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Friday 6 November 2026
Export THCH’s income statement to Excel — free account
TH International Limited
THCH Consumer Cyclical Restaurants
TH International Limited’s revenue for fiscal 2025 (year ended December 2025) was $188.2 million, down 2.74% from fiscal 2024.
- Revenue
- −17.3%
- EPS
- −37.5%
- Free cash flow
- +3,099.4%
- Total debt
- +26.7%
Quarter to June 2026, against a year earlier
1.35
0.05
−3.57%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 150 | 223 | 194 | 188 | 176 | +7.8% | — | — | — | — | |
| Gross margin, % | — | — | — | — | — | — | 64.09 | 59.20 | 62.07 | 62.52 | 62.89 | (1.6) pt | ||||||
| EBT | — | — | — | — | 0 | (1) | (111) | (123) | (64) | (62) | (74) | +559.2% | ||||||
| EBT margin, % | — | — | — | — | 0.00 | 0.00 | (73.66) | (55.39) | (32.94) | (33.07) | (42.04) | (33.1) pt | ||||||
| Net income | — | 0 | — | — | 0 | (1) | (111) | (123) | (64) | (61) | (61) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.00 | 0.00 | 5.86 | 7.22 | 5.96 | 5.79 | 5.40 | n/m | |||||
| Earnings | — | — | — | — | 0.00 | (0.62) | (4.20) | (4.00) | (1.74) | (1.91) | (2.24) | +256.9% | ||||||
| Cash flow | — | — | — | — | 0.00 | (0.63) | (1.66) | (0.90) | (0.17) | (0.05) | 0.00 | n/m | ||||||
| Capex | — | — | — | — | 0.00 | 0.00 | (1.94) | (1.34) | (0.40) | (0.27) | 0.00 | n/m | ||||||
| Free cash flow | — | — | — | — | 0.00 | (0.63) | (3.61) | (2.24) | (0.57) | (0.32) | 0.00 | n/m | ||||||
| Book value | — | — | — | — | 0.01 | (19.00) | 0.64 | (1.94) | (3.57) | (5.44) | (6.38) | n/m | ||||||
| Shares, m | — | — | — | — | 2 | 2 | 26 | 31 | 32 | 33 | 33 | +85.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 1.42 | 0.00 | 0.00 | 0.00 | 0.00 | 0.4 | |||||
| P/S | — | — | — | — | — | — | 0.00 | 1.19 | 0.60 | 0.43 | 0.25 | 0.6 | ||||||
| P/B | — | — | — | — | — | — | 24.11 | 0.00 | 0.00 | 0.00 | 0.00 | 6.0 | ||||||
| EV/Sales | — | — | — | — | — | — | 0.00 | 1.67 | 1.41 | 1.51 | 1.52 | 1.1 | ||||||
| EV/FCF | — | — | — | — | — | — | (9.82) | (13.45) | (49.50) | (4.38) | (4.23) | (19.3) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 0 | (1) | (43) | (28) | (6) | (2) | 0 | n/m | |||||
| Capex | — | — | — | — | — | — | (50) | (41) | (13) | (9) | (63) | (44.0%) | ||||||
| Free cash flow | — | — | — | — | 0 | (1) | (92) | (69) | (18) | (11) | 0 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 0 | (5) | (77) | (132) | (156) | (97) | (113) | +234.8% | |||||
| Net debt | — | — | — | — | 0 | 0 | 24 | 107 | 158 | 203 | 223 | +335.3% | ||||||
| Shareholders’ equity | — | — | — | — | 0 | (33) | 16 | (60) | (116) | (177) | (207) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | (4.00) | (0.61) | (29.90) | (35.09) | (21.61) | (32.21) | (42.85) | (28.2) pt | |||||
| ROIC | — | — | — | — | (2.09) | 0.00 | (134.76) | (129.58) | (72.11) | (109.18) | (186.84) | (107.1) pt | ||||||
| ROE | — | — | — | — | 0.03 | 6.53 | 1,367.10 | 571.92 | 65.30 | 42.46 | 43.26 | +42.4 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 3 | 3 | 5,139 | 4,621 | 1,577 | 1,580 | — | +250.2% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.03 | 0.05 | 0.12 | 0.12 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
TH International Limited vs peers in Restaurants (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| HCHL Happy City Holdings Limited | $117.9M | — | — | — | — | −207.91% (below 0%: shrinking) | — | — | Compare |
| NDLS Noodles & Company | $89.8M | — (loss-making) | — (loss-making) | +0.48% (above 0%: growing) | n/m | +142.24% (above 0%: growing) | 75.58% | (1.21%) | Compare |
| VENU Venu Holding Corporation | $75.2M | — (loss-making) | — (loss-making) | +6.87% (above 0%: growing) | n/m | −285.57% (below 0%: shrinking) | 19.56% | (319.86%) | Compare |
| MB MasterBeef Group | $62.8M | — | — | — | — | −135.52% (below 0%: shrinking) | — | — | Compare |
| GENK GEN Restaurant Group, Inc. | $45.4M | — (loss-making) | — (loss-making) | +1.25% (above 0%: growing) | n/m | +13.23% (above 0%: growing) | 60.93% | (9.24%) | Compare |
| ESYN EnerSyn Global Inc. | $44.9M | — (loss-making) | — | −79.32% (below 0%: shrinking) | +200.00% (above 0%: growing) | +1,774.51% (above 0%: growing) | 31.78% | (356.23%) | Compare |
| THCH TH International Limited | $40.7M | — (loss-making) | — | −17.29% (below 0%: shrinking) | n/m | +3,099.39% (above 0%: growing) | 63.68% | (21.26%) | |
| STKS The ONE Group Hospitality, Inc. | $35.8M | — (loss-making) | — (loss-making) | −3.33% (below 0%: shrinking) | n/m | +88.09% (above 0%: growing) | 17.77% | 3.27% | Compare |
| RAVE Rave Restaurant Group, Inc. | $30.4M | 10.0× | 2.4× | +8.81% (above 0%: growing) | 0.00% | +30.02% (above 0%: growing) | 75.29% | 36.28% | Compare |
| Median of peers | $54.1M | — | — | +0.87% | — | +21.63% | 46.36% | (5.22%) |