My Food Bag Group Limited

MFB.NZ

Restaurants · Consumer Cyclical

Price

NZ$0.30

+0.01 (+3.39%)

Market Cap

NZ$76.7M

Exchange

New Zealand Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 10, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+5.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 242.4M (2022) → 255.0M (2026)

My Food Bag Group Limited is a New Zealand company that delivers pre-portioned meal kits directly to customers' homes. Shoppers choose from a weekly menu, and the company sends them all the fresh ingredients and recipe cards needed to cook dinner. It operates entirely in New Zealand and competes in the meal kit delivery market, which sits between grocery shopping and restaurant dining.

The company makes money by charging customers a weekly subscription or per-box fee for their meal kits. My Food Bag is one of the most recognized meal kit brands in New Zealand, which gives it some local brand loyalty, but the market is small and competition from supermarkets and other delivery services is intense. The business faces ongoing pressure to keep customer numbers from declining, as meal kit companies globally have struggled with high churn rates and rising ingredient and delivery costs that squeeze already thin margins.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+8.6% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$623,000 cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

My Food Bag Group Limited is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

20.5%

Thin — 20.5% gross margin

Operating Margin

6.9%

Modest — 6.9% operating margin

ROCE

7.6%

Weak — 7.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+5.0%

Slow sales growth (+5.0% YoY)

EPS YoY

+11.7%

Earnings growing (+11.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

214%

Turns 214% of profit into real cash

FCF Margin

8.1%

Modest free cash flow (8.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.06

Conservative — low debt load (0.06)

Interest Cover

9.06x

Comfortably covers interest (9.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

11.4x

Attractive valuation — P/E 11.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+1.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

6.13%

Healthy income — 6.13% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-68.9%

Dividend cut (-68.9% YoY) — warning sign

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