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Company card

Max's Group, Inc.

Medium
Group★Golden 50est. scale

PSE MAXS · ASEAN

Listing status
listed
Operating model
Direct / managed estate
Scale basis
GMV / system sales
Confidence
Medium
Segment
casual dining multi brand

Large local casual-dining brand portfolio candidate with FY2025 profit and retained FY2024 system-sales/store denominator.

Scale basis note

Terminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.

Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
610 stores
FY2024: As of end-December, Max's had 610 stores, down from 658 in 2023. According to the company, it is scaling down operations as part of its 'strategic network optimization.'
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · As of end-December, Max's had 610 stores, down from 658 in 2023. According to the company, it is scaling down operations as part of its 'strategic network optimization.'
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Scale
Terminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
$317.1M
FY2025 (year ended Dec 31 2025): systemwide sales PHP18,235M; USD via BSP 2025 period-average 57.5051. Freshness-audit re-check: value already current (gh144); period label corrected FY2024->FY2025.
GMV / system salesTerminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · System-wide sales were flat at P18.7 billion as steady consumer demand softened the impact of Max's leaner store network.
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: GMV / system sales
Precision: Estimated
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$519,837
Screening proxyest.
Derived scale_per_store = scale_usd ÷ store_count (610) at the gmv_or_system_sales_usd basis (FY2025); not a separately reported metric.
GMV / system salesTerminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: GMV / system sales
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$5.89M
FY2024: Despite steady consumer demand, expenses related to store closures cut the earnings of restaurant chain Max's Group Inc. last year by 13.8 percent to P419 million.
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · Despite steady consumer demand, expenses related to store closures cut the earnings of restaurant chain Max's Group Inc. last year by 13.8 percent to P419 million.
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$194.19M
PHP 11,966.118 million FY2025 gross revenue.
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: S1 PSE FY2025 Annual Report

Market data (listed companies)

Market valuation · fluctuates · not operational scale · do not compare with GMV / system sales. Listed companies only.

MetricValuePeriod / basisQualitySource
Market cap
Public market capitalization captured in the locked source snapshot.
$28.24M
Directional proxy
May 2026: Unverified: no citable primary disclosure with a verbatim excerpt found. Closest available data: PHP 1.67B market cap as of June 22, 2026 per stockanalysis.com (≈USD 29M at ~57.5). Stored USD 28.24M is plausible but May 22, 2026 specific da
Market cap (USD)Scale basis not specified. Use as a screening signal until a source pack is attached.
Directional proxy
S3 supplementary (opens in new tab)
Media Or Aggregator · Unverified: no citable primary disclosure with a verbatim excerpt found. Closest available data: PHP 1.67B market cap as of June 22, 2026 per stockanalysis.com (≈USD 29M at ~57.5). Stored USD 28.24M is plausible but May 22, 2026 specific da
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Market cap (USD)
Precision: Market snapshot · not operational scale
⚠ Do not use for: Market valuation · not operational scale · never compare with GMV/system sales

Operator profile

12/20 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
casual variedS4 (opens in new tab)
Cuisine (secondary)
casual variedS4 (opens in new tab)
Service model
casual diningS4 (opens in new tab)
Price tier
midS2 official secondary (opens in new tab)
Company
Founded
1,945S4 (opens in new tab)
HQ country
PhilippinesS3 supplementary (opens in new tab)
CEO
Robert Ramon F. TrotaS3 supplementary (opens in new tab)
Employees
5,896 headcountS3 supplementary (opens in new tab)~
Ownership
Parent
Trota and Fuentebella families-controlled (heirs of co-founder Ruby Trota; CEO Robert Ramon F. Trota; family-controlled governance since 2014 backdoor listing)S4 (opens in new tab)
PE / holding
not disclosed
Recent M&A
not disclosed
Growth
Revenue YoY
1.7%S3 supplementary (opens in new tab)
Net new units
-48 unitsS3 supplementary (opens in new tab)
Pricing & digital
Avg check
not disclosed
Digital sales
not disclosed
Off-premise
not disclosed
Loyalty members
not disclosed
Franchise terms
Royalty
5%S3 supplementary (opens in new tab)
Franchise fee
$50,000S3 supplementary (opens in new tab)
By-market footprint
International
59 storesS1 official primary (opens in new tab)

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed11/14 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
610 stores
Latest full official hard denominator retained from prior annual-report extraction: FY2024 year-end 610 stores, comprising 284 company-owned, 263 franchised, 59 international and 4 joint-venture stores. Exact FY2025 denominator remains pending.
Source-backedS1 official primary (opens in new tab)
Operational scale
$326M
Latest full official hard denominator retained from prior annual-report extraction: FY2024 systemwide sales PHP 18.746B, defined as sales from company-owned and franchised stores. FY2025 terminal system sales remains pending; use FY2024 denominator only as historical benchmark.
Source-backedS1 official primary (opens in new tab)
Revenue
$194M
PHP 11,966.118 million FY2025 gross revenue.
Source-backedS1 official primary (opens in new tab)
Company-operated
see brand drilldown
Franchised
see brand drilldown

Brand drilldown

non-additive

Per-brand detail — NOT additive (brands may use different bases / periods) and NOT counted in rankings. Listed for transparency only.

max s group inc
Direct vs franchise split
46.6% company-owned (of 610)
FY2024 (as at 31 Dec 2024)
Source-backedS1 official primary (opens in new tab)
AUV — average unit volume
30.7 PHP million/store/yr
FY2024 (year ended 31 Dec 2024)
Source-backedS1 official primary (opens in new tab)
Same-store sales
2.7% (blended fy2024)
FY2024
Source-backedS1 official primary (opens in new tab)
Unit / store-level profit
7.1% (consolidated ebit margin)
FY2024
Source-backedS1 official primary (opens in new tab)
Net store movement
-48 net stores (change)
FY2024 vs FY2023
Source-backedS1 official primary (opens in new tab)
Franchise fee
725.944 PHP million (total franchising income FY2024)
FY2024
Source-backedS1 official primary (opens in new tab)
Max's Group, Inc.
Operating margin
7.1%
FY2024
Source-backedS1 official primary (opens in new tab)
Food cost %
35.6%
FY2024
Source-backedS1 official primary (opens in new tab)
Labor cost %
19.1%
FY2024
Source-backedS1 official primary (opens in new tab)
Rent cost %
5.7%
FY2024
Source-backedS1 official primary (opens in new tab)
Marketing cost %
2.3%
FY2024
Source-backedS1 official primary (opens in new tab)

Single-store model

6/8 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
Year-end divisor; SWS includes franchised-store consumer sales (not MGI revenue).
Systemwide Sales FY2024 P18,746M / 610 year-end stores ~ P30.7M SWS/store. Filing states SWS per store +7.6% (Max's +12.0%, Pancake House +8.7%, Krispy Kreme +5.8%, Yellow Cab +5.3%); avg daily sales +3.2%.
FY2024 (year ended 31 Dec 2024)
Source-backedS1 official primary (opens in new tab)
Single-store profit
Multi-segment consolidated margin (Food Service + Commissary + Support), NOT single-store.
FY2024 EBIT margin 7.1% (EBIT P861M), EBITDA margin 14.9% (P1,814M), gross margin 30.5%, NIAT margin 3.4% (net income P419M on revenue P12,173M). No store-level margin disclosed.
FY2024
Source-backedS1 official primary (opens in new tab)
Initial investment
Standard FDD-type disclosure absent in 17-A.
—
FY2024
GapS1 official primary (opens in new tab)
Franchise fee / royalty
Exact per-store initial fee not quantified. 'Franchising income' (P725.9M MD&A) vs Note-15 'Royalty + Initial support fee' (P617.4M) differ by classification.
Royalty 3% to 10% of franchised-store net sales (varies by brand). Agreements = initial franchise fee + monthly royalty. FY2024 franchising income P725.9M (6.0% of revenue); royalty fees P595.5M + initial support fee P21.9M. By brand royalty: Max's P159.9M, Pancake House P152.5M, Yellow Cab P109.0M, Krispy Kreme P33.2M. Bigger franchise-linked stream = commissary sales to franchisees P1,996M (16.4% of revenue).
FY2024
Source-backedS1 official primary (opens in new tab)
Payback period
Both inputs undisclosed.
—
FY2024
GapS1 official primary (opens in new tab)
Same-store sales
Single blended figure; per-brand FY SSSG not tabulated.
FY2024 blended SSSG 2.7%. (9M2024 Q3 SSSG ~1.7%, Max's/Pancake/Krispy Kreme 2.4%-6.9%.) Per-store SWS +7.6%.
FY2024
Source-backedS1 official primary (opens in new tab)
Store open / close
Gross closures not separately stated (~83 derived).
FY2024: 35 new (incl 5 overseas; 17 company-owned + 18 franchised). Year-end 610 vs 658 (FY23) = net -48 (store-optimization closures of underperformers; implied ~83 gross closures). Per-brand 2023->2024: Max's 219->200, Pancake House 123->120, Yellow Cab 176->149, Krispy Kreme 109->111.
FY2024 vs FY2023
Source-backedS1 official primary (opens in new tab)
Company-operated share
p.37 group table treats International (59)+JV (4) as separate columns from Company/Franchised.
Year-end 2024: Company-Owned 284 (46.6%), Franchised 263 (43.1%), International 59 (9.7%), Joint Venture 4 (0.7%) = 610. By brand co/fr: Max's 83/89, Yellow Cab 53/73, Krispy Kreme 97/14, Pancake House 36/79, Jamba 10/4.
FY2024 (as at 31 Dec 2024)
Source-backedS1 official primary (opens in new tab)

Cost structure

5/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS35.6%
FY2024· PHP12,173m rev (systemwide PHP18.7bn); rent=rentals lines only (ROU dep inside D&A, not separable)S1 official primary (opens in new tab)Source-backed
Heavily franchised (610 stores): food incl commissary sales. Freight-out 2.1% commissary logistics.
Labor19.1%
FY2024· PHP12,173m rev (systemwide PHP18.7bn); rent=rentals lines only (ROU dep inside D&A, not separable)S1 official primary (opens in new tab)Source-backed
Heavily franchised (610 stores): food incl commissary sales. Freight-out 2.1% commissary logistics.
Rent / occupancy5.7%
FY2024· PHP12,173m rev (systemwide PHP18.7bn); rent=rentals lines only (ROU dep inside D&A, not separable)S1 official primary (opens in new tab)Source-backed
Heavily franchised (610 stores): food incl commissary sales. Freight-out 2.1% commissary logistics.
Delivery commission—
FY2024· PHP12,173m rev (systemwide PHP18.7bn); rent=rentals lines only (ROU dep inside D&A, not separable)Gap
Heavily franchised (610 stores): food incl commissary sales. Freight-out 2.1% commissary logistics.
Marketing2.3%
FY2024· PHP12,173m rev (systemwide PHP18.7bn); rent=rentals lines only (ROU dep inside D&A, not separable)S1 official primary (opens in new tab)Source-backed
Heavily franchised (610 stores): food incl commissary sales. Freight-out 2.1% commissary logistics.
Operating margin7.1%
FY2024· PHP12,173m rev (systemwide PHP18.7bn); rent=rentals lines only (ROU dep inside D&A, not separable)S1 official primary (opens in new tab)Source-backed
Heavily franchised (610 stores): food incl commissary sales. Freight-out 2.1% commissary logistics.
Not separately disclosed30.2%

Supply chain

1 suppliers · 0 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

Krispy Kreme, Inc. (Krispy Kreme Doughnut Corporation)NASDAQ:DNUT
Ingredients
discloses as: Max's Group, Inc.
—named (no % disclosed)S3 newssource (opens in new tab)
—named (no % disclosed)S3 newssource (opens in new tab)

Peers in this segment

SIR Royalty Income FundGMV / system sales

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.