TH International Limited (THCH) 10-Year Financial Performance & Capital Metrics

THCH • • Industrial / General

Consumer CyclicalRestaurantsCoffee & Beverage ChainsSpecialty Coffee Chains

AboutTH International Limited operates Tim Hortons coffee shops in mainland China, Hong Kong, and Macau. As of September 28, 2022, it had approximately 460 coffee shops across the People's Republic of China. The company was incorporated in 2018 and is based in Shanghai, the People's Republic of China. TH International Limited is a subsidiary of Tim Hortons Inc.Show more

Revenue $1.39B -11.7%
EBITDA -$179M +66.5%
Net Income -$412M +53.0%
EPS (Diluted) -12.70 +55.3%
Gross Margin 15.35% -42.0%
EBITDA Margin -12.9% +62.0%
Operating Margin -25.09% +43.6%
Net Margin -29.62% +46.7%
ROE -
ROIC -24.48% +32.8%
Debt/Equity -
Interest Coverage -15.55 +54.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 89.3%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y89.28%

3Y29.31%

TTM-12.1%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM46.73%

EPS CAGR

10Y-

5Y-

3Y-

TTM47.29%

ROCE

10Y Avg-54.48%

5Y Avg-60.56%

3Y Avg-68.26%

Latest-82.41%

Peer Comparison

Specialty Coffee Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SBUXStarbucks Corporation	106.07B	93.28	57.23	2.79%	4.99%		2.3%
THCHTH International Limited	70.42M	2.20	-0.17	-11.72%	-26.37%
REBNReborn Coffee, Inc.	13.83M	1.88	-1.13	7.63%	-191.5%	-278.67%		1.48

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	57.26M	212.08M	643.37M	1.01B	1.58B	1.39B
Revenue Growth %	-	2.7%	2.03%	0.57%	0.56%	-0.12%
Cost of Goods Sold+	74.4M	205.47M	629.57M	978.01M	1.16B	1.18B
COGS % of Revenue	1.3%	0.97%	0.98%	0.97%	0.74%	0.85%
Gross Profit+	-17.15M	6.62M	13.81M	33.05M	417.16M	213.56M
Gross Margin %	-0.3%	0.03%	0.02%	0.03%	0.26%	0.15%
Gross Profit Growth %	-	1.39%	1.09%	1.39%	11.62%	-0.49%
Operating Expenses+	74.11M	147.79M	385.72M	598.18M	1.12B	562.64M
OpEx % of Revenue	1.29%	0.7%	0.6%	0.59%	0.71%	0.4%
Selling, General & Admin	59.09M	96.35M	225.28M	370.56M	445.81M	275.17M
SG&A % of Revenue	1.03%	0.45%	0.35%	0.37%	0.28%	0.2%
Research & Development	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-
Other Operating Expenses	15.02M	51.44M	160.44M	227.62M	672.53M	287.47M
Operating Income+	-91.26M	-141.17M	-374.46M	-581.18M	-701.18M	-349.08M
Operating Margin %	-1.59%	-0.67%	-0.58%	-0.57%	-0.44%	-0.25%
Operating Income Growth %	-	-0.55%	-1.65%	-0.55%	-0.21%	0.5%
EBITDA+	-82.56M	-113.33M	-300.19M	-447.78M	-535.28M	-179.4M
EBITDA Margin %	-1.44%	-0.53%	-0.47%	-0.44%	-0.34%	-0.13%
EBITDA Growth %	-	-0.37%	-1.65%	-0.49%	-0.2%	0.66%
D&A (Non-Cash Add-back)	8.7M	27.84M	74.28M	133.4M	165.9M	169.68M
EBIT	-87.83M	-143.06M	-371.92M	-565.13M	-852.4M	-435.87M
Net Interest Income+	2.27M	511.39K	-1.59M	-12.1M	-6.18M	-19.25M
Interest Income	2.27M	511.39K	315.55K	2.7M	14.25M	3.2M
Interest Expense	0	0	1.9M	14.8M	20.43M	22.45M
Other Income/Expense	3.43M	-1.89M	-8.47M	-163.56M	-138.45M	-109.23M
Pretax Income+	-87.83M	-143.06M	-382.93M	-744.75M	-839.63M	-458.31M
Pretax Margin %	-1.53%	-0.67%	-0.6%	-0.74%	-0.53%	-0.33%
Income Tax+	0	0	0	0	97.24K	2.12M
Effective Tax Rate %	1%	0.99%	1%	1%	1.04%	0.9%
Net Income+	-87.65M	-142M	-381.72M	-742.65M	-876.25M	-412.08M
Net Margin %	-1.53%	-0.67%	-0.59%	-0.73%	-0.56%	-0.3%
Net Income Growth %	-	-0.62%	-1.69%	-0.95%	-0.18%	0.53%
Net Income (Continuing)	-87.83M	-143.06M	-382.93M	-744.75M	-839.73M	-460.43M
Discontinued Operations	0	0	0	0	-33.2M	51.44M
Minority Interest	5.83M	4.76M	3.56M	1.45M	4.78M	7.87M
EPS (Diluted)+	-3.25	-6.68	-14.18	-28.99	-28.40	-12.70
EPS Growth %	-	-1.06%	-1.12%	-1.04%	0.02%	0.55%
EPS (Basic)	-3.25	-6.68	-14.18	-28.99	-28.40	-12.70
Diluted Shares Outstanding	26.93M	21.24M	26.93M	25.62M	30.84M	32.45M
Basic Shares Outstanding	26.93M	21.24M	26.93M	25.62M	30.84M	32.45M
Dividend Payout Ratio	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	289.08M	250.89M	585.97M	796.81M	458.62M	417.08M
Cash & Short-Term Investments	263.12M	180.35M	395M	611.45M	225.72M	161.37M
Cash Only	260.44M	174.87M	390.84M	239.08M	203.59M	152.37M
Short-Term Investments	2.68M	5.48M	4.16M	375.84M	23.41M	9M
Accounts Receivable	3.17M	7.98M	9.82M	5.62M	27.56M	170.75M
Days Sales Outstanding	20.23	13.73	5.57	2.03	6.38	44.8
Inventory	5.73M	11.3M	42.48M	71.47M	49.87M	37.58M
Days Inventory Outstanding	28.13	20.08	24.63	26.67	15.71	11.65
Other Current Assets	15.9M	35.99M	108.74M	96.69M	149.67M	42.01M
Total Non-Current Assets+	154.92M	329.47M	698.92M	1.85B	1.76B	1.15B
Property, Plant & Equipment	79.44M	235.75M	554.02M	1.67B	1.54B	995.47M
Fixed Asset Turnover	0.72x	0.90x	1.16x	0.61x	1.02x	1.40x
Goodwill	0	0	0	-95.92B	0	0
Intangible Assets	65.77M	61.9M	77.59M	96.02B	147.45M	97.02M
Long-Term Investments	0	0	0	0	0	0
Other Non-Current Assets	9.7M	31.81M	67.31M	82.27M	68.42M	53.97M
Total Assets+	444M	580.36M	1.28B	2.64B	2.22B	1.56B
Asset Turnover	0.13x	0.37x	0.50x	0.38x	0.71x	0.89x
Asset Growth %	-	0.31%	1.21%	1.06%	-0.16%	-0.29%
Total Current Liabilities+	65.52M	128.24M	567.29M	1.32B	1.4B	1.54B
Accounts Payable	8.86M	19.45M	68.16M	115.36M	224.85M	223.84M
Days Payables Outstanding	43.45	34.55	39.52	43.05	70.83	69.38
Short-Term Debt	0	0	192.06M	407.81M	538.23M	854.98M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	37.97M	74.91M	188.79M	440.03M	46.88M	16.81M
Current Ratio	4.41x	1.96x	1.03x	0.60x	0.33x	0.27x
Quick Ratio	4.32x	1.87x	0.96x	0.55x	0.29x	0.25x
Cash Conversion Cycle	4.91	-0.74	-9.32	-14.35	-48.74	-12.93
Total Non-Current Liabilities+	0	19.06M	378.51M	1.21B	1.24B	860.62M
Long-Term Debt	0	0	330.37M	362.88M	425.98M	464.85M
Capital Lease Obligations	0	0	0	820.25M	707.69M	380.07M
Deferred Tax Liabilities	0	0	0	0	0	0
Other Non-Current Liabilities	0	19.06M	47.17M	27M	103.1M	7.67M
Total Liabilities	65.52M	147.31M	945.8M	2.53B	2.64B	2.4B
Total Debt+	0	0	522.42M	1.77B	1.87B	1.88B
Net Debt	-260.44M	-174.87M	131.59M	1.53B	1.67B	1.73B
Debt / Equity	-	-	1.54x	16.06x	-	-
Debt / EBITDA	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-
Interest Coverage	-	-	-196.92x	-39.26x	-34.33x	-15.55x
Total Equity+	372.59M	433.05M	339.1M	110.3M	-422.43M	-833.01M
Equity Growth %	-	0.16%	-0.22%	-0.67%	-4.83%	-0.97%
Book Value per Share	13.84	20.39	12.59	4.31	-13.70	-25.67
Total Shareholders' Equity	366.77M	428.29M	335.54M	108.85M	-427.21M	-840.89M
Common Stock	6.41K	6.51K	7.5K	9K	9.73K	9.73K
Retained Earnings	-113.81M	-255.81M	-637.53M	-1.38B	-2.26B	-2.67B
Treasury Stock	0	0	0	0	0	0
Accumulated OCI	-155.97M	39.18M	35.74M	17M	21.49M	9.19M
Minority Interest	5.83M	4.76M	3.56M	1.45M	4.78M	7.87M

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-77.12M	-145.77M	-244.97M	-286.93M	-196.13M	-39.67M
Operating CF Margin %	-1.35%	-0.69%	-0.38%	-0.28%	-0.12%	-0.03%
Operating CF Growth %	-	-0.89%	-0.68%	-0.17%	0.32%	0.8%
Net Income	-87.65M	-142M	-381.72M	-742.65M	-872.93M	-460.43M
Depreciation & Amortization	8.7M	27.84M	74.28M	133.4M	165.9M	169.68M
Stock-Based Compensation	0	0	0	74.69M	64.48M	1.04M
Deferred Taxes	0	0	0	-47.15M	0	0
Other Non-Cash Items	10.74M	-21.24M	95.49M	322.31M	296.34M	180.66M
Working Capital Changes	-8.91M	-10.38M	-33.01M	-27.53M	150.08M	69.38M
Change in Receivables	-3.17M	-4.8M	-1.84M	1.84M	-24.55M	-12.72M
Change in Inventory	-5.73M	-5.57M	-31.17M	-29.38M	9.16M	8.88M
Change in Payables	7.69M	7.71M	45.56M	44.72M	114.21M	4.06M
Cash from Investing+	-56.09M	-144.75M	-335.28M	-705.17M	60M	-8.04M
Capital Expenditures	-56.09M	-144.75M	-335.32M	-334.93M	-292.4M	-102.84M
CapEx % of Revenue	0.98%	0.68%	0.52%	0.33%	0.19%	0.07%
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	0	0	41K	0	271.44K	77.64M
Cash from Financing+	212.8M	221.12M	798M	827.16M	80.83M	26M
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-
Other Financing	6M	0	-9.31M	590.27M	-46.06M	4.6M
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	-133.22M	-290.52M	-580.28M	-621.86M	-488.53M	-142.51M
FCF Margin %	-2.33%	-1.37%	-0.9%	-0.62%	-0.31%	-0.1%
FCF Growth %	-	-1.18%	-1%	-0.07%	0.21%	0.71%
FCF per Share	-4.95	-13.68	-21.55	-24.27	-15.84	-4.39
FCF Conversion (FCF/Net Income)	0.88x	1.03x	0.64x	0.39x	0.22x	0.10x
Interest Paid	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-23.53%	-35.25%	-98.87%	-330.51%	-	-
Return on Invested Capital (ROIC)	-	-57.18%	-77.06%	-41.25%	-36.4%	-24.48%
Gross Margin	-29.95%	3.12%	2.15%	3.27%	26.47%	15.35%
Net Margin	-153.09%	-66.95%	-59.33%	-73.45%	-55.61%	-29.62%
Debt / Equity	-	-	1.54x	16.06x	-	-
Interest Coverage	-	-	-196.92x	-39.26x	-34.33x	-15.55x
FCF Conversion	0.88x	1.03x	0.64x	0.39x	0.22x	0.10x
Revenue Growth	-	270.41%	203.36%	57.15%	55.85%	-11.72%

Revenue by Segment

	2022	2023	2024
Franchise	-	15.44M	24.21M
Franchise Growth	-	-	56.80%
Franchise Fees	4.54M	-	-
Franchise Fees Growth	-	-	-
Other Revenue	1.3M	-	-
Other Revenue Growth	-	-	-

Frequently Asked Questions

Growth & Financials

TH International Limited (THCH) reported $1.34B in revenue for fiscal year 2024. This represents a 2244% increase from $57.3M in 2019.

TH International Limited (THCH) saw revenue decline by 11.7% over the past year.

TH International Limited (THCH) reported a net loss of $353.9M for fiscal year 2024.

Dividend & Returns

TH International Limited (THCH) had negative free cash flow of $46.0M in fiscal year 2024, likely due to heavy capital investments.

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