TH International Ltd
THCH Nasdaq Retail-Eating Places Financials FY2020โFY2025
Revenue
Total sales reported in the income statement.
$183M
5.3%
vs prior year
Operating margin
Operating income as a share of revenue.
โ24.1%
1.0ย pts
Net income
Profit after all expenses, interest and tax.
โ$60.4M
Free cash flow
Cash from operations minus capital spending.
โ$10.9M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ
Market cap
Last close times the latest diluted share count, so it is approximate.
โ
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$1.86 EPS (TTM)
What TH International Ltd does
No business description yet.
- Legal name
- TH International Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท Apr 30, 2026
- Accession ยท CIK
- 0001213900-26-050185
0001877333
Revenue and margins
TH International Ltd had $183M of revenue in fiscal 2025, down 5.3% on the year before.
FY20
Revenue $30.7M
FY21
Revenue $99.8M
FY22
Revenue $150M
FY23
Revenue $220M
FY24
Revenue $193M
FY25
Revenue $183M
FY20
Gross โ
Operating โ66.6%
Net โ67.0%
FCF โ137.0%
FY21
Gross 97.4%
Operating โ58.2%
Net โ59.3%
FCF โ90.2%
FY22
Gross 95.2%
Operating โ57.5%
Net โ73.5%
FCF โ61.5%
FY23
Gross 90.4%
Operating โ42.8%
Net โ56.2%
FCF โ31.3%
FY24
Gross 89.0%
Operating โ25.1%
Net โ29.6%
FCF โ10.2%
FY25
Gross 87.0%
Operating โ24.1%
Net โ33.0%
FCF โ6.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income โ$20.6M
FY21
Net income โ$59.2M
FY22
Net income โ$110M
FY23
Net income โ$124M
FY24
Net income โ$57.3M
FY25
Net income โ$60.4M
FY20
Diluted EPS โ$0.19
FY21
Diluted EPS โ$0.49
FY22
Diluted EPS โ$4.31
FY23
Diluted EPS โ$4.01
FY24
Diluted EPS โ$1.76
FY25
Diluted EPS โ$1.86
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital โ
Return on equity โ31.1%
Return on assets โ
FY21
Return on capital โ196.0%
Return on equity โ99.4%
Return on assets โ29.3%
FY22
Return on capital โ
Return on equity โ321.6%
Return on assets โ37.7%
FY23
Return on capital โ
Return on equity โ
Return on assets โ35.6%
FY24
Return on capital โ
Return on equity โ
Return on assets โ21.8%
FY25
Return on capital โ
Return on equity โ
Return on assets โ31.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$10.9M in fiscal 2025, โ6.0% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow โ$42.1M
FY21
Free cash flow โ$90.0M
FY22
Free cash flow โ$92.4M
FY23
Free cash flow โ$68.9M
FY24
Free cash flow โ$19.8M
FY25
Free cash flow โ$10.9M
FY20
Cash from operations โ$21.1M
Capital spending $21.0M
FY21
Cash from operations โ$38.0M
Capital spending $52.0M
FY22
Cash from operations โ$42.6M
Capital spending $49.7M
FY23
Cash from operations โ$27.7M
Capital spending $41.2M
FY24
Cash from operations โ$5.5M
Capital spending $14.3M
FY25
Cash from operations โ$1.8M
Capital spending $9.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
TH International Ltd returned โ to shareholders in fiscal 2025. The diluted share count rose 0.2%.
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY20
Diluted shares 0.11B
FY21
Diluted shares 0.12B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably TH International Ltd can carry it.
FY20
Cash $26.7M
Debt โ
FY21
Cash $61.5M
Debt $32.1M
FY22
Cash $88.6M
Debt $60.4M
FY23
Cash $28.5M
Debt $76.5M
FY24
Cash $20.9M
Debt $52.2M
FY25
Cash $17.4M
Debt $56.4M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $61.5M | $88.6M | $28.5M | $20.9M | $17.4M |
| Debt incl. finance leases | $32.1M | $60.4M | $76.5M | $52.2M | $56.4M |
| Debt / equity | 0.6x | 3.8x | โ | โ | โ |
| Interest coverage | โ196.9x | โ39.3x | โ32.7x | โ15.6x | โ19.0x |
| Current ratio | 1.0x | 0.6x | 0.3x | 0.3x | 0.3x |
| Quick ratio | 1.0x | 0.6x | 0.3x | 0.2x | 0.3x |
| Total assets | $202M | $383M | $312M | $214M | $168M |
| Total liabilities | $149M | $367M | $371M | $328M | $345M |
| Shareholders' equity | $52.8M | $15.8M | โ$60.1M | โ$115M | โ$178M |
| Net debt (โ = net cash) | โ$29.4M | โ$28.2M | $48.0M | $31.4M | $39.0M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 4 | 4 / 9 | 2 / 9 | 4 / 9 | 3 / 9 |
| Accruals ratio | โ | โ10.5% | โ23.1% | โ27.6% | โ19.7% | โ30.7% |
| Altman Z'' | โ | โ3.08 | โ4.47 | โ8.30 | โ12.15 | โ14.67 |
6 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $30.7M | $99.8M | $150M | $220M | $193M | $183M |
| Gross profit | โ | $97.2M | $143M | $199M | $172M | $159M |
| Operating income | โ$20.5M | โ$58.1M | โ$86.3M | โ$94.3M | โ$48.5M | โ$44.2M |
| Interest expense | โ | $0.3M | $2.2M | $2.9M | $3.1M | $2.3M |
| Pretax income | โ$20.7M | โ$59.4M | โ$111M | โ$119M | โ$63.7M | โ$60.6M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.3M | $0.1M |
| Net income | โ$20.6M | โ$59.2M | โ$110M | โ$124M | โ$57.3M | โ$60.4M |
| Net income to common | โ$20.6M | โ$59.2M | โ$110M | โ$124M | โ | โ |
| Diluted EPS | โ$0.19 | โ$0.49 | โ$4.31 | โ$4.01 | โ$1.76 | โ$1.86 |
| Diluted shares | 0.11B | 0.12B | 0.03B | 0.03B | 0.03B | 0.03B |
| Cash flow | ||||||
| Cash from operations | โ$21.1M | โ$38.0M | โ$42.6M | โ$27.7M | โ$5.5M | โ$1.8M |
| Capital expenditure | $21.0M | $52.0M | $49.7M | $41.2M | $14.3M | $9.1M |
| Free cash flow | โ$42.1M | โ$90.0M | โ$92.4M | โ$68.9M | โ$19.8M | โ$10.9M |
| Depreciation and amortization | $4.0M | $11.5M | $17.6M | $19.6M | $18.0M | $15.0M |
| Stock-based compensation | โ | โ | $11.1M | $9.1M | $0.1M | $0.4M |
| Balance sheet | ||||||
| Cash and short-term investments | $26.7M | $61.5M | $88.6M | $28.5M | $20.9M | $17.4M |
| Total debt | โ | $32.1M | $60.4M | $76.5M | $52.2M | $56.4M |
| Current assets | โ | $92.2M | $116M | $64.5M | $57.1M | $46.7M |
| Current liabilities | โ | $89.3M | $191M | $196M | $210M | $143M |
| Inventory | โ | $6.7M | $10.4M | $7.0M | $5.1M | $5.3M |
| Property and equipment, net | โ | $87.2M | $104M | $93.7M | $68.8M | $47.4M |
| Intangible assets | โ | $12.2M | $13.9M | $15.6M | $13.3M | $11.6M |
| Total assets | โ | $202M | $383M | $312M | $214M | $168M |
| Total liabilities | โ | $149M | $367M | $371M | $328M | $345M |
| Shareholders' equity | $66.2M | $52.8M | $15.8M | โ$60.1M | โ$115M | โ$178M |
| Margins | ||||||
| Gross margin | โ | 97.4% | 95.2% | 90.4% | 89.0% | 87.0% |
| Operating margin | โ66.6% | โ58.2% | โ57.5% | โ42.8% | โ25.1% | โ24.1% |
| EBITDA margin | โ53.4% | โ46.7% | โ45.7% | โ33.9% | โ15.8% | โ15.9% |
| Net margin | โ67.0% | โ59.3% | โ73.5% | โ56.2% | โ29.6% | โ33.0% |
| FCF margin | โ137.0% | โ90.2% | โ61.5% | โ31.3% | โ10.2% | โ6.0% |
| Returns | ||||||
| Return on capital | โ | โ196.0% | โ | โ | โ | โ |
| Return on capital employed | โ | โ51.4% | โ45.0% | โ81.7% | โ1,282.7% | โ177.2% |
| Return on equity | โ31.1% | โ99.4% | โ321.6% | โ | โ | โ |
| Return on assets | โ | โ29.3% | โ37.7% | โ35.6% | โ21.8% | โ31.6% |
| Return on tangible equity | โ31.1% | โ145.8% | โ5,929.8% | โ | โ | โ |
| Growth | ||||||
| Revenue growth | โ | 224.6% | 50.5% | 46.7% | โ12.2% | โ5.3% |
| Share count change | โ | 13.9% | โ78.9% | 20.4% | 5.2% | 0.2% |
| Financial health | ||||||
| Debt / equity | โ | 0.6x | 3.8x | โ | โ | โ |
| Interest coverage | โ | โ196.9x | โ39.3x | โ32.7x | โ15.6x | โ19.0x |
| Current ratio | โ | 1.0x | 0.6x | 0.3x | 0.3x | 0.3x |
| Quick ratio | โ | 1.0x | 0.6x | 0.3x | 0.2x | 0.3x |
| Capital allocation | ||||||
| Capex / revenue | 68.2% | 52.1% | 33.1% | 18.7% | 7.4% | 5.0% |
| Stock comp / revenue | โ | โ | 7.4% | 4.1% | 0.1% | 0.2% |
| Quality scores | ||||||
| Piotroski F-score | โ | โ | 4.0 | 2.0 | 4.0 | 3.0 |
| Altman Z'' | โ | โ3.1 | โ4.5 | โ8.3 | โ12.1 | โ14.7 |
| Accruals ratio | โ | โ10.5% | โ23.1% | โ27.6% | โ19.7% | โ30.7% |
Source: SEC EDGAR XBRL filings (CIK 0001877333). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only โ not investment advice. Check the original filings before relying on any figure.