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) Beneish M-score
TH International Limited's Beneish M-score for fiscal 2025 is −4.77; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −4.77 | (1.13) |
| FY2024 | −3.64 | (2.15) |
| FY2023 | −1.49 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.52 | — | 0.48 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 1.07 | — | 0.43 | |
| Sales growth index | 0.97 | — | 0.87 | |
| Depreciation index | 0.84 | — | 0.10 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | (0.36) | — | −1.68 | |
| Leverage index | 1.43 | — | −0.47 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.77 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| THCH TH International Limited | −4.8× |
| ARKR Ark Restaurants Corp. compare | −3.1× |
| STKS The ONE Group Hospitality, Inc. compare | −2.8× |
| GTIM Good Times Restaurants Inc. compare | −2.6× |
| RAVE Rave Restaurant Group, Inc. compare | −2.5× |
| CCHH CCH Holdings Ltd compare | −2.5× |
| GENK GEN Restaurant Group, Inc. compare | −1.0× |
| PETZ TDH Holdings, Inc. compare | — |
| VENU Venu Holding Corporation compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI