Share of Thai Industry Codes Beating the National Margin 2026
In short
Financial and insurance codes beat Thailand's 4.10 percent national net margin 80.4 percent of the time, 37 of 46, as of 17 July 2026. Wholesale and retail manages it in 17.2 percent of codes, 34 of 198. Across all 1,192 five-digit codes with a margin, 436 clear the bar, or 36.6 percent. A section's headline margin hides very different code-level odds.
Which industry sections have the best odds of beating the national margin?
Financial and insurance, by a distance. Of its 46 five-digit codes, 37 earn a net margin above the 4.10 percent national figure (DBD, 2026). That is 80.4 percent. Electricity and gas follows at 75.0 percent, 6 of 8 codes, and professional, scientific and technical services at 57.6 percent, 19 of 33. At the bottom sits wholesale and retail trade. Only 34 of its 198 codes clear the bar, 17.2 percent. Agriculture is next lowest at 21.0 percent, 21 of 100 codes. The nation as a whole is split two ways: 436 of 1,192 codes, 36.6 percent, beat the benchmark and the rest fall short.
Share of 5-digit codes above the national net margin
- Financial and insurance80
- Professional, scientific and technical58
- Administrative and support50
- Education48
- Transportation and storage47
- Other services44
- Construction41
- Human health and social work39
- Manufacturing38
- Mining and quarrying35
- Accommodation and food service32
- Arts and entertainment30
- Information and communication30
- Agriculture21
- Wholesale and retail trade17
Figures in percent of codes above 4.10 percent.
Sections with at least 20 five-digit codes that report a margin. Smaller sections are in the table.
Code-level odds by industry section
| Industry section | Codes with margin | Codes above 4.10% | Share above | Section net margin |
|---|---|---|---|---|
| Financial and insurance | 46 | 37 | 80.4% | 25.40% |
| Electricity and gas | 8 | 6 | 75.0% | 11.86% |
| Households as employers | 3 | 2 | 66.7% | 13.67% |
| Professional, scientific and technical | 33 | 19 | 57.6% | 13.64% |
| Real estate | 8 | 4 | 50.0% | 7.69% |
| Administrative and support | 52 | 26 | 50.0% | 4.33% |
| Extraterritorial bodies | 2 | 1 | 50.0% | -10.00% |
| Education | 27 | 13 | 48.1% | 13.13% |
| Transportation and storage | 62 | 29 | 46.8% | 6.27% |
| Water and waste | 15 | 7 | 46.7% | 7.31% |
| Other services | 34 | 15 | 44.1% | 0.37% |
| Construction | 32 | 13 | 40.6% | 2.31% |
| Human health and social work | 23 | 9 | 39.1% | 11.07% |
| Manufacturing | 412 | 157 | 38.1% | 4.38% |
| Public administration | 8 | 3 | 37.5% | 5.45% |
| Mining and quarrying | 20 | 7 | 35.0% | 14.03% |
| Accommodation and food service | 22 | 7 | 31.8% | 5.65% |
| Arts and entertainment | 23 | 7 | 30.4% | -1.09% |
| Information and communication | 64 | 19 | 29.7% | 5.81% |
| Agriculture | 100 | 21 | 21.0% | 2.55% |
| Wholesale and retail trade | 198 | 34 | 17.2% | 1.27% |
Five-digit TSIC codes with a reported net margin, how many beat 4.10 percent, and the section's own aggregate margin, as of 17 Jul 2026.
Why a headline margin misleads
Professional services earns a 13.64 percent section margin and mining earns 14.03 percent. Yet 57.6 percent of professional codes beat the national figure while only 35.0 percent of mining codes do. Mining's section figure sits well above what most of its codes earn. Manufacturing shows the same pattern in a milder form. Its section margin of 4.38 percent just clears the national mark, but 157 of 412 codes, 38.1 percent, do so on their own. The section number is a revenue-weighted average, so large firms can lift it above what the typical code earns. The share of codes tells you something different: how often a typical niche in that section is a good place to be.
Why this matters
Anyone picking a market from a margin league table is betting on the average, and the average is built by the biggest players. A founder in wholesale and retail faces codes where fewer than one in five beats the national margin, whatever the section does overall. A lender or investor screening a section needs the spread inside it, not only the headline. In finance the odds are good across almost every code. In trade they are poor across almost every code. Elsewhere the choice of the exact code matters as much as the choice of section. Thailand's banks also reported lower profits in 2025 as rates fell (The Nation Thailand, 2026), so even the leading section is not standing still.
Definitions
- Net margin
- Net profit as a share of revenue. A four percent margin means four satang of profit for every baht of revenue.
- TSIC code
- Thailand Standard Industrial Classification. The five-digit code is the detailed industry level and the first letter groups codes into a section.
- Aggregate margin
- Total net profit divided by total revenue for a group of companies, not the average of each company's own margin.
- National net margin
- The aggregate margin across all reporting companies in Thailand, 4.10 percent in this series.
Assumptions
- Only companies that filed a financial statement contribute to a code's margin.
- Codes are counted equally, whatever their size. A tiny code counts the same as a very large one.
- Sections with very few codes, such as households and extraterritorial bodies, give unstable shares.
- Financial-sector revenue is recognised differently from trading revenue, so finance margins are not directly comparable.
Methodology
Source: Department of Business Development registry aggregates, with data as of 17 July 2026. Each five-digit TSIC code has an aggregate net margin, which is total net profit divided by total revenue for companies in that code that filed a financial statement. A code beats the benchmark when that margin is strictly above 4.10 percent. The national margin in the registry is 4.1057 percent before rounding, and no code falls between 4.10 and 4.1058 percent, so the count is the same at either threshold. 36 of 1,228 codes have no reported margin and are excluded. Codes are grouped into their lettered section. Small sections with fewer than 10 codes give unstable shares and should be read with care.
How we verified this
- Finance share recomputed: 37 / 46 = 0.8043, so 80.4 percent.
- Wholesale and retail share recomputed: 34 / 198 = 0.1717, so 17.2 percent.
- Code counts across all 21 sections sum to 1,192 and codes above 4.10 percent sum to 436, and 436 / 1,192 = 0.3658, so 36.6 percent.
- Manufacturing recomputed: 157 / 412 = 0.3810, so 38.1 percent. Electricity and gas 6 / 8 = 75.0 percent. Professional services 19 / 33 = 57.6 percent. Mining 7 / 20 = 35.0 percent. Agriculture 21 / 100 = 21.0 percent.
- Using the unrounded national margin of 4.1057 percent instead of 4.10 gives the same 436 codes, so the threshold choice does not change any share.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by TSIC code. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- The Nation Thailand. (2026). Thai banking system remains stable in 2025 despite lower profits. https://www.nationthailand.com/business/banking-finance/40062641
Frequently asked questions
Which Thai industry section has the highest share of codes beating the national net margin?
Financial and insurance, where 37 of 46 five-digit codes, 80.4 percent, beat 4.10 percent as of 17 July 2026.
Which large section has the lowest share?
Wholesale and retail trade, where 34 of 198 codes, 17.2 percent, beat the national margin.
What share of all Thai industry codes beat the national margin?
436 of 1,192 codes with a reported margin, which is 36.6 percent.
Why can a section margin be high while few of its codes beat the benchmark?
Section margins are revenue-weighted, so a few large firms in a few codes can lift the total. Mining at 14.03 percent has only 35.0 percent of codes above the benchmark.
Cite this page
Chatpong L. (2026). Share of Thai Industry Codes Beating the National Margin 2026. Max Data Insights. https://maxdatathailand.com/insights/how-many-thai-industry-codes-beat-the-national-net-margin-within-each-section-2026
Data & corrections
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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.