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TH International (THCH) Financials

TH International logo
$1.79 -0.10 (-5.29%)
As of 07/16/2026 04:00 PM Eastern
This is a fair market value price provided by Massive. Learn more.
Annual Income Statements for TH International

Annual Income Statements for TH International

This table shows TH International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-22 -44 -57 -309 -165 -178
Consolidated Net Income / (Loss)
-22 -60 -108 -246 -112 -124
Net Income / (Loss) Continuing Operations
-22 -44 -57 -237 -127 -124
Total Pre-Tax Income
-22 -44 -57 -118 -63 -62
Total Operating Income
-22 -43 -60 -94 -48 -45
Total Gross Profit
-4.87 0.00 0.00 375 328 323
Total Revenue
33 0.00 0.00 439 381 376
Operating Revenue
33 - - 439 381 376
Total Cost of Revenue
37 0.00 0.00 64 53 53
Operating Cost of Revenue
37 - - 64 53 53
Total Operating Expenses
17 43 60 659 503 489
Selling, General & Admin Expense
13 28 43 271 206 194
Marketing Expense
2.61 - - 14 8.88 9.07
Depreciation Expense
- - - 20 18 15
Other Operating Expenses / (Income)
1.61 15 15 337 261 261
Impairment Charge
0.00 0.16 1.05 16 7.71 8.63
Other Special Charges / (Income)
0.00 0.24 1.28 2.31 0.57 0.93
Total Other Income / (Expense), net
-0.29 -0.50 3.60 -15 -3.62 -12
Interest Expense
0.00 0.30 2.15 2.88 4.54 13
Interest & Investment Income
0.08 - - 2.00 0.44 0.50
Other Income / (Expense), net
-0.37 -0.20 5.75 -14 0.48 -0.16
Income Tax Expense
0.00 0.00 0.00 0.01 0.29 0.07
Net Income / (Loss) Discontinued Operations
- - - -9.35 14 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest
-0.16 -0.19 - 0.47 0.42 -0.19
Basic Earnings per Share
($1.33) ($3.14) ($4.20) ($4.00) ($1.74) ($1.91)
Weighted Average Basic Shares Outstanding
- - 149.18M 165.92M 33.24M 33.24M
Diluted Earnings per Share
($1.33) - ($4.20) ($4.00) ($1.74) ($1.91)
Weighted Average Diluted Shares Outstanding
- - 149.18M 165.92M 33.24M 33.24M
Weighted Average Basic & Diluted Shares Outstanding
- - 149.18M 165.92M 33.24M 33.24M

Quarterly Income Statements for TH International

No quarterly income statements for TH International are available.


Annual Cash Flow Statements for TH International

This table details how cash moves in and out of TH International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
-13 34 -22 -5.00 -2.65 -7.80
Net Cash From Operating Activities
-22 -38 -42 -28 -5.43 -1.82
Net Cash From Continuing Operating Activities
-22 -38 -42 -28 -6.35 -1.82
Net Income / (Loss) Continuing Operations
-22 -60 -108 -118 -63 -62
Consolidated Net Income / (Loss)
-22 -60 -108 -123 -56 -62
Net Income / (Loss) Discontinued Operations
- - 0.00 -4.68 7.05 0.00
Depreciation Expense
4.28 12 19 23 23 21
Non-Cash Adjustments To Reconcile Net Income
0.37 2.05 36 51 40 40
Changes in Operating Assets and Liabilities, net
-5.07 7.95 11 16 -6.04 -0.34
Net Cash From Discontinued Operating Activities
- - 0.00 0.28 0.92 0.00
Net Cash From Investing Activities
-22 -53 -102 8.45 -1.10 -8.99
Net Cash From Continuing Investing Activities
-22 -53 -102 8.55 -10 -8.99
Purchase of Property, Plant & Equipment
-22 -53 -49 -41 -14 -9.38
Sale of Property, Plant & Equipment
0.00 0.01 0.00 0.04 1.35 0.40
Sale and/or Maturity of Investments
- 0.00 0.00 52 2.35 0.00
Other Investing Activities, net
- 0.00 0.00 -2.42 0.00 0.00
Net Cash From Discontinued Investing Activities
- - 0.00 -0.10 9.29 0.00
Net Cash From Financing Activities
34 125 120 11 3.56 3.10
Net Cash From Continuing Financing Activities
34 125 120 11 3.56 3.10
Repayment of Debt
0.00 -0.83 -72 -124 -119 -108
Issuance of Debt
0.00 82 103 141 121 111
Issuance of Preferred Equity
- - - 0.00 0.00 0.00
Other Financing Activities, net
0.00 -1.46 89 -6.49 1.15 0.00
Other Net Changes in Cash
- -0.28 1.91 2.79 0.32 -0.10
Cash Interest Paid
- - 1.98 2.82 2.45 2.18
Cash Income Taxes Paid
0.00 0.23 0.00 0.00 0.02 0.22

Quarterly Cash Flow Statements for TH International

No quarterly cash flow statements for TH International are available.


Annual Balance Sheets for TH International

This table presents TH International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets
202 383 312 214 168
Total Current Assets
92 116 65 57 47
Cash & Equivalents
61 35 28 21 17
Restricted Cash
- - 0.00 4.37 1.13
Accounts Receivable
1.54 0.81 3.88 4.98 2.56
Inventories, net
6.67 10 7.02 5.15 5.26
Prepaid Expenses
22 16 22 22 20
Plant, Property, & Equipment, net
87 104 94 69 47
Total Noncurrent Assets
23 163 154 88 74
Intangible Assets
12 14 16 13 12
Other Noncurrent Operating Assets
11 149 120 75 62
Total Liabilities & Shareholders' Equity
202 383 312 214 168
Total Liabilities
148 367 372 328 345
Total Current Liabilities
89 191 197 210 143
Short-Term Debt
30 62 83 117 56
Accounts Payable
12 15 31 31 28
Current Deferred Revenue
2.22 3.21 - - 5.32
Other Current Liabilities
45 110 74 63 51
Total Noncurrent Liabilities
59 176 175 118 202
Long-Term Debt
52 53 73 64 165
Noncurrent Deferred Revenue
0.15 0.48 - - 1.45
Other Noncurrent Operating Liabilities
7.40 123 94 54 35
Commitments & Contingencies
- 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
53 16 -59 -114 -177
Total Preferred & Common Equity
53 16 -60 -115 -178
Preferred Stock
- - 0.00 0.00 0.00
Total Common Equity
53 16 -60 -115 -178
Common Stock
147 213 255 249 260
Retained Earnings
-100 -200 -318 -366 -444
Treasury Stock
0.00 0.00 0.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)
5.61 2.46 3.03 1.26 5.49
Noncontrolling Interest
0.56 0.21 0.67 1.08 0.94

Quarterly Balance Sheets for TH International

No quarterly balance sheets for TH International are available.


Annual Metrics And Ratios for TH International

This table displays calculated financial ratios and metrics derived from TH International's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
0.00 0.00 149,181,538.00 165,917,880.00 165,917,880.00 165,917,880.00
DEI Adjusted Shares Outstanding
0.00 0.00 5,967,262.00 6,636,715.00 6,636,715.00 6,636,715.00
DEI Earnings Per Adjusted Shares Outstanding
0.00 0.00 -9.47 -46.50 -24.82 -26.79
Growth Metrics
- - - - - -
Revenue Growth
0.00% -100.00% 0.00% 0.00% -13.26% -1.25%
EBITDA Growth
0.00% -78.34% -10.31% -143.54% 71.74% -1.86%
EBIT Growth
0.00% -96.54% -25.25% -99.16% 56.27% 3.81%
NOPAT Growth
0.00% -98.94% -39.14% -56.52% 49.16% 5.11%
Net Income Growth
0.00% -173.09% -79.69% -128.16% 54.34% -10.64%
EPS Growth
0.00% 0.00% 0.00% -128.16% 54.34% -9.81%
Operating Cash Flow Growth
0.00% -71.45% -8.22% 33.60% 80.33% 66.56%
Free Cash Flow Firm Growth
0.00% 0.00% 89.86% -747.55% 89.94% -108.69%
Invested Capital Growth
0.00% 0.00% -42.68% 55.72% -37.13% -31.32%
Revenue Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOPAT Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Income Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EPS Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profitability Metrics
- - - - - -
Gross Margin
-14.92% 0.00% 0.00% 85.44% 86.16% 85.92%
EBITDA Margin
-54.57% 0.00% 0.00% -19.41% -6.32% -6.52%
Operating Margin
-66.56% 0.00% 0.00% -21.41% -12.55% -12.06%
EBIT Margin
-67.70% 0.00% 0.00% -24.64% -12.42% -12.10%
Profit (Net Income) Margin
-67.45% 0.00% 0.00% -56.06% -29.51% -33.06%
Tax Burden Percent
100.00% 137.51% 191.09% 208.33% 179.15% 199.92%
Interest Burden Percent
99.64% 100.69% 103.95% 109.23% 132.62% 136.69%
Effective Tax Rate
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% -121.65% -62.35% -90.87%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% -359.52% -118.58% -142.24%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 1,254.23% 191.93% 176.42%
Return on Equity (ROE)
0.00% -112.93% -312.06% 1,132.58% 129.58% 85.55%
Cash Return on Invested Capital (CROIC)
0.00% -281.88% -18.16% -165.22% -16.76% -53.72%
Operating Return on Assets (OROA)
0.00% 0.00% 0.00% -31.15% -17.99% -23.81%
Return on Assets (ROA)
0.00% 0.00% 0.00% -70.89% -42.75% -65.08%
Return on Common Equity (ROCE)
0.00% -111.74% -308.59% 1,155.59% 130.88% 86.15%
Return on Equity Simple (ROE_SIMPLE)
0.00% -114.12% -684.19% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
-15 -30 -42 -66 -33 -32
NOPAT Margin
-46.59% 0.00% 0.00% -14.99% -8.78% -8.44%
Net Nonoperating Expense Percent (NNEP)
0.00% 289.14% 280.47% 237.87% 56.23% 51.37%
Return On Investment Capital (ROIC_SIMPLE)
- - -32.12% -67.96% -50.20% -71.34%
Cost of Revenue to Revenue
114.92% 0.00% 0.00% 14.56% 13.84% 14.08%
SG&A Expenses to Revenue
38.70% 0.00% 0.00% 61.76% 54.16% 51.55%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
51.64% 0.00% 0.00% 150.00% 131.93% 129.87%
Earnings before Interest and Taxes (EBIT)
-22 -43 -54 -108 -47 -46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-18 -32 -35 -85 -24 -25
Valuation Ratios
- - - - - -
Price to Book Value (P/BV)
0.00 0.00 656.96 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)
0.00 0.00 5,572.70 0.00 0.00 0.00
Price to Revenue (P/Rev)
0.00 0.00 0.00 14.85 6.95 0.99
Price to Earnings (P/E)
0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 245.51 100.95 67.66 20.20
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 0.00 15.14 7.36 1.53
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency
- - - - - -
Debt to Equity
0.00 1.54 7.19 -2.63 -1.58 -1.25
Long-Term Debt to Equity
0.00 0.97 3.29 -1.23 -0.56 -0.93
Financial Leverage
0.00 0.39 0.68 -3.49 -1.62 -1.24
Leverage Ratio
0.00 3.79 8.45 -15.98 -3.03 -1.31
Compound Leverage Factor
0.00 3.82 8.78 -17.45 -4.02 -1.80
Debt to Total Capital
0.00% 60.64% 87.79% 161.40% 271.12% 497.09%
Short-Term Debt to Total Capital
0.00% 22.29% 47.63% 85.79% 175.63% 126.88%
Long-Term Debt to Total Capital
0.00% 38.35% 40.16% 75.61% 95.49% 370.20%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.41% 0.16% 0.69% 1.62% 2.10%
Common Equity to Total Capital
0.00% 38.95% 12.05% -62.10% -172.73% -399.19%
Debt to EBITDA
0.00 -2.58 -3.28 -1.83 -7.50 -9.02
Net Debt to EBITDA
0.00 -0.65 -0.75 -1.50 -6.46 -8.26
Long-Term Debt to EBITDA
0.00 -1.63 -1.50 -0.86 -2.64 -6.71
Debt to NOPAT
0.00 -2.71 -2.73 -2.38 -5.40 -6.97
Net Debt to NOPAT
0.00 -0.68 -0.63 -1.94 -4.65 -6.38
Long-Term Debt to NOPAT
0.00 -1.71 -1.25 -1.11 -1.90 -5.19
Altman Z-Score
0.00 0.00 15.51 8.87 2.64 -2.39
Noncontrolling Interest Sharing Ratio
0.00% 1.05% 1.11% -2.03% -1.01% -0.69%
Liquidity Ratios
- - - - - -
Current Ratio
0.00 1.03 0.60 0.33 0.27 0.33
Quick Ratio
0.00 0.71 0.47 0.16 0.12 0.14
Cash Flow Metrics
- - - - - -
Free Cash Flow to Firm (FCFF)
0.00 -104 -11 -89 -9.00 -19
Operating Cash Flow to CapEx
-100.71% -73.06% -85.67% -67.31% -42.65% -20.22%
Free Cash Flow to Firm to Interest Expense
0.00 -348.84 -4.92 -31.10 -1.98 -1.46
Operating Cash Flow to Interest Expense
0.00 -128.82 -19.38 -9.60 -1.20 -0.14
Operating Cash Flow Less CapEx to Interest Expense
0.00 -305.13 -42.01 -23.87 -4.01 -0.84
Efficiency Ratios
- - - - - -
Asset Turnover
0.00 0.00 0.00 1.26 1.45 1.97
Accounts Receivable Turnover
0.00 0.00 0.00 187.14 85.98 99.82
Inventory Turnover
0.00 0.00 0.00 7.36 8.67 10.18
Fixed Asset Turnover
0.00 0.00 0.00 4.43 4.69 6.47
Accounts Payable Turnover
0.00 0.00 0.00 2.77 1.71 1.79
Days Sales Outstanding (DSO)
0.00 0.00 0.00 1.95 4.25 3.66
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 49.59 42.10 35.84
Days Payable Outstanding (DPO)
0.00 0.00 0.00 132.00 213.12 203.64
Cash Conversion Cycle (CCC)
0.00 0.00 0.00 -80.46 -166.78 -164.14
Capital & Investment Metrics
- - - - - -
Invested Capital
0.00 74 42 66 41 28
Invested Capital Turnover
0.00 0.00 0.00 8.12 7.10 10.77
Increase / (Decrease) in Invested Capital
0.00 74 -32 24 -24 -13
Enterprise Value (EV)
0.00 0.00 10,395 6,655 2,805 575
Market Capitalization
0.00 0.00 10,368 6,527 2,648 371
Book Value per Share
$0.00 $0.00 $0.11 ($0.40) ($0.69) ($5.35)
Tangible Book Value per Share
$0.00 $0.00 $0.01 ($0.51) ($0.77) ($5.70)
Total Capital
0.00 135 131 97 67 45
Total Debt
0.00 82 115 156 181 221
Total Long-Term Debt
0.00 52 53 73 64 165
Net Debt
0.00 21 26 128 156 203
Capital Expenditures (CapEx)
22 53 49 41 13 8.99
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 -28 -102 -77 -61 -59
Debt-free Net Working Capital (DFNWC)
0.00 33 -13 -49 -36 -40
Net Working Capital (NWC)
0.00 2.93 -76 -132 -153 -97
Net Nonoperating Expense (NNE)
6.80 30 66 181 79 93
Net Nonoperating Obligations (NNO)
0.00 21 26 125 156 205
Total Depreciation and Amortization (D&A)
4.28 12 19 23 23 21
Debt-free, Cash-free Net Working Capital to Revenue
0.00% 0.00% 0.00% -17.61% -16.11% -15.59%
Debt-free Net Working Capital to Revenue
0.00% 0.00% 0.00% -11.12% -9.48% -10.66%
Net Working Capital to Revenue
0.00% 0.00% 0.00% -30.04% -40.21% -25.67%
Earnings Adjustments
- - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 ($145.00) ($142.00) ($1.74) ($1.91)
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 5.97M 6.64M 33.24M 33.24M
Adjusted Diluted Earnings per Share
$0.00 $0.00 ($145.00) $0.00 ($1.74) ($1.91)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 5.97M 6.64M 33.24M 33.24M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 5.97M 6.64M 33.24M 33.24M
Normalized Net Operating Profit after Tax (NOPAT)
-15 -30 -40 -53 -28 -25
Normalized NOPAT Margin
-46.59% 0.00% 0.00% -12.12% -7.26% -6.66%
Pre Tax Income Margin
-67.45% 0.00% 0.00% -26.91% -16.47% -16.54%
Debt Service Ratios
- - - - - -
EBIT to Interest Expense
0.00 -145.44 -25.33 -37.64 -10.44 -3.55
NOPAT to Interest Expense
0.00 -101.33 -19.60 -22.90 -7.38 -2.48
EBIT Less CapEx to Interest Expense
0.00 -321.75 -47.95 -51.91 -13.25 -4.25
NOPAT Less CapEx to Interest Expense
0.00 -277.64 -42.23 -37.17 -10.19 -3.18
Payout Ratios
- - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
-1.20% -0.04% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for TH International

No quarterly metrics and ratios for TH International are available.



Financials Breakdown Chart

TH International Financials - Frequently Asked Questions

According to the most recent income statement we have on file, TH International's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

TH International's net income appears to be on an upward trend, with a most recent value of -$124.45 million in 2025, rising from -$22.00 million in 2020. The previous period was -$112.49 million in 2024. See where experts think TH International is headed by visiting TH International's forecast page.

TH International's total operating income in 2025 was -$45.38 million, based on the following breakdown:
  • Total Gross Profit: $323.42 million
  • Total Operating Expenses: $488.86 million

Over the last 5 years, TH International's total revenue changed from $32.62 million in 2020 to $376.43 million in 2025, a change of 1,054.0%.

TH International's total liabilities were at $345.07 million at the end of 2025, a 5.1% increase from 2024, and a 132.5% increase since 2021.

In the past 4 years, TH International's cash and equivalents has ranged from $17.42 million in 2025 to $61.33 million in 2021, and is currently $17.42 million as of their latest financial filing in 2025.

Over the last 5 years, TH International's book value per share changed from 0.00 in 2020 to -5.35 in 2025, a change of -534.7%.



Financial statements for NASDAQ:THCH last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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