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Bangkok Aviation Fuel Services PCL BAFS.BK · THB

Industrials · SET · 🇹🇭 Thailand

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9.70

-0.51%

Close of 9 Nov 2026, in THB

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At a glance

Figures in THB, from our data supplier.

FY2025

Revenue

THB 3.62bn

FY2016FY2025

Net income

THB 211.9m

FY2016FY2025

Free cash flow

THB 356.6m

FY2016FY2025

Shareholders' equity

THB 4.34bn

FY2016FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
RevenueTHB 3.62bnTHB 3.45bnTHB 2.98bnTHB 2.19bnTHB 1.62bnTHB 1.80bnTHB 3.87bnTHB 3.75bnTHB 3.58bnTHB 3.56bn
Gross profitTHB 1.45bnTHB 1.47bnTHB 1.14bnTHB 542.0m−THB 13.6mTHB 275.7mTHB 2.04bnTHB 2.10bnTHB 1.98bnTHB 2.02bn
Operating incomeTHB 777.4mTHB 718.3mTHB 416.6mTHB 70.7m−THB 624.0m−THB 236.9mTHB 1.42bnTHB 1.48bnTHB 1.39bnTHB 1.47bn
Net incomeTHB 211.9mTHB 102.9m−THB 138.0m−THB 400.9m−THB 884.3m−THB 418.9mTHB 939.9mTHB 1.05bnTHB 970.6mTHB 1.10bn
Diluted earnings per share0.330.16-0.22-0.63-1.38-0.661.461.661.531.72

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total assetsTHB 21.85bnTHB 21.80bnTHB 22.73bnTHB 23.72bnTHB 24.65bnTHB 19.47bnTHB 17.35bnTHB 16.29bnTHB 12.41bnTHB 12.16bn
Cash and short-term investmentsTHB 544.9mTHB 649.2mTHB 617.1mTHB 622.4mTHB 804.5mTHB 994.6mTHB 1.70bnTHB 1.81bnTHB 1.72bnTHB 4.36bn
Total liabilitiesTHB 16.48bnTHB 15.33bnTHB 16.03bnTHB 17.77bnTHB 18.27bnTHB 12.70bnTHB 9.48bnTHB 8.44bnTHB 4.84bnTHB 4.79bn
DebtTHB 11.29bnTHB 12.72bnTHB 13.31bnTHB 14.88bnTHB 15.07bnTHB 11.23bnTHB 7.74bnTHB 6.66bnTHB 3.18bnTHB 3.47bn
Shareholders' equityTHB 4.34bnTHB 5.39bnTHB 5.46bnTHB 4.55bnTHB 4.81bnTHB 5.49bnTHB 6.52bnTHB 6.48bnTHB 6.23bnTHB 6.06bn
Shares outstanding637m637m637m637m641m630m644m633m633m637m

Cash flow

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash from operationsTHB 1.16bnTHB 1.41bnTHB 1.14bnTHB 566.0mTHB 2.01bnTHB 440.6mTHB 1.49bnTHB 1.84bnTHB 1.98bnTHB 1.60bn
Capital spending−THB 800.1m−THB 402.5m−THB 268.4m−THB 270.8m−THB 863.2m−THB 1.87bn−THB 1.48bn−THB 4.17bn−THB 3.02bn−THB 1.25bn
Free cash flowTHB 356.6mTHB 1.00bnTHB 869.9mTHB 295.1mTHB 1.14bn−THB 1.43bnTHB 6.8m−THB 2.33bn−THB 1.04bnTHB 350.5m
Dividends paid−THB 266.1m−THB 221.7m−THB 51.0m—−THB 450−THB 650.2m−THB 873.4m−THB 803.2m−THB 777.7m−THB 860.6m

Latest quarters

By quarter end

Jun 2026Mar 2026Dec 2025Sept 2025Jun 2025Mar 2025Dec 2024Sept 2024
RevenueTHB 826.7mTHB 951.6mTHB 929.2mTHB 900.6mTHB 842.1mTHB 948.4mTHB 940.9mTHB 841.6m
Gross profitTHB 364.5mTHB 481.1mTHB 379.1mTHB 363.6mTHB 368.0mTHB 471.6mTHB 364.6mTHB 343.6m
Operating income—THB 298.1mTHB 114.5mTHB 184.9mTHB 202.8mTHB 303.3mTHB 123.5mTHB 174.1m
Net incomeTHB 60.5mTHB 151.8m−THB 31.0mTHB 43.6mTHB 56.0mTHB 143.3m−THB 49.8mTHB 26.4m
Diluted earnings per share0.090.24-0.050.070.090.22-0.080.04
Cash from operationsTHB 400.0mTHB 340.0mTHB 178.0mTHB 348.0mTHB 446.0mTHB 421.0mTHB 268.0mTHB 426.0m
Capital spending−THB 180.0m−THB 259.0m−THB 235.0m−THB 251.0m−THB 159.0m−THB 112.0m−THB 76.0m−THB 46.0m
Free cash flowTHB 220.0mTHB 81.0m−THB 57.0mTHB 97.0mTHB 287.0mTHB 309.0mTHB 192.0mTHB 380.0m
Total assetsTHB 21.83bnTHB 21.94bnTHB 21.85bnTHB 22.02bnTHB 22.33bnTHB 21.98bnTHB 21.80bnTHB 21.66bn
Cash and short-term investments—THB 608.2mTHB 544.9mTHB 832.8mTHB 1.16bnTHB 810.5mTHB 649.2mTHB 657.8m
DebtTHB 9.90bnTHB 11.37bnTHB 11.29bnTHB 11.43bnTHB 11.69bnTHB 11.23bnTHB 11.07bnTHB 10.94bn
Shareholders' equityTHB 5.37bnTHB 4.46bnTHB 4.34bnTHB 5.35bnTHB 5.40bnTHB 5.47bnTHB 5.39bnTHB 5.44bn

Financial ratios

Data as of 13 Oct 2026

FY2025FY2024FY2023FY2022FY2021FY2020
Gross margin40.0%42.6%38.4%24.7%-0.8%15.3%
Operating margin21.5%23.1%16.9%6.3%-38.6%-12.4%
Net margin5.9%3.0%-4.6%-18.3%-54.7%-23.2%
Return on equity4.9%1.9%-2.5%-8.8%-18.4%-7.6%
Return on assets1.0%0.5%-0.6%-1.7%-3.6%-2.2%
Free cash flow yield31.2%28.8%22.4%13.3%45.4%37.3%
Revenue growth5.0%15.8%35.6%35.7%-10.4%-53.4%
Earnings growth106.0%-174.5%-65.6%-54.7%111.1%-144.6%
Current ratio0.71x0.62x0.83x1.16x1.81x2.87x
Debt to equity2.61x2.06x2.15x2.93x2.90x1.79x
Equity ratio19.8%24.7%24.0%19.2%19.5%28.2%
Interest coverage1.37x1.32x0.80x0.25x-1.47x-0.80x
Buybacks as a share of market value0.0%0.0%0.0%0.6%-1.8%2.2%

Growth per year

Compound annual rate

3 years5 years10 years
Revenue18.2%14.9%0.8%
Operating income122.4%—-5.1%
Net income——-14.0%

Average margins

Over each period

1 year3 years5 years10 years
Gross margin41.3%37.6%31.1%44.1%
Operating margin21.2%16.2%7.2%24.3%
Net margin4.5%-1.8%-9.8%10.3%

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Price to earnings25.673.8-110.4-50.5-18.5-35.820.619.730.521.1
Price to sales1.52.25.19.210.18.35.05.58.36.5

Dividends and splits

Per share, in the currency the company pays

Paid for 3 years. Last went ex-dividend on 6 May 2026.

FY2026FY2025FY2024FY2023FY2020FY2019FY2018FY2017
Paid in the year0.220.310.240.081.021.371.261.22
  • 5-for-4 split · 27 Apr 2015
  • 6-for-5 split · 26 Apr 2007
  • 5-for-4 split · 28 Apr 2005
  • 10-for-1 split · 10 May 2002

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
TradingView

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