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    Airlines
Bangkok Airways Public Co., Ltd.

Bangkok Airways Public Co., Ltd.

19.00
THB
+0.20
(+1.06%)
1.88EPS
9.88P/E
38.37BMarket Cap
Nov 16Next Earn
Bangkok Airways Public Co., Ltd.
SET:BA
(Stock Exchange of Thailand)

Recent

price

19.00

P/E

ratio

9.88

div

yld

6.33%

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
8.92
11.19
12.58
12.57
11.01
11.76
11.87
12.01
11.63
3.72
1.32
5.39
9.37
11.43
11.49
11.55
Revenue per Share
0.18
1.12
0.59
0.21
0.86
0.84
0.38
0.12
0.17
-2.56
-4.15
-1.01
1.48
1.8
1.69
1.87
Basic EPS, GAAP
1.11
1.64
0.79
-0.64
1.3
0.74
-0.3
-0.27
-0.45
-2.39
-1.09
0.64
2.39
2.54
2.3
2.4
Free Cash Flow per Basic Share
0.57
0.41
1.53
- -
0.45
0.7
0.5
0.3
0.08
0.1
- -
- -
0.5
1.1
1.2
1.2
Dividend per Share
2.44
4.76
4.48
12.05
14.74
15.2
13.48
14.83
14.54
9.51
6.4
8.01
8.09
7.59
6.38
6.88
Book Value per Share
1.96
4.28
3.99
11.66
14.38
14.86
13.17
14.55
14.24
9.28
6.21
7.87
7.99
7.5
6.33
6.85
Tangible Book Value per Share
1,580
1,580
1,580
1,673
2,100
2,100
2,100
2,095
2,061
2,060
2,060
2,098
2,100
2,100
2,097
2,081
Basic Weighted Avg Shares
14,099
17,672
19,876
21,033
23,113
24,692
24,932
25,156
23,962
7,666
2,717
11,305
19,681
23,996
24,101
24,037
Sales/Revenue/Turnover
15.11
14.82
11.26
5.68
10.13
12.35
0.17
1.38
-4.13
-47.34
-123.65
-12.44
12.17
20.52
20.83
19.66
Operating Margin (%)
624
593
573
645
834
1,068
1,267
1,380
1,422
2,843
2,342
2,431
1,775
1,536
1,580
1,660
Depreciation Expense
282
1,771
932
351
1,797
1,768
788
249
351
-5,283
-8,550
-2,110
3,110
3,788
3,549
3,895
Net Income, GAAP
50.63
20.01
12.38
0.14
11.91
33.83
35.8
26.09
50.49
- -
- -
- -
- -
15.91
17.56
14.62
Effective Tax Rate (%)
2
10.02
4.69
1.67
7.77
7.16
3.16
0.99
1.46
-68.92
-314.69
-18.67
15.8
15.78
14.73
16.2
Profit Margin (%)
-2,394
347
-1,880
9,827
9,321
6,865
6,065
3,090
3,333
-7,421
-20,698
-8,618
5,107
4,280
43
-366
Working Capital
15,391
14,167
12,770
12,299
13,858
15,060
16,016
16,834
16,568
15,029
6,669
21,604
25,293
23,851
21,163
21,519
LT Debt
3,989
7,720
7,192
25,432
31,096
31,989
28,386
30,778
30,004
19,606
13,162
16,764
16,908
15,856
13,273
14,332
Total Equity
- -
9.87
8.41
3.92
4.9
4.35
0.06
0.54
1.61
- -
- -
- -
- -
10.09
10.63
11.75
Return on Invested Capital (%)
- -
13.8
10.33
6.41
7.5
6.15
4.13
3.47
2.34
- -
- -
- -
- -
11.88
11.91
13.24
Return on Capital (%)
- -
31.13
12.77
2.17
6.39
5.63
2.62
0.84
1.16
-21.33
-52.15
-14.06
18.4
23.01
24.35
27.45
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
4,453
4,516
3,927
LT Borrowings
5,964
5,354
4,815
LT Finance Leases
15,199
15,498
16,704
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,074
2,074
2,074
Market Capitalization
30,700
28,003
38,375

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
12,224
13,705
11,652
Cash, Cash Equivalents & STI
10,028
11,144
9,349
Accounts Receivable, Net
1,422
1,411
1,328
Inventories
517
511
517
Total Current Liabilities
12,181
12,182
12,018
Payables & Accruals
2,613
2,261
2,121
ST Debt
4,453
4,516
3,927
Deferred Revenue
3,259
2,782
3,384

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-6.43%
-5.43%
-16.29%
Free Cash Flow
35.89%
10.89%
-9.45%
Net Income, GAAP
-193.59%
-49.08%
-6.3%
Sales/Revenue/Turnover
28.39%
69.6%
0.44%
Total Cash Common Dividend
1,346,843.68%
2,693,700.04%
9.08%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
7,241
5,172
5,936
5,646
23,996
2025
7,419
5,127
5,871
5,684
24,101
2026
7,264
5,219
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.89
0.34
0.32
0.25
1.8
2025
0.8
0.19
0.5
0.21
1.69
2026
1.01
0.16
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.5
0.6
- -
1.1
2025
- -
0.7
0.5
- -
1.2
2026
- -
0.7
- -
- -
- -
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Business
Bangkok Airways Public Company Limited (BA.BK) operates as a regional airline providing scheduled passenger and cargo air transportation services; airport management and operations; and supporting airline businesses including ground handling, in-flight catering, and cargo terminal services. The company offers aviation training, REIT management, restaurant operations, souvenir distribution, and food production and processing. It serves domestic routes within Thailand such as Bangkok-Samui, Bangkok-Sukhothai, and Bangkok-Trat, alongside international destinations across Asia including Singapore, Hong Kong, Cambodia, Laos, Myanmar, Malaysia, China, India, Kazakhstan, and Saudi Arabia, with a fleet comprising approximately 22-25 Airbus A320, A319, and ATR72-600 aircraft. Founded in 1968 and headquartered in Bangkok, Thailand, Bangkok Airways owns and operates Samui Airport, Sukhothai Airport, and Trat Airport, while providing services at Suvarnabhumi International Airport under agreements with Airports of Thailand. Recent developments include a strategic partnership with PTT Oil and Retail Business for sustainable aviation fuel (SAF) adoption on commercial flights following a 2024 pilot, building on its Low Carbon Skies initiative; an agreement with Thai Airways International for joint development of an aircraft maintenance center at U-Tapao Airport in the Eastern Economic Corridor; expansion of codeshare partnerships to 30 and interline agreements exceeding 70, with new additions like ITA Airways and Air France-KLM Flying Blue; a 2025 growth plan targeting 4.7 million passengers via 48,077 flights, resumption of Samui-Kuala Lumpur service, and fleet modernization with 12 new ATR72-600 aircraft deliveries from 2026-2028 plus two Airbus A320 additions in 2026; and planned renovations at Samui Airport starting Q4 2025 alongside Trat Airport runway expansion for jet aircraft.