities | 61.77M | 58.77M | 48.52M | 48.76M | 42.20M |
| Stockholders Equity | -15.85M | -485.98K | 2.89M | 3.59M | 3.87M |
Cash Flow | |||||
| Free Cash Flow | 3.16M | 5.51M | 5.40M | 943.43K | 8.93M |
| Operating Cash Flow | 7.43M | 10.51M | 9.94M | 7.59M | 11.72M |
| Investing Cash Flow | -4.43M | -6.27M | -4.50M | -8.33M | -2.79M |
| Financing Cash Flow | -6.08M | -3.13M | -6.16M | -6.53M | -9.36M |
Tortilla Mexican Grill Ltd. Technical Analysis
Negative
71.50
Price Trends
72.36
Negative
72.94
Negative
68.99
Positive
Market Momentum
0.07
Positive
38.63
Neutral
25.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MEX, the sentiment is Negative. The current price of 71.5 is below the 20-day moving average (MA) of 72.50, below the 50-day MA of 72.36, and above the 200-day MA of 68.99, indicating a neutral trend. The MACD of 0.07 indicates Positive momentum. The RSI at 38.63 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:MEX.
Tortilla Mexican Grill Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | £1.75B | 9.50 | 6.41% | 2.89% | 2.96% | 9.30% | |
67 Neutral | £814.35M | 13.75 | -69.64% | 5.34% | 5.72% | -21.86% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | £892.02M | 18.67 | 17.99% | 1.31% | 5.19% | -3.45% | |
46 Neutral | £27.64M | -1.87 | 88.49% | ― | 5.48% | -184.82% | |
41 Neutral | £5.21M | -3.54 | -1952.32% | ― | -5.82% | -400.00% |
* Consumer Cyclical Sector Average
GB:MEX
Tortilla Mexican Grill Ltd.
71.50
33.50
88.16%
GB:COM
Comptoir
4.25
-0.75
-15.00%
GB:DOM
Domino's Pizza
213.40
28.33
15.31%
GB:MAB
Mitchells & Butlers
294.50
50.50
20.70%
GB:JDW
J D Wetherspoon
915.00
303.73
49.69%
Tortilla Mexican Grill Ltd. Corporate Events
Business Operations and StrategyFinancial Disclosures
Tortilla Mexican Grill tops £100m sales as U.K. and France drive interim growth
Positive
Sep 29, 2026
Tortilla Mexican Grill reported unaudited interim results showing H1 FY26 group revenue up 5.9% to £38.5 million, with trailing twelve‑month system sales surpassing £100 million and U.K. like‑for‑like sales rising 13.9%...
Business Operations and StrategyFinancial Disclosures
Tortilla Mexican Grill Sets Date for Interim Results and Investor Presentation
Positive
Sep 24, 2026
Tortilla Mexican Grill plc, Europe’s largest fast-casual Mexican restaurant brand, combines rapid service with customisable, higher welfare and largely plant-based ingredients in a sustainability-focused model. The London-headquartered group...
Business Operations and StrategyStock BuybackFinancial DisclosuresShareholder Meetings
Tortilla Mexican Grill Shareholders Back Board and Capital Flexibility at AGM
Positive
Aug 25, 2026
Shareholders in Tortilla Mexican Grill PLC strongly endorsed the board and governance framework at the company’s Annual General Meeting on 25 August 2026. All resolutions were passed on a poll, including approval of the audited accounts for ...
Regulatory Filings and Compliance
Tortilla Chair Boosts Stake with Share Purchase
Positive
Jul 31, 2026
Tortilla Mexican Grill plc has disclosed that its Non-Executive Chair, Dr Duncan Garrood, has acquired 26,959 ordinary shares in the company over two days at prices of £0.72 and £0.75 per share. Following these purchases on the London St...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing
Tortilla Mexican Grill lifts sales, accelerates UK growth as French reset gathers pace
Positive
Jul 27, 2026
Tortilla Mexican Grill reported audited results for the 52 weeks to 28 December 2025, showing group revenue up 8.5% to £73.8m and system sales rising 9.2% to £98.3m, driven by strong UK like‑for‑like growth of 6.2% versus a s...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Tortilla Mexican Grill Publishes 2025 Report and Sets August AGM
Positive
Jul 27, 2026
Tortilla Mexican Grill plc has published its Annual Report and Accounts for the 52 weeks ended 28 December 2025, along with the notice of its 2026 Annual General Meeting. The documents are available on the company’s website, with hard copies...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and FinancingShareholder Meetings
Tortilla Mexican Grill Posts Strong U.K. Growth as France Restructuring and Delivery Push Boost Momentum
Positive
Jul 27, 2026
Tortilla Mexican Grill reported strong full-year 2025 performance, with group revenue rising 8.5 percent to £73.8 million and system sales up 9.2 percent to £98.3 million, driven by robust U.K. like-for-like growth that outpaced sector b...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.