Energy vs Water and Waste: Margins and Assets, Thailand 2026
In short
Thailand's electricity and gas companies post an 11.86 percent net margin as of 17 July 2026, well above the 7.31 percent earned by water supply and waste management companies. Energy holds 7,833 companies against water and waste's 4,818. The average energy company sits on about 310.6 million baht in assets, roughly 5.8 times the 53.7 million baht held by the average water and waste company. Return on assets flips the order though, running 3.98 percent for energy against 4.15 percent for water and waste. Bigger margins do not always mean a better return on the money tied up.
Which utility sector performs better, energy or water and waste?
Thailand's electricity, gas and utility companies, registered as section D, earn an 11.86 percent net margin as of 17 July 2026 (DBD, 2026). Water supply, sewerage and waste management companies, section E, earn 7.31 percent. That is a gap of 4.56 percentage points, and energy's margin runs 1.62 times water and waste's. Energy also outnumbers water and waste, 7,833 registered companies against 4,818. The average energy company carries about 310.6 million baht in assets, versus 53.7 million baht for the average water and waste company, a gap of roughly 5.8 times. Revenue per company follows a similar pattern at a smaller scale, 104.1 million baht for energy against 30.5 million baht for water and waste, a gap of about 3.4 times. Size and margin both favor energy. Return on the money tied up does not. Water and waste turns its smaller balance sheet into a 4.15 percent return on assets, ahead of energy's 3.98 percent. Return on equity follows the same pattern, 8.66 percent for water and waste against 7.73 percent for energy.
Margin and returns, energy against water and waste
- Energy net margin12
- Water and waste net margin7
- Energy return on assets4
- Water and waste return on assets4
- Energy return on equity8
- Water and waste return on equity9
Figures in percent.
Net margin favors energy. Return on assets and return on equity favor water and waste instead.
Energy and utilities against water and waste, side by side
| Measure | Energy and utilities, section D | Water and waste, section E |
|---|---|---|
| Companies | 7,833 | 4,818 |
| Revenue | 815.63 billion baht | 146.79 billion baht |
| Net profit | 96.76 billion baht | 10.72 billion baht |
| Net margin | 11.86% | 7.31% |
| Return on assets | 3.98% | 4.15% |
| Return on equity | 7.73% | 8.66% |
| Average assets per company | 310.6 million baht | 53.7 million baht |
| Average revenue per company | 104.1 million baht | 30.5 million baht |
| Survival rate | 60.27% | 62.41% |
| Share of companies that are large | 2.44% | 1.02% |
Section D, electricity and gas, against section E, water supply, sewerage and waste management, as of 17 Jul 2026.
Why the comparison matters
This split matters for anyone financing Thailand's infrastructure, not just for statisticians. Energy looks like the safer bet on paper, and the balance sheets support that reading. About 2.43 trillion baht in assets sit inside just 7,833 energy companies, an asset base built for power plants and grids that take decades to pay back. Water and waste needs far less capital per company, about 258.7 billion baht in assets across 4,818 firms, and still turns that smaller base into a higher return on assets and a higher return on equity than energy manages. The World Bank flagged this exact gap in 2026, noting that Thailand's water sector is not short on capital so much as short on projects structured well enough to attract it, pointing to green and blue financing as the fix ahead (The Nation Thailand, 2026). An investor chasing margin alone would put money into energy and miss half the picture. A smaller, leaner utility can still out earn a bigger one on every baht actually invested.
Definitions
- Net margin
- Net profit as a share of revenue. A twelve percent margin means twelve satang of profit for every baht of revenue.
- Return on assets
- Net profit as a share of total assets, a measure of how well a company turns what it owns into profit.
- Return on equity
- Net profit as a share of shareholder equity, a measure of how well a company turns owners' capital into profit.
- Aggregate ratio
- A ratio built from the total of every company in the group, such as total profit over total assets, rather than the average of each company's own ratio.
- Survival rate
- The share of registered companies in a section that remain active rather than dormant or dissolved.
- Large company
- The top DBD size band, set by revenue and staff count, above micro, small and medium.
Assumptions
- Average assets and average equity per company are derived from return on assets and return on equity rather than queried directly, so treat them as estimates rather than exact filed figures.
- Return on assets and return on equity are section wide aggregates, not the average of each company's own ratio.
- Only companies that filed a financial statement contribute to revenue, profit and every ratio built from them.
Methodology
Net margin, return on assets and return on equity are aggregate ratios for section D, electricity and gas, and section E, water supply, sewerage and waste management, drawn from the DBD registry as of 17 July 2026. Net margin is total sector net profit divided by total sector revenue. Return on assets and return on equity are calculated the same aggregate way, so they are section wide ratios, not the average of each company's own ratio. Average assets and average equity per company are estimates, derived by dividing total sector net profit by the aggregate return on assets and return on equity, then dividing by the company count. Only companies that filed a financial statement contribute to any of these figures. Survival rate is active companies divided by all companies with a founding record in the section.
How we verified this
- Energy net margin recomputed as 96,757,237,362.33 divided by 815,633,659,250.26 equals 11.86 percent, matching the queried sector row.
- Water and waste net margin recomputed as 10,724,813,263.51 divided by 146,789,188,793.90 equals 7.31 percent, matching the queried sector row.
- Average assets per company derived as net profit divided by return on assets, then divided by company count, giving 310.6 million baht for energy and 53.7 million baht for water and waste, a ratio of 5.8 times.
- Survival rate recomputed as 4,721 active divided by 7,833 total for energy equals 60.27 percent, and 3,007 active divided by 4,818 total for water and waste equals 62.41 percent.
- Combined company count of 12,651 is 0.64 percent of the 1,986,489 companies with a classified industry section.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- The Nation Thailand. (2026). World Bank says water security key to Thailand's investment appeal. https://www.nationthailand.com/business/investment/40067309
Frequently asked questions
Which Thailand utility sector is more profitable, energy or water and waste?
Energy and utilities, section D, earns the wider net margin at 11.86 percent, against 7.31 percent for water and waste, as of 17 July 2026.
Does energy also earn a better return on assets?
No. Water and waste earns the higher return on assets, 4.15 percent against 3.98 percent for energy, because it carries a much lighter asset base per company.
How much bigger are energy companies than water and waste companies?
The average energy company holds about 5.8 times the assets of the average water and waste company, roughly 310.6 million baht against 53.7 million baht.
Cite this page
Chatpong L. (2026). Energy vs Water and Waste: Margins and Assets, Thailand 2026. Max Data Insights. https://maxdatathailand.com/insights/energy-and-utilities-vs-water-supply-and-waste-in-thailand-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.