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) Piotroski F-score
TH International Limited's Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 0.00 |
| FY2024 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (32.21%) | (21.61%) | Fail | 0 |
| Positive operating cash flow | (1.77m) | (5.52m) | Fail | 0 |
| Rising return on assets | (32.21%) | (21.61%) | Fail | 0 |
| Cash flow above net income | 60.36m | 51.80m | Pass | 1 |
| Falling long-term leverage | 0.85 | 0.24 | Fail | 0 |
| Rising current ratio | 0.33 | 0.27 | Pass | 1 |
| No new shares issued | 32,519,000 | 32,445,000 | Fail | 0 |
| Rising gross margin | 62.52% | 62.07% | Pass | 1 |
| Rising asset turnover | 0.98 | 0.73 | Pass | 1 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| RAVE Rave Restaurant Group, Inc. compare | 7 |
| GTIM Good Times Restaurants Inc. compare | 5 |
| STKS The ONE Group Hospitality, Inc. compare | 4 |
| ARKR Ark Restaurants Corp. compare | 4 |
| PETZ TDH Holdings, Inc. compare | 4 |
| THCH TH International Limited | 4 |
| CCHH CCH Holdings Ltd compare | 3 |
| VENU Venu Holding Corporation compare | 3 |
| GENK GEN Restaurant Group, Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover