Thai Airways International PCLFRA:THAF 44 Altman Z-Score is 1.89 as of Jun. 27, 2026, which is 278% above its 10-year median of 0.50. GuruFocus rates FRA:THAF with a GF Score™ of 44/100 and a GF Value™ of €0.01 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,000 Transportation companies, Thai Airways International PCL ranks worse than 58.9% on this metric.
The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Warning Sign:
Altman Z-score of 1.91 is in the grey area. This implies that the company is under some kind of financial stress. If it is below 1.8, the company may face bankruptcy risk.
Thai Airways International PCL has a Altman Z-Score of 1.89, indicating it is in Grey Zones. This implies that Thai Airways International PCL is in some kind of financial stress. If it is below 1.81, the company may face bankrupcy risk.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for Thai Airways International PCL's Altman Z-Score or its related term are showing as below:
FRA:THAF'
s Altman Z-Score Range Over the Past 10 Years
Min: -4.47 Med: 0.5 Max: 1.99
Current: 1.91
During the past 13 years, Thai Airways International PCL's highest Altman Z-Score was 1.99. The lowest was -4.47. And the median was 0.50.
Thai Airways International PCL (FRA:THAF) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
* 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 Altman Z-Score Chart
FRA:THAF vs DAL, UAL, LUV: Altman Z-Score Comparison
For the Airlines subindustry, Thai Airways International PCL's Altman Z-Score, along with its competitors' market caps and Altman Z-Score 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 Altman Z-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Thai Airways International PCL's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Thai Airways International PCL's Altman Z-Score falls into.
Thai Airways International PCL Altman Z-Score Calculation
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
* 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. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
Thai Airways International PCL (FRA:THAF) has a Altman Z-Score of 1.89 as of Jun. 27, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Thai Airways International PCL and its competitors. This is 278% above median its historical median of 0.50. According to the industry distribution chart, Thai Airways International PCL ranks #589 out of 1000 companies in the Transportation industry, placing it in the top 58.9%.
Is Thai Airways International PCL's Altman Z-Score too high?
Thai Airways International PCL's current Altman Z-Score of 1.89 is 278% above median its 10-year median of 0.50. The Transportation industry median Altman Z-Score is 2.28. Thai Airways International PCL's value of 1.89 is 17.1% below this industry median. Based on the distribution chart, Thai Airways International PCL ranks #589 out of 1000 companies in the Transportation industry, which is below the industry midpoint. Overall, Thai Airways International PCL has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Thai Airways International PCL's Altman Z-Score compare to DAL and UAL?
According to the Transportation industry distribution chart, Thai Airways International PCL ranks #589 out of 1000 companies for Altman Z-Score. This places Thai Airways International PCL in the lower half of its industry. The industry median Altman Z-Score is 2.28. Thai Airways International PCL's value of 1.89 is 17.1% below this benchmark. While the company's 10-year median is 0.50 vs. the industry median of 2.28, Thai Airways International PCL has consistently been below 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 Altman Z-Score for a Transportation company?
The median Altman Z-Score among Transportation companies is 2.28, based on 1,000 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Thai Airways International PCL's current Altman Z-Score of 1.89 is 17.1% below 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 Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on Thai Airways International PCL and its competitors. For the Transportation industry, the median Altman Z-Score is 2.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Airways International PCL's current Altman Z-Score is 1.89, which is 278% above median its own 10-year median of 0.50. 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 (FRA:THAF) is currently considered Significantly Overvalued. The stock's GF Value™ is €0.01, compared to a current price of €0.16 — trading 1500% above its estimated fair value. The current Altman Z-Score is 1.89, which is 278% above median its 10-year median of 0.50 and 17.1% below the Transportation industry median of 2.28. Thai Airways International PCL's overall GF Score™ is 44/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For Thai Airways International PCL (FRA:THAF), the current Altman Z-Score is 1.89 as of Jun. 27, 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 (FRA:THAF) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Airways International PCL stock appears to be overvalued.
The current stock price of €0.16 is trading 1500% above its estimated GF Value™ of €0.01.
GuruFocus considers Thai Airways International PCL to be Significantly Overvalued.
Key valuation signals for FRA:THAF:
Altman Z-Score: 1.89 (278% above median its 10-year median of 0.50)
GF Value™: €0.01 vs. price of €0.16 (1500% above fair value)
Industry Position: 17.1% below the Transportation median (#589 of 1000)
No single metric tells the full story. See the FRA:THAF 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.
44GF Score
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