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TH International Ltd (THCH) stock

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NASDAQ: THCH Nasdaq Restaurants Next results ~November 11, 2026

C Fundamentals grade

TH International Ltd is a US-listed company in the restaurants industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$2.0

Price-to-sales vs peers

Base case. Range ~$2.0–$12. Sales per share times peers' typical price-to-sales; used only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

TH International Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds4 adding, 3 cuttingOf 1 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter TH International files

Where TH International stands after its latest Filing

Revenue for the twelve months was $183m, down 5.3% on a year earlier, a smaller fall than the 12.3% decline a quarter earlier. That puts it 40 of 44 for growth among the restaurants companies we cover. Free-cash-flow margin rose to -6.0% from -90.2% a year earlier. Operating margin widened to -24.1% from -58.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 5 financial-health checks. Our price-to-sales vs peers value is $1.98 a share, against a share price of $1.19.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 11, 2026 (estimated)

TH International Ltd's trailing-twelve-month revenue fell 5.3% year on year, with a free-cash-flow margin of -6.0%. Where it stands out: stock pay as % of revenue of 0.2% ranks 2 of 40 restaurants companies we cover. Where it lags: net margin of -33.0% ranks 44 of 44 restaurants companies we cover.

Current signal Long-term debt rising: Long-term debt rose 22747% year over year, to 98% of total assets.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in TH International Ltd's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 5.3% over the last 12 months.
  • Loss-making. Operating margin is -24.1%: costs exceed revenue.
  • Burning cash. Free cash flow was -6.0% of revenue over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 98.0% ranks 33 of 36 restaurants companies we cover (median 29.0%).

Price chart

  • 1 day-0.4%
  • 1 week+5.8%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$183M
Operating margin
-24.1%
Net margin
-33.0%
EPS (TTM, diluted)
$-1.86

Growth

Revenue growth
−5.3%
Change in growth rate
+7.0 pts
Share count change
+0.2%

Cash

Free cash flow (TTM)
-$10.9M
FCF margin
-6.0%
Stock pay % of revenue
0.2%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for THCH from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

TH International Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value TH International Ltd as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$2.0 ~$2.8–$12 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2.0 ~$2.0–$12 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare TH International Ltd with Restaurants in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 11, 2026, before the open.

Analysts' consensus

No analyst estimates are published for TH International Ltd: too few analysts cover it.

Positioning

Short interest
0.1%
of tradable shares
Days to cover
1.97
at average volume
Short interest, 1 month
−49%
to October 15, 2026
Held by institutions
59%
of shares
Held by insiders
12.4%
of shares
Employees
1,544
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

TH International Ltd in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) TH International Ltd
$0 $100M $200M $300M FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $30.7M Revenue (TTM), FY21 Q4: $99.7M Revenue (TTM), FY22 Q4: $150.6M Revenue (TTM), FY23 Q4: $220.5M Revenue (TTM), FY24 Q4: $193.3M Revenue (TTM), FY25 Q4: $183.1M $183.1M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY20 Q4 $30.7M
FY21 Q4 $99.7M
FY22 Q4 $150.6M
FY23 Q4 $220.5M
FY24 Q4 $193.3M
FY25 Q4 $183.1M
Revenue growth, TTM YoY TH International Ltd
-100% 0% 100% 200% 300% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: 224.5% Revenue growth, TTM YoY, FY22 Q4: 51.0% Revenue growth, TTM YoY, FY23 Q4: 46.4% Revenue growth, TTM YoY, FY24 Q4: -12.3% Revenue growth, TTM YoY, FY25 Q4: -5.3% -5.3%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 224.5%
FY22 Q4 51.0%
FY23 Q4 46.4%
FY24 Q4 -12.3%
FY25 Q4 -5.3%
Operating margin (TTM) TH International Ltd
-80% -60% -40% -20% 0% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY20 Q4: -66.6% Operating margin (TTM), FY21 Q4: -58.2% Operating margin (TTM), FY22 Q4: -57.5% Operating margin (TTM), FY23 Q4: -42.8% Operating margin (TTM), FY24 Q4: -25.1% Operating margin (TTM), FY25 Q4: -24.1% -24.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY20 Q4 -66.6%
FY21 Q4 -58.2%
FY22 Q4 -57.5%
FY23 Q4 -42.8%
FY24 Q4 -25.1%
FY25 Q4 -24.1%
FCF margin (TTM) TH International Ltd
-150% -100% -50% 0% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY20 Q4: -137.0% FCF margin (TTM), FY21 Q4: -90.2% FCF margin (TTM), FY22 Q4: -61.5% FCF margin (TTM), FY23 Q4: -31.3% FCF margin (TTM), FY24 Q4: -10.2% FCF margin (TTM), FY25 Q4: -6.0% -6.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q4 -137.0%
FY21 Q4 -90.2%
FY22 Q4 -61.5%
FY23 Q4 -31.3%
FY24 Q4 -10.2%
FY25 Q4 -6.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 31 100 151 220 193 183
Gross profit — 97 143 199 172 159
EBITDA −16 −47 −69 −75 −31 −29
Operating income −20 −58 −87 −94 −49 −44
Net income −21 −59 −111 −124 −57 −60
Diluted EPS −$0.96 −$2.43 −$4.32 −$4.01 −$1.77 −$1.86
Growth (year on year)
Revenue — +224.5% +51.0% +46.4% −12.3% −5.3%
Margins
Gross margin — 97.4% 95.2% 90.4% 89.0% 87.0%
EBITDA margin −53.4% −46.7% −45.7% −33.9% −15.8% −15.9%
Operating margin −66.6% −58.2% −57.5% −42.8% −25.1% −24.1%
Net margin −67.0% −59.3% −73.5% −56.2% −29.6% −33.0%
Free-cash-flow margin −137.0% −90.2% −61.5% −31.3% −10.2% −6.0%
Cash flow
Cash from operations −21 −38 −43 −28 −6 −2
Capital spending 21 52 50 41 14 9
Free cash flow −42 −90 −93 −69 −20 −11
Stock-based pay — — 11 9 0 0
Free cash flow after stock pay — — −104 −78 −20 −11
Balance sheet
Cash 27 61 35 28 21 17
Total debt 0 80 110 135 180 221
Net debt (negative = net cash) −27 19 76 107 159 204
Diluted shares 21m 24m 26m 31m 32m 33m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 5 checks passed · December 31, 2025
What it owns · $168m
Short-term assets $47mLonger-term assets $122m
What it owes, and who funded it · $345m
Short-term liabilities $143mLonger-term liabilities $202mShareholders' equity $-178m
  • Short-term assets cover short-term liabilities $47m of assets due within a year against $143m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $47m short-term assets against $202m of longer-dated liabilities.
  • More cash than debt $17m of cash against $221m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$2m of operating cash flow against $221m of debt.
  • Operating profit covers interest at least five times over Operating income of −$44m against $2m of interest.

From TH International Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.2%
year over year
Days sales outstanding
5 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated THCH NATH GENK ARKR GTIM RICK Median
Revenue, last 12 months $183m $169m $210m $156m $135m $284m $1.4bn
Revenue growth, last 12 months −5.3% 12.4% −2.9% −9.5% −5.8% 1.0% 4.6%
Revenue growth, 3-year average — 8.3% 6.5% −6.0% −0.9% −0.6% 5.1%
Revenue growth, latest quarter — 15.0% 1.3% −6.5% −5.0% 3.9% 4.5%
Gross margin 87.0% 33.0% — — 9.8% 84.6% 68.6%
Operating margin −24.1% 17.7% −13.5% −1.6% 1.3% 9.6% 4.9%
Operating margin, 3-year average — 22.0% −4.8% −3.8% 0.9% 9.6% 6.9%
Net margin −33.0% 11.8% −2.1% −2.0% 1.7% −1.5% 2.5%
Cash from operations / revenue −1.0% 11.5% −1.4% −0.2% 2.8% 15.0% 11.9%
Free-cash-flow margin −6.0% 11.3% −9.3% −4.1% 1.9% 12.2% 3.4%
Free-cash-flow margin, 3-year average — 13.5% −5.8% −0.9% 1.1% 10.6% 2.8%
Stock pay / revenue 0.2% 0.7% 1.4% 0.0% 16.4% 0.3% 0.8%
Change in share count 0.2% 0.5% 6.5% 0.3% −0.9% −8.9% 0.2%

Median of all 44 companies we cover in restaurants. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 restaurants companies
Measure Company Peer median Rank
Revenue growth Growth -5.3% 4.7% 40 of 44
Change in growth rate Growth +7.0pp +0.3pp 3 of 44
Gross margin Profitability 87.0% 63.0% 2 of 15
Operating margin Profitability -24.1% 5.2% 41 of 42
Net margin Profitability -33.0% 2.6% 44 of 44
Free-cash-flow margin Cash generation -6.0% 3.6% 40 of 44
Stock pay as % of revenue Cash generation 0.2% 0.8% 2 of 40
Long-term debt as % of assets Balance sheet 98.0% 29.0% 33 of 36
Change in share count Balance sheet 0.2% 0.3% 21 of 42
Days sales outstanding Balance sheet 5 days 6 days 12 of 25

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$6.5M
Institutions reporting
15
Shares held vs prior quarter
▼ 6.1%
Positions opened / closed
2 / 1

Top buyers and sellers, Q2 2026: 4 institutions bought and 3 sold ; the biggest buyer was Two Sigma Securities, LLC (+17K shares) and the biggest seller Zazove Associates LLC (−237K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Hsg Holding Ltd $5.5M 2.9M 85.8% 0.0%
Zazove Associates LLC $382,537 200K 5.9% ▼ 54.2%
Sona Asset Management (US) LLC $191,000 100K 3.0% 0.0%
Citadel Advisors LLC $115,605 61K 1.8% ▲ 8.8%
Susquehanna International Group, LLP $62,467 33K 1.0% ▲ 31.5%
LMR Partners LLP $41,499 22K 0.6% 0.0%
Neuberger Berman Group LLC $38,080 20K 0.6% 0.0%
Geode Capital Management, LLC $35,747 19K 0.6% 0.0%
Two Sigma Securities, LLC $32,818 17K 0.5% New
Royal Bank Of Canada $11,000 6K 0.2% 0.0%
Groupe La Francaise $2,726 1K 0.0% 0.0%
Credit Industriel Et Commercial $1,635 1K 0.0% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not TH International Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Data status

When each part of this page on TH International Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

TH International Ltd in brief

What does TH International Ltd do?
TH International Ltd is a US-listed company in the restaurants industry. Its financial year ends in December.
What is TH International Ltd's stock ticker?
TH International Ltd trades under the ticker THCH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is TH International Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, TH International Ltd reported revenue of $183M, 5.3% lower than a year earlier, according to its SEC filings.
What is TH International Ltd's free cash flow?
TH International Ltd's free-cash-flow margin is -6.0% of revenue over the trailing twelve months, ranking 40 of the 44 restaurants companies we cover.
Who are TH International Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Hsg Holding Ltd, Zazove Associates LLC and Sona Asset Management (US) LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are TH International Ltd's competitors?
In our Restaurants peer group, the companies closest to TH International Ltd are Nathans Famous, Inc., GEN Restaurant Group, Inc., ARK Restaurants Corp, Good Times Restaurants Inc. and RCI Hospitality Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against TH International Ltd's.
When is TH International Ltd's next earnings date?
Around November 11, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — TH International Ltd announces its own schedule.