Thai Airways International PCL (BKK:THAI-R) Scaled Net Operating Assets: 0.25 (As of Mar. 2026)


BKK:THAI-R Thai Airways International PCL BKK:THAI-R
37 GF Score
Price ฿6.00
GF Value ฿0.33
! 4 Warning Signs
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What is Thai Airways International PCL Scaled Net Operating Assets?

Thai Airways International PCL BKK:THAI-R 37 Scaled Net Operating Assets is 0.25 as of Mar. 2026. 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.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Thai Airways International PCL's operating assets for the quarter that ended in Mar. 2026 was ฿192,223 Mil. Thai Airways International PCL's operating liabilities for the quarter that ended in Mar. 2026 was ฿116,021 Mil. Thai Airways International PCL's Total Assets for the quarter that ended in Dec. 2025 was ฿304,059 Mil. Therefore, Thai Airways International PCL's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.25.


Thai Airways International PCL Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Thai Airways International PCL's Scaled Net Operating Assets 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.

Thai Airways International PCL Scaled Net Operating Assets Chart

Thai Airways International PCL Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.30 0.35 0.27 0.25 0.24

Thai Airways International PCL Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.19 0.23 0.23 0.23 0.25

BKK:THAI-R vs DAL, UAL, LUV: Scaled Net Operating Assets Comparison

For the Airlines subindustry, Thai Airways International PCL's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Transportation Industry

For the Transportation industry and Industrials sector, Thai Airways International PCL's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Thai Airways International PCL's Scaled Net Operating Assets falls into.


BKK:THAI-R
37GF Score
Thai Airways International PCL BKK:THAI-R
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Thai Airways International PCL Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Thai Airways International PCL's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(180498.758-110474.095)/292508.297
=0.24

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=304059.096 - 123560.338
=180498.758

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=228147.195 - 107801.634 - 9871.466
=110474.095

Thai Airways International PCL's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(192222.873-116020.644)/304059.096
=0.25

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=324542.414 - 132319.541
=192222.873

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=235920.624 - 110020.912 - 9879.068
=116020.644

* 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 Scaled Net Operating Assets of 0.25 mean?
Thai Airways International PCL (BKK:THAI-R) has a Scaled Net Operating Assets of 0.25 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Thai Airways International PCL and its competitors.
Is Thai Airways International PCL's Scaled Net Operating Assets too high?
Thai Airways International PCL's current Scaled Net Operating Assets is 0.25. 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 Scaled Net Operating Assets compare to DAL and UAL?
Thai Airways International PCL's Scaled Net Operating Assets of 0.25 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 Scaled Net Operating Assets for a Transportation company?
A good Scaled Net Operating Assets depends on the Transportation industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Thai Airways International PCL and its competitors. Thai Airways International PCL's current Scaled Net Operating Assets is 0.25. 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 Scaled Net Operating Assets of 0.25. 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 Scaled Net Operating Assets is 0.25. 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 Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Thai Airways International PCL (BKK:THAI-R), the current Scaled Net Operating Assets is 0.25 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:

  • Scaled Net Operating Assets: 0.25
  • GF Value™: ฿0.33 vs. price of ฿6.00 (1718.2% above fair value)
  • GF Score™: 37/100 with 4 warning signs

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

Address 89 Vibhavadi Rangsit Road, Chom Phon, Chatuchak District, Bangkok, THA, 10900
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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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

฿6.00
Price
฿0.33
GF Value