Thai Airways International PCLBKK:THAI-R 37 ROC (Joel Greenblatt) % is 46.52% as of Mar. 2026, which is 3086% above its 10-year median of 1.46. GuruFocus rates BKK:THAI-R with a GF Score™ of 37/100 and a GF Value™ of ฿0.33. The stock has 4 warning signs investors should review. Among 1,004 Transportation companies, Thai Airways International PCL ranks better than 85.56% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Thai Airways International PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 46.52%.
The historical rank and industry rank for Thai Airways International PCL's ROC (Joel Greenblatt) % or its related term are showing as below:
BKK:THAI-R'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -75.48 Med: 1.46 Max: 46.1
Current: 35.59
During the past 13 years, Thai Airways International PCL's highest ROC (Joel Greenblatt) % was 46.10%. The lowest was -75.48%. And the median was 1.46%.
BKK:THAI-R's ROC (Joel Greenblatt) % is ranked better than 85.56% of 1004
companies
in the Transportation industry
Industry Median: 11.77
vs BKK:THAI-R: 35.59
Thai Airways International PCL (BKK:THAI-R) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
* 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 ROC (Joel Greenblatt) % Chart
BKK:THAI-R vs DAL, UAL, LUV: ROC (Joel Greenblatt) % Comparison
For the Airlines subindustry, Thai Airways International PCL's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Transportation Industry
For the Transportation industry and Industrials sector, Thai Airways International PCL's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Thai Airways International PCL's ROC (Joel Greenblatt) % falls into.
Thai Airways International PCL ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT 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.
What does a ROC (Joel Greenblatt) % of 46.52% mean?
Thai Airways International PCL (BKK:THAI-R) has a ROC (Joel Greenblatt) % of 46.52% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Thai Airways International PCL and its competitors. This is 3086% above median its historical median of 1.46. According to the industry distribution chart, Thai Airways International PCL ranks #145 out of 1004 companies in the Transportation industry, placing it in the top 14.4%.
Is Thai Airways International PCL's ROC (Joel Greenblatt) % too high?
Thai Airways International PCL's current ROC (Joel Greenblatt) % of 46.52% is 3086% above median its 10-year median of 1.46. The Transportation industry median ROC (Joel Greenblatt) % is 11.77. Thai Airways International PCL's value of 46.52% is 295.2% above this industry median. Based on the distribution chart, Thai Airways International PCL ranks #145 out of 1004 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 ROC (Joel Greenblatt) % compare to DAL and UAL?
According to the Transportation industry distribution chart, Thai Airways International PCL ranks #145 out of 1004 companies for ROC (Joel Greenblatt) %. This places Thai Airways International PCL in the top 14% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 11.77. Thai Airways International PCL's value of 46.52% is 295.2% above this benchmark. While the company's 10-year median is 1.46 vs. the industry median of 11.77, 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 ROC (Joel Greenblatt) % for a Transportation company?
The median ROC (Joel Greenblatt) % among Transportation companies is 11.77, based on 1,004 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Thai Airways International PCL's current ROC (Joel Greenblatt) % of 46.52% is 295.2% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Thai Airways International PCL and its competitors. For the Transportation industry, the median ROC (Joel Greenblatt) % is 11.77 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Airways International PCL's current ROC (Joel Greenblatt) % is 46.52%, which is 3086% above median its own 10-year median of 1.46. 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 ROC (Joel Greenblatt) % of 46.52%. 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 ROC (Joel Greenblatt) % is 46.52%, which is 3086% above median its 10-year median of 1.46 and 295.2% above the Transportation industry median of 11.77. 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 ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Thai Airways International PCL (BKK:THAI-R), the current ROC (Joel Greenblatt) % is 46.52% 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:
ROC (Joel Greenblatt) %: 46.52% (3086% above median its 10-year median of 1.46)
GF Value™: ฿0.33 vs. price of ฿6.00 (1718.2% above fair value)
Industry Position: 295.2% above the Transportation median (#145 of 1004)
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
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