TOIPY (Thai Oil PCL) Cyclically Adjusted PS Ratio: (As of Aug. 14, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TOIPY Thai Oil PCL TOIPY
81 GF Score
Price $17.85
GF Value $13.95
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Thai Oil PCL Cyclically Adjusted PS Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Thai Oil PCL  (OTCPK:TOIPY) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Thai Oil PCL Cyclically Adjusted PS Ratio Related Terms


Thai Oil PCL Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Thai Oil PCL's Cyclically Adjusted PS Ratio can be seen below:

* 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 Oil PCL Cyclically Adjusted PS Ratio Chart

Thai Oil PCL Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.25 0.28 0.26 0.14 0.17

Thai Oil PCL Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.13 0.17 0.17 0.23 0.00

TOIPY vs MPC, VLO, PSX: Cyclically Adjusted PS Ratio Comparison

For the Oil & Gas Refining & Marketing subindustry, Thai Oil PCL's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio 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 Oil PCL Cyclically Adjusted PS Ratio vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Thai Oil PCL's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Thai Oil PCL's Cyclically Adjusted PS Ratio falls into.


TOIPY
81GF Score
Thai Oil PCL TOIPY
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Thai Oil PCL Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Thai Oil PCL's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Thai Oil PCL's adjusted Revenue per Share data for the three months ended in Jun. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=17.648/333.9520*333.9520
=17.648

Current CPI (Jun. 2026) = 333.9520.

Thai Oil PCL Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 9.639 241.428 13.333
201612 10.513 241.432 14.542
201703 12.273 243.801 16.811
201706 11.509 244.955 15.690
201709 11.840 246.819 16.020
201712 13.378 246.524 18.122
201803 14.310 249.554 19.150
201806 14.533 251.989 19.260
201809 15.077 252.439 19.945
201812 14.937 251.233 19.855
201903 14.102 254.202 18.526
201906 14.558 256.143 18.980
201909 12.984 256.759 16.888
201912 15.485 256.974 20.124
202003 11.654 258.115 15.078
202006 7.753 257.797 10.043
202009 8.880 260.280 11.393
202012 9.709 260.474 12.448
202103 11.676 264.877 14.721
202106 12.134 271.696 14.914
202109 11.842 274.310 14.417
202112 15.161 278.802 18.160
202203 16.880 287.504 19.607
202206 20.188 296.311 22.753
202209 15.007 296.808 16.885
202212 15.854 296.797 17.839
202303 15.070 301.836 16.673
202306 13.906 305.109 15.221
202309 14.936 307.789 16.206
202312 14.731 306.746 16.038
202403 14.200 312.332 15.183
202406 14.571 314.175 15.488
202409 14.825 315.301 15.702
202412 14.669 315.605 15.522
202503 14.084 319.799 14.707
202506 13.612 322.561 14.093
202509 11.199 324.800 11.515
202512 15.426 324.054 15.897
202603 15.929 330.213 16.109
202606 17.648 333.952 17.648

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Thai Oil PCL (TOIPY) Overvalued in 2026?

Based on GuruFocus' analysis, Thai Oil PCL stock appears to be overvalued. The current stock price of $17.85 is trading 28% above its estimated GF Value™ of $13.95. GuruFocus considers Thai Oil PCL to be Modestly Overvalued.

Key valuation signals for TOIPY:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: $13.95 vs. price of $17.85 (28% above fair value)
  • GF Score™: 81/100 with 6 warning signs

No single metric tells the full story. See the TOIPY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Thai Oil PCL Business Description

Industry EnergyOil & Gas
Address Vibhavadi Rangsit Road, 555/1 Energy Complex, 11th Floor, Building A, Chatuchak Subdistrict, Chatuchak District, Bangkok, THA, 10900
Thai Oil PCL operates an integrated business in oil refining and petrochemicals business. The company is engaged in oil refinery and distribution, petrochemicals, lube base oil and other businesses in domestic and overseas. It operates in the following reportable segments: Oil refinery, Lube base oil refinery, Aromatics and LAB, Solvent, Power generation, Ethanol, Olefins, and Others. The majority of the company's revenue is derived from the Oil refinery segment. Geographically, it generates the maximum revenue from Thailand, followed by Indonesia and other countries.
81GF Score

Get the complete analysis for TOIPY

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$17.85
Price
$13.95
GF Value