Thai Airways International PCLBKK:THAI -0.81%37 PB Ratio is 1.95 as of Jun. 26, 2026, which is 47% above its 10-year median of 1.33. GuruFocus rates BKK:THAI with a GF Score™ of 37/100 and a GF Value™ of ฿0.35 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 970 Transportation companies, Thai Airways International PCL ranks worse than 69.28% on this metric.
The historical rank and industry rank for Thai Airways International PCL's PB Ratio or its related term are showing as below:
BKK:THAI'
s PB Ratio Range Over the Past 10 Years
Min: 0.58 Med: 1.33 Max: 6.92
Current: 1.95
During the past 13 years, Thai Airways International PCL's highest PB Ratio was 6.92. The lowest was 0.58. And the median was 1.33.
BKK:THAI's PB Ratio is ranked worse than 69.28% of 970
companies
in the Transportation industry
Industry Median: 1.25
vs BKK:THAI: 1.95
During the past 12 months, Thai Airways International PCL's average Book Value Per Share Growth Rate was 59.90% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Thai Airways International PCL was 30.50% per year. The lowest was -29.70% per year. And the median was -8.20% per year.
Back to Basics: PB Ratio
Thai Airways International PCL (BKK:THAI) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Thai Airways International PCL PB Ratio Related Terms
Thai Airways International PCL PB Ratio 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.
For the Airlines subindustry, Thai Airways International PCL's PB Ratio, along with its competitors' market caps and PB 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 Airways International PCL PB Ratio vs Transportation Industry
For the Transportation industry and Industrials sector, Thai Airways International PCL's PB Ratio distribution charts can be found below:
* The bar in red indicates where Thai Airways International PCL's PB Ratio falls into.
Thai Airways International PCL PB Ratio Calculation
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Thai Airways International PCL (BKK:THAI) has a PB Ratio of 1.95 as of Jun. 26, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Thai Airways International PCL and its competitors. This is 47% above median its historical median of 1.33. Over the past decade, Thai Airways International PCL's PB Ratio has ranged from 0.58 to 6.92. According to the industry distribution chart, Thai Airways International PCL ranks #672 out of 970 companies in the Transportation industry, placing it in the top 69.3%.
Is Thai Airways International PCL's PB Ratio too high?
Thai Airways International PCL's current PB Ratio of 1.95 is 47% above median its 10-year median of 1.33. Over the past 10 years, this metric has ranged from a low of 0.58 to a high of 6.92. The Transportation industry median PB Ratio is 1.25. Thai Airways International PCL's value of 1.95 is 56% above this industry median. Based on the distribution chart, Thai Airways International PCL ranks #672 out of 970 companies in the Transportation industry, which is below the industry midpoint. Overall, Thai Airways International PCL has a GF Score™ of 37/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Thai Airways International PCL's PB Ratio compare to DAL and UAL?
According to the Transportation industry distribution chart, Thai Airways International PCL ranks #672 out of 970 companies for PB Ratio. This places Thai Airways International PCL in the lower half of its industry. The industry median PB Ratio is 1.25. Thai Airways International PCL's value of 1.95 is 56% above this benchmark. Historically, Thai Airways International PCL's own PB Ratio has ranged from 0.58 to 6.92 over the past decade. While the company's 10-year median is 1.33 vs. the industry median of 1.25, Thai Airways International 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 PB Ratio for a Transportation company?
The median PB Ratio among Transportation companies is 1.25, based on 970 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Thai Airways International PCL's current PB Ratio of 1.95 is 56% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Thai Airways International PCL and its competitors. For the Transportation industry, the median PB Ratio is 1.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Airways International PCL's current PB Ratio is 1.95, which is 47% above median its own 10-year median of 1.33. 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?
Based on GuruFocus' analysis, Thai Airways International PCL (BKK:THAI) is currently considered Significantly Overvalued. The stock's GF Value™ is ฿0.35, compared to a current price of ฿6.10 — trading 1642.9% above its estimated fair value. The current PB Ratio is 1.95, which is 47% above median its 10-year median of 1.33 and 56% above the Transportation industry median of 1.25. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Thai Airways International PCL (BKK:THAI), the current PB Ratio is 1.95 as of Jun. 26, 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) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Airways International PCL stock appears to be overvalued.
The current stock price of ฿6.10 is trading 1642.9% above its estimated GF Value™ of ฿0.35.
GuruFocus considers Thai Airways International PCL to be Significantly Overvalued.
Key valuation signals for BKK:THAI:
PB Ratio: 1.95 (47% above median its 10-year median of 1.33)
GF Value™: ฿0.35 vs. price of ฿6.10 (1642.9% above fair value)
Industry Position: 56% above the Transportation median (#672 of 970)
No single metric tells the full story. See the BKK:THAI 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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