Thai Beverage Public Company Limited TBVPY

Consumer StaplesBeveragesThailand

Last close 33.24 USD on Nov 2, 2026, +0.4% year to date

Quant rating

Quant rating C Rank 82 of 174 in Consumer Staples

Growth C 86 of 174
Valuation B 49 of 174
Quality C 74 of 174
Revisions C 87 of 174
Momentum C 102 of 174

Wall Street consensus Buy (1.92)Average target 0.40 USD −98.8%

Historical valuation

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

Key data

Market cap: 8.4B
Enterprise value: 16.3B
52-week range: 33.24 – 38.83
3-year range: 32.88 – 40.66
Dividend yield: 5.90%
Beta (5 years): –
Shares outstanding: 25,132M
Next earnings: Aug 14, 2026

About the company

Thai Beverage Public Company Limited is a Thailand-based beverage producer and distributor. The Company operates through four segments: Spirits, Beer, Non-alcoholic beverages and Food. Its Spirits segment is engaged in the production and sales of branded spirits products and soda. Its Beer segment is engaged in the production and sales of raw materials, branded beer products, Chang soda and Chang water. The Company's Non-alcoholic beverages segment is engaged in the production and sale of branded water, ready-to-drink coffee, energy drinks, green tea and fruit flavored drinks. Its Food segment is engaged in the production and sale of food and beverages. Its products include Mekhong, SangSom, BLEND 285, CROWN 99, Old Pulteney 12 years old, MacArthur’s, Grand Royal Black, est Cola, est PLAY Strawberry, est Salty Lychee Plus B, Crystal Drinking Water, Rock Mountain Soda Water, and others.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	10,274	10,506	9,119	7,211	7,144	–
Revenue growth	−2.2%	15.2%	26.5%	0.9%	−10.9%	5.1%
EPS (basic, normalized)	0.03	0.03	0.03	0.03	0.03	–
EPS growth	0.7%	0.6%	−8.0%	16.4%	–	–
Gross margin	31.1%	30.3%	29.6%	29.5%	29.7%	30.1%
Net margin	7.6%	8.0%	8.2%	11.1%	10.2%	9.0%
ROE	17.5%	15.1%	13.3%	16.0%	15.7%	15.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,598
Current ratio	1.51x
Long-term debt (mil)	6,031
Net debt (mil)	8,254
Total equity (mil)	4,564
Net debt / equity	1.81x
Net debt / EBITDA	4.66x

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	10,274	−2.2%	1.6x	1,770	+31.0%	9.2x	0.03	+0.7%	1,060.4x
2026	9,964	−3.0%	1.6x	1,628	−8.0%	10.0x	0.03	+2.4%	1,035.2x
2027	10,358	+4.0%	1.6x	1,674	+2.8%	9.8x	0.03	+6.0%	976.4x
2028	10,698	+3.3%	1.5x	1,735	+3.7%	9.4x	0.04	+5.3%	927.3x

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	9,964	−0.1%	−0.9%	−2.5%	0.03	−0.5%	−0.2%	−1.3%
2027	10,358	+0.1%	−0.9%	−2.2%	0.03	−0.1%	−1.2%	−2.6%
2028	10,698	+0.2%	−1.3%	−2.0%	0.04	−0.1%	−0.9%	−1.1%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Dec 2023	Mar 2024	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	Mar 2026
Sales reported (mil)	–	–	–	–	92,265	85,352	81,004	74,665	86,703	86,516
Sales mean (mil)	–	–	69,355	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.33	0.28	–	–	–	–	–	–	–	0.29
EPS mean	0.42	0.25	0.30	0.17	–	–	0.33	0.18	0.41	0.24
Surprise	−22.0%	+12.9%	–	–	–	–	–	–	–	+19.3%

Peer comparison Beverages

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
TBVPY Thai Beverage Public Company Limited	8.4B	4.66x	7.6%	1.90x	1,035.2x	976.4x	10.0x	9.8x
TSGTY Tsingtao Brewery Co Ltd	8.8B	–	–	–	–	–	–	–
DVCMY Davide Campari Milano NV	8.8B	–	11.3%	2.91x	20.2x	18.1x	12.9x	11.9x
CRHKY China Resources Beer Holdings Co Ltd	8.2B	–	–	–	–	–	–	–
TAP Molson Coors Beverage Company	7.6B	2.54x	−19.2%	0.80x	9.2x	9.0x	6.4x	6.6x
TAPa Molson Coors Beverage Company	7.6B	–	−19.2%	0.80x	–	–	–	–
Mean		3.60x	−4.9%	1.60x	354.9x	334.5x	9.8x	9.4x
Median		3.60x	−5.8%	1.35x	20.2x	18.1x	10.0x	9.8x

Technical analysis

1M−1.1%
3M−0.7%
1Y−8.9%
3Y−13.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Thai Beverage Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	10,274	10,506	9,119	7,211	7,144	8,022
Cost of revenue	7,083	7,320	6,416	5,081	5,021	5,653
Gross profit	3,191	3,186	2,703	2,130	2,123	2,369
Selling, general & administrative expenses	1,781	1,736	1,497	1,014	1,013	1,197
Research & development	–	–	–	–	–	–
Depreciation/amortization	145	140	121	95.0	107	77.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	0	15.6
Other operating expenses	0	0	0	0	0	0
Operating income	1,265	1,310	1,085	1,022	1,003	1,079
Net interest income (expense)	−132	−23.8	−5.8	15.2	−75.1	−76.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	43.7	41.9	50.1	20.7	21.4	38.8
Net income before taxes	1,177	1,328	1,130	1,057	950	1,042
Provision for taxes	217	239	169	144	138	217
Minority interest	−179	−103	−90.2	−116	−80.0	−105
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	782	986	870	797	732	720
Extraordinary items	–	–	–	–	–	–
Net income	782	986	870	797	732	720
EBIT, normalized	1,263	1,310	1,085	1,022	1,003	1,095
EBITDA, normalized	1,577	1,556	1,298	1,179	1,186	1,302
Basic EPS, normalized	0.03	0.03	0.03	0.03	0.03	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Thai Beverage Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,353	1,671	1,570	1,430	1,189	1,098
Receivables	579	702	553	232	251	288
Total inventory	2,014	1,945	1,671	1,220	1,358	1,318
Prepaid expenses	35.8	101	2.0	3.1	4.6	6.5
Other current assets	73.9	61.8	48.9	45.5	26.3	20.5
Total current assets	4,056	4,481	3,845	2,931	2,829	2,731
Property, plant & equipment	3,243	3,004	2,709	1,851	2,118	1,941
Goodwill	4,290	4,546	4,524	4,471	4,752	4,839
Intangibles	1,522	1,583	1,560	979	1,054	1,284
Long-term investments	2,309	2,426	3,925	3,047	3,105	2,787
Note receivable	49.7	6.2	5.3	4.4	4.7	4.8
Other long-term assets	239	243	206	162	173	132
Total assets	15,709	16,289	16,773	13,444	14,036	13,719
Liabilities
Accounts payable	414	451	399	243	195	209
Payable/accrued	–	–	–	–	–	–
Accrued expenses	378	–	–	–	–	–
Short-term debt	265	827	620	678	578	548
Current portion of long-term debt	1,156	1,162	1,396	835	1,477	1,504
Other current liabilities	521	918	879	605	584	611
Total current liabilities	2,733	3,358	3,293	2,360	2,835	2,872
Long-term debt	5,837	5,464	4,587	4,178	4,650	4,836
Minority interest	2,298	2,465	1,101	1,155	1,165	1,165
Other liabilities	485	395	319	304	309	334
Total liabilities	11,354	11,682	9,300	7,997	8,958	9,206
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	775	776	688	665	746	795
Additional paid-in capital	542	541	479	461	516	548
Retained earnings (accumulated deficit)	4,578	4,290	4,296	3,843	3,777	3,644
Treasury stock	–	–	–	–	–	–
Other equity	−1,539	−1,000	2,010	478	38.3	−474
Total equity	4,355	4,607	7,473	5,447	5,078	4,513
Total liabilities & shareholders' equity	15,709	16,289	16,773	13,444	14,036	13,719

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Thai Beverage Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	960	1,089	960	914	812	825
Depreciation, depletion & amortization	319	315	275	205	233	208
Deferred taxes	–	–	–	–	–	–
Non-cash items	340	263	185	145	228	303
Changes in working capital	−200	−491	−349	−72.2	−320	−156
Cash from operations	1,419	1,176	1,071	1,192	952	1,179
Investing activities
Capital expenditures	−434	−291	−240	−92.6	−106	−147
Other investing cash flows	43.8	337	52.2	−185	−241	−90.9
Cash from investing	−390	45.9	−188	−277	−346	−238
Financing activities
Financing cash flow items	−623	−471	−459	−219	−248	−289
Cash dividends paid	−480	−465	−413	−333	−380	−342
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−231	−43.4	−9.9	−260	23.0	−159
Cash from financing	−1,335	−980	−882	−812	−605	−790
Foreign exchange effects	36.0	−69.4	24.8	−27.8	5.7	23.0
Net change in cash	−269	172	26.0	74.7	6.9	175
Free cash flow	985	885	831	1,099	847	1,032

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 2, 2026 after market close.