Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Mar. 2026, Thai Airways International PCL has a Sloan Ratio of 6.08%, indicating the company is in the safe zone and there is no funny business with accruals.
Thai Airways International PCL (BKK:THAI-R) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, Thai Airways International PCL has a Sloan Ratio of 6.08%, indicating the company is in the safe zone and there is no funny business with accruals.
Thai Airways International PCL Sloan Ratio % Related Terms
Thai Airways International PCL Sloan 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.
Thai Airways International PCL Sloan Ratio % Chart
BKK:THAI-R vs DAL, UAL, LUV: Sloan Ratio % Comparison
For the Airlines subindustry, Thai Airways International PCL's Sloan Ratio %, along with its competitors' market caps and Sloan 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 Sloan Ratio % vs Transportation Industry
For the Transportation industry and Industrials sector, Thai Airways International PCL's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Thai Airways International PCL's Sloan Ratio % falls into.
Thai Airways International PCL Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Thai Airways International PCL's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was 12124.231 (Jun. 2025 ) + 4413.391 (Sep. 2025 ) + 4540.894 (Dec. 2025 ) + 10092.729 (Mar. 2026 ) = ฿31,171 Mil.
Thai Airways International PCL's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was 15213.768 (Jun. 2025 ) + 332.899 (Sep. 2025 ) + 8243.392 (Dec. 2025 ) + 14375.222 (Mar. 2026 ) = ฿38,165 Mil.
Thai Airways International PCL's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was -17910.647 (Jun. 2025 ) + 6589.907 (Sep. 2025 ) + -9105.619 (Dec. 2025 ) + -6292.244 (Mar. 2026 ) = ฿-26,719 Mil.
* 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 (BKK:THAI-R) has a Sloan Ratio % of 6.08% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Thai Airways International PCL and its competitors.
Is Thai Airways International PCL's Sloan Ratio % too high?
Thai Airways International PCL's current Sloan Ratio % is 6.08%. 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 Sloan Ratio % compare to DAL and UAL?
Thai Airways International PCL's Sloan Ratio % of 6.08% can be compared against companies in the Transportation industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Transportation company?
A good Sloan Ratio % depends on the Transportation industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Thai Airways International PCL and its competitors. Thai Airways International PCL's current Sloan Ratio % is 6.08%. 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 Sloan Ratio % of 6.08%. 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 Sloan Ratio % is 6.08%. 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 Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Thai Airways International PCL (BKK:THAI-R), the current Sloan Ratio % is 6.08% 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:
Sloan Ratio %: 6.08%
GF Value™: ฿0.33 vs. price of ฿6.00 (1718.2% above fair value)
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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