Latest Ratios: P/E Ratio -0.8x · EV/EBITDA N/A · ROE N/A. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $50M | $81M | $115M | $270M | $356M | $1.3B | — | — |
| Enterprise Value | $321M | $1.9B | $1.8B | $1.9B | $1.9B | $1.5B | — | — |
| P/E Ratio → | -0.82 | — | — | — | — | — | — | — |
| P/S Ratio | 0.27 | 0.06 | 0.08 | 0.17 | 0.35 | 2.05 | — | — |
| P/B Ratio | — | — | — | — | 3.23 | 3.89 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.50 | 1.32 | 1.20 | 1.87 | 2.26 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 6.1% | 6.1% | 15.4% | 10.0% | 3.3% | 2.1% | 3.1% | -29.9% |
| Operating Margin | -19.3% | -19.3% | -20.7% | -34.6% | -55.9% | -57.8% | -66.6% | -159.4% |
| Net Profit Margin | -33.0% | -33.0% | -29.6% | -56.2% | -73.5% | -59.3% | -67.0% | -153.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -330.5% | -98.9% | -35.3% | -23.5% |
| ROA | -30.8% | -30.8% | -21.8% | -36.1% | -37.8% | -40.9% | -27.7% | -19.7% |
| ROIC | -24.8% | -24.8% | -20.9% | -28.7% | -40.1% | -76.5% | -57.2% | — |
| ROCE | -244.5% | -244.5% | -68.1% | -50.4% | -55.4% | -63.6% | -34.0% | -24.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 16.06 | 1.54 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | 13.89 | 0.39 | -0.40 | -0.70 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -25.10 | -25.10 | -19.42 | -40.11 | -49.31 | -200.37 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.33 | 0.33 | 0.27 | 0.33 | 0.60 | 1.03 | 1.96 | 4.41 |
| Quick Ratio | 0.29 | 0.29 | 0.25 | 0.29 | 0.55 | 0.96 | 1.87 | 4.32 |
| Cash Ratio | 0.14 | 0.14 | 0.11 | 0.16 | 0.47 | 0.70 | 1.41 | 4.02 |
| Asset Turnover | — | 1.09 | 0.89 | 0.70 | 0.38 | 0.50 | 0.37 | 0.13 |
| Inventory Turnover | 32.67 | 32.67 | 31.34 | 28.15 | 13.68 | 14.82 | 18.18 | 12.98 |
| Days Sales Outstanding | — | 36.93 | 44.80 | 36.99 | 30.87 | 5.57 | 13.73 | 20.23 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $33M | $32M | $31M | $26M | $27M | $21M | $27M |
Persistent negative unit economics
According to current market data, THCH trades at a price-to-sales multiple of 0.27, a valuation level that suggests investors are heavily discounting the company's future growth prospects due to the persistent inability to convert top-line revenue into positive earnings or sustainable cash flow for shareholders.
The extremely low P/S ratio relative to established peers like Yum China or Starbucks indicates that the market views the company's current revenue base as low-quality or potentially unsustainable. This valuation implies that investors are pricing in a high probability of further equity dilution or restructuring rather than a near-term turnaround in profitability.
Based on reported financial figures, THCH's ROIC has remained consistently negative, reaching -10.4% in 2025Q4, which demonstrates that the capital deployed into store expansion and infrastructure is currently failing to generate any economic return, effectively eroding shareholder value with every additional unit opened.
The persistent negative ROIC trend suggests that the company's core business model is fundamentally challenged by high fixed costs and intense competitive pricing. Without a significant improvement in store-level margins, further capital investment appears likely to continue the cycle of value destruction rather than compounding returns.
As reported in recent filings, the company's asset turnover ratio has stagnated at 0.25 in 2025Q4, highlighting a structural inefficiency where the capital-intensive store footprint is failing to generate sufficient revenue volume to cover the underlying operational and rental obligations inherent in the business model.
The negative cash conversion cycle, while technically appearing efficient due to extended payables, likely reflects the company's reliance on supplier credit to manage liquidity rather than operational excellence. This reliance warrants further investigation into whether supplier relationships remain stable under the current financial pressure.
Based on the latest quarterly data, THCH's current ratio of 0.33 in 2025Q4 indicates a precarious liquidity position, suggesting that the company lacks the necessary short-term assets to comfortably meet its immediate obligations without relying on external financing or further capital injections to sustain operations.
The quick ratio of 0.29 further underscores the lack of liquid buffer, leaving the company highly vulnerable to any sudden shifts in consumer demand or unexpected operational costs. Investors should monitor the company's cash runway closely, as the current liquidity profile leaves little room for error in a volatile market.
Analysts frequently misapply top-line revenue growth as a primary indicator of health for THCH, which obscures the reality that in a high-burn, negative-margin environment, revenue expansion often serves to accelerate cash depletion rather than signaling a path toward long-term operational viability or competitive dominance.
Instead of focusing on top-line growth, investors should prioritize store-level EBITDA margins and free cash flow conversion, as these metrics better capture the true economic health of the unit economics. Relying on revenue growth in this context risks ignoring the fundamental disconnect between scale and profitability.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying THCH stock.
TH International Limited's current P/E ratio is -0.8x. This places it at the 50th percentile of its historical range.
Based on historical data, TH International Limited is trading at a P/E of -0.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TH International Limited has 6.1% gross margin and -19.3% operating margin.