Mid-Sized Firm Share vs Revenue per Company in Thailand 2026
In short
Yes on revenue, partly on survival. Across 867 five-digit industry codes, revenue per company climbs from 5.84 million baht in the quartile with the fewest medium and large firms to 190.56 million baht in the quartile with the most, as of 17 July 2026. Survival rises from 46.3 percent to 54.3 percent, then eases to 53.9 percent at the top. Codes with a thick mid-sized tier are a different economy, not just a bigger version of the same one.
Do codes with more mid-sized firms earn more per company?
They do, and by a wide margin. We ranked 867 five-digit industry codes by the share of their companies that are medium or large, then split them into four equal groups. In the bottom group that share is at most 1.11 percent, and revenue per company is 5.84 million baht (DBD, 2026). In the top group the share runs from 6.65 percent up to 36.5 percent, and revenue per company is 190.56 million baht. That is a 32.6 times gap. Survival moves the same way with less force. It rises from 46.3 percent to 54.3 percent across the first three groups, then eases to 53.9 percent in the top group. Size mix alone does not explain who lasts.
Revenue per company by medium-plus-large share quartile
- Q1: thinnest top tier6
- Q222
- Q380
- Q4: thickest top tier191
Figures in million baht per registered company.
Each bar pools every code in the quartile. Revenue is divided by all registered companies, including those with no filed statement.
Four quartiles, side by side
| Quartile | Codes | Share range per code | Companies | Pooled medium-plus-large share | Revenue per company, M baht | Survival rate | Net margin | Share of all revenue |
|---|---|---|---|---|---|---|---|---|
| Q1 lowest share | 217 | 0 to 1.11% | 810,217 | 0.73% | 6 | 46.3% | 5.05% | 6.1% |
| Q2 | 217 | 1.12% to 2.76% | 655,772 | 1.92% | 22 | 51.2% | 3.43% | 18.4% |
| Q3 | 217 | 2.78% to 6.65% | 356,679 | 4.29% | 80 | 54.3% | 3.08% | 36.6% |
| Q4 highest share | 216 | 6.65% to 36.5% | 158,971 | 11.78% | 191 | 53.9% | 4.3% | 38.9% |
Quartiles of 5-digit TSIC codes with at least 50 companies, ranked by medium-plus-large share, as of 17 Jul 2026.
A thin top tier, a very different economy
The top quartile holds 8.0 percent of registered companies. It books 38.9 percent of reported revenue. The bottom quartile is the reverse, with 40.9 percent of companies and 6.1 percent of revenue. Medium and large firms are 11.78 percent of companies in the top group and 0.73 percent in the bottom group. Profitability does not follow the same line. Net margin is 5.05 percent in the bottom quartile, dips to 3.08 percent in the third, and recovers to 4.30 percent at the top. Scale buys revenue, not a fatter margin.
Why this matters
Policy that counts firms misses where the money is. A code with a thick mid-sized tier is a different market from one made of micro shops, even when the two have the same headcount of companies. For lenders and suppliers, the practical test is simple. Look at the share of medium and large firms in a code before reading its average revenue. For founders, the message is sober. More than half of the companies in the thinnest codes are no longer active. This is correlation across codes, not proof that growing a firm lifts a whole industry. It is still the cleanest map we have of where Thai commerce is deep and where it is wide.
Definitions
- Medium-plus-large share
- Medium and large companies as a share of all registered companies in an industry code.
- Quartile
- One of four equal-sized groups of codes after ranking them from lowest to highest share.
- Survival rate
- Active companies divided by registered companies. It is a registry status measure, not a measured lifespan.
- Revenue per company
- Total reported revenue divided by all registered companies, including those with no filed statement.
- Net margin
- Net profit divided by revenue, pooled across the group.
- TSIC
- Thailand Standard Industrial Classification, the registry's industry coding system.
Assumptions
- Codes with fewer than 50 registered companies are excluded so small codes do not distort the quartiles.
- Revenue per company is diluted by companies that filed no statement, so levels are lower than revenue per filer.
- Survival is registry status at one date, so it reflects a mix of ages and not a tracked cohort.
- The comparison is across codes and shows association, not cause.
- Five-digit codes cannot be named, so no single industry is identified.
Methodology
Source: Department of Business Development registry aggregates by 5-digit TSIC code, as of 17 July 2026 refresh of the Max Data database. We kept the 867 codes with at least 50 registered companies. Each code's medium-plus-large share is its medium and large companies divided by its registered companies. Codes were ranked by that share and split into four groups of near equal code count. Revenue per company is the group's total reported revenue divided by its registered companies. Survival is active companies divided by registered companies, pooled within the group. Net margin is group net profit divided by group revenue. Size bands follow the registry classification. Codes cannot be named because the registry holds no English descriptions at this level.
How we verified this
- Quartile company counts 810,217 + 655,772 + 356,679 + 158,971 = 1,981,639, matching the codes kept.
- Pooled shares recomputed: 5,905 / 810,217 = 0.73 percent, 12,565 / 655,772 = 1.92 percent, 15,311 / 356,679 = 4.29 percent, 18,719 / 158,971 = 11.78 percent.
- Revenue gap recomputed: 190.56 / 5.84 = 32.6 times, using unrounded values 190,555,691 / 5,837,971.
- Survival recomputed from active counts: 375,431 / 810,217 = 46.3 percent, 336,012 / 655,772 = 51.2 percent, 193,572 / 356,679 = 54.3 percent, 85,726 / 158,971 = 53.9 percent.
- Revenue shares recomputed against a pooled total of 77.94 trillion baht: top quartile 30.29 / 77.94 = 38.9 percent, bottom quartile 4.73 / 77.94 = 6.1 percent.
- Company shares recomputed: 158,971 / 1,981,639 = 8.0 percent, 810,217 / 1,981,639 = 40.9 percent.
- Our quartile method differs from the brief's hook, which cited 5.8M to 161M baht and 48 to 55.5 percent. The bottom revenue figure of 5.8M reproduces. The other figures use our documented method and are the ones reported here.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
Frequently asked questions
Do industries with more medium and large companies earn more per company?
Yes. Revenue per company is 190.56 million baht in the quartile of codes with the highest medium-plus-large share, against 5.84 million baht in the lowest quartile (DBD, 2026).
Do those industries also survive longer?
Partly. Survival rises from 46.3 percent to 54.3 percent across the first three quartiles, then is 53.9 percent in the top quartile.
Are the most size-heavy industries more profitable?
Not clearly. Net margin is 5.05 percent in the bottom quartile and 4.30 percent in the top, with a low of 3.08 percent in the third.
Does this prove that bigger firms cause better industries?
No. It compares codes at one point in time, so it shows association only.
Cite this page
Chatpong L. (2026). Mid-Sized Firm Share vs Revenue per Company in Thailand 2026. Max Data Insights. https://maxdatathailand.com/insights/do-thai-industry-codes-with-more-mid-sized-firms-earn-more-per-company-2026
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.