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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.
Thai Nondestructive Testing PCL (BKK:TNDT-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 Jun. 2026, Thai Nondestructive Testing PCL has a Sloan Ratio of -12.00%, indicating there is a warning stage of accrual build up.
Thai Nondestructive Testing PCL Sloan Ratio % Related Terms
Thai Nondestructive Testing 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 Nondestructive Testing PCL Sloan Ratio % Chart
BKK:TNDT-R vs PWR, FIX, EME: Sloan Ratio % Comparison
For the Engineering & Construction subindustry, Thai Nondestructive Testing 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 Nondestructive Testing PCL Sloan Ratio % vs Construction Industry
For the Construction industry and Industrials sector, Thai Nondestructive Testing PCL's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Thai Nondestructive Testing PCL's Sloan Ratio % falls into.
Thai Nondestructive Testing 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 Nondestructive Testing PCL's Net Income for the trailing twelve months (TTM) ended in Jun. 2026 was 1.407 (Sep. 2025 ) + 11.624 (Dec. 2025 ) + -7.853 (Mar. 2026 ) + -17.155 (Jun. 2026 ) = ฿-12.0 Mil.
Thai Nondestructive Testing PCL's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was 6.161 (Sep. 2025 ) + 35.775 (Dec. 2025 ) + 5.378 (Mar. 2026 ) + 4.769 (Jun. 2026 ) = ฿52.1 Mil.
Thai Nondestructive Testing PCL's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2026 was -1.359 (Sep. 2025 ) + -2.323 (Dec. 2025 ) + 21.092 (Mar. 2026 ) + -8.248 (Jun. 2026 ) = ฿9.2 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 Nondestructive Testing PCL (BKK:TNDT-R) has a Sloan Ratio % of -12.00% as of Jun. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Thai Nondestructive Testing PCL and its competitors.
Is Thai Nondestructive Testing PCL's Sloan Ratio % too high?
Thai Nondestructive Testing PCL's current Sloan Ratio % is -12.00%. Overall, Thai Nondestructive Testing PCL has a GF Score™ of 38/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Thai Nondestructive Testing PCL's Sloan Ratio % compare to PWR and FIX?
Thai Nondestructive Testing PCL's Sloan Ratio % of -12.00% can be compared against companies in the Construction 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 Construction company?
A good Sloan Ratio % depends on the Construction 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 Nondestructive Testing PCL and its competitors. Thai Nondestructive Testing PCL's current Sloan Ratio % is -12.00%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Nondestructive Testing PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai Nondestructive Testing PCL (BKK:TNDT-R) is currently considered Significantly Overvalued. The stock's GF Value™ is ฿0.13, compared to a current price of ฿0.18 — trading 38.5% above its estimated fair value. The current Sloan Ratio % is -12.00%. Thai Nondestructive Testing PCL's overall GF Score™ is 38/100 with 9 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 Nondestructive Testing PCL (BKK:TNDT-R), the current Sloan Ratio % is -12.00% as of Jun. 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 Nondestructive Testing PCL (BKK:TNDT-R) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Nondestructive Testing PCL stock appears to be overvalued.
The current stock price of ฿0.18 is trading 38.5% above its estimated GF Value™ of ฿0.13.
GuruFocus considers Thai Nondestructive Testing PCL to be Significantly Overvalued.
Key valuation signals for BKK:TNDT-R:
Sloan Ratio %: -12.00%
GF Value™: ฿0.13 vs. price of ฿0.18 (38.5% above fair value)
No single metric tells the full story. See the BKK:TNDT-R stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thai Nondestructive Testing PCL engages in providing technical services and operates engineering inspection and testing through non-destructive techniques. It operates in the segments of: Nondestructive testing services; Inspection services for pressure vessel; Electron Beam; Revenue from contractor services relating to electricity, generating system; and Revenue from sales. Its Non-Destructive Testing Services segment which earns majority revenue provides conventional testing services, which are applied to pressure vessels, heat exchangers, boilers, piping and structures in the fields of oil refineries, power plants, petrochemical plants, ship buildings, offshore, bridges and building constructions, and other heavy industries. Geographically, it operates Domestically as well as Abroad.
38GF Score
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