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Thai Airways International PCLBKK:THAI-R 37 Capex-to-Operating-Cash-Flow is 0.49 as of Mar. 2026, which is 158% above its 10-year median of 0.19. GuruFocus rates BKK:THAI-R with a GF Score™ of 37/100 and a GF Value™ of ฿0.35. The stock has 4 warning signs investors should review. Among 723 Transportation companies, Thai Airways International PCL ranks worse than 52.28% on this metric.
Capex-to-Operating-Cash-Flow assesses how much of a company’s cash flow from operations is being devoted to capital expenditure. It’s also useful to distinguish whether the company is capital intensive or not.
Thai Airways International PCL (BKK:THAI-R) Capex-to-Operating-Cash-Flow Explanation
Capex-to-Operating-Cash-Flow ratio assesses how much of a company’s Cash Flow from Operations is being devoted to Capital Expenditure. It is a good indicator in terms of how much the company is focused on growth. In general, a high Capex-to-Operating-Cash-Flow ratio indicates that the company is investing more in physical assets and is focused on growth and expansion. Conversely, lower ratio could indicate that a company has reached maturity and is no longer pursuing aggressive growth.
Moreover, the ratio is also useful to distinguish whether the company is capital intensive or not. If the ratio is large, then the company tends to be capital intensive. Lower ratio suggests that it’s a capital-light business. The ratio can be combined with ROIC % to identify whether the company is an asset-light business that has a high return on invested capital. This is one question investors commonly ask to see if a company qualifies as a good company.
Thai Airways International PCL Capex-to-Operating-Cash-Flow Related Terms
Thai Airways International PCL Capex-to-Operating-Cash-Flow Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Thai Airways International PCL Capex-to-Operating-Cash-Flow Chart
BKK:THAI-R vs DAL, UAL, LUV: Capex-to-Operating-Cash-Flow Comparison
For the Airlines subindustry, Thai Airways International PCL's Capex-to-Operating-Cash-Flow, along with its competitors' market caps and Capex-to-Operating-Cash-Flow data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Thai Airways International PCL Capex-to-Operating-Cash-Flow vs Transportation Industry
For the Transportation industry and Industrials sector, Thai Airways International PCL's Capex-to-Operating-Cash-Flow distribution charts can be found below:
* The bar in red indicates where Thai Airways International PCL's Capex-to-Operating-Cash-Flow falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Capex-to-Operating-Cash-Flow of 0.49 mean?
Thai Airways International PCL (BKK:THAI-R) has a Capex-to-Operating-Cash-Flow of 0.49 as of Mar. 2026. Capex to Operating Cash Flow ratio assesses how much of a company’s cash flow from operations is being devoted to capital expenditure. View historical data on Thai Airways International PCL and its competitors. This is 158% above median its historical median of 0.19. Over the past decade, Thai Airways International PCL's Capex-to-Operating-Cash-Flow has ranged from 0.01 to 0.51. According to the industry distribution chart, Thai Airways International PCL ranks #378 out of 723 companies in the Transportation industry, placing it in the top 52.3%.
Is Thai Airways International PCL's Capex-to-Operating-Cash-Flow too high?
Thai Airways International PCL's current Capex-to-Operating-Cash-Flow of 0.49 is 158% above median its 10-year median of 0.19. Over the past 10 years, this metric has ranged from a low of 0.01 to a high of 0.51. The Transportation industry median Capex-to-Operating-Cash-Flow is 0.48. Thai Airways International PCL's value of 0.49 is 2.1% above this industry median. Based on the distribution chart, Thai Airways International PCL ranks #378 out of 723 companies in the Transportation industry, which is below the industry midpoint. Overall, Thai Airways International PCL has a GF Score™ of 37/100, reflecting its overall financial health beyond just this single metric.
How does Thai Airways International PCL's Capex-to-Operating-Cash-Flow compare to DAL and UAL?
According to the Transportation industry distribution chart, Thai Airways International PCL ranks #378 out of 723 companies for Capex-to-Operating-Cash-Flow. This places Thai Airways International PCL in the lower half of its industry. The industry median Capex-to-Operating-Cash-Flow is 0.48. Thai Airways International PCL's value of 0.49 is 2.1% above this benchmark. Historically, Thai Airways International PCL's own Capex-to-Operating-Cash-Flow has ranged from 0.01 to 0.51 over the past decade. While the company's 10-year median is 0.19 vs. the industry median of 0.48, Thai Airways International PCL has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Capex-to-Operating-Cash-Flow for a Transportation company?
The median Capex-to-Operating-Cash-Flow among Transportation companies is 0.48, based on 723 companies in the industry. Companies in the top quartile (top 25%) have a Capex-to-Operating-Cash-Flow significantly above this median, while those in the bottom quartile fall well below. However, Capex-to-Operating-Cash-Flow should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Thai Airways International PCL's current Capex-to-Operating-Cash-Flow of 0.49 is 2.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Capex-to-Operating-Cash-Flow mean?
A high Capex-to-Operating-Cash-Flow can signal that a stock is expensive relative to its fundamentals. Capex to Operating Cash Flow ratio assesses how much of a company’s cash flow from operations is being devoted to capital expenditure. View historical data on Thai Airways International PCL and its competitors. For the Transportation industry, the median Capex-to-Operating-Cash-Flow is 0.48 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Airways International PCL's current Capex-to-Operating-Cash-Flow is 0.49, which is 158% above median its own 10-year median of 0.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Airways International PCL stock overvalued right now?
Thai Airways International PCL (BKK:THAI-R) has a current Capex-to-Operating-Cash-Flow of 0.49. The stock's GF Value™ is ฿0.35, compared to a current price of ฿6.00 — trading 1614.3% above its estimated fair value. The current Capex-to-Operating-Cash-Flow is 0.49, which is 158% above median its 10-year median of 0.19 and 2.1% above the Transportation industry median of 0.48. Thai Airways International PCL's overall GF Score™ is 37/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Capex-to-Operating-Cash-Flow calculated?
Capex-to-Operating-Cash-Flow is calculated from a company's financial statements. For Thai Airways International PCL (BKK:THAI-R), the current Capex-to-Operating-Cash-Flow is 0.49 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Thai Airways International PCL (BKK:THAI-R) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Airways International PCL stock appears to be overvalued.
The current stock price of ฿6.00 is trading 1614.3% above its estimated GF Value™ of ฿0.35.
Key valuation signals for BKK:THAI-R:
Capex-to-Operating-Cash-Flow: 0.49 (158% above median its 10-year median of 0.19)
GF Value™: ฿0.35 vs. price of ฿6.00 (1614.3% above fair value)
Industry Position: 2.1% above the Transportation median (#378 of 723)
No single metric tells the full story. See the BKK:THAI-R stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thai Airways International PCL Business Description
Thai Airways International PCL is a state-owned enterprise (Thailand) operating domestic, regional, and intercontinental flights. The company segments are Air Transport, Business Units, and Others. The air transport business focuses on the transportation of passengers, cargo, and mail, and utilizes scheduled and chartered flights to domestic and international destinations. The business units segment ensures all flights reach their destination on time and at the correct location, and offers support with cargo terminal handling, group equipment services, and catering services. The other segments include the sale of duty-free goods, the sale of souvenir products from the maintenance division, and the operation of subsidiaries. The majority of revenue originates from Asia from Air Transport.
37GF Score
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Capex-to-Operating-Cash-Flow is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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