6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $1.3B | -$434M | 87.0% | -24.1% | -$78M | — | $122M |
| 2024 | $1.4B | -$412M | 89.0% | -25.1% | -$143M | $381M | $152M |
| 2023 | $1.6B | -$876M | 90.4% | -42.8% | -$488M | $543M | $202M |
| 2022 | $1.0B | -$743M | 95.2% | -57.5% | -$622M | $417M | $239M |
| 2021 | $643M | -$382M | 97.4% | -58.2% | -$580M | $204M | $391M |
| 2020 | — | -$142M | — | — | -$291M | — | — |
How the market has priced THCH against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, TH International Ltd's revenue has grown 19.6% per year. These are computed facts, not advice.
As of FY2025, TH International Ltd reported — of total debt against $122M of cash; operating income covered interest expense -19.0×.
In FY2025, gross margin was 87.0%, operating margin -24.1%, and net margin -33.0%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.