PTT Public Company Limited PUTRY

EnergyOil & GasThailand

Last close 5.47 USD on Nov 1, 2026, +10.7% year to date

Quant rating

Quant rating C Rank 50 of 113 in Energy

Growth C 56 of 113
Valuation C 47 of 113
Quality C 48 of 113
Revisions B 39 of 113
Momentum C 72 of 113

Wall Street consensus Buy (1.94)Average target 1.24 USD −77.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 35.2B
Enterprise value: 71.1B
52-week range: 4.68 – 6.73
3-year range: 4.50 – 6.73
Dividend yield: 7.71%
Beta (5 years): –
Shares outstanding: 28,324M
Next earnings: Nov 12, 2026

About the company

PTT Public Company Limited is a Thailand-based company, which is engaged in petroleum and related businesses. The Company’s segments include upstream petroleum and natural gas, downstream petroleum, new business and infrastructure and Others. The upstream petroleum and natural gas segment includes petroleum exploration and production and natural gas. The downstream petroleum segment includes oil and retail, international trading and petrochemicals and refining. The oil and retail business engages in the oil and retail business, including service stations, electric vehicle (EV) stations, food and beverage, convenience stores, and related businesses both domestic and overseas. Its products include Natural Gas for Automotive (NGV), Natural Gas Wholesale Market Customers and others. Its services include Natural Gas Services for Vehicles, Natural Gas Pipeline Transportation, Order Management Center, PTT Electronic Bill Presentment & Payment, and PTT E-Tax Web.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	84,566	90,206	91,554	97,290	67,975	–
Revenue growth	−6.3%	−1.5%	−5.9%	43.1%	26.4%	9.5%
EPS (basic, normalized)	0.10	0.09	0.11	0.09	0.12	–
EPS growth	7.7%	−13.6%	16.6%	−21.0%	–	–
Gross margin	10.3%	10.8%	11.9%	13.7%	16.7%	12.7%
Net margin	3.4%	2.9%	3.6%	2.7%	4.8%	3.5%
ROE	7.9%	7.9%	10.3%	8.9%	11.5%	9.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	12,835
Current ratio	1.53x
Long-term debt (mil)	20,848
Net debt (mil)	36,385
Total equity (mil)	35,970
Net debt / equity	1.01x
Net debt / EBITDA	3.40x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	84,566	−6.3%	0.8x	10,696	−10.9%	6.7x	0.10	+7.7%	54.0x
2026	90,458	+7.0%	0.8x	13,513	+26.3%	5.3x	0.13	+32.3%	40.8x
2027	85,964	−5.0%	0.8x	12,392	−8.3%	5.7x	0.12	−13.9%	47.5x
2028	89,700	+4.3%	0.8x	12,987	+4.8%	5.5x	0.12	+4.2%	45.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	90,458	+0.9%	+1.9%	+2.7%	0.13	+3.7%	+20.9%	+30.1%
2027	85,964	−0.3%	−1.9%	−2.1%	0.12	+0.7%	+4.2%	+7.9%
2028	89,700	+1.6%	−0.4%	−1.8%	0.12	+1.3%	+2.0%	+0.7%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	782,256	821,943	761,858	724,374	700,223	676,754	646,689	638,479	718,729	830,389
Sales mean (mil)	784,989	789,318	783,289	766,747	709,070	679,048	653,289	643,904	779,399	904,835
Surprise	−0.3%	+4.1%	−2.7%	−5.5%	−1.2%	−0.3%	−1.0%	−0.8%	−7.8%	−8.2%
EPS reported	1.01	1.25	0.57	0.32	0.81	0.76	0.69	0.89	0.91	1.85
EPS mean	0.96	0.93	0.76	0.57	0.82	0.76	0.66	0.81	0.96	1.30
Surprise	+5.5%	+35.0%	−24.7%	−44.2%	−1.2%	−0.3%	+5.1%	+9.2%	−5.5%	+42.8%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PUTRY PTT Public Company Limited	35.2B	3.40x	3.4%	1.00x	40.8x	47.5x	5.3x	5.7x
REPYY Repsol, S.A.	37.4B	0.44x	3.3%	1.17x	–	–	–	–
VG Venture Global, Inc.	37.0B	6.78x	16.4%	4.31x	8.8x	11.5x	8.7x	9.5x
EC Ecopetrol SA	36.1B	3.01x	7.5%	1.34x	8.4x	9.8x	4.3x	4.9x
EQT EQT Corporation	34.6B	1.68x	23.6%	1.36x	14.2x	15.1x	7.0x	6.6x
IPXHY INPEX CORPORATION	32.5B	0.42x	19.6%	0.93x	8.7x	9.2x	3.3x	3.4x
Mean		2.62x	12.3%	1.68x	16.2x	18.6x	5.7x	6.0x
Median		2.34x	12.0%	1.26x	8.8x	11.5x	5.3x	5.7x

Technical analysis

1M−16.0%
3M+9.4%
1Y+15.2%
3Y+19.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, PTT Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	84,566	90,206	91,554	97,290	67,975	53,784
Cost of revenue	75,896	80,424	80,626	83,985	56,643	48,157
Gross profit	8,670	9,782	10,928	13,305	11,332	5,626
Selling, general & administrative expenses	4,008	4,179	3,731	4,167	3,319	3,195
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−1,483	−843	−766	1,869	1,065	−530
Unusual expense (income)	−228	−419	−241	−54.5	−283	−12.2
Other operating expenses	−66.9	29.5	82.3	278	44.8	−5.1
Operating income	6,440	6,835	8,121	7,044	7,187	2,979
Net interest income (expense)	−544	−1,506	−1,173	−843	−547	−789
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−327	−55.6	−60.5	−60.0	−29.1	−21.4
Net income before taxes	5,569	5,274	6,888	6,142	6,610	2,168
Provision for taxes	1,830	1,962	2,367	2,614	2,034	838
Minority interest	−875	−683	−1,259	−894	−1,315	−72.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,864	2,629	3,261	2,634	3,261	1,257
Extraordinary items	–	–	–	–	–	–
Net income	2,864	2,629	3,261	2,634	3,261	1,257
EBIT, normalized	4,835	6,026	7,262	9,232	8,368	2,833
EBITDA, normalized	11,228	11,676	12,424	14,134	12,933	7,506
Basic EPS, normalized	0.10	0.09	0.11	0.09	0.12	–

Balance sheet in millions of USD, fiscal years

Balance sheet, PTT Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	12,814	13,189	13,112	10,245	10,944	13,919
Receivables	8,378	8,930	9,632	10,125	7,687	5,285
Total inventory	6,653	7,050	7,671	7,855	6,387	4,320
Prepaid expenses	235	304	250	378	214	172
Other current assets	675	583	826	1,472	505	302
Total current assets	28,755	30,057	31,492	30,074	25,737	23,999
Property, plant & equipment	54,241	50,832	50,994	49,972	48,807	48,285
Goodwill	5,298	5,222	5,349	5,460	5,503	3,562
Intangibles	3,434	3,635	3,794	3,960	3,716	2,279
Long-term investments	8,736	7,365	7,130	6,971	5,924	3,819
Note receivable	797	1,275	202	232	260	321
Other long-term assets	2,604	1,987	1,781	2,020	2,480	2,428
Total assets	103,865	100,373	100,741	98,689	92,428	84,693
Liabilities
Accounts payable	6,866	7,011	7,085	6,656	6,438	3,601
Payable/accrued	–	–	–	–	–	–
Accrued expenses	325	324	356	557	141	97.9
Short-term debt	4,791	3,238	2,999	2,645	353	141
Current portion of long-term debt	2,790	2,857	3,304	2,584	2,961	2,711
Other current liabilities	3,199	3,181	3,394	4,679	4,962	3,370
Total current liabilities	17,972	16,611	17,139	17,120	14,856	9,921
Long-term debt	23,734	26,194	27,510	29,258	25,269	23,630
Minority interest	16,679	14,805	14,666	13,901	14,031	13,442
Other liabilities	9,666	9,207	8,787	7,997	7,978	8,338
Total liabilities	68,051	66,816	68,101	68,276	62,133	55,331
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	907	834	832	825	860	951
Additional paid-in capital	928	853	850	844	879	972
Retained earnings (accumulated deficit)	34,946	31,466	30,440	28,059	27,959	28,004
Treasury stock	−240	–	–	–	–	–
Other equity	−727	404	519	685	597	−566
Total equity	35,814	33,557	32,640	30,413	30,295	29,362
Total liabilities & shareholders' equity	103,865	100,373	100,741	98,689	92,428	84,693

Cash flow statement in millions of USD, fiscal years

Cash flow statement, PTT Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	5,569	5,274	6,888	6,142	6,610	2,168
Depreciation, depletion & amortization	5,780	5,427	5,038	4,835	4,417	4,656
Deferred taxes	–	–	–	–	–	–
Non-cash items	−67.8	1,108	272	2,203	1,411	1,275
Changes in working capital	−1,774	−914	−1,085	−7,894	−2,746	−826
Cash from operations	9,507	10,894	11,113	5,286	9,693	7,273
Investing activities
Capital expenditures	−5,553	−5,518	−5,169	−5,425	−10,538	−5,058
Other investing cash flows	339	8.6	475	30.7	−1,057	−1,219
Cash from investing	−5,215	−5,510	−4,694	−5,394	−11,595	−6,278
Financing activities
Financing cash flow items	247	−760	−1,262	−1,108	−900	−913
Cash dividends paid	−2,646	−2,400	−1,816	−2,483	−2,361	−1,719
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,585	−2,281	−1,060	5,054	4,651	2,900
Cash from financing	−5,984	−5,441	−4,139	1,464	1,390	268
Foreign exchange effects	−162	−294	−36.7	−566	−68.5	51.2
Net change in cash	−1,853	−350	2,244	789	−581	1,315
Free cash flow	3,954	5,376	5,944	−139	−846	2,214

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.