Next Capital PCLBKK:NCAP +3.82%76 Gross Margin % is 88.38% as of Mar. 2026, which is 33% above its 10-year median of 66.46. GuruFocus rates BKK:NCAP with a GF Score™ of 76/100 and a GF Value™ of ฿2.94 (Fairly Valued). The stock has 6 warning signs investors should review. Among 387 Credit Services companies, Next Capital PCL ranks better than 67.7% on this metric.
Next Capital PCL gross margin has been in long-term decline. The average rate of decline per year is -1.1%.
The historical rank and industry rank for Next Capital PCL's Gross Margin % or its related term are showing as below:
BKK:NCAP'
s Gross Margin % Range Over the Past 10 Years
Min: 62.56 Med: 66.46 Max: 71.46
Current: 67.35
During the past 8 years, the highestGross Margin % of Next Capital PCL was 71.46%. The lowest was 62.56%. And the median was 66.46%.
BKK:NCAP's Gross Margin % is ranked better than 67.7% of 387
companies
in the Credit Services industry
Industry Median: 51.88
vs BKK:NCAP: 67.35
Next Capital PCL had a gross margin of 88.38% for the quarter that ended in Mar. 2026 => Durable competitive advantage
The 5-Year average Growth Rate of Gross Margin for Next Capital PCL was -1.10% per year.
Next Capital PCL (BKK:NCAP) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Next Capital PCL had a gross margin of 88.38% for the quarter that ended in Mar. 2026 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Next Capital PCL Gross Margin % Related Terms
Next Capital PCL Gross Margin % Historical Data
* Premium members only.
The historical data trend for Next Capital PCL's Gross Margin % 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 Credit Services subindustry, Next Capital PCL's Gross Margin %, along with its competitors' market caps and Gross Margin % 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.
Next Capital PCL Gross Margin % vs Credit Services Industry
For the Credit Services industry and Financial Services sector, Next Capital PCL's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Next Capital PCL's Gross Margin % 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.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Next Capital PCL (BKK:NCAP) has a Gross Margin % of 88.38% as of Mar. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on Next Capital PCL and its competitors. This is 33% above median its historical median of 66.46. Over the past decade, Next Capital PCL's Gross Margin % has ranged from 62.56 to 71.46. According to the industry distribution chart, Next Capital PCL ranks #125 out of 387 companies in the Credit Services industry, placing it in the top 32.3%.
Is Next Capital PCL's Gross Margin % too high?
Next Capital PCL's current Gross Margin % of 88.38% is 33% above median its 10-year median of 66.46. Over the past 10 years, this metric has ranged from a low of 62.56 to a high of 71.46. The Credit Services industry median Gross Margin % is 51.88. Next Capital PCL's value of 88.38% is 70.4% above this industry median. Based on the distribution chart, Next Capital PCL ranks #125 out of 387 companies in the Credit Services industry, which is above the industry midpoint. Overall, Next Capital PCL has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Next Capital PCL's Gross Margin % compare to V and MA?
According to the Credit Services industry distribution chart, Next Capital PCL ranks #125 out of 387 companies for Gross Margin %. This puts Next Capital PCL in the upper half of its industry. The industry median Gross Margin % is 51.88. Next Capital PCL's value of 88.38% is 70.4% above this benchmark. Historically, Next Capital PCL's own Gross Margin % has ranged from 62.56 to 71.46 over the past decade. While the company's 10-year median is 66.46 vs. the industry median of 51.88, Next Capital 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 Gross Margin % for a Credit Services company?
The median Gross Margin % among Credit Services companies is 51.88, based on 387 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Next Capital PCL's current Gross Margin % of 88.38% is 70.4% 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 Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Next Capital PCL and its competitors. For the Credit Services industry, the median Gross Margin % is 51.88 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Next Capital PCL's current Gross Margin % is 88.38%, which is 33% above median its own 10-year median of 66.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Next Capital PCL stock overvalued right now?
Based on GuruFocus' analysis, Next Capital PCL (BKK:NCAP) is currently considered Fairly Valued. The stock's GF Value™ is ฿2.94, compared to a current price of ฿2.72 — trading 7.5% below its estimated fair value. The current Gross Margin % is 88.38%, which is 33% above median its 10-year median of 66.46 and 70.4% above the Credit Services industry median of 51.88. Next Capital PCL's overall GF Score™ is 76/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Next Capital PCL (BKK:NCAP), the current Gross Margin % is 88.38% 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 Next Capital PCL (BKK:NCAP) Overvalued in 2026?
Based on GuruFocus' analysis, Next Capital PCL stock appears to be undervalued.
The current stock price of ฿2.72 is trading 7.5% below its estimated GF Value™ of ฿2.94.
GuruFocus considers Next Capital PCL to be Fairly Valued.
Key valuation signals for BKK:NCAP:
Gross Margin %: 88.38% (33% above median its 10-year median of 66.46)
GF Value™: ฿2.94 vs. price of ฿2.72 (7.5% below fair value)
Industry Position: 70.4% above the Credit Services median (#125 of 387)
No single metric tells the full story. See the BKK:NCAP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Next Capital PCL is principally engaged in the financial services specifically motorcycle hire-purchase and loans secured against vehicle registrations. It operates in two segments: Motorcycle hire-purchase and Loans secured against vehicle registrations.
76GF Score
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