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Thai Oil Public Company Limited

Thai Oil Public Company Limited

TOP.BK
Thai Oil Public Company LimitedTH flagStock Exchange of Thailand
51.75
THB
+1.50
- -
115.60BMarket Cap
Thai Oil Public Company Limited
TOP.BK
(Stock Exchange of Thailand)

Recent

price

51.75

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
155.58
218.05
218.64
202.58
190.62
143.45
134.25
164.86
190.1
176.78
118.66
164.62
241.96
205.64
204.05
176.52
180.3
Revenue per Share
4.38
7.26
6.02
4.55
-2.02
5.95
10.37
12.15
4.96
3.07
-1.61
6.17
15.63
8.7
4.46
6.53
13.68
Basic EPS, GAAP
5
6.61
8.1
1.66
2.77
10.17
7.9
14.57
5.04
-7.15
-22.6
-12.22
5.33
6.04
13.34
17.06
20.86
Free Cash Flow per Basic Share
2.16
2.8
2.62
3.06
2.07
1.56
3.42
4.62
5.23
2.14
0.5
1.3
4.09
2.35
3.95
1.5
1.5
Dividend per Share
33.14
36.59
40.7
42.66
38.58
42.93
49.85
57.36
57.07
57.85
55.73
60.76
71.5
73.24
73.75
78.48
87.18
Book Value per Share
36.21
40.05
43.55
44.95
41.02
45.54
51.82
59.31
59.21
59.01
55.9
58.72
74.31
73.9
72.93
84.98
95.2
Tangible Book Value per Share
2,046
2,046
2,046
2,046
2,046
2,046
2,046
2,046
2,046
2,046
2,046
2,040
2,090
2,234
2,234
2,234
2,234
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
78,764
80,440
108,929

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
2.62
2.48
-1.89
- -
4.46
2025
1.57
2.9
0.96
- -
6.53
2026
8.72
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
2.75
1.2
- -
3.95
2025
- -
0.7
0.8
- -
1.5
2026
- -
- -
- -
- -
- -
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Business
Thai Oil Public Company Limited (TOP.BK) operates as Thailand's leading complex refinery, refining crude oil into a broad range of petroleum products including gasoline, diesel and gas oil, jet fuel, kerosene, fuel oil, and liquefied petroleum gas; petrochemicals such as paraxylene, benzene, toluene, and mixed xylenes; lube base oils; bitumen and asphalt; and specialty products like treated distillate aromatics extract and slack wax. The company also produces solvents for paints and mining, ethanol, linear alkyl benzene for detergents and cleaning products, and generates electricity, steam, and utilities through natural gas-fired combined-cycle co-generation power plants via investments in TOP SPP Co., Ltd. and Global Power Synergy Plc. Founded in 1961 and headquartered in Bangkok, Thailand, Thai Oil conducts its integrated operations primarily from its Sriracha refinery complex with a capacity of 275,000 barrels per day, serving domestic markets while exporting to international customers including CLMV countries (Cambodia, Laos, Myanmar, Vietnam); it functions as a subsidiary of PTT Group, focusing on oil refining, petrochemicals, power generation, and related downstream segments. In recent developments, Thai Oil advances its Clean Fuel Project through a significant engineering, procurement, and construction management contract awarded to Wood in 2025, aimed at expanding Sriracha refinery capacity, enhancing production of low-sulfur cleaner fuels like diesel and jet fuel, improving refining margins, and increasing crude processing flexibility to bolster Thailand's energy security. The company pursues debt reduction and liquidity enhancement via an asset monetization initiative approved in September 2025 involving long-term lease-and-leaseback arrangements for select infrastructure assets such as crude oil facilities; additionally, Q3 2025 results reflect net profits of THB 2.147 billion supported by stockpile gains and foreign bond repurchases, alongside joint venture contributions from PT Chandra Asri Petrochemical's Singapore acquisition and debenture redemptions. Thai Oil targets operational completion of delayed Clean Fuel Project elements by early 2025 amid subcontractor resolutions, positioning it for a 40% export ratio increase and sustained regional competitiveness.