MINISO Group Holding (MNSO) Operating Margin (2019 - 2025)
MINISO Group Holding (MNSO) posted quarterly Operating Margin of 14.56% for Q4 2025, down 599.0% year-over-year from 2.92% in Q4 2024, and little changed quarter-over-quarter from 14.6% in Q3 2025.
MINISO Group Holding (MNSO) Operating Margin (2019 - 2025) Analysis & Trends
MINISO Group Holding (MNSO) has reported Operating Margin for 7 consecutive years, with 14.56% the latest figure, recorded in Q4 2025.
- In Q4 2025, Operating Margin fell 599.0% year-over-year to 14.56%; the TTM figure through Dec 2025 stood at 15.39% (down 411.0% YoY), while the FY2025 annual figure was 15.4%, down 411.0% from the prior year.
- Operating Margin was little changed at 14.56% in Q4 2025 per MNSO's latest filing, from 14.6% in the prior quarter.
- Across five years, Operating Margin topped out at 21.22% in Q2 2023 and bottomed at 7.22% in Q1 2021.
- Historically, Operating Margin has averaged 15.9% across 5 years, with a median of 17.94% in 2022.
- Annual changes were most pronounced in 2022 — Operating Margin surged 1033 bps — and 2025, when it tumbled 599 bps.
- MINISO Group Holding's Operating Margin stood at 9.21% in 2021, then soared by 95 bps to 17.94% in 2022, then advanced by 13 bps to 20.36% in 2023, then rose by 1 bps to 20.55% in 2024, then decreased by 29 bps to 14.56% in 2025.
- Business Quant data shows MNSO's Operating Margin at 14.56% in Q4 2025, 14.6% in Q3 2025, and 16.84% in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Caseys General Stores | 30.77 Bn | 30.24 Bn | 1.08 Bn | 7.66% |
| 2 | Williams Sonoma | 28.72 Bn | 27.70 Bn | 1.10 Bn | 20.27% |
| 3 | Ulta Beauty | 22.83 Bn | 22.61 Bn | 1.27 Bn | 14.17% |
| 4 | Best Buy | 18.41 Bn | 16.66 Bn | 2.10 Bn | 4.14% |
| 5 | Tractor Supply | 18.37 Bn | 18.14 Bn | 1.68 Bn | 10.29% |
| 6 | Dick'S Sporting Goods | 15.99 Bn | 14.99 Bn | 1.68 Bn | 8.73% |
| 7 | Five Below | 13.40 Bn | 12.29 Bn | 478.64 Mn | 12.00% |
| 8 | Murphy USA | 10.49 Bn | 10.32 Bn | 746.50 Mn | 4.48% |
| 9 | Bath & Body Works | 4.05 Bn | 3.10 Bn | 1.24 Bn | 21.99% |
| 10 | MINISO Group Holding | 3.40 Bn | 2.43 Bn | 414.86 Mn | 14.56% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 14.56% |
| Sep 30, 2025 | 14.60% |
| Jun 30, 2025 | 16.84% |
| Mar 31, 2025 | 16.03% |
| Dec 31, 2024 | 20.55% |
| Sep 30, 2024 | 18.85% |
| Jun 30, 2024 | 18.62% |
| Mar 31, 2024 | 19.96% |
| Dec 31, 2023 | 20.36% |
| Sep 30, 2023 | 20.79% |
| Jun 30, 2023 | 21.22% |
| Mar 31, 2023 | 19.50% |
| Dec 31, 2022 | 17.94% |
| Sep 30, 2022 | 18.38% |
| Jun 30, 2022 | 11.74% |
| Dec 31, 2021 | 9.21% |
| Sep 30, 2021 | 8.04% |
| Jun 30, 2021 | 7.60% |
| Mar 31, 2021 | 7.22% |
| Dec 31, 2020 | 2.36% |