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Thai Vegetable Oil PCLBKK:TVO 82 Piotroski F-Score is 4 as of Aug. 02, 2026, which is 33% below its 10-year median of 6.00. GuruFocus rates BKK:TVO with a GF Score™ of 82/100 and a GF Value™ of ฿20.99 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,913 Consumer Packaged Goods companies, Thai Vegetable Oil PCL ranks worse than 67.69% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Thai Vegetable Oil PCL has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Thai Vegetable Oil PCL's Piotroski F-Score or its related term are showing as below:
BKK:TVO'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 9
Current: 4
During the past 13 years, the highest Piotroski F-Score of Thai Vegetable Oil PCL was 9. The lowest was 3. And the median was 6.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thai Vegetable Oil PCL Piotroski F-Score Related Terms
Thai Vegetable Oil PCL Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Thai Vegetable Oil PCL's Piotroski F-Score 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 Packaged Foods subindustry, Thai Vegetable Oil PCL's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Vegetable Oil PCL Piotroski F-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Thai Vegetable Oil PCL's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Thai Vegetable Oil PCL's Piotroski F-Score 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.
This Year (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 647.618 + 485.915 + 521.643 + 708.925 = ฿2,364 Mil. Cash Flow from Operations was 379.109 + -549.727 + 1286.057 + -25.448 = ฿1,090 Mil. Revenue was 6659.891 + 6404.936 + 7873.029 + 7726.588 = ฿28,664 Mil. Gross Profit was 1074.394 + 758.365 + 857.312 + 833.839 = ฿3,524 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(16467.567 + 15271.869 + 14927.867 + 14602.763 + 17497.445) / 5 = ฿15753.5022 Mil. Total Assets at the begining of this year (Mar25) was ฿16,468 Mil. Long-Term Debt & Capital Lease Obligation was ฿9 Mil. Total Current Assets was ฿12,152 Mil. Total Current Liabilities was ฿4,515 Mil.
Net Income was 550.247 + 436.716 + 807.667 + 533.615 = ฿2,328 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Thai Vegetable Oil PCL's current Net Income (TTM) was 2,364.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Thai Vegetable Oil PCL's current Cash Flow from Operations (TTM) was 1,090.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Thai Vegetable Oil PCL's return on assets of this year was 0.14356104. Thai Vegetable Oil PCL's return on assets of last year was 0.1578613.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Thai Vegetable Oil PCL's gearing of this year was 0.00059365. Thai Vegetable Oil PCL's gearing of last year was 1.691E-5.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Thai Vegetable Oil PCL's current ratio of this year was 2.69158177. Thai Vegetable Oil PCL's current ratio of last year was 2.57339738.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Thai Vegetable Oil PCL's number of shares in issue this year was 886.156. Thai Vegetable Oil PCL's number of shares in issue last year was 889.358.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Thai Vegetable Oil PCL's gross margin of this year was 0.12293662. Thai Vegetable Oil PCL's gross margin of last year was 0.12300088.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Thai Vegetable Oil PCL's asset turnover of this year was 1.74066054. Thai Vegetable Oil PCL's asset turnover of last year was 2.01637727.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Thai Vegetable Oil PCL has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Thai Vegetable Oil PCL (BKK:TVO) has a Piotroski F-Score of 4 as of Aug. 02, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Thai Vegetable Oil PCL and its competitors. This is 33% below median its historical median of 6.00. Over the past decade, Thai Vegetable Oil PCL's Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, Thai Vegetable Oil PCL ranks #1295 out of 1913 companies in the Consumer Packaged Goods industry, placing it in the top 67.7%.
Is Thai Vegetable Oil PCL's Piotroski F-Score too high?
Thai Vegetable Oil PCL's current Piotroski F-Score of 4 is 33% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 9.00. The Consumer Packaged Goods industry median Piotroski F-Score is 5.00. Thai Vegetable Oil PCL's value of 4 is 20% below this industry median. Based on the distribution chart, Thai Vegetable Oil PCL ranks #1295 out of 1913 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Thai Vegetable Oil PCL has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Thai Vegetable Oil PCL's Piotroski F-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Thai Vegetable Oil PCL ranks #1295 out of 1913 companies for Piotroski F-Score. This places Thai Vegetable Oil PCL in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Thai Vegetable Oil PCL's value of 4 is 20% below this benchmark. Historically, Thai Vegetable Oil PCL's own Piotroski F-Score has ranged from 3.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Thai Vegetable Oil 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 Piotroski F-Score for a Consumer Packaged Goods company?
The median Piotroski F-Score among Consumer Packaged Goods companies is 5.00, based on 1,913 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Thai Vegetable Oil PCL's current Piotroski F-Score of 4 is 20% 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 Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Thai Vegetable Oil PCL and its competitors. For the Consumer Packaged Goods industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Vegetable Oil PCL's current Piotroski F-Score is 4, which is 33% below median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Vegetable Oil PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai Vegetable Oil PCL (BKK:TVO) is currently considered Modestly Overvalued. The stock's GF Value™ is ฿20.99, compared to a current price of ฿27.25 — trading 29.8% above its estimated fair value. The current Piotroski F-Score is 4, which is 33% below median its 10-year median of 6.00 and 20% below the Consumer Packaged Goods industry median of 5.00. Thai Vegetable Oil PCL's overall GF Score™ is 82/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Thai Vegetable Oil PCL (BKK:TVO), the current Piotroski F-Score is 4 as of Aug. 02, 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 Vegetable Oil PCL (BKK:TVO) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Vegetable Oil PCL stock appears to be overvalued.
The current stock price of ฿27.25 is trading 29.8% above its estimated GF Value™ of ฿20.99.
GuruFocus considers Thai Vegetable Oil PCL to be Modestly Overvalued.
Key valuation signals for BKK:TVO:
Piotroski F-Score: 4 (33% below median its 10-year median of 6.00)
GF Value™: ฿20.99 vs. price of ฿27.25 (29.8% above fair value)
Industry Position: 20% below the Consumer Packaged Goods median (#1295 of 1913)
No single metric tells the full story. See the BKK:TVO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thai Vegetable Oil PCL is engaged in the manufacture and distribution of soy meal and soybean oil. The company has three reportable segments, namely, the manufacture and distribution of products from the soybean segment, which derives key revenue and is engaged in the manufacturing and distribution of soy meal and soybean oil; the manufacture and distribution of packaging products; and the Other segment, which is the distribution of consumer products. The company operates in Thailand only.
82GF Score
Get the complete analysis for BKK:TVO
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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