THCH
TH International LimitedConsumer Cyclical·Restaurants
--
$0M market cap
Revenue
$1.3B
Free Cash Flow
$-9.2M
Rev Growth
-8.5%
FCF Margin
-0.7%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
TH International Limited operates Tim Hortons coffee shops in mainland China, Hong Kong, and Macau. As of September 28, 2022, it had approximately 460 coffee shops across the People's Republic of China. The company was incorporated in 2018 and is based in Shanghai, the People's Republic of China. TH International Limited is a subsidiary of Tim Hortons Inc.
2-Year Price History
$2.07-63.0%
Quarterly Financials & Projections
Quarterly Waterfall (CNY M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2025-Q4 | 304.2 | -60.0 | -85.8 | -225.0 | -9.4 | -6.1 | -3.3 | 129.8 | 1,970 | 32.5 | -17.4% | -15.1x | -- |
| Act | 2025-Q3 | 358.0 | -19.5 | -65.7 | -72.9 | -1.7 | -1.7 | -0.0 | 131.6 | 1,798 | 32.5 | -14.6% | -4.6x | -- |
| Act | 2025-Q2 | 349.0 | -43.8 | -47.8 | -75.5 | -1.2 | -1.2 | -0.0 | 155.2 | 1,841 | 32.5 | -10.4% | -9.1x | -- |
| Act | 2025-Q1 | 300.7 | -27.0 | -85.3 | -58.0 | -0.2 | -0.2 | -0.0 | 184.0 | 1,856 | 32.6 | -18.4% | -7.5x | -- |
| Act | 2024-Q4 | 332.6 | -98.5 | -117.2 | -131.6 | -31.6 | -31.6 | -0.0 | 161.4 | 1,878 | 32.5 | -25.0% | -26.6x | -- |
| Act | 2024-Q3 | 359.6 | -53.1 | -55.9 | -88.9 | -13.0 | -13.0 | -0.0 | 203.7 | 1,881 | 32.5 | -11.9% | -13.0x | -- |
| Act | 2024-Q2 | 366.8 | -58.8 | -54.7 | -47.6 | 31.7 | 31.7 | -0.0 | 171.9 | 1,898 | 38.4 | -11.5% | -6.5x | -- |
| Act | 2024-Q1 | 332.1 | -103.2 | -129.4 | -144.0 | -26.8 | -26.8 | -0.0 | 218.2 | 1,669 | 32.0 | -31.0% | -18.5x | -- |
| Act | 2023-Q4 | 391.2 | -267.8 | -232.2 | -312.1 | -80.6 | -373.0 | -292.4 | 227.0 | 1,862 | 32.1 | -49.9% | -40.2x | -- |
| Act | 2023-Q3 | 436.4 | -118.6 | -159.7 | -160.6 | -30.5 | -30.5 | -0.0 | 461.8 | 2,044 | 31.8 | -31.3% | -25.9x | -- |
| Act | 2023-Q2 | 411.7 | -181.0 | -178.9 | -228.7 | 0.2 | 0.2 | -0.0 | 392.0 | 1,806 | 30.5 | -33.6% | -37.3x | -- |
| Act | 2023-Q1 | 336.5 | -90.1 | -125.1 | -221.9 | -85.4 | -152.8 | -67.4 | 613.6 | 1,794 | 28.0 | -26.7% | -20.8x | -- |
| Act | 2022-Q4 | 301.5 | -91.4 | -129.6 | -314.3 | -96.1 | -431.0 | -334.9 | 611.5 | 1,771 | 28.2 | -27.8% | -20.2x | -- |
| Act | 2022-Q3 | 305.7 | -148.4 | -149.0 | -234.6 | -35.9 | -35.9 | -0.0 | 759.9 | 731.0 | 24.9 | -58.3% | -34.8x | -- |
| Act | 2022-Q2 | 179.2 | -143.6 | -164.4 | -181.6 | -35.9 | -92.0 | -56.1 | 285.1 | 792.0 | 26.9 | -83.0% | -42.3x | -- |
| Act | 2022-Q1 | 224.7 | -122.8 | -134.9 | -171.8 | -119.1 | -243.3 | -124.3 | 395.0 | 0.0 | 26.9 | -489.8% | -46.9x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 13.90 | — | -50.1% | -506 | — | — | — | — |
| 2023 | 8.75 | +55.9% | -41.7% | -658 | — | — | — | — |
| 2024 | 3.55 | -11.7% | -22.5% | -314 | — | — | — | — |
| 2025 | 2.49 | -5.7% | -11.5% | -150 | — | — | — | — |
| TTM | — | -5.7% | -11.5% | -150 | 0.0× | 0.0× | — | — |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price--
Market Cap$0M
Enterprise Value$1.8B
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)-0.7%
FCF Yield0.0%
Dividend Yield (TTM)--
Annual Dilution0.1%
CurrencyUSD
TTM Financial Snapshot
Revenue$1.3B
Net Income$-431.3M
Free Cash Flow$-9.2M
Revenue Growth (YoY)-8.5%
EBITDA Margin-11.5%
Net Margin-32.9%
FCF Margin-0.7%
CapEx % of Revenue0.3%
SBC % of Revenue0.2%
ROIC-15.2%
WC Change % Rev9.8%
Interest Coverage-9.0x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.1M
Days to Cover9.2
Change (vs Prior)+0.4%
Need at least 2 settlement dates for chart
Employees
Headcount2,367
Revenue / Employee$554,262
Gross Profit / Employee$112,222
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
12.9%(+10.8% YoY)
11 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.1%(-0.0% YoY)
1 filers
Vanguard, iShares, SPDR
Market makers
0.1%(+0.1% YoY)
1 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| HSG Holding Ltd | $7.5M | $2.97 | +$0 | +$7.5M | -2.4% | $1.62B |
| SONA ASSET MANAGEMENT (US) LLC | $206K | $2.93 | +$0 | +$0 | -0.4% | $1.93B |
| CITADEL ADVISORS LLC | $111K | $2.55 | +$28K | +$78K | -0.4% | $138.22B |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $50K | $2.73 | −$3K | +$50K | -0.6% | $77.14B |
| LMR Partners LLP | $45K | $2.93 | +$0 | −$17K | -2.0% | $8.84B |
| Neuberger Berman Group LLC | $41K | $2.07 | +$41K | +$41K | -0.3% | $131.37B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $37K | $2.93 | +$0 | −$2K | +2.3% | $1.61T |
| Shaolin Capital Management LLC | $26K | $2.93 | +$0 | +$0 | +7.5% | $1.20B |
| ROYAL BANK OF CANADA | $12K | $2.93 | +$0 | −$0 | -0.2% | $526.36B |
| Groupe la Francaise | $3K | $2.93 | +$0 | +$0 | +0.1% | $7.14B |
| CREDIT INDUSTRIEL ET COMMERCIAL | $2K | $2.93 | +$0 | +$0 | +0.8% | $568M |
| UBS Group AG | $0 | $2.84 | +$0 | −$43K | -0.3% | $562.11B |
| JPMORGAN CHASE & CO | $0 | $2.93 | +$0 | +$0 | -0.2% | $1.47T |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-2.30%
avg per quarter
Holders (ex-self)
-2.29%
excl. this stock
Buyers (this Q)
-0.27%
2 buyers · $0.00B in
Sellers (this Q)
+0.00%
1 sellers · $0.00B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+0.2%
how holders react when this stock falls
On quiet Qs
-1.2%
−10% to +10% baseline
On rallies (+10%+)
-9.5%
how they react when this stock rises
Holders' portfolio flow this Q
-1.6%
outflows — trims may be forced
Sellers' portfolio flow this Q
+9.8%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.9%
Holder mid (any stock)
+0.3%
Holder rally (any stock)
-9.5%
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 98.5%
HSG Holding Ltd--
SONA ASSET MANAGEMENT (US) LLC--
CITADEL ADVISORS LLC--
SUSQUEHANNA INTERNATIONAL GROUP, LLP--
LMR Partners LLP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
HSG Holding Ltd2.9MZAZOVE ASSOCIATES LLC—SONA ASSET MANAGEMENT (US) LLC100KCITADEL ADVISORS LLC56KLMR Partners LLP22KUBS Group AG208Neuberger Berman Group LLC20KShaolin Capital Management LLC13KROYAL BANK OF CANADA6KCovalent Partners LLC—
Corporate
Order Flow (FINRA, ~3w lag)
7.1%retail-8.2pp
7.4%dark-6.5pp
week of 2026-03-16
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.