Thai Oil PCLTOIPF 76 ROE % is 42.10% as of Mar. 2026, which is 336% above its 10-year median of 9.66. GuruFocus rates TOIPF with a GF Score™ of 76/100 and a GF Value™ of $1.85 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 957 Oil & Gas companies, Thai Oil PCL ranks better than 80.36% on this metric.
ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. Thai Oil PCL's annualized net income for the quarter that ended in Mar. 2026 was $2,415 Mil. Thai Oil PCL's average Total Stockholders Equity over the quarter that ended in Mar. 2026 was $5,736 Mil. Therefore, Thai Oil PCL's annualized ROE % for the quarter that ended in Mar. 2026 was 42.10%.
The historical rank and industry rank for Thai Oil PCL's ROE % or its related term are showing as below:
TOIPF'
s ROE % Range Over the Past 10 Years
Min: -2.8 Med: 9.66 Max: 23.59
Current: 17.56
During the past 13 years, Thai Oil PCL's highest ROE % was 23.59%. The lowest was -2.80%. And the median was 9.66%.
TOIPF's ROE % is ranked better than 80.36% of 957
companies
in the Oil & Gas industry
Industry Median: 5.74
vs TOIPF: 17.56
Thai Oil PCL (OTCPK:TOIPF) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % 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 ROE %s can be extremely high.
Thai Oil PCL ROE % Related Terms
Thai Oil PCL ROE % Historical Data
* Premium members only.
The historical data trend for Thai Oil PCL's ROE % 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 Oil & Gas Refining & Marketing subindustry, Thai Oil PCL's ROE %, along with its competitors' market caps and ROE % 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 Oil PCL ROE % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Thai Oil PCL's ROE % distribution charts can be found below:
* The bar in red indicates where Thai Oil PCL's ROE % 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 ROE %, the net income of the last fiscal year and the average total shareholder 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.
ROE % is displayed in the 30-year financial page.
Thai Oil PCL (TOIPF) has a ROE % of 42.10% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Thai Oil PCL and its competitors. This is 336% above median its historical median of 9.66. According to the industry distribution chart, Thai Oil PCL ranks #188 out of 957 companies in the Oil & Gas industry, placing it in the top 19.6%.
Is Thai Oil PCL's ROE % too high?
Thai Oil PCL's current ROE % of 42.10% is 336% above median its 10-year median of 9.66. The Oil & Gas industry median ROE % is 5.74. Thai Oil PCL's value of 42.10% is 633.4% above this industry median. Based on the distribution chart, Thai Oil PCL ranks #188 out of 957 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Thai Oil PCL has a GF Score™ of 76/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Thai Oil PCL's ROE % compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Thai Oil PCL ranks #188 out of 957 companies for ROE %. This places Thai Oil PCL in the top 20% of its industry — outperforming the majority of peers. The industry median ROE % is 5.74. Thai Oil PCL's value of 42.10% is 633.4% above this benchmark. While the company's 10-year median is 9.66 vs. the industry median of 5.74, Thai Oil 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 ROE % for an Oil & Gas company?
The median ROE % among Oil & Gas companies is 5.74, based on 957 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Thai Oil PCL's current ROE % of 42.10% is 633.4% 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 ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Thai Oil PCL and its competitors. For the Oil & Gas industry, the median ROE % is 5.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Oil PCL's current ROE % is 42.10%, which is 336% above median its own 10-year median of 9.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Oil PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai Oil PCL (TOIPF) is currently considered Significantly Undervalued. The stock's GF Value™ is $1.85, compared to a current price of $1.25 — trading 32.4% below its estimated fair value. The current ROE % is 42.10%, which is 336% above median its 10-year median of 9.66 and 633.4% above the Oil & Gas industry median of 5.74. Thai Oil PCL's overall GF Score™ is 76/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROE % calculated?
ROE % is calculated from a company's financial statements. For Thai Oil PCL (TOIPF), the current ROE % is 42.10% 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 Oil PCL (TOIPF) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Oil PCL stock appears to be undervalued.
The current stock price of $1.25 is trading 32.4% below its estimated GF Value™ of $1.85.
GuruFocus considers Thai Oil PCL to be Significantly Undervalued.
Key valuation signals for TOIPF:
ROE %: 42.10% (336% above median its 10-year median of 9.66)
GF Value™: $1.85 vs. price of $1.25 (32.4% below fair value)
Industry Position: 633.4% above the Oil & Gas median (#188 of 957)
No single metric tells the full story. See the TOIPF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thai Oil PCL operates an integrated business in oil refining and petrochemicals business. The company is engaged in oil refinery and distribution, petrochemicals, lube base oil and other businesses in domestic and overseas. It operates in the following reportable segments: Oil refinery, Lube base oil refinery, Aromatics and LAB, Solvent, Power generation, Ethanol, Olefins, and Others. The majority of the company's revenue is derived from the Oil refinery segment. Geographically, it generates the maximum revenue from Thailand, followed by Indonesia and other countries.
76GF Score
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