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Tortilla Mexican Grill Ltd.
(LSE:MEX)
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Rating:48Neutral
Price Target:
73.00 p
▲(1.39% Upside)
Action:Reiterated
Date:08/05/26
The score is primarily held down by weak financial performance—large recent losses, negative equity, and elevated debt—despite the benefit of continued positive cash generation. Technical signals are moderately supportive, but valuation remains constrained by negative earnings and no provided dividend yield.
Positive Factors
Sustained revenue growth
Consistent multi-year top-line expansion demonstrates demand for the concept and room to scale. Growing revenues provide a larger base to absorb fixed costs, enable unit-level scaling and support long-term profitability if the company can stabilize margins and improve unit economics.
Negative Factors
Deeply negative equity and high debt
A materially negative equity base and elevated debt materially reduce financial flexibility. This heightens refinancing and covenant risk, limits ability to invest in growth or weather shocks, and increases the urgency of restoring profitability to avoid balance-sheet restructuring.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue growth
Consistent multi-year top-line expansion demonstrates demand for the concept and room to scale. Growing revenues provide a larger base to absorb fixed costs, enable unit-level scaling and support long-term profitability if the company can stabilize margins and improve unit economics.
Read all positive factors
Tortilla Mexican Grill Ltd. (MEX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£28.42M
Dividend YieldN/A
Average Volume (3M)34.30K
Price to Earnings (P/E)―
Beta (1Y)-0.09
Revenue Growth8.81%
EPS Growth-354.42%
CountryUK
Employees1,095
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-0.39
Shares Outstanding38,664,032
10 Day Avg. Volume63,364
30 Day Avg. Volume34,295
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)0.04
Revenue Forecast (FY)£78.44M
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. Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
22
Negative
Cash Flow
46
Neutral
| Breakdown | Dec 2025 | 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
Positive
72.00
Price Trends
73.12
Positive
74.38
Negative
63.13
Positive
Market Momentum
0.25
Negative
53.23
Neutral
52.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MEX, the sentiment is Positive. The current price of 72 is below the 20-day moving average (MA) of 72.92, below the 50-day MA of 73.12, and above the 200-day MA of 63.13, indicating a bullish trend. The MACD of 0.25 indicates Negative momentum. The RSI at 53.23 is Neutral, neither overbought nor oversold. The STOCH value of 52.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | £810.84M | 16.00 | 15.81% | 1.50% | 5.39% | -3.64% | |
67 Neutral | £754.06M | 12.73 | -69.64% | 5.82% | 5.72% | -21.86% | |
65 Neutral | £1.68B | 9.15 | 6.41% | ― | 2.96% | 9.30% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
48 Neutral | £28.42M | -1.87 | -277.22% | ― | 8.81% | -354.42% | |
42 Neutral | £6.75M | -4.91 | -167.75% | ― | -4.68% | 29.11% |
* Consumer Cyclical Sector Average
GB:MEX
Tortilla Mexican Grill Ltd.
73.50
28.50
63.33%
GB:COM
Comptoir
5.50
1.45
35.80%
GB:DOM
Domino's Pizza
197.60
10.84
5.80%
GB:MAB
Mitchells & Butlers
283.50
14.50
5.39%
GB:JDW
J D Wetherspoon
816.00
100.24
14.00%
Tortilla Mexican Grill Ltd. Corporate Events
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...
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresRegulatory Filings and Compliance
Tortilla Mexican Grill delays FY25 results, faces temporary AIM trading suspension
Negative
Jun 29, 2026
Tortilla Mexican Grill has delayed publication of its audited results for the 52 weeks to 28 December 2025 after uncovering accounting issues in its French operations that require a comprehensive review with its auditors. The delay means the compa...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Tortilla flags French accounting hit but rides strong UK sales and restructuring push
Negative
May 19, 2026
Tortilla Mexican Grill has identified up to £2.5 million of operating expenses in its French business that were incorrectly held on the balance sheet in FY25 and potentially FY24, prompting an expected reduction of Group FY25 adjusted EBITDA ...
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.