THCH

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TH International Limited

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Key Metrics

Previous Close: $1.27
52-Week Range: $1.09 – $3.25
Market Cap: $35.88M
P/E (TTM): —
EPS (TTM): -2.32
Dividend Yield: —

Advanced Metrics

Price/Book: —
PEG Ratio: —
Return on Equity: —
Return on Assets: -13.49%
Gross Margin: 38.87%
Operating Margin: -19.40%
Profit Margin: -42.49%
Current Ratio: 0.28
Debt/Equity: —
Total Debt: $1.98B
Free Cash Flow: $-82.01M
Revenue Growth: -21.70%
Earnings Growth: —
Enterprise Value: $1.92B

THCH Income statement, annual periods, in CNY
CNY	FY2022	FY2023	FY2024	FY2025
Revenue	$1.01B	$1.56B	$1.39B	$1.32B
Cost of Revenue	$978.01M	$1.40B	$1.18B	$1.11B
Gross Profit	$33.05M	$156.34M	$213.56M	$209.31M
Selling, General & Admin	$370.56M	$421.94M	$275.17M	$267.80M
Operating Expenses	$598.18M	$696.43M	$502.21M	$459.87M
Operating Income	-$565.13M	-$540.09M	-$288.65M	-$250.56M
EBITDA	-$596.54M	-$656.06M	-$266.19M	-$271.85M
Pretax Income	-$744.75M	-$839.63M	-$458.31M	-$435.33M
Income Tax	$0.00	$97.24K	$2.12M	$483.68K
Net Income	-$742.65M	-$876.25M	-$412.08M	-$434.49M
Diluted EPS	-28.99	-28.41	-12.70	-13.36
Diluted Shares	25.62M	30.84M	32.44M	32.52M

THCH Balance Sheet statement, annual periods, in CNY
CNY	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$239.08M	$202.31M	$152.37M	$121.79M
Receivables	$85.50M	$158.10M	$170.75M	$129.56M
Inventory	$71.47M	$49.87M	$37.58M	$36.79M
Current Assets	$796.81M	$458.62M	$417.08M	$326.63M
Total Assets	$2.64B	$2.22B	$1.56B	$1.18B
Current Liabilities	$1.32B	$1.40B	$1.54B	$1.00B
Long-Term Debt	$362.88M	$425.98M	$464.85M	$1.15B
Total Debt	$1.77B	$1.81B	$1.88B	$1.97B
Total Liabilities	$2.53B	$2.64B	$2.40B	$2.41B
Retained Earnings	-$1.38B	-$2.26B	-$2.67B	-$3.10B
Shareholders' Equity	$108.85M	-$427.21M	-$840.89M	-$1.24B
Working Capital	-$521.45M	-$937.21M	-$1.12B	-$675.64M
Net Debt	$531.61M	$761.90M	$1.17B	$1.43B

THCH Cash Flow statement, annual periods, in CNY
CNY	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$286.93M	-$196.13M	-$39.67M	-$12.71M
Capital Expenditure	-$334.93M	-$291.67M	-$102.84M	-$65.62M
Free Cash Flow	-$621.86M	-$487.80M	-$142.51M	-$78.33M
Depreciation & Amortisation	$133.40M	$163.15M	$169.68M	$146.80M
Stock-Based Compensation	$74.69M	$64.48M	$1.05M	$2.87M
Investing Cash Flow	-$705.17M	$60.00M	-$8.04M	-$62.83M
Financing Cash Flow	$827.16M	$80.83M	$26.00M	$21.70M
Share Repurchases	$0.00	$0.00	—	—
Net Change in Cash	-$164.94M	-$55.30M	-$21.70M	-$53.84M

THCH Income statement, quarterly periods, in CNY
CNY	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$300.74M	$348.98M	$358.02M	$308.46M	$256.74M
Cost of Revenue	$256.25M	$288.79M	$295.58M	$266.27M	$224.85M
Gross Profit	$44.49M	$60.19M	$62.44M	$42.19M	$31.89M
Selling, General & Admin	$69.24M	$51.60M	$67.62M	$79.33M	$57.85M
Operating Expenses	$115.44M	$98.24M	$117.83M	$128.36M	$97.66M
Operating Income	-$70.95M	-$38.05M	-$55.39M	-$86.17M	-$65.78M
EBITDA	-$27.01M	-$43.82M	-$42.94M	-$196.95M	-$83.73M
Pretax Income	-$58.94M	-$75.44M	-$73.76M	-$227.18M	-$109.28M
Income Tax	$0.00	$484.00K	$0.00	-$325.00	$0.00
Net Income	-$58.02M	-$75.45M	-$72.89M	-$228.12M	-$109.90M
Diluted EPS	-1.78	-2.32	-2.24	-7.01	-3.38
Diluted Shares	32.54M	32.52M	32.54M	32.52M	32.52M

THCH Balance Sheet statement, quarterly periods, in CNY
CNY	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$183.95M	$155.22M	$131.61M	$121.79M	$104.79M
Receivables	$34.17M	$25.56M	$20.75M	$129.56M	$15.58M
Inventory	$34.31M	$36.08M	$40.24M	$36.79M	$33.27M
Current Assets	$433.80M	$412.60M	$396.33M	$326.63M	$284.66M
Total Assets	$1.49B	$1.39B	$1.29B	$1.18B	$1.06B
Current Liabilities	$1.60B	$1.60B	$1.62B	$1.00B	$1.01B
Long-Term Debt	$422.80M	$433.10M	$425.62M	$1.15B	$1.17B
Total Debt	$1.86B	$1.84B	$1.80B	$1.97B	$1.95B
Total Liabilities	$2.38B	$2.35B	$2.32B	$2.41B	$2.38B
Retained Earnings	-$2.73B	-$2.80B	-$2.87B	-$3.10B	-$3.21B
Shareholders' Equity	-$896.26M	-$968.75M	-$1.04B	-$1.24B	-$1.33B
Working Capital	-$1.17B	-$1.18B	-$1.22B	-$675.64M	-$722.59M
Net Debt	$1.15B	$1.20B	$1.23B	$1.43B	$1.48B

THCH Cash Flow statement, quarterly periods, in CNY
CNY	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$219.00K	-$1.18M	-$1.71M	-$9.60M	-$23.54M
Free Cash Flow	-$219.00K	-$1.18M	-$1.71M	-$75.22M	-$23.54M
Investing Cash Flow	-$16.66M	-$36.72M	-$13.60M	$4.14M	-$11.47M
Financing Cash Flow	$44.21M	$5.90M	-$3.33M	-$25.08M	$18.42M
Net Change in Cash	$27.34M	-$31.99M	-$18.64M	-$30.54M	-$16.59M

Market Snapshot

About

TH International Limited operates and franchises Tim Hortons coffee shops and Popeyes restaurants in China. The company serves as the exclusive master franchisee for these brands in the Chinese market. TH International focuses on expanding its store network and developing localized menu offerings for Chinese consumers.