TH International Limited(THCH)Earnings, Financials & Key Ratios
THCH•NASDAQ
$1.95
$62M mkt cap·Price updated May 7, 2026
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 Margin15.35%-42.0%
- EBITDA Margin-12.9%+62.0%
- Operating Margin-25.09%+43.6%
- Net Margin-29.62%+46.7%
- ROIC-24.48%+32.8%
- Interest Coverage-15.55+54.7%
THCH Key Insights
TH International Limited (THCH) fundamental analysis — strengths, weaknesses & financial health based on 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
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
THCH Price & Volume
TH International Limited (THCH) stock price & volume — 10-year historical chart
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THCH Growth Metrics
TH International Limited (THCH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years89.28%
3 Years29.31%
TTM-12.1%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM46.73%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM47.29%
Return on Capital
10 Years-54.48%
5 Years-60.56%
3 Years-68.26%
Last Year-82.41%
THCH Peer Comparison
TH International Limited (THCH) competitors in Coffee and Beverage Chains — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 YUMC | 16.9B | 48.11 | 19.24 | 4.37% | 7.83% | 15.1% | 0.38 | |
 MCD | 201.63B | 283.66 | 23.74 | 3.72% | 31.62% | |||
 SBUX | 118.83B | 104.26 | 63.96 | 2.79% | 3.63% | |||
 QSR | 27.42B | 79.14 | 33.68 | 12.23% | 9.96% | 18.45% | 3.41 | |
 WEN | 1.32B | 6.95 | 7.32 | 2.98% | 8.43% | 170.42% | 15.78 | |
 PZZA | 1.08B | 32.85 | 36.50 | -0.27% | 1.81% | |||
 DPZ | 11.18B | 332.53 | 18.93 | 4.96% | 11.89% | |||
 CMG | 43.33B | 33.27 | 29.18 | 5.41% | 11.96% | 48.45% | 3.48 |
Compare THCH vs Peers
TH International Limited (THCH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
THCH Income Statement
TH International Limited (THCH) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 57.26M | 212.08M | 643.37M | 1.01B | 1.58B | 1.39B | 1.34B |
| Revenue Growth % | - | 270.41% | 203.36% | 57.15% | 55.85% | -11.72% | -12.1% |
| Cost of Goods Sold | 74.4M | 205.47M | 629.57M | 978.01M | 1.16B | 1.18B | 1.12B |
| COGS % of Revenue | 129.95% | 96.88% | 97.85% | 96.73% | 73.53% | 84.65% | - |
| Gross Profit | -17.15M▲ 0% | 6.62M▲ 138.6% | 13.81M▲ 108.6% | 33.05M▲ 139.4% | 417.16M▲ 1162.1% | 213.56M▼ 48.8% | 222.16M▲ 0% |
| Gross Margin % | -29.95% | 3.12% | 2.15% | 3.27% | 26.47% | 15.35% | 16.56% |
| Gross Profit Growth % | - | 138.59% | 108.64% | 139.41% | 1162.08% | -48.81% | - |
| Operating Expenses | 74.11M | 147.79M | 385.72M | 598.18M | 1.12B | 562.64M | 528.34M |
| OpEx % of Revenue | 129.43% | 69.68% | 59.95% | 59.16% | 70.97% | 40.44% | - |
| Selling, General & Admin | 59.09M | 96.35M | 225.28M | 370.56M | 445.81M | 275.17M | 269.18M |
| SG&A % of Revenue | 103.2% | 45.43% | 35.02% | 36.65% | 28.29% | 19.78% | - |
| Research & Development | 0 | 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 | 4M |
| Operating Income | -91.26M▲ 0% | -141.17M▼ 54.7% | -374.46M▼ 165.3% | -581.18M▼ 55.2% | -701.18M▼ 20.6% | -349.08M▲ 50.2% | -306.19M▲ 0% |
| Operating Margin % | -159.38% | -66.56% | -58.2% | -57.48% | -44.5% | -25.09% | -22.82% |
| Operating Income Growth % | - | -54.7% | -165.25% | -55.2% | -20.65% | 50.22% | - |
| EBITDA | -82.56M | -113.33M | -300.19M | -447.78M | -535.28M | -179.4M | -185.18M |
| EBITDA Margin % | -144.18% | -53.44% | -46.66% | -44.29% | -33.97% | -12.9% | -13.8% |
| EBITDA Growth % | - | -37.28% | -164.87% | -49.17% | -19.54% | 66.48% | 57.04% |
| D&A (Non-Cash Add-back) | 8.7M | 27.84M | 74.28M | 133.4M | 165.9M | 169.68M | 121.01M |
| EBIT | -87.83M | -143.06M | -371.92M | -565.13M | -852.4M | -435.87M | -343.42M |
| Net Interest Income | 2.27M | 511.39K | -1.59M | -12.1M | -6.18M | -19.25M | -13.15M |
| Interest Income | 2.27M | 511.39K | 315.55K | 2.7M | 14.25M | 3.2M | 3.04M |
| Interest Expense | 0 | 0 | 1.9M | 14.8M | 20.43M | 22.45M | 16.19M |
| Other Income/Expense | 3.43M | -1.89M | -8.47M | -163.56M | -138.45M | -109.23M | -53.43M |
| Pretax Income | -87.83M▲ 0% | -143.06M▼ 62.9% | -382.93M▼ 167.7% | -744.75M▼ 94.5% | -839.63M▼ 12.7% | -458.31M▲ 45.4% | -359.61M▲ 0% |
| Pretax Margin % | -153.39% | -67.45% | -59.52% | -73.66% | -53.28% | -32.94% | -26.8% |
| Income Tax | 0 | 0 | 0 | 0 | 97.24K | 2.12M | 1.51M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -0.01% | -0.46% | -0.42% |
| Net Income | -87.65M▲ 0% | -142M▼ 62.0% | -381.72M▼ 168.8% | -742.65M▼ 94.6% | -876.25M▼ 18.0% | -412.08M▲ 53.0% | -353.89M▲ 0% |
| Net Margin % | -153.09% | -66.95% | -59.33% | -73.45% | -55.61% | -29.62% | -26.37% |
| Net Income Growth % | - | -62% | -168.82% | -94.55% | -17.99% | 52.97% | 46.73% |
| Net Income (Continuing) | -87.83M | -143.06M | -382.93M | -744.75M | -839.73M | -460.43M | -361.12M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -33.2M | 51.44M | 1000K |
| Minority Interest | 5.83M | 4.76M | 3.56M | 1.45M | 4.78M | 7.87M | 6.48M |
| EPS (Diluted) | -3.25▲ 0% | -6.68▼ 105.5% | -14.18▼ 112.3% | -28.99▼ 104.4% | -28.40▲ 2.0% | -12.70▲ 55.3% | -10.88▲ 0% |
| EPS Growth % | - | -105.54% | -112.28% | -104.44% | 2.04% | 55.28% | 47.29% |
| 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 | 32.52M |
| Basic Shares Outstanding | 26.93M | 21.24M | 26.93M | 25.62M | 30.84M | 32.45M | 32.52M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
THCH Balance Sheet
TH International Limited (THCH) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 289.08M | 250.89M | 585.97M | 796.81M | 458.62M | 417.08M | 412.6M |
| Cash & Short-Term Investments | 263.12M | 180.35M | 395M | 611.45M | 225.72M | 161.37M | 155.22M |
| Cash Only | 260.44M | 174.87M | 390.84M | 239.08M | 203.59M | 152.37M | 155.22M |
| Short-Term Investments | 2.68M | 5.48M | 4.16M | 375.84M | 23.41M | 9M | 0 |
| Accounts Receivable | 3.17M | 7.98M | 9.82M | 5.62M | 27.56M | 170.75M | 25.56M |
| Days Sales Outstanding | 20.23 | 13.73 | 5.57 | 2.03 | 6.38 | 44.8 | 18.48 |
| Inventory | 5.73M | 11.3M | 42.48M | 71.47M | 49.87M | 37.58M | 36.08M |
| Days Inventory Outstanding | 28.13 | 20.08 | 24.63 | 26.67 | 15.71 | 11.65 | 11.65 |
| Other Current Assets | 15.9M | 35.99M | 108.74M | 96.69M | 149.67M | 42.01M | 195.74M |
| Total Non-Current Assets | 154.92M | 329.47M | 698.92M | 1.85B | 1.76B | 1.15B | 973.22M |
| Property, Plant & Equipment | 79.44M | 235.75M | 554.02M | 1.67B | 1.54B | 995.47M | 837.27M |
| Fixed Asset Turnover | 0.72x | 0.90x | 1.16x | 0.61x | 1.02x | 1.40x | 1.41x |
| Goodwill | 0 | 0 | 0 | -95.92B | 0 | 0 | 0 |
| Intangible Assets | 65.77M | 61.9M | 77.59M | 96.02B | 147.45M | 97.02M | 87.91M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 9.7M | 31.81M | 67.31M | 82.27M | 68.42M | 53.97M | 215.47M |
| Total Assets | 444M▲ 0% | 580.36M▲ 30.7% | 1.28B▲ 121.4% | 2.64B▲ 105.6% | 2.22B▼ 16.1% | 1.56B▼ 29.4% | 1.39B▲ 0% |
| Asset Turnover | 0.13x | 0.37x | 0.50x | 0.38x | 0.71x | 0.89x | 0.88x |
| Asset Growth % | - | 30.71% | 121.4% | 105.62% | -16.15% | -29.43% | -115.99% |
| Total Current Liabilities | 65.52M | 128.24M | 567.29M | 1.32B | 1.4B | 1.54B | 1.6B |
| Accounts Payable | 8.86M | 19.45M | 68.16M | 115.36M | 224.85M | 223.84M | 202.1M |
| Days Payables Outstanding | 43.45 | 34.55 | 39.52 | 43.05 | 70.83 | 69.38 | 69.49 |
| Short-Term Debt | 0 | 0 | 192.06M | 407.81M | 538.23M | 854.98M | 926.75M |
| Deferred Revenue (Current) | 0 | 2.86M | 14.13M | 22.12M | 40.71M | 39.68M | 165.8M |
| Other Current Liabilities | 37.97M | 74.91M | 188.79M | 440.03M | 46.88M | 16.81M | 159.43M |
| Current Ratio | 4.41x | 1.96x | 1.03x | 0.60x | 0.33x | 0.27x | 0.27x |
| Quick Ratio | 4.32x | 1.87x | 0.96x | 0.55x | 0.29x | 0.25x | 0.25x |
| Cash Conversion Cycle | 4.91 | -0.74 | -9.32 | -14.35 | -48.74 | -12.93 | -39.36 |
| Total Non-Current Liabilities | 0 | 19.06M | 378.51M | 1.21B | 1.24B | 860.62M | 750.79M |
| Long-Term Debt | 0 | 0 | 330.37M | 362.88M | 425.98M | 464.85M | 433.1M |
| Capital Lease Obligations | 0 | 0 | 0 | 820.25M | 707.69M | 380.07M | 1.44B |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 19.06M | 47.17M | 27M | 103.1M | 7.67M | 30.55M |
| Total Liabilities | 65.52M | 147.31M | 945.8M | 2.53B | 2.64B | 2.4B | 2.35B |
| Total Debt | 0 | 0 | 522.42M | 1.77B | 1.87B | 1.88B | 1.84B |
| Net Debt | -260.44M | -174.87M | 131.59M | 1.53B | 1.67B | 1.73B | 1.69B |
| Debt / Equity | - | - | 1.54x | 16.06x | - | - | -1.91x |
| Debt / EBITDA | - | - | - | - | - | - | -9.94x |
| Net Debt / EBITDA | - | - | - | - | - | - | -9.10x |
| Interest Coverage | - | - | -196.92x | -39.26x | -34.33x | -15.55x | -21.21x |
| Total Equity | 372.59M▲ 0% | 433.05M▲ 16.2% | 339.1M▼ 21.7% | 110.3M▼ 67.5% | -422.43M▼ 483.0% | -833.01M▼ 97.2% | -962.26M▲ 0% |
| Equity Growth % | - | 16.23% | -21.7% | -67.47% | -482.97% | -97.2% | -591.74% |
| Book Value per Share | 13.84 | 20.39 | 12.59 | 4.31 | -13.70 | -25.67 | -29.59 |
| Total Shareholders' Equity | 366.77M | 428.29M | 335.54M | 108.85M | -427.21M | -840.89M | -968.75M |
| Common Stock | 6.41K | 6.51K | 7.5K | 9K | 9.73K | 9.73K | 10K |
| Retained Earnings | -113.81M | -255.81M | -637.53M | -1.38B | -2.26B | -2.67B | -2.8B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -155.97M | 39.18M | 35.74M | 17M | 21.49M | 9.19M | 12.51M |
| Minority Interest | 5.83M | 4.76M | 3.56M | 1.45M | 4.78M | 7.87M | 6.48M |
THCH Cash Flow Statement
TH International Limited (THCH) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Cash from Operations | -77.12M | -145.77M | -244.97M | -286.93M | -196.13M | -39.67M | -39.67M |
| Operating CF Margin % | -134.69% | -68.73% | -38.08% | -28.38% | -12.45% | -2.85% | - |
| Operating CF Growth % | - | -89.02% | -68.05% | -17.13% | 31.64% | 79.78% | 113.52% |
| Net Income | -87.65M | -142M | -381.72M | -742.65M | -872.93M | -460.43M | -353.89M |
| Depreciation & Amortization | 8.7M | 27.84M | 74.28M | 133.4M | 165.9M | 169.68M | 99.88M |
| Stock-Based Compensation | 0 | 0 | 0 | 74.69M | 64.48M | 1.04M | 2.46M |
| Deferred Taxes | 0 | 0 | 0 | -47.15M | 0 | 0 | 0 |
| Other Non-Cash Items | 10.74M | -21.24M | 95.49M | 322.31M | 296.34M | 180.66M | 123.16M |
| Working Capital Changes | -8.91M | -10.38M | -33.01M | -27.53M | 150.08M | 69.38M | 0 |
| Change in Receivables | -3.17M | -4.8M | -1.84M | 1.84M | -24.55M | -12.72M | 0 |
| Change in Inventory | -5.73M | -5.57M | -31.17M | -29.38M | 9.16M | 8.88M | 0 |
| Change in Payables | 7.69M | 7.71M | 45.56M | 44.72M | 114.21M | 4.06M | 0 |
| Cash from Investing | -56.09M | -144.75M | -335.28M | -705.17M | 60M | -8.04M | -32.73M |
| Capital Expenditures | -56.09M | -144.75M | -335.32M | -334.93M | -292.4M | -102.84M | 0 |
| CapEx % of Revenue | 97.97% | 68.25% | 52.12% | 33.13% | 18.56% | 7.39% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 41K | 0 | 271.44K | 77.64M | -32.73M |
| Cash from Financing | 212.8M | 221.12M | 798M | 827.16M | 80.83M | 26M | 87.89M |
| Debt Issued (Net) | 0 | 0 | 516.05M | 212.65M | 126.89M | 21.41M | 0 |
| Equity Issued (Net) | 1000K | 1000K | 1000K | 1000K | 0 | 713 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -1.72M | -136K | 0 | 0 | 0 | 0 |
| Other Financing | 6M | 0 | -9.31M | 590.27M | -46.06M | 4.6M | 87.89M |
| Net Change in Cash | 84.32M▲ 0% | -85.57M▼ 201.5% | 215.96M▲ 352.4% | -151.76M▼ 170.3% | -35.49M▲ 76.6% | -19.35M▲ 45.5% | 9.89M▲ 0% |
| Free Cash Flow | -133.22M▲ 0% | -290.52M▼ 118.1% | -580.28M▼ 99.7% | -621.86M▼ 7.2% | -488.53M▲ 21.4% | -142.51M▲ 70.8% | -46.02M▲ 0% |
| FCF Margin % | -232.66% | -136.98% | -90.19% | -61.51% | -31% | -10.24% | -3.43% |
| FCF Growth % | - | -118.08% | -99.74% | -7.16% | 21.44% | 70.83% | 88.45% |
| FCF per Share | -4.95 | -13.68 | -21.55 | -24.27 | -15.84 | -4.39 | -4.39 |
| FCF Conversion (FCF/Net Income) | 0.88x | 1.03x | 0.64x | 0.39x | 0.22x | 0.10x | 0.13x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
THCH Key Ratios
TH International Limited (THCH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -35.25% | -98.87% | -330.51% | - | - | 42.04% |
| Return on Invested Capital (ROIC) | -57.18% | -77.06% | -41.25% | -36.4% | -24.48% | -24.48% |
| Gross Margin | 3.12% | 2.15% | 3.27% | 26.47% | 15.35% | 16.56% |
| Net Margin | -66.95% | -59.33% | -73.45% | -55.61% | -29.62% | -26.37% |
| Debt / Equity | - | 1.54x | 16.06x | - | - | -1.91x |
| Interest Coverage | - | -196.92x | -39.26x | -34.33x | -15.55x | -21.21x |
| FCF Conversion | 1.03x | 0.64x | 0.39x | 0.22x | 0.10x | 0.13x |
| Revenue Growth | 270.41% | 203.36% | 57.15% | 55.85% | -11.72% | -12.1% |
THCH Frequently Asked Questions
TH International Limited (THCH) stock FAQ — growth, dividends, profitability & financials explained
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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TH International Limited (THCH) financial analysis — history, returns, DCA and operating performance tools
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