ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. Thai Airways International PCL's annualized return on capital (ROC %) for the quarter that ended in Mar. 2026 was 19.73%.
As of today (2026-06-26), Thai Airways International PCL's WACC % is 6.38%. Thai Airways International PCL's ROC % is 16.21% (calculated using TTM income statement data).
Thai Airways International PCL generates higher returns on investment than it costs the company to raise the capital needed for that investment. It is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases.
Thai Airways International PCL (OTCPK:TAWNF) ROC % Explanation
ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.
There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.
Why is ROC % important?
Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.
As of today, Thai Airways International PCL's WACC % is 6.38%. Thai Airways International PCL's ROC % is 16.21% (calculated using TTM income statement data).
Thai Airways International PCL generates higher returns on investment than it costs the company to raise the capital needed for that investment. It is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases.
Be Aware
Like ROE % and ROA %, ROC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Thai Airways International PCL ROC % Related Terms
Thai Airways International PCL ROC % 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.
Note:
The Operating Income data used here is four times the quarterly (Mar. 2026) data.
The tax rate is limited to between 0% and 100%.
* 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 (TAWNF) has a ROC % of 19.73% as of Mar. 2026. Return on capital is the ratio of current-period net income to average two-period capital. View historical data on Thai Airways International PCL and its competitors.
Is Thai Airways International PCL's ROC % too high?
Thai Airways International PCL's current ROC % is 19.73%. The Transportation industry median ROC % is 4.69. Thai Airways International PCL's value of 19.73% is 320.7% above this industry median. Overall, Thai Airways International PCL has a GF Score™ of 41/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Thai Airways International PCL's ROC % compare to DAL and UAL?
Thai Airways International PCL's ROC % of 19.73% can be compared against companies in the Transportation industry. The industry median ROC % is 4.69. Thai Airways International PCL's value of 19.73% is 320.7% 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 ROC % for a Transportation company?
The median ROC % among Transportation companies is 4.69, based on 994 companies in the industry. Companies in the top quartile (top 25%) have a ROC % significantly above this median, while those in the bottom quartile fall well below. However, ROC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Thai Airways International PCL's current ROC % of 19.73% is 320.7% 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 % mean?
A high ROC % can signal that a stock is expensive relative to its fundamentals. Return on capital is the ratio of current-period net income to average two-period capital. View historical data on Thai Airways International PCL and its competitors. For the Transportation industry, the median ROC % is 4.69 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Airways International PCL's current ROC % is 19.73%. 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 (TAWNF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.01, compared to a current price of $0.18 — trading 1700% above its estimated fair value. The current ROC % is 19.73% and 320.7% above the Transportation industry median of 4.69. Thai Airways International PCL's overall GF Score™ is 41/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC % calculated?
ROC % is calculated from a company's financial statements. For Thai Airways International PCL (TAWNF), the current ROC % is 19.73% 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 (TAWNF) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Airways International PCL stock appears to be overvalued.
The current stock price of $0.18 is trading 1700% above its estimated GF Value™ of $0.01.
GuruFocus considers Thai Airways International PCL to be Significantly Overvalued.
Key valuation signals for TAWNF:
ROC %: 19.73%
GF Value™: $0.01 vs. price of $0.18 (1700% above fair value)
Industry Position: 320.7% above the Transportation median
No single metric tells the full story. See the TAWNF 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.
41GF Score
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