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    Oil & Gas Refining & Marketing
Thai Oil Public Company Limited

Thai Oil Public Company Limited

TOIPY
Thai Oil Public Company LimitedUS flagOther OTC
15.90
USD
- -
- -
3.55BMarket Cap
Thai Oil Public Company Limited
TOIPY
(Other OTC)

Recent

price

15.90

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1,555.8
2,180.54
2,186.36
2,025.81
1,906.16
1,434.52
1,342.5
1,648.63
1,901.04
1,767.77
1,186.63
1,646.21
2,419.63
2,056.41
2,040.54
1,765.16
1,803.03
Revenue per Share
43.76
72.58
60.2
45.52
-20.23
59.52
103.7
121.46
49.59
30.67
-16.13
61.66
156.31
87.03
44.58
65.28
136.78
Basic EPS, GAAP
49.96
66.11
81.04
16.62
27.66
101.65
78.98
145.7
50.42
-71.48
-226.02
-122.21
53.31
60.37
133.39
170.6
208.6
Free Cash Flow per Basic Share
21.59
27.95
26.19
30.64
20.73
15.61
34.17
46.2
52.33
21.43
4.98
13
40.89
23.5
39.49
15
15
Dividend per Share
331.36
365.87
406.99
426.58
385.84
429.34
498.53
573.55
570.74
578.54
557.28
607.57
714.99
732.44
737.52
784.77
871.8
Book Value per Share
362.08
400.52
435.49
449.46
410.17
455.4
518.16
593.06
592.1
590.15
558.99
587.19
743.11
738.95
729.32
849.78
951.96
Tangible Book Value per Share
205
205
205
205
205
205
205
205
205
205
205
204
209
223
223
223
223
Basic Weighted Avg Shares
318,391
446,241
447,432
414,575
390,090
293,569
274,739
337,388
389,042
361,768
242,840
335,827
505,703
459,402
455,857
394,336
402,876
Sales/Revenue/Turnover
2.55
4.59
2.79
3.51
-1.72
5.63
9.13
8.62
3.45
1.73
-4.13
6.81
8.75
6.43
2.83
2.44
8.49
Operating Margin (%)
6,662
6,604
6,640
6,033
6,533
6,766
7,762
7,642
7,264
6,923
7,554
7,424
7,744
7,799
8,106
8,065
8,156
Depreciation Expense
8,956
14,853
12,320
9,316
-4,140
12,181
21,222
24,856
10,149
6,277
-3,301
12,578
32,668
19,443
9,959
14,584
30,562
Net Income, GAAP
24.88
25.75
12.39
10.85
- -
11.33
9.61
17.92
16.03
15.18
- -
13.47
21.22
19.26
18.62
12.71
16.43
Effective Tax Rate (%)
2.81
3.33
2.75
2.25
-1.06
4.15
7.72
7.37
2.61
1.74
-1.36
3.75
6.46
4.23
2.18
3.7
7.59
Profit Margin (%)
47,350
57,249
65,701
77,300
59,829
72,298
81,585
92,863
126,723
96,010
85,609
62,763
50,155
51,870
44,559
39,910
49,231
Working Capital
41,062
39,970
42,162
61,385
67,265
73,719
68,296
63,907
100,120
115,287
147,509
191,758
172,765
169,546
165,008
128,483
105,784
LT Debt
75,570
85,034
92,549
95,921
87,844
97,009
111,597
127,148
126,472
123,924
120,118
123,094
158,657
168,312
166,185
193,032
215,867
Total Equity
5.13
11.95
7.99
8.29
- -
8.56
12.44
12.16
5.12
2.2
- -
6.57
10.26
6.7
3
2.49
8.33
Return on Invested Capital (%)
8.78
13.15
10.71
8.25
- -
8.94
13.63
14.56
6.34
3.74
- -
5.09
10.49
6.47
3.82
5.23
9.7
Return on Capital (%)
13.55
20.82
15.58
10.92
-4.98
14.6
22.35
22.66
8.67
5.34
-2.84
10.57
23.9
12.42
6.07
8.58
16.84
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
6,382
5,210
12,407
LT Borrowings
114,218
111,982
89,285
LT Finance Leases
17,206
16,501
16,499
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,234
2,234
2,234
Market Capitalization
79,729
70,980
118,071

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
100,398
130,299
167,088
Cash, Cash Equivalents & STI
33,161
68,600
76,271
Accounts Receivable, Net
25,998
23,687
38,607
Inventories
37,675
32,104
39,033
Total Current Liabilities
75,358
90,389
117,857
Payables & Accruals
68,757
84,977
97,235
ST Debt
6,382
5,210
12,407
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.57%
10.47%
16.15%
Free Cash Flow
-4.97%
-4.18%
27.89%
Net Income, GAAP
-52.26%
-72.82%
46.45%
Sales/Revenue/Turnover
5.73%
13.09%
-13.5%
Total Cash Common Dividend
38.14%
69.95%
-62.02%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
114,239
119,639
110,018
111,962
455,857
2025
106,270
99,086
80,049
108,931
394,336
2026
114,809
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
26.2
24.8
-18.9
- -
44.58
2025
15.68
29
9.6
- -
65.28
2026
87.2
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
27.46
12.01
- -
39.49
2025
- -
7
7.99
- -
15
2026
- -
- -
- -
- -
- -
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Business
Thai Oil Public Company Limited engages in integrated oil refining and petrochemical operations as Thailand's leading complex refinery operator with a 275,000 barrel-per-day refining capacity. The company's core products include gasoline, diesel/gas oil, jet fuel, kerosene, fuel oil, liquefied petroleum gas, petrochemical products such as paraxylene and carbon black, lube base oils, solvents, and ethanol. Additional business segments encompass power generation and marine transportation services for petroleum products. Thai Oil serves domestic and regional markets including Thailand, India, Myanmar, Cambodia, Laos, Vietnam, Indonesia, and the Philippines. Founded in 1961 and headquartered in Bangkok, Thailand, it operates as a flagship subsidiary within the PTT Group. Recent major developments include the acceleration of the Clean Fuel Project (CFP), a strategic initiative aimed at enhancing refinery competitiveness, environmental sustainability, and national energy security. Challenges related to subcontractor contract breaches have prompted the company to intensify project management efforts and pursue completion expediently. Thai Oil has also executed significant leadership changes including appointments in executive finance positions and board restructuring. The company continues deleveraging efforts through bond buybacks, loan prepayments, and asset monetization as part of a wider recapitalization plan. Thai Oil maintains a focus on sustainable growth through technology implementation and operational efficiency improvements in refining and petrochemical sectors while reinforcing its role in Thailand’s energy security and economic development.