Airports of Thailand Public Company Limited

AOT.BK

Airlines, Airports & Air Services · Industrials

Price

63.25 THB

-1.75 (-2.69%)

Market Cap

903.57B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 29, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Weak

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Mixed

Dividends

Weak

Track this stock — start free trial

Winston Score History

The full picture

Airports of Thailand Public Company Limited (AOT), along with its affiliated entities, is primarily responsible for the development, administration, and operation of international air travel hubs throughout Thailand. The company's diverse activities span several key areas: Airport Management, Hospitality (Hotel Business), Ground Aviation Services, Security Solutions, and a dedicated Perishable Goods Project Business. AOT oversees a network of six international airports, namely Suvarnabhumi, Don Mueang, Chiang Mai, Hat Yai, Phuket, and Mae Fah Luang Chiang Rai. In addition to its core airport functions, the organization also manages hotels and restaurants, provides services and leasing for ground equipment, and delivers comprehensive security services. Dating back to its founding in 1903, the enterprise is headquartered in Bangkok, Thailand.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 14.29B (2021) → 14.29B (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

65.9%

Premium pricing power — 65.9% gross margin

Profit after running costs

Operating Margin

40.4%

Excellent — 40.4% operating margin

Return on the money invested

ROCE

33.1%

Exceptional — 33.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

-3.2%

Shrinking sales (-3.2% YoY)

Profit growth

EPS YoY

+1.6%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

184%

Turns 184% of profit into real cash

Spare cash per sale

FCF Margin

38.9%

Converts sales into free cash efficiently (38.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

25.21x

Comfortably covers interest (25.2x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

48.3x

Expensive — P/E 48.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+1.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

1.28%

Small dividend — 1.28% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-78.0%

Dividend cut (-78.0% YoY) — warning sign

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial