Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Thai Airways International PCL's annualized net income for the quarter that ended in Mar. 2026 was ฿40,371 Mil. Thai Airways International PCL's average shareholder tangible equity for the quarter that ended in Mar. 2026 was ฿82,085 Mil. Therefore, Thai Airways International PCL's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 49.18%.
The historical rank and industry rank for Thai Airways International PCL's Return-on-Tangible-Equity or its related term are showing as below:
BKK:THAI-R'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -2597.27 Med: -25.82 Max: 51.03
Current: 43.46
During the past 13 years, Thai Airways International PCL's highest Return-on-Tangible-Equity was 51.03%. The lowest was -2,597.27%. And the median was -25.82%.
BKK:THAI-R's Return-on-Tangible-Equity is ranked better than 90.95% of 983
companies
in the Transportation industry
Industry Median: 9.02
vs BKK:THAI-R: 43.46
Thai Airways International PCL (BKK:THAI-R) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Thai Airways International PCL Return-on-Tangible-Equity Related Terms
Thai Airways International PCL Return-on-Tangible-Equity 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.
Thai Airways International PCL Return-on-Tangible-Equity Chart
BKK:THAI-R vs DAL, UAL, LUV: Return-on-Tangible-Equity Comparison
For the Airlines subindustry, Thai Airways International PCL's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-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 Airways International PCL Return-on-Tangible-Equity vs Transportation Industry
For the Transportation industry and Industrials sector, Thai Airways International PCL's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Thai Airways International PCL's Return-on-Tangible-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.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 49.18% mean?
Thai Airways International PCL (BKK:THAI-R) has a Return-on-Tangible-Equity of 49.18% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Thai Airways International PCL and its competitors. According to the industry distribution chart, Thai Airways International PCL ranks #89 out of 983 companies in the Transportation industry, placing it in the top 9.1%.
Is Thai Airways International PCL's Return-on-Tangible-Equity too high?
Thai Airways International PCL's current Return-on-Tangible-Equity is 49.18%. The Transportation industry median Return-on-Tangible-Equity is 9.02. Thai Airways International PCL's value of 49.18% is 445.2% above this industry median. Based on the distribution chart, Thai Airways International PCL ranks #89 out of 983 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Thai Airways International PCL has a GF Score™ of 37/100, reflecting its overall financial health beyond just this single metric.
How does Thai Airways International PCL's Return-on-Tangible-Equity compare to DAL and UAL?
According to the Transportation industry distribution chart, Thai Airways International PCL ranks #89 out of 983 companies for Return-on-Tangible-Equity. This places Thai Airways International PCL in the top 9% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 9.02. Thai Airways International PCL's value of 49.18% is 445.2% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Equity for a Transportation company?
The median Return-on-Tangible-Equity among Transportation companies is 9.02, based on 983 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Thai Airways International PCL's current Return-on-Tangible-Equity of 49.18% is 445.2% 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 Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Thai Airways International PCL and its competitors. For the Transportation industry, the median Return-on-Tangible-Equity is 9.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Airways International PCL's current Return-on-Tangible-Equity is 49.18%. 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?
Thai Airways International PCL (BKK:THAI-R) has a current Return-on-Tangible-Equity of 49.18%. The stock's GF Value™ is ฿0.33, compared to a current price of ฿6.00 — trading 1718.2% above its estimated fair value. The current Return-on-Tangible-Equity is 49.18% and 445.2% above the Transportation industry median of 9.02. 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 Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Thai Airways International PCL (BKK:THAI-R), the current Return-on-Tangible-Equity is 49.18% 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 Airways International PCL (BKK:THAI-R) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Airways International PCL stock appears to be overvalued.
The current stock price of ฿6.00 is trading 1718.2% above its estimated GF Value™ of ฿0.33.
Key valuation signals for BKK:THAI-R:
Return-on-Tangible-Equity: 49.18%
GF Value™: ฿0.33 vs. price of ฿6.00 (1718.2% above fair value)
Industry Position: 445.2% above the Transportation median (#89 of 983)
No single metric tells the full story. See the BKK:THAI-R 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
Get the complete analysis for BKK:THAI-R
Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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