TH International Limited (THCH) Key Metrics
THCH key metrics, 2019–2025
Fiscal year ended December 31, 2025 · Chinese yuanTHCH returns How much profit the business earns on the capital it uses.
THCH financial health Debt, liquidity and how easily interest is covered.
THCH efficiency & capital use Working capital cycle and where the cash goes.
THCH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
THCH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
THCH cash returned to shareholders
THCH key metrics in Chinese yuan
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Returns & profitability | |||||||
| Return on equity (ROE) | — | — | — | −334.2% | −99.9% | −35.7% | −23.9% |
| Return on invested capital (ROIC) | −26.6% | −22.5% | −35.3% | −51.7% | −71.8% | −48.5% | −69.6% |
| Return on assets (ROA) | −30.8% | −21.8% | −36.1% | −37.8% | −40.9% | −27.7% | −19.7% |
| Return on tangible assets | −41.7% | −28.1% | −41.6% | −0.8% | −31.6% | −27.4% | −23.2% |
| Free cash flow margin | −6.1% | −10.2% | −31.3% | −61.5% | −90.2% | −137.0% | −232.7% |
| Financial health | |||||||
| Total debt | CN¥1.97B | CN¥1.88B | CN¥1.81B | CN¥1.77B | CN¥522.4M | CN¥107.9M | — |
| Cash & short-term investments | CN¥134.7M | CN¥161.4M | CN¥225.7M | CN¥614.9M | CN¥395.0M | CN¥180.4M | CN¥263.1M |
| Net debt | CN¥1.83B | CN¥1.72B | CN¥1.58B | CN¥1.16B | CN¥127.4M | −CN¥72.5M | −CN¥263.1M |
| Debt / equity | — | — | — | 16.27 | 1.56 | 0.25 | — |
| Debt / assets | 1.67 | 1.20 | 0.82 | 0.67 | 0.41 | 0.19 | — |
| Current ratio | 0.33 | 0.27 | 0.33 | 0.60 | 1.03 | 1.96 | 4.41 |
| Quick ratio | 0.29 | 0.25 | 0.29 | 0.55 | 0.96 | 1.87 | 4.32 |
| Interest coverage | -15.2 | -12.9 | -26.4 | -38.2 | -195.6 | -276.1 | -40.2 |
| Working capital | −CN¥675.6M | −CN¥1.12B | −CN¥937.2M | −CN¥521.4M | CN¥18.7M | CN¥122.6M | CN¥223.6M |
| Invested capital | CN¥591.2M | CN¥875.8M | CN¥1.15B | CN¥1.27B | CN¥463.0M | CN¥355.8M | CN¥103.6M |
| Tangible asset value | −CN¥1.40B | −CN¥930.0M | −CN¥533.4M | CN¥95.94B | CN¥261.5M | CN¥371.1M | CN¥312.7M |
| Net current asset value | −CN¥2.09B | −CN¥1.98B | −CN¥2.18B | −CN¥1.73B | −CN¥359.8M | CN¥103.6M | CN¥223.6M |
| Capital allocation | |||||||
| Dividends paid | — | — | — | — | CN¥286.0M | — | — |
| Share buybacks (net) | — | — | CN¥0 | CN¥0 | CN¥136,000 | CN¥1.7M | CN¥0 |
| Capex / revenue | 5.1% | 7.4% | 18.7% | 33.1% | 52.1% | 68.2% | 98.0% |
| Capex / depreciation | 0.45 | 0.61 | 1.79 | 2.51 | 4.51 | 5.20 | 6.45 |
| Stock-based compensation / revenue | 0.2% | 0.1% | 4.1% | 7.4% | 0.0% | 0.0% | — |
| SG&A / revenue | 20.9% | 19.8% | 27.0% | 36.7% | 35.0% | 45.4% | 103.2% |
| Efficiency | |||||||
| Days sales outstanding | 42.8 | 43.1 | 28.5 | 17.2 | 5.0 | 9.6 | 20.2 |
| Days of inventory on hand | 11.3 | 13.6 | 15.8 | 21.3 | 15.6 | 15.1 | 28.1 |
| Days payables outstanding | 64.2 | 68.7 | 42.3 | 32.4 | 25.4 | 25.1 | 43.5 |
| Cash conversion cycle (days) | -10.1 | -12.1 | 2.0 | 6.0 | -4.8 | -0.4 | 4.9 |
| Receivables turnover | 8.53 | 8.46 | 12.81 | 21.21 | 72.31 | 38.04 | 18.04 |
| Payables turnover | 5.69 | 5.31 | 8.63 | 11.25 | 14.37 | 14.52 | 8.40 |
| Inventory turnover | 32.34 | 26.93 | 23.14 | 17.17 | 23.41 | 24.12 | 12.98 |
| Asset turnover | 0.93 | 0.74 | 0.64 | 0.51 | 0.69 | 0.41 | 0.13 |
| Average receivables | CN¥150.2M | CN¥164.4M | CN¥121.8M | CN¥47.7M | CN¥8.9M | CN¥5.6M | CN¥3.2M |
| Average payables | CN¥211.5M | CN¥221.8M | CN¥162.7M | CN¥86.9M | CN¥43.8M | CN¥14.2M | CN¥8.9M |
| Average inventory | CN¥37.2M | CN¥43.7M | CN¥60.7M | CN¥57.0M | CN¥26.9M | CN¥8.5M | CN¥5.7M |
| Intangibles / total assets | 13.8% | 6.2% | 5.0% | −3,627.0% | 6.0% | 10.7% | 14.8% |
Computed from THCH's annual financial statements (latest annual report filed April 30, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
THCH valuation and financial ratios
TH International earned a return on invested capital of −26.6% in fiscal 2025. It ended the year with CN¥2.0 billion of debt and CN¥134.7 million in cash and short-term investments, net debt of CN¥1.8 billion.
See the THCH income statement, the THCH chart for price history, or the THCH stock overview for the latest quote and news.
THCH key metrics FAQ
What is TH International's ROIC?
TH International's return on invested capital was −26.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does TH International have?
TH International had total debt of CN¥2.0 billion at the end of fiscal 2025.
What is TH International's current ratio?
TH International's current ratio was 0.33 at the end of fiscal 2025: current assets were 0.33 times current liabilities.