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Thai Airways International PCLBKK:THAI-R 37 Capex-to-Operating-Income is 0.56 as of Mar. 2026, which is 115% above its 10-year median of 0.26. GuruFocus rates BKK:THAI-R with a GF Score™ of 37/100 and a GF Value™ of ฿0.36. The stock has 4 warning signs investors should review. Among 711 Transportation companies, Thai Airways International PCL ranks better than 58.23% on this metric.
Capex-to-Operating-Income measures a company's investments in physical assets such as property, industrial buildings or equipment to its operating income.
Thai Airways International PCL (BKK:THAI-R) Capex-to-Operating-Income Explanation
Capex-to-Operating-Income assesses how much emphasis a company is placing upon investing in capital-intensive projects. The ratio is generally a good gauge to quantify how much focus on growth a company has. Typically, smaller companies that are still growing and expanding will have a higher Capex to Operating Income Ratio, since such businesses are likely investing more in physical assets. Lower ratios could indicate that a company has reached maturity and it is no longer pursuing aggressive growth.
Thai Airways International PCL Capex-to-Operating-Income Related Terms
Thai Airways International PCL Capex-to-Operating-Income 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-Income Chart
BKK:THAI-R vs DAL, UAL, LUV: Capex-to-Operating-Income Comparison
For the Airlines subindustry, Thai Airways International PCL's Capex-to-Operating-Income, along with its competitors' market caps and Capex-to-Operating-Income 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-Income vs Transportation Industry
For the Transportation industry and Industrials sector, Thai Airways International PCL's Capex-to-Operating-Income distribution charts can be found below:
* The bar in red indicates where Thai Airways International PCL's Capex-to-Operating-Income 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-Income of 0.56 mean?
Thai Airways International PCL (BKK:THAI-R) has a Capex-to-Operating-Income of 0.56 as of Mar. 2026. Capex to Operating Income ratio measures a company's investments in physical assets to its operating income. View historical data on Thai Airways International PCL and its competitors. This is 115% above median its historical median of 0.26. Over the past decade, Thai Airways International PCL's Capex-to-Operating-Income has ranged from 0.03 to 1.12. According to the industry distribution chart, Thai Airways International PCL ranks #297 out of 711 companies in the Transportation industry, placing it in the top 41.8%.
Is Thai Airways International PCL's Capex-to-Operating-Income too high?
Thai Airways International PCL's current Capex-to-Operating-Income of 0.56 is 115% above median its 10-year median of 0.26. Over the past 10 years, this metric has ranged from a low of 0.03 to a high of 1.12. The Transportation industry median Capex-to-Operating-Income is 0.74. Thai Airways International PCL's value of 0.56 is 24.3% below this industry median. Based on the distribution chart, Thai Airways International PCL ranks #297 out of 711 companies in the Transportation industry, which is above 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-Income compare to DAL and UAL?
According to the Transportation industry distribution chart, Thai Airways International PCL ranks #297 out of 711 companies for Capex-to-Operating-Income. This puts Thai Airways International PCL in the upper half of its industry. The industry median Capex-to-Operating-Income is 0.74. Thai Airways International PCL's value of 0.56 is 24.3% below this benchmark. Historically, Thai Airways International PCL's own Capex-to-Operating-Income has ranged from 0.03 to 1.12 over the past decade. While the company's 10-year median is 0.26 vs. the industry median of 0.74, Thai Airways International PCL has consistently been below 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-Income for a Transportation company?
The median Capex-to-Operating-Income among Transportation companies is 0.74, based on 711 companies in the industry. Companies in the top quartile (top 25%) have a Capex-to-Operating-Income significantly above this median, while those in the bottom quartile fall well below. However, Capex-to-Operating-Income 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-Income of 0.56 is 24.3% below 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-Income mean?
A high Capex-to-Operating-Income can signal that a stock is expensive relative to its fundamentals. Capex to Operating Income ratio measures a company's investments in physical assets to its operating income. View historical data on Thai Airways International PCL and its competitors. For the Transportation industry, the median Capex-to-Operating-Income is 0.74 — 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-Income is 0.56, which is 115% above median its own 10-year median of 0.26. 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-Income of 0.56. The stock's GF Value™ is ฿0.36, compared to a current price of ฿6.00 — trading 1566.7% above its estimated fair value. The current Capex-to-Operating-Income is 0.56, which is 115% above median its 10-year median of 0.26 and 24.3% below the Transportation industry median of 0.74. 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-Income calculated?
Capex-to-Operating-Income is calculated from a company's financial statements. For Thai Airways International PCL (BKK:THAI-R), the current Capex-to-Operating-Income is 0.56 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 1566.7% above its estimated GF Value™ of ฿0.36.
Key valuation signals for BKK:THAI-R:
Capex-to-Operating-Income: 0.56 (115% above median its 10-year median of 0.26)
GF Value™: ฿0.36 vs. price of ฿6.00 (1566.7% above fair value)
Industry Position: 24.3% below the Transportation median (#297 of 711)
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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