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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TH International Limited (THCH) Altman Z-score
TH International Limited's Altman Z-score for fiscal 2025 is −4.01, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −4.01 | (1.12) |
| FY2024 | −2.89 | (1.06) |
| FY2023 | −1.83 | (1.09) |
| FY2022 | −0.74 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.57) | — | −0.69 | |
| Retained earnings / total assets | (2.64) | — | −3.69 | |
| EBIT / total assets | (0.27) | — | −0.89 | |
| Market value of equity / total liabilities | 0.23 | — | 0.14 | |
| Sales / total assets | 1.12 | — | 1.12 | |
| Altman Z-score | Distress zone | −4.01 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −14.71 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RAVE Rave Restaurant Group, Inc. compare | 15.6× |
| GTIM Good Times Restaurants Inc. compare | 1.5× |
| ARKR Ark Restaurants Corp. compare | 1.4× |
| CCHH CCH Holdings Ltd compare | 1.2× |
| STKS The ONE Group Hospitality, Inc. compare | 0.7× |
| PETZ TDH Holdings, Inc. compare | 0.6× |
| GENK GEN Restaurant Group, Inc. compare | 0.4× |
| VENU Venu Holding Corporation compare | 0.4× |
| THCH TH International Limited | −4.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets