公司概述
TH International Limited operates a network of Tim Hortons coffee shops across mainland China, Hong Kong, and Macau, offering a diverse portfolio of beverages including brewed tea, coffee, milk tea, lemonade, hot chocolate, and various coffee drinks while also engaging in franchise-related business activities. The company is classified within the Consumer Cyclical sector and specifically the Restaurants industry, positioning it as a provider of discretionary consumer spending goods that are sensitive to macroeconomic cycles and consumer confidence levels. As of the latest data, the enterprise possesses a market capitalization of $69.78M and generates annual revenue of $1.34B, employing a workforce of 1568 individuals to execute its operational strategy. These financial scales indicate a mid-sized market presence where the revenue figure of $1.34B suggests a substantial operational footprint, yet the market cap of $69.78M reflects a significant valuation compression relative to its sales volume, highlighting the market's assessment of its profitability trajectory and risk profile in the competitive Chinese dining landscape.
财务健康
The company reported a Total Revenue of $1.34B over the trailing twelve months, accompanied by a Net Income of $-344,413,344 and an EBITDA of $-108,972,016. The substantial disparity between the $1.34B revenue and the $-344,413,344 net income reveals a highly leveraged cost structure where operating expenses and interest obligations significantly erode bottom-line profitability, resulting in a negative profit margin. Free Cash Flow stands at $-103,986,520, indicating that the company is currently consuming cash to fund operations and capital expenditures rather than generating surplus liquidity for debt reduction or share repurchases. Margins are critically underperforming, with a Gross Margin of 38.5% which suggests reasonable cost of goods control, contrasted sharply by an Operating Margin of -15.5% and a Profit Margin of -25.2% that signal severe inefficiencies in overhead management or high financial costs. The balance sheet presents a precarious position with $131.61M in cash holdings against $1.80B in total debt, while the Debt to Equity ratio is listed as N/A, necessitating a reliance on other leverage metrics. The Current Ratio is 0.24, which indicates a severe short-term liquidity constraint where current liabilities vastly exceed current assets, raising concerns about the ability to meet immediate obligations without refinancing. Return on Equity is N/A due to the equity base issues, while Return on Assets is -11.2%, demonstrating that the company's asset base is generating negative returns rather than value for shareholders.
估值评估
Valuation metrics present a complex picture, with a Trailing P/E Ratio (TTM) listed as N/A and a Forward P/E of -0.46, implying that forward earnings expectations remain negative and do not support a traditional multiple-based valuation. The Price to Book ratio is -0.47, indicating that the market prices the company at a significant discount to its book value, a scenario often driven by negative equity or heavy debt loads rather than a standard market premium. Alternative valuation metrics such as the Price to Sales ratio of 0.05 and an EV/EBITDA of -15.99 suggest that the market is pricing the stock based on asset recovery or turnaround potential rather than sustainable earnings power. Price action has been volatile within a defined range, with a 52-Week High of $3.25 and a 52-Week Low of $1.69, meaning the stock is trading significantly below its recent peak and reflects a prolonged period of underperformance relative to its historical trading band. The Beta value is 0.51, which indicates that the stock exhibits lower price volatility relative to the broader market, moving at a slower pace than the S&P 500 or similar benchmarks during periods of market stress or gain.
Growth & Income
Revenue growth for the year-over-year period is -0.4%, while earnings growth is N/A due to the negative income base, suggesting that the company is currently contracting rather than expanding its top line. The absence of positive earnings growth relative to the slight revenue contraction implies that operational inefficiencies or cost pressures are outpacing any modest revenue stability. Regarding income distribution, the company does not pay dividends, evidenced by a Dividend Yield of N/A and a Payout Ratio of 0.0%, meaning all available cash flow is retained to address liquidity needs or operational costs rather than being distributed to shareholders. Consequently, the overall growth and income profile is characterized by negative revenue momentum, negative cash generation, and a lack of shareholder returns, reflecting a company in a distress phase that prioritizes survival over expansion or income generation.