Saturday 17 October 2026
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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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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | — | 47.83 | 12.70 | 7.15 | 2.78 | 1.95 |
Analyst estimates 2026–2028 Powerpack |
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| High | — | — | — | — | — | 53.90 | 52.73 | 33.60 | 9.05 | 3.80 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | 3 | 3 | 5,139 | 4,621 | 1,577 | 1,580 | ||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.03 | 0.05 | 0.12 | 0.12 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 150 | 223 | 194 | 188 | ||||
| Gross margin, % | — | — | — | — | — | — | 64.09 | 59.20 | 62.07 | 62.52 | |||||
| EBT | — | — | — | — | 0 | (1) | (111) | (123) | (64) | (62) | |||||
| EBT margin, % | — | — | — | — | 0.00 | 0.00 | (73.66) | (55.39) | (32.94) | (33.07) | |||||
| Net income | — | 0 | — | — | 0 | (1) | (111) | (123) | (64) | (61) | |||||
| Depreciation | — | — | — | — | — | — | 20 | 23 | 24 | 20 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.00 | 0.00 | 5.86 | 7.22 | 5.96 | 5.79 | ||||
| Earnings | — | — | — | — | 0.00 | (0.62) | (4.20) | (4.00) | (1.74) | (1.91) | |||||
| Cash flow | — | — | — | — | 0.00 | (0.63) | (1.66) | (0.90) | (0.17) | (0.05) | |||||
| Capex | — | — | — | — | 0.00 | 0.00 | (1.94) | (1.34) | (0.40) | (0.27) | |||||
| Free cash flow | — | — | — | — | 0.00 | (0.63) | (3.61) | (2.24) | (0.57) | (0.32) | |||||
| Book value | — | — | — | — | 0.01 | (19.00) | 0.64 | (1.94) | (3.57) | (5.44) | |||||
| Shares, m | — | — | — | — | 2 | 2 | 26 | 31 | 32 | 33 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 1.42 | 0.00 | 0.00 | 0.00 | ||||
| P/S | — | — | — | — | — | — | 0.00 | 1.19 | 0.60 | 0.43 | |||||
| P/B | — | — | — | — | — | — | 24.11 | 0.00 | 0.00 | 0.00 | |||||
| EV/Sales | — | — | — | — | — | — | 0.00 | 1.67 | 1.41 | 1.51 | |||||
| EV/FCF | — | — | — | — | — | — | (9.82) | (13.45) | (49.50) | (4.38) | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 0 | (1) | (43) | (28) | (6) | (2) | ||||
| Capex | — | — | — | — | — | — | (50) | (41) | (13) | (9) | |||||
| Free cash flow | — | — | — | — | 0 | (1) | (92) | (69) | (18) | (11) | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 0 | (5) | (77) | (132) | (156) | (97) | ||||
| Total debt | — | — | — | — | 0 | — | 115 | 136 | 184 | 221 | |||||
| Net debt | — | — | — | — | 0 | 0 | 24 | 107 | 158 | 203 | |||||
| Shareholders’ equity | — | — | — | — | 0 | (33) | 16 | (60) | (116) | (177) | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | — | (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) | |||||
| ROE | — | — | — | — | 0.03 | 6.53 | 1,367.10 | 571.92 | 65.30 | 42.46 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
TH International Limited vs peers in Restaurants (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| VENU Venu Holding Corporation | $65.6M | — (loss-making) | — (loss-making) | +6.87% (above 0%: growing) | n/m | −285.57% (below 0%: shrinking) | 19.56% | (319.86%) | Compare |
| GENK GEN Restaurant Group, Inc. | $59.0M | — (loss-making) | — (loss-making) | +1.25% (above 0%: growing) | n/m | +13.23% (above 0%: growing) | 60.93% | (9.24%) | Compare |
| STKS The ONE Group Hospitality, Inc. | $44.7M | — (loss-making) | — (loss-making) | −3.33% (below 0%: shrinking) | n/m | +88.09% (above 0%: growing) | 17.77% | 3.27% | Compare |
| THCH TH International Limited | $31.9M | — (loss-making) | — | −17.29% (below 0%: shrinking) | n/m | +3,099.39% (above 0%: growing) | 63.68% | (21.26%) | |
| RAVE Rave Restaurant Group, Inc. | $31.4M | 10.4× | 2.4× | +8.81% (above 0%: growing) | 0.00% | +30.02% (above 0%: growing) | 75.29% | 36.28% | Compare |
| CCHH CCH Holdings Ltd | $18.2M | — | — | — | — | — | — | — | Compare |
| ARKR Ark Restaurants Corp. | $15.8M | — (loss-making) | 8.0× | −6.48% (below 0%: shrinking) | n/m | −221.42% (below 0%: shrinking) | 7.92% | (0.34%) | Compare |
| GTIM Good Times Restaurants Inc. | $14.7M | 6.4× | — (loss-making) | −5.02% (below 0%: shrinking) | +28.57% (above 0%: growing) | +123.27% (above 0%: growing) | 14.81% | 5.02% | Compare |
| PETZ TDH Holdings, Inc. | $13.4M | — (loss-making) | — (loss-making) | +1,056.22% (above 0%: growing) | +102.70% (above 0%: growing) | +19.06% (above 0%: growing) | 31.14% | 0.00% | Compare |
| Median of peers | $24.8M | — | — | +1.25% | +28.57% | +19.06% | 19.56% | 0.00% |
TH International Limited (THCH) key facts
- Concern: TH International Limited’s revenue for fiscal 2025 (year ended December 2025) was $188.2 million, down 2.74% from fiscal 2024.
- TH International Limited (THCH) is a Restaurants company in the Consumer Cyclical sector, listed on Nasdaq.
- As of October 16, 2026, THCH traded at $1.00, a market capitalization of $31.9 million.
- Return on equity was 42.5% and debt-to-equity -1.16.
- Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −4.01 (distress zone) for fiscal 2025.
TH International Limited (THCH) Latest News
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