Thai Oil PCLTOIPF 72 Debt-to-Equity is 0.61 as of Mar. 2026, which is 42% below its 10-year median of 1.05. GuruFocus rates TOIPF with a GF Score™ of 72/100 and a GF Value™ of $1.84 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 797 Oil & Gas companies, Thai Oil PCL ranks worse than 57.97% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Thai Oil PCL's Debt-to-Equity or its related term are showing as below:
TOIPF'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.54 Med: 1.05 Max: 1.65
Current: 0.61
During the past 13 years, the highest Debt-to-Equity Ratio of Thai Oil PCL was 1.65. The lowest was 0.54. And the median was 1.05.
TOIPF's Debt-to-Equity is ranked worse than 57.97% of 797
companies
in the Oil & Gas industry
Industry Median: 0.46
vs TOIPF: 0.61
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Thai Oil PCL Debt-to-Equity Related Terms
Thai Oil PCL Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Thai Oil PCL's Debt-to-Equity 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.
For the Oil & Gas Refining & Marketing subindustry, Thai Oil PCL's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity 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 Debt-to-Equity vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Thai Oil PCL's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Thai Oil PCL's Debt-to-Equity 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.
Thai Oil PCL (TOIPF) has a Debt-to-Equity of 0.61 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Thai Oil PCL and its competitors. This is 42% below median its historical median of 1.05. Over the past decade, Thai Oil PCL's Debt-to-Equity has ranged from 0.54 to 1.65. According to the industry distribution chart, Thai Oil PCL ranks #462 out of 797 companies in the Oil & Gas industry, placing it in the top 58%.
Is Thai Oil PCL's Debt-to-Equity too high?
Thai Oil PCL's current Debt-to-Equity of 0.61 is 42% below median its 10-year median of 1.05. Over the past 10 years, this metric has ranged from a low of 0.54 to a high of 1.65. The Oil & Gas industry median Debt-to-Equity is 0.46. Thai Oil PCL's value of 0.61 is 32.6% above this industry median. Based on the distribution chart, Thai Oil PCL ranks #462 out of 797 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Thai Oil PCL has a GF Score™ of 72/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Thai Oil PCL's Debt-to-Equity compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Thai Oil PCL ranks #462 out of 797 companies for Debt-to-Equity. This places Thai Oil PCL in the lower half of its industry. The industry median Debt-to-Equity is 0.46. Thai Oil PCL's value of 0.61 is 32.6% above this benchmark. Historically, Thai Oil PCL's own Debt-to-Equity has ranged from 0.54 to 1.65 over the past decade. While the company's 10-year median is 1.05 vs. the industry median of 0.46, Thai Oil 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 Debt-to-Equity for an Oil & Gas company?
The median Debt-to-Equity among Oil & Gas companies is 0.46, based on 797 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Thai Oil PCL's current Debt-to-Equity of 0.61 is 32.6% 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 Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Thai Oil PCL and its competitors. For the Oil & Gas industry, the median Debt-to-Equity is 0.46 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Oil PCL's current Debt-to-Equity is 0.61, which is 42% below median its own 10-year median of 1.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Oil PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai Oil PCL (TOIPF) is currently considered Significantly Undervalued. The stock's GF Value™ is $1.84, compared to a current price of $1.25 — trading 32.1% below its estimated fair value. The current Debt-to-Equity is 0.61, which is 42% below median its 10-year median of 1.05 and 32.6% above the Oil & Gas industry median of 0.46. Thai Oil PCL's overall GF Score™ is 72/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Thai Oil PCL (TOIPF), the current Debt-to-Equity is 0.61 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 Oil PCL (TOIPF) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Oil PCL stock appears to be undervalued.
The current stock price of $1.25 is trading 32.1% below its estimated GF Value™ of $1.84.
GuruFocus considers Thai Oil PCL to be Significantly Undervalued.
Key valuation signals for TOIPF:
Debt-to-Equity: 0.61 (42% below median its 10-year median of 1.05)
GF Value™: $1.84 vs. price of $1.25 (32.1% below fair value)
Industry Position: 32.6% above the Oil & Gas median (#462 of 797)
No single metric tells the full story. See the TOIPF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
72GF Score
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