TH International Ltd
THCH Nasdaq· Retail-Eating Places
Last close · Oct 26, 2026
$1.12
KIRA · Stoqly’s AI analyst, in plain words
- TH International Ltd had $183M of revenue in fiscal 2025, down 5.3% on the year before. Over five years, revenue changed +42.9% a year on average.
- Its operating margin was −24.1%, up 1.0 pts: of every 100 in sales, about −24 is left after running the business.
- TH International Ltd lost $60.4M in fiscal 2025.
- Free cash flow was −$10.9M in fiscal 2025, −6.0% of revenue.
- TH International Ltd owes $39.0M more than it holds in cash.
Market cap
$36.4M
P/E
—
Revenue
$183M
Net income
−$60.4M
Free cash flow
−$10.9M
Operating margin
−24.1%
TH International Ltd in 30 seconds · fiscal 2025
Are sales growing?
−5.3%
No. Sales fell 5.3% last year.
Does it make a profit?
−33.0%
No. It lost money last year.
Does profit turn into cash?
−6.0%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
What TH International Ltd does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 30, 2026
- Legal name
- TH International Ltd
- CIK
- 0001877333
TH International Ltd · THCH
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $99.8M | $150M | $220M | $193M | $183M |
| Revenue growth | 224.6% | 50.5% | 46.7% | −12.2% | −5.3% |
| Gross margin | 97.4% | 95.2% | 90.4% | 89.0% | 87.0% |
| Operating margin | −58.2% | −57.5% | −42.8% | −25.1% | −24.1% |
| Net income | −$59.2M | −$110M | −$124M | −$57.3M | −$60.4M |
| Net margin | −59.3% | −73.5% | −56.2% | −29.6% | −33.0% |
| Diluted EPS | −$0.49 | −$4.31 | −$4.01 | −$1.76 | −$1.86 |
| Cash | |||||
| Cash from operations | −$38.0M | −$42.6M | −$27.7M | −$5.5M | −$1.8M |
| Capital expenditure | $52.0M | $49.7M | $41.2M | $14.3M | $9.1M |
| Free cash flow | −$90.0M | −$92.4M | −$68.9M | −$19.8M | −$10.9M |
| FCF margin | −90.2% | −61.5% | −31.3% | −10.2% | −6.0% |
| Share count change | 13.9% | −78.9% | 20.4% | 5.2% | 0.2% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $52.8M | $15.8M | −$60.1M | −$115M | −$178M |
| Current ratio | 1.0x | 0.6x | 0.3x | 0.3x | 0.3x |
| Interest coverage | −196.9x | −39.3x | −32.7x | −15.6x | −19.0x |
| Returns and quality | |||||
| Return on capital | −196.0% | — | — | — | — |
| Return on equity | −99.4% | −321.6% | — | — | — |
| Return on tangible equity | −145.8% | −5,929.8% | — | — | — |
| Piotroski F-score | — | 4 | 2 | 4 | 3 |
| Altman Z'' | −3.1 | −4.5 | −8.3 | −12.1 | −14.7 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
TH International Ltd · THCH
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $1.12 a share, the company is worth $36.4M.
Source: SEC EDGAR XBRL filings (CIK 0001877333). Data updated October 24, 2026. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.