TH International Ltd key statistics and ratios

In fiscal 2025, TH International Ltd had an operating margin of -24.1% and a current ratio of 0.33. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

TH International Ltd: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	—	97.4%	95.2%	90.4%	89.0%	87.0%
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%
Return on equity	−31.0%	−99.4%	—	—	—	—
Return on assets	—	−29.3%	−37.8%	−35.6%	−21.8%	−31.6%
Asset turnover	—	0.49	0.52	0.63	0.73	0.96
Current ratio	—	1.03	0.60	0.33	0.27	0.33
Debt to equity	0.0%	152.2%	699.9%	—	—	—
Interest cover (operating income ÷ interest)	—	n/m	n/m	n/m	n/m	n/m
Capital spending as % of revenue	68.2%	52.1%	33.1%	18.7%	7.4%	5.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from TH International Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to TH International Ltd.