Average Equity per Thai Company Doubled by 2025
In short
Average equity per Thai company reached 53.7 million baht in 2025, up from 26.9 million baht in 2007, based on DBD registry data as of 14 Aug 2026. That is a 99.9 percent increase over eighteen statement years, a near doubling of the typical firm's capital cushion. The number of filing companies grew 126.7 percent over the same span, from 315,581 to 715,339. Average equity climbed most years but spiked to 64.1 million baht in 2018 when registry coverage widened sharply, then fell back before resuming its climb after 2020.
How has the average equity cushion per Thai company changed?
Take total shareholder equity reported across every Thai company that filed a financial statement in a given year and divide it by the number of filers. In 2007 that average sat at 26.9 million baht (DBD, 2026). By 2025 it had risen to 53.7 million baht, a gain of 99.9 percent over eighteen statement years. The climb was not smooth. Average equity jumped to 64.1 million baht in 2018, a year when the DBD registry pulled in a wave of new filers and pushed every aggregate higher for that year only. It fell back to 47.98 million baht in 2019 and rebuilt from there. By 2024 it had reached 53.41 million baht, then eased slightly to 53.70 million baht in 2025. The filing company base more than doubled across the same period, growing 126.7 percent from 315,581 firms to 715,339. Total equity on file grew even faster, up 353.2 percent, and that gap between equity growth and company growth is the only reason the per company average rose at all while the filer count exploded.
Average equity per filing company, 2007 to 2025
Figures in million baht per company.
The 2018 spike lines up with a widening of DBD filing coverage, not a genuine jump in company capitalization.
Filing companies, total equity, and average equity per company by year
| Year | Filing companies | Total equity, billion baht | Average equity per company, million baht |
|---|---|---|---|
| 2007 | 315,581 | 8,475 | 27 |
| 2008 | 324,606 | 9,055 | 28 |
| 2009 | 329,995 | 9,619 | 29 |
| 2010 | 352,500 | 11,440 | 32 |
| 2011 | 376,859 | 12,698 | 34 |
| 2012 | 403,444 | 14,509 | 36 |
| 2013 | 433,671 | 16,487 | 38 |
| 2014 | 458,464 | 19,223 | 42 |
| 2015 | 480,268 | 20,348 | 42 |
| 2016 | 505,168 | 24,053 | 48 |
| 2017 | 535,469 | 24,062 | 45 |
| 2018 | 570,307 | 36,574 | 64 |
| 2019 | 594,830 | 28,538 | 48 |
| 2020 | 617,294 | 28,998 | 47 |
| 2021 | 648,550 | 31,378 | 48 |
| 2022 | 675,284 | 33,967 | 50 |
| 2023 | 705,512 | 35,173 | 50 |
| 2024 | 730,322 | 39,006 | 53 |
| 2025 | 715,339 | 38,411 | 54 |
Statement years 2550 to 2568 in the Buddhist calendar, shown here as 2007 to 2025, as of 14 Aug 2026.
Why does a bigger equity cushion matter?
A bigger equity cushion is not just a bigger number on a balance sheet. Equity is the buffer that absorbs a bad year before a company has to default on a loan or turn to its owners for fresh cash. A cushion that has doubled since 2007 suggests today's average Thai company can absorb a much larger shock than its predecessor could eighteen years ago, at least on paper. That comfort should be read with care. Filing companies more than doubled over the same period, so today's average blends decades-old firms with equity built up over many years against thousands of young companies still building their first cushion. The steadier reading sits in the second half of the series. From 2020 through 2025 the average climbed from 46.98 million baht to 53.70 million baht without another registry-driven jump. That six-year run looks like the real underlying trend once the 2018 anomaly is set aside.
Definitions
- Shareholder equity
- The value of a company's assets left over after subtracting all its liabilities, also called net assets or book value, as reported on a company's own filed balance sheet.
- Equity cushion
- The shorthand this page uses for shareholder equity, since it represents the capital buffer a company can draw on before a loss forces it to default on debt or raise new funds from its owners.
- Statement year
- The fiscal year to which a company's filed financial statement applies. The Department of Business Development records this in the Thai Buddhist calendar, so statement year 2568 covers the same period as calendar year 2025.
- Filing company
- A registered Thai company that submitted a financial statement to the Department of Business Development for a given statement year. Companies that did not file are not part of the average for that year.
Assumptions
- The average blends companies of every age and size, so it does not show whether growth came from existing firms building more equity or from new, differently capitalized firms joining the registry.
- Statement year 2569, 2026 in the Gregorian calendar, is excluded because only about 4,534 companies had filed by the data cutoff, too few for a reliable average.
- The 2018 statement year carries an unusually large jump as registry coverage widened, so it should be read as a one-time break rather than a genuine surge in company capitalization.
Methodology
Average equity per company for each statement year is total reported shareholder equity for all Thai companies with a filed financial statement in market_year_insight, divided by the number of filing companies in that year, drawn from the Department of Business Development registry via the Max Data aggregate tables as of 14 Aug 2026. Statement years follow the Thai Buddhist calendar in the source table, so year 2550 corresponds to 2007 and year 2568 to 2025. Statement year 2569, which is 2026 in the Gregorian calendar, is excluded because only about 4,534 companies had filed by the data cutoff, too few for a reliable average.
How we verified this
- Average equity per company recomputed directly from raw values: 8,475,155,744,341.98 baht divided by 315,581 companies equals 26,855,722 baht for 2007, and 38,410,637,897,509.66 baht divided by 715,339 companies equals 53,695,713 baht for 2025, matching the 26.9 million and 53.7 million baht figures used throughout.
- Growth rate recomputed as 53,695,713 minus 26,855,722, divided by 26,855,722, equal to 99.9 percent.
- Company count growth recomputed as 715,339 divided by 315,581, minus one, equal to 126.7 percent. Total equity growth recomputed as 38,410,637,897,509.66 divided by 8,475,155,744,341.98, minus one, equal to 353.2 percent.
- Internal consistency check: 4.532 divided by 2.267 equals 1.999, confirming the 99.9 percent rise in average equity per company follows directly from the total equity growth rate and the company count growth rate rather than from a data error.
- All nineteen statement years from 2550 through 2568 were pulled from market_year_insight and statement year 2569 was confirmed to hold only 4,534 companies before being excluded.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- OECD. (2025). The corporate sector: OECD capital market review of Thailand 2025. OECD Publishing. https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/the-corporate-sector_008c96e5.html
Frequently asked questions
What was the average equity per Thai company in 2025?
53.7 million baht, from total reported shareholder equity divided by the number of companies that filed a financial statement that year, as of 14 Aug 2026.
How much has average equity per company grown since 2007?
It grew 99.9 percent, from 26.9 million baht in 2007 to 53.7 million baht in 2025, over eighteen statement years.
Why did average equity per company spike in 2018?
The Department of Business Development registry added a large wave of new filers that year, which pushed total reported equity up sharply for one year before the average settled back in 2019.
Is the rise in average equity because there are fewer, bigger companies?
No. The number of filing companies grew 126.7 percent over the same period, from 315,581 to 715,339, so the rise came from total equity growing even faster, up 353.2 percent, not from consolidation.
Cite this page
Chatpong L. (2026). Average Equity per Thai Company Doubled by 2025. Max Data Insights. https://maxdatathailand.com/insights/average-equity-per-thai-company-2007-2025
Data & corrections
Download the data (CSV)Spot something off, or want to ask about the data? Email insights@maxsolutions.co.th. We publish corrections.
Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.