TH International Ltd
THCH · Retail-Eating Places · EDGAR filings ↗
Grade
D44Loss-making Tim Hortons China operator with a going-concern flag, declining revenue and weak liquidity despite a strong brand and cash balance.
Strengths
- High product gross margin 87% (88th pct); $121.8M cash and ~6.2-quarter runway
- Leading Tim Hortons coffee brand in China with 1,047 stores
- Growing franchise mix
Risks
- Going concern reference; net margin -33% (10th pct), operating margin -24%, ROA -36.9% (9th pct)
- Revenue down 5.4%; weak current ratio 0.33; positive ROE is a negative-equity artifact
- China/PCAOB-HFCAA and cash-transfer red flags
Notable findings
- No interest coverageInterest coverage -19.03 (cannot cover interest)
- Net lossNet loss (net margin -33.0%)
- Cash burnNegative free cash flow (-11.2M)
- Weak liquidityCurrent ratio 0.33 (<1)
Key metrics
Gross margin
87.0%
Operating margin
-24.1%
Net margin
-33.0%
Return on equity
35.0%
Return on assets
-36.9%
Revenue growth (QoQ)
-1.3%
Interest coverage
-19.0×
Current ratio
0.3×
Free cash flow
-$11M
EBITDA
-$30M
Tangible book value
-$189M
Cash & investments
$17M
Cash runway
6q
Stock comp / revenue
0.2%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-30 | 2025-12-31 | 0001213900-26-050185 ↗ |
| 20-F | 2025-05-15 | 2024-12-31 | 0001213900-25-044150 ↗ |
| 20-F | 2024-04-30 | 2023-12-31 | 0001213900-24-037450 ↗ |
| 20-F | 2023-04-28 | 2022-12-31 | 0001104659-23-053170 ↗ |