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