TH International Limited (THCH) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|
| Total Current Assets | 326.83M | 396.33M | 412.6M | 433.8M | 417.08M | 441.89M | 492.21M | 450.77M | 458.62M | 703.76M | 632.7M | 811.62M | 796.81M | 937.92M | 503.4M | 395M | 585.97M | 146.49M | 343.41M | 180.35M |
| Cash & Short-Term Investments | 129.79M | 131.61M | 155.22M | 183.95M | 161.37M | 203.74M | 171.87M | 218.18M | 227M | 461.75M | 391.96M | 613.57M | 611.45M | 759.94M | 285.13M | 395M | 390.84M | 97.71M | 231.52M | 180.35M |
| Cash Only | 129.79M | 131.61M | 155.22M | 183.95M | 152.37M | 196.73M | 168.87M | 196.89M | 203.59M | 461.75M | 255.59M | 364.57M | 239.08M | 382.45M | 285.13M | -395M | 390.84M | 97.71M | 225M | -180.35M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 9M | 7.01M | 3M | 21.29M | 23.41M | 0 | 136.37M | 249M | 372.38M | 377.49M | 0 | 790M | 0 | 0 | 6.52M | 360.71M |
| Accounts Receivable | 17.9M | 17.98M | 25.56M | 34.17M | 170.75M | 41.31M | 31.75M | 27.7M | 27.56M | 33.87M | 29.48M | 11.26M | 5.62M | 7.67M | 7.79M | 0 | 9.82M | 19.43M | 11.88M | 0 |
| Days Sales Outstanding | 5.43 | 5.59 | 7.79 | 30.66 | 29.33 | 9.35 | 7.37 | 7.57 | 7.22 | 6.72 | 4.5 | 2.26 | 2.03 | 2.33 | 3.96 | - | 6.01 | 7.91 | 7.96 | - |
| Inventory | 36.82M | 40.24M | 36.08M | 34.31M | 37.58M | 35M | 43.12M | 40.25M | 50.72M | 74.28M | 75.09M | 71.27M | 71.47M | 52.18M | 55.17M | 0 | 42.48M | 10.62M | 22.67M | 0 |
| Days Inventory Outstanding | 12.03 | 11.88 | 11.09 | 12.63 | 11.61 | 12.52 | 12.45 | 13.88 | 15.56 | 18.07 | 18.5 | 20.77 | 19.86 | 19.61 | 24.07 | - | 10.84 | 8.32 | 16.22 | - |
| Other Current Assets | 142.33M | 206.5M | 195.74M | 181.37M | 42.01M | 161.83M | 81.37M | 164.65M | 147.36M | 133.84M | 136.16M | 16.82M | 93.22M | 16.61M | 118.16M | -395M | 108.74M | 18.73M | 49.53M | -180.35M |
| Total Non-Current Assets | 850.59M | 894.18M | 973.22M | 1.06B | 1.15B | 1.23B | 1.33B | 1.59B | 1.76B | 1.9B | 1.92B | 1.87B | 1.85B | 801.36M | 734M | -395M | 698.92M | 174.73M | 442.52M | -180.35M |
| Property, Plant & Equipment | 681.42M | 760.54M | 837.27M | 910.64M | 995.47M | 1.07B | 1.16B | 1.38B | 1.54B | 1.69B | 1.7B | 1.66B | 1.67B | 636.62M | 583.34M | 0 | 554.02M | 138.5M | 329.43M | 138.5M |
| Fixed Asset Turnover | 0.42x | 0.45x | 0.40x | 0.32x | 0.32x | 0.32x | 0.29x | 0.23x | 0.24x | 0.26x | 0.25x | 0.20x | 0.26x | 0.50x | 0.31x | - | 0.65x | 0.78x | 0.58x | 0.63x |
| Goodwill | 81.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -95.92B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 81.01M | 85.87M | 87.91M | 92.03M | 97.02M | 101.79M | 107.57M | 145.75M | 147.45M | 136.82M | 135.06M | 130.87M | 96.02B | 86.18M | 80.88M | 0 | 77.59M | 19.4M | 66.84M | 19.4M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 88.11M | 47.77M | 48.03M | 53.4M | 53.97M | 60.07M | 61.42M | 65.17M | 68.42M | 81.44M | 83.73M | 80.36M | 82.27M | 78.56M | 69.78M | -395M | 67.31M | 16.83M | 46.25M | -338.26M |
| Total Assets | 1.18B | 1.29B | 1.39B | 1.49B | 1.56B | 1.68B | 1.82B | 2.04B | 2.22B | 2.61B | 2.55B | 2.68B | 2.64B | 1.74B | 1.24B | 345.34M | 1.28B | 321.22M | 785.93M | 321.22M |
| Asset Turnover | 0.25x | 0.27x | 0.24x | 0.20x | 0.21x | 0.21x | 0.19x | 0.16x | 0.16x | 0.17x | 0.16x | 0.13x | 0.14x | 0.21x | 0.23x | 0.28x | 0.28x | 0.33x | 0.25x | 0.26x |
| Asset Growth % | -24.69% | -23.01% | -23.91% | -26.95% | -29.43% | -35.71% | -28.57% | -23.89% | -16.15% | 49.9% | 106.05% | 675.88% | 105.62% | 441.45% | 57.44% | 7.51% | 121.4% | -44.65% | 441.69% | 121.4% |
| Total Current Liabilities | 1B | 1.62B | 1.6B | 1.6B | 1.54B | 1.48B | 1.09B | 1.46B | 1.4B | 1.49B | 1.23B | 1.26B | 1.32B | 955.77M | 803.62M | 6.13M | 567.29M | 141.82M | 163.72M | 141.82M |
| Accounts Payable | 199.28M | 200.2M | 202.1M | 223.19M | 223.84M | 203.59M | 199.63M | 256.05M | 228.88M | 207.12M | 172.86M | 108.5M | 115.36M | 91.94M | 65.04M | 6.13M | 68.16M | 0 | 35.89M | 15.24M |
| Days Payables Outstanding | 62.35 | 62.61 | 67.01 | 78.5 | 68.36 | 64.6 | 68.06 | 73.98 | 54.27 | 45.98 | 35.56 | 32.58 | 33.29 | 28.67 | 15.53 | 14.46 | 27.82 | - | 18.29 | 14.78 |
| Short-Term Debt | 576.26M | 931.81M | 926.75M | 910.01M | 854.98M | 834.73M | 393.96M | 422.64M | 538.23M | 658.96M | 389.17M | 451.91M | 407.81M | 363.93M | 426.58M | 0 | 192.06M | 774K | 0 | 774K |
| Deferred Revenue (Current) | 37.22M | 36.21M | 40.04M | 42.74M | 39.68M | 43.35M | 56.45M | 43.24M | 40.71M | 27.23M | 26.89M | 23.56M | 22.12M | 29.35M | 17.95M | 0 | 14.13M | 3.53M | 3.53M | 3.53M |
| Other Current Liabilities | 190.14M | 270.62M | 159.43M | 180.85M | 16.81M | 187.24M | 318.92M | 528.76M | 254.56M | 422M | 465.77M | 463.12M | 463.78M | 499.91M | 168.93M | 0 | 212.09M | 122.28M | 85.23M | 122.28M |
| Current Ratio | 0.33x | 0.25x | 0.26x | 0.27x | 0.27x | 0.30x | 0.45x | 0.31x | 0.33x | 0.47x | 0.51x | 0.64x | 0.60x | 0.98x | 0.63x | 64.42x | 1.03x | 1.03x | 2.10x | 1.27x |
| Quick Ratio | 0.29x | 0.22x | 0.24x | 0.25x | 0.25x | 0.28x | 0.41x | 0.28x | 0.29x | 0.42x | 0.45x | 0.59x | 0.55x | 0.93x | 0.56x | 64.42x | 0.96x | 0.96x | 1.96x | 1.27x |
| Cash Conversion Cycle | -44.9 | -45.14 | -48.13 | -35.22 | -27.43 | -42.74 | -48.23 | -52.53 | -31.49 | -21.19 | -12.56 | -9.55 | -11.41 | -6.74 | 12.5 | - | -10.98 | - | 5.89 | - |
| Total Non-Current Liabilities | 1.41B | 706.02M | 750.79M | 775.83M | 860.62M | 880.72M | 1.34B | 1.15B | 1.24B | 1.26B | 1.29B | 1.32B | 1.21B | 479.9M | 420.9M | 23.84M | 378.51M | 94.63M | 94.63M | 94.63M |
| Long-Term Debt | 1.15B | 425.62M | 433.1M | 422.8M | 464.85M | 445.64M | 852.05M | 438.52M | 425.98M | 413.14M | 404.07M | 374.03M | 362.88M | 367.04M | 365.45M | 0 | 330.37M | 82.59M | 82.59M | 82.59M |
| Capital Lease Obligations | 240.44M | 263.2M | 301.89M | 337.82M | 380.07M | 421.15M | 474.95M | 602.5M | 707.69M | 769.82M | 805.69M | 788.09M | 820.25M | 0 | 0 | 0 | 0 | 0 | -82.84M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 96.49M | 94.2M | 62.46M | 69.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 7.72M | 7.46M | 7.59M | 7.64M | 7.67M | 7.63M | 7.71M | 13.5M | 14.17M | 13.86M | 12.8M | 151.24M | 30.31M | 112.86M | 55.45M | 23.84M | 48.14M | 11.79M | -51.16M | 11.79M |
| Total Liabilities | 2.41B | 2.32B | 2.35B | 2.38B | 2.4B | 2.36B | 2.43B | 2.61B | 2.64B | 2.75B | 2.53B | 2.58B | 2.53B | 1.44B | 1.22B | 29.97M | 945.8M | 236.45M | 163.72M | 236.45M |
| Total Debt | 1.97B | 1.8B | 1.84B | 1.86B | 1.88B | 1.88B | 1.9B | 1.67B | 1.86B | 2.04B | 1.81B | 1.79B | 1.77B | 730.97M | 792.03M | 0 | 522.42M | 83.37M | 83.37M | 83.37M |
| Net Debt | 1.84B | 1.67B | 1.69B | 1.67B | 1.73B | 1.68B | 1.73B | 1.47B | 1.66B | 1.58B | 1.55B | 1.43B | 1.53B | 348.52M | 506.89M | 395M | 131.59M | -14.34M | -141.64M | 263.72M |
| Debt / Equity | - | - | - | - | - | - | - | - | - | - | 79.02x | 17.58x | 16.06x | 2.41x | 61.50x | - | 1.54x | 0.98x | 0.14x | 0.19x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -55.56x | -16.34x | -14.62x | -15.48x | -36.31x | -20.33x | -9.84x | -23.09x | -45.69x | -31.27x | -44.39x | -39.23x | -48.27x | -44.75x | -50.68x | -56.73x | -78.70x | -615.15x | - | -138.21x |
| Total Equity | -1.24B | -1.03B | -962.26M | -889.3M | -833.01M | -682.65M | -609.11M | -567.37M | -422.43M | -142.27M | 22.86M | 102.03M | 110.3M | 303.61M | 12.88M | 339.1M | 339.1M | 84.77M | 590.53M | 433.05M |
| Equity Growth % | -48.52% | -51.09% | -57.98% | -56.74% | -97.2% | -379.83% | -2764.97% | -656.08% | -482.97% | -146.86% | 77.47% | -69.91% | -67.47% | 258.14% | -97.82% | -21.7% | -21.7% | -80.42% | 445.46% | 16.23% |
| Book Value per Share | -38.05 | -31.70 | -29.59 | -27.28 | -25.64 | -21.02 | -15.87 | -17.72 | -13.15 | -4.47 | 0.75 | 3.65 | 3.91 | 12.17 | 0.48 | 12.59 | 12.59 | 3.15 | 21.93 | 19.36 |
| Total Shareholders' Equity | -1.24B | -1.04B | -968.75M | -896.26M | -840.89M | -691.35M | -616.34M | -573.37M | -427.21M | -146.12M | 19.95M | 100.14M | 108.85M | 303.14M | 11.8M | 339.1M | 335.54M | 84.77M | 586.21M | 433.05M |
| Common Stock | 10.01K | 10K | 10K | 10K | 9.73K | 10K | 10K | 10K | 9.73K | 10K | 10K | 9K | 9K | 9K | 7.51K | 863 | 7.5K | 1.87K | 7.49K | 1.87K |
| Retained Earnings | -3.1B | -2.87B | -2.8B | -2.73B | -2.67B | -2.54B | -2.45B | -2.4B | -2.26B | -1.94B | -1.78B | -1.56B | -1.38B | -1.16B | -961.93M | -29.64M | -637.53M | -159.38M | -388.19M | -159.38M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 38.42M | 16.23M | 12.51M | 10.43M | 9.19M | 27.04M | 14.9M | 14.93M | 21.49M | -1.47M | 5.44M | 16.12M | 17M | 9.09M | 26.44M | 335.54M | 35.74M | -24.07M | 38.1M | 428.29M |
| Minority Interest | 6.56M | 5.62M | 6.48M | 6.95M | 7.87M | 8.7M | 7.24M | 5.99M | 4.78M | 3.85M | 2.91M | 1.89M | 1.45M | 465K | 1.08M | 0 | 3.56M | 0 | 4.32M | 0 |