Saturday 17 October 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. In the quarter to June 2026, revenue fell 17.3%, EPS fell 37.5%, free cash flow grew 3,099.4% and total debt rose 26.7%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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| Dec '17 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|
Piotroski F-Score |
— | — | — | — | — | 4 | 4 |
P/E ratio |
— | — | — | 1.42 | 0.00 | 0.00 | 0.00 |
Altman Z-Score |
— | — | — | (0.74) | (1.83) | (2.89) | (4.01) |
P/S ratio |
— | — | — | 0.00 | 1.19 | 0.60 | 0.43 |
Altman Z″-Score (non-manufacturers) |
— | — | — | (4.43) | (8.39) | (12.12) | (14.71) |
P/FCF ratio |
— | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
P/Operating CF |
— | — | — | (26.09) | (22.34) | (26.35) | (60.81) |
Beneish M-Score |
— | — | — | — | (1.49) | (3.64) | (4.77) |
P/B ratio |
— | — | — | 24.11 | 0.00 | 0.00 | 0.00 |
Price to Tangible BV |
— | — | — | 186.06 | 0.00 | 0.00 | 0.00 |
EV/Sales |
— | — | — | 0.00 | 1.67 | 1.41 | 1.51 |
EV/EBITDA |
— | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
— | — | — | (9.82) | (13.45) | (49.50) | (160.54) |
EV/FCF |
— | — | — | (9.82) | (13.45) | (49.50) | (4.38) |
Quick Ratio |
— | 0.00 | 0.08 | 0.47 | 0.17 | 0.14 | 0.15 |
Current Ratio |
— | 0.00 | 0.08 | 0.60 | 0.33 | 0.27 | 0.33 |
Net Debt/EBITDA |
— | (25.94) | 0.05 | (0.36) | (1.42) | (6.33) | (8.12) |
Debt/Assets |
0.00% | 51.94% | 0.00% | 29.17% | 43.52% | 84.41% | 131.54% |
Debt/Equity |
— | 6.49 | 0.00 | 6.99 | (2.28) | (1.58) | (1.25) |
Asset Turnover |
— | 0.00 | 0.00 | 0.41 | 0.63 | 0.73 | 0.98 |
Operating CF/Net income |
— | 0.00 | 1.02 | 0.39 | 0.22 | 0.10 | 0.03 |
Capex/Depreciation |
— | — | — | (2.51) | (1.76) | (0.55) | (0.43) |
Interest Coverage |
— | — | (65.90) | (39.26) | (34.33) | (15.55) | (19.03) |
| — | 0.03% | 6.53% | 1,367.10% | 571.92% | 65.30% | 42.46% | |
| — | (4.00%) | (0.61%) | (29.90%) | (35.09%) | (21.61%) | (32.21%) | |
ROIC |
— | (2.09%) | 0.00% | (134.76%) | (129.58%) | (72.11%) | (109.18%) |
Return on Tangible Assets |
— | 2.18% | 23.15% | (373.97%) | 357.16% | 66.82% | 126.46% |
Average Days of Receivables |
— | — | — | 2.03 | 6.38 | 9.55 | 4.96 |
Research and Development Expense of Revenue |
— | — | — | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
— | 0.00% | 0.00% | 36.65% | 28.29% | 19.78% | 20.35% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.04 | 0.07 | 0.06 | 0.07 |
Share Based Compensation of Revenue |
— | — | — | 7.39% | 4.09% | 0.08% | 0.21% |
Graham Net Nets |
— | — | — | (0.65) | (1.16) | (2.39) | (3.68) |
Graham Number |
— | — | — | 11.23 | 13.20 | 11.86 | 15.17 |
Earnings Yield |
— | — | — | 70.41% | (46.51%) | (49.30%) | (75.50%) |
Free Cash Flow Yield |
— | — | — | (10.79%) | (10.45%) | (4.79%) | (79.93%) |
Revenue per Share |
— | 0.00 | 0.00 | 5.86 | 7.22 | 5.96 | 5.79 |
Operating CF per Share |
— | 0.00 | (0.63) | (1.66) | (0.90) | (0.17) | (0.05) |
Capex per Share |
— | 0.00 | 0.00 | (1.94) | (1.34) | (0.40) | (0.27) |
Free Cash Flow per Share |
— | 0.00 | (0.63) | (3.61) | (2.24) | (0.57) | (0.32) |
Cash per Share |
— | 0.00 | 0.22 | 3.55 | 0.93 | 0.79 | 0.57 |
Shareholders Equity per Share |
— | 0.01 | (19.00) | 0.64 | (1.94) | (3.57) | (5.44) |
Interest Debt per Share |
— | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
— | 0.01 | (19.00) | 0.64 | (1.94) | (3.57) | (5.44) |
Free Cash Flow |
— | 0.00 | (1.08) | (92.41) | (68.99) | (18.45) | (10.51) |
Working Capital |
— | (0.23) | (4.58) | (77.49) | (132.43) | (155.63) | (96.61) |
Capital Expenditures |
— | — | — | (49.77) | (41.28) | (12.94) | (8.74) |
Net Current Asset Value |
— | (0.23) | (377.64) | (257.81) | (307.93) | (275.34) | (298.36) |
EV/EBIT |
— | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
— | — | — | 0.33 | 0.19 | 0.07 | 0.05 |
Price to Operating Income |
— | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | |||||||
Depreciation/Fixed assets |
— | — | — | 0.19 | 0.24 | 0.34 | 0.43 |
Cash ROIC |
— | 0.00% | 3.37% | (41.67%) | (65.51%) | (19.77%) | (16.66%) |
Accounts Receivable Turnover |
— | — | — | 0.00 | 94.16 | 43.22 | 49.41 |
Accounts Payable Turnover |
— | — | — | 5.21 | 3.83 | 2.33 | 2.37 |
Inventory Turnover |
— | — | — | 0.00 | 10.21 | 11.85 | 13.45 |
Average Days of Payables |
— | — | 0.00 | 106.23 | 127.66 | 154.82 | 147.36 |
Days of Inventory on Hand |
— | — | — | 71.84 | 28.80 | 25.99 | 27.22 |
Average Receivables |
— | — | — | — | 2.36 | 4.48 | 3.81 |
Average Payables |
— | — | — | 10.35 | 23.74 | 31.45 | 29.81 |
Average Inventory |
— | — | — | — | 8.89 | 6.20 | 5.24 |
Average Assets |
— | 0.12 | 172.89 | 369.06 | 352.82 | 265.26 | 192.88 |
Average Common Equity |
— | (16.26) | (16.26) | (8.07) | (21.65) | (87.78) | (146.34) |
Columns are period end dates