The firm's financial stability is severely compromised, evidenced by a total debt load of $2.0 billion and a negative equity position that has widened to -$1.2 billion as of 2025Q4.
| Total Current Assets | 326.83M | 417.08M | 458.62M | 796.81M | 585.97M | 250.89M | 289.08M |
| Cash & Short-Term Investments | 134.67M | 161.37M | 225.72M | 614.92M | 395M | 180.35M | 263.12M |
| Cash Only | 129.79M | 152.37M | 202.31M | 239.08M | 390.84M | 174.87M | 260.44M |
| Short-Term Investments | 12.87M | 9M | 23.41M | 375.84M | 4.16M | 5.48M | 2.68M |
| Accounts Receivable | 129.56M | 170.75M | 158.1M | 85.5M | 9.82M | 7.98M | 3.17M |
| Days Sales Outstanding | 36.93 | 44.8 | 36.99 | 30.87 | 5.57 | 13.73 | 20.23 |
| Inventory | 36.82M | 37.58M | 49.87M | 71.47M | 42.48M | 11.3M | 5.73M |
| Days Inventory Outstanding | 11.17 | 11.65 | 12.97 | 26.67 | 24.63 | 20.08 | 28.13 |
| Other Current Assets | 25.79M | 42.01M | 19.13M | 13.34M | 108.74M | 35.99M | 15.9M |
| Total Non-Current Assets | 850.59M | 1.15B | 1.76B | 1.85B | 698.92M | 329.47M | 154.92M |
| Property, Plant & Equipment | 681.42M | 995.47M | 1.45B | 1.67B | 554.02M | 235.75M | 79.44M |
| Fixed Asset Turnover | 1.88x | 1.40x | 1.07x | 0.61x | 1.16x | 0.90x | 0.72x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 81.01M | 97.02M | 110.97M | 96.02M | 77.59M | 61.9M | 65.77M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 88.11M | 53.97M | 194.42M | 82.27M | 67.31M | 31.81M | 9.7M |
| Total Assets | 1.18B | 1.56B | 2.22B | 2.64B | 1.28B | 580.36M | 444M |
| Asset Turnover | 1.09x | 0.89x | 0.70x | 0.38x | 0.50x | 0.37x | 0.13x |
| Asset Growth % | -24.69% | -29.43% | -16.15% | 105.62% | 121.4% | 30.71% | - |
| Total Current Liabilities | 1B | 1.54B | 1.4B | 1.32B | 567.29M | 128.24M | 65.52M |
| Accounts Payable | 199.28M | 223.84M | 219.77M | 105.67M | 68.16M | 19.45M | 8.86M |
| Days Payables Outstanding | 60.48 | 69.38 | 57.15 | 39.44 | 39.52 | 34.55 | 43.45 |
| Short-Term Debt | 576.26M | 854.98M | 538.23M | 407.81M | 192.06M | 0 | 0 |
| Deferred Revenue (Current) | 37.22M | 39.68M | 40.71M | 22.12M | 14.13M | 2.86M | 0 |
| Other Current Liabilities | 190.14M | 16.81M | 95.15M | 280.95M | 188.79M | 74.91M | 37.97M |
| Current Ratio | 0.33x | 0.27x | 0.33x | 0.60x | 1.03x | 1.96x | 4.41x |
| Quick Ratio | 0.29x | 0.25x | 0.29x | 0.55x | 0.96x | 1.87x | 4.32x |
| Cash Conversion Cycle | -12.37 | -12.93 | -7.19 | 18.1 | -9.32 | -0.74 | 4.91 |
| Total Non-Current Liabilities | 1.41B | 860.62M | 1.24B | 1.21B | 378.51M | 19.06M | 0 |
| Long-Term Debt | 1.15B | 464.85M | 425.98M | 362.88M | 330.37M | 0 | 0 |
| Capital Lease Obligations | 240.44M | 380.07M | 653.66M | 820.25M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 7.72M | 7.67M | 157.13M | 27M | 47.17M | 19.06M | 0 |
| Total Liabilities | 2.41B | 2.4B | 2.64B | 2.53B | 945.8M | 147.31M | 65.52M |
| Total Debt | 1.97B | 1.88B | 1.81B | 1.77B | 522.42M | 0 | 0 |
| Net Debt | 1.84B | 1.73B | 1.61B | 1.53B | 131.59M | -174.87M | -260.44M |
| Debt / Equity | - | - | - | 16.06x | 1.54x | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - |
| Interest Coverage | -25.10x | -19.42x | -40.11x | -49.31x | -200.37x | - | - |
| Total Equity | -1.24B | -833.01M | -422.43M | 110.3M | 339.1M | 433.05M | 372.59M |
| Equity Growth % | -48.52% | -97.2% | -482.97% | -67.47% | -21.7% | 16.23% | - |
| Book Value per Share | -38.05 | -25.67 | -13.70 | 4.31 | 12.59 | 20.39 | 13.84 |
| Total Shareholders' Equity | -1.24B | -840.89M | -427.21M | 108.85M | 335.54M | 428.29M | 366.77M |
| Common Stock | 10.01K | 9.73K | 9.73K | 8.62K | 7.5K | 6.51K | 6.41K |
| Retained Earnings | -3.1B | -2.67B | -2.26B | -1.38B | -637.53M | -255.81M | -113.81M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 38.42M | 9.19M | 21.49M | 17M | 35.74M | 39.18M | -155.97M |
| Minority Interest | 6.56M | 7.87M | 4.78M | 1.45M | 3.56M | 4.76M | 5.83M |
Insolvency and liquidity risk
As reported in recent financial statements, THCH's total assets have declined from $2.6 billion in 2023Q3 to $1.2 billion by 2025Q4, reflecting a rapid contraction in the company's resource base as it struggles to sustain its aggressive store expansion strategy amidst persistent operational losses.
The consistent decline in total assets alongside a deepening negative equity position suggests that the company is consuming its capital base to fund ongoing operations. This trajectory indicates that the current business model is not generating sufficient returns to replace the capital being deployed, raising concerns about the long-term viability of the firm's asset-heavy strategy.
Based on the latest quarterly data, THCH's current ratio has deteriorated to 0.33 in 2025Q4, down from 0.47 in 2023Q3, indicating that the company's ability to cover its short-term obligations with liquid assets is increasingly compromised by its limited cash reserves of $129.8 million.
A current ratio well below 1.0 suggests that the company faces significant pressure to secure external financing or improve operational cash flow to meet its immediate liabilities. Investors should monitor this liquidity gap closely, as the current cash buffer appears insufficient to support the company's high fixed-cost structure for an extended period.
According to historical balance sheet data, net PPE has fallen from $1.7 billion in 2023Q3 to $681.4 million in 2025Q4, suggesting that the company is either aggressively writing down its store assets or significantly slowing its capital-intensive expansion efforts in response to market headwinds.
The rapid reduction in net PPE, coupled with the persistent negative net income, may indicate that the company is facing potential impairment risks on its existing store footprint. This trend warrants further investigation into whether the current asset base is truly productive or if it represents a legacy of over-expansion that continues to weigh on the balance sheet.
As evidenced by the company's financial filings, THCH's equity has plummeted to -$1.2 billion in 2025Q4, a stark deterioration from the -$146.1 million reported in 2023Q3, driven primarily by the accumulation of massive retained earnings deficits over the last ten quarters.
The persistent expansion of the negative equity position reflects the cumulative impact of sustained net losses and suggests that the company has effectively exhausted its shareholder capital. This structural imbalance implies that the firm is operating entirely on debt and external funding, which significantly elevates the risk profile for equity holders.
Quick answers to the most common questions about buying THCH stock.
As of 2025, TH International Limited (THCH) had total assets of $1.18B including $326.8M in current assets.
TH International Limited (THCH) carries total debt of $1.97B, offset by $134.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TH International Limited (THCH) has total shareholders' equity (book value) of $-1243.8M ($-38.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TH International Limited (THCH) reported a current ratio of 0.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.