BTS Group Holdings Public Company Limited

BTS.BK

Railroads · Industrials

Price

2.08 THB

-0.02 (-0.95%)

Market Cap

33.48B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

Dividends

Good

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Share count rising — dilution

+22.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 13.16B (2022) → 16.09B (2026)

Winston Score History

The full picture

BTS Group Holdings is a Thai conglomerate best known for operating the BTS Skytrain, Bangkok's elevated mass transit rail network. The Skytrain connects dozens of stations across Bangkok and serves millions of daily commuters, making it one of the most-used urban rail systems in Southeast Asia. Beyond rail, BTS Group has businesses in media, property development, and services.

The company earns money through rail fare collection, long-term government concession contracts, advertising on its transit network, and property projects near its stations. It operates primarily in Thailand, with Bangkok as its core market, and its moat comes from holding exclusive concession rights to run key Skytrain lines — rights that are difficult for competitors to replicate. However, the company's low return on invested capital reflects the heavy infrastructure costs tied to rail operations, and its growth depends heavily on the Thai government extending or awarding new transit concessions as Bangkok continues to expand its rail network.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+22.2% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

35.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

192.5B THB cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

BTS Group Holdings Public Company Limited is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

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

35.0%

Modest — 35.0% gross margin

Profit after running costs

Operating Margin

2.7%

Thin — 2.7% operating margin

Return on the money invested

ROCE

1.0%

Weak — 1.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+15.7%

Fast-growing sales (+15.7% YoY)

Profit growth

EPS YoY

-155.9%

Earnings shrinking (-155.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

147.4%

Converts sales into free cash efficiently (147.4%)

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

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Stability

What it owes vs what it owns

Debt / Equity

3.23

Heavy debt load (3.23)

Covers its interest

Interest Cover

0.33x

Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

15.38%

Healthy income — 15.38% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+1.6%

Dividend flat

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