Thai Companies Hold Nearly 38.4 Trillion Baht in Equity
In short
Thai companies reported 38.41 trillion baht in total equity for statement year 2025, as of 14 August 2026. That capital sits on the books of 715,339 companies that filed a complete statement for the year. Equity covers just 36.98 percent of their combined 103.9 trillion baht in assets. It has grown 4.53 times since 2007, outpacing the 3.61 times growth in total assets over the same 18 years. Thai companies are funding a growing share of their balance sheets with owners capital instead of debt.
How much total equity do Thai companies hold?
Thailand's registered companies reported 38.41 trillion baht in total equity for statement year 2025, according to the DBD registry as of 14 August 2026 (DBD, 2026). That is the most recent year with a full set of filings. The total sits on the books of 715,339 companies that filed a statement for the year. Equity covers just 36.98 percent of their combined assets. Those companies hold 103.9 trillion baht in assets altogether. The remaining 63.02 percent, about 65.46 trillion baht, is funded by liabilities such as loans and trade payables owed to someone outside the company. Thailand's entire economy produced 18.58 trillion baht in 2024 (NESDC, 2025). Total corporate equity on the registry now runs more than double that yearly output.
Total equity reported by statement year
Figures in trillion baht in total equity.
2018 jumps sharply as registry filing coverage expanded that year, the same break that inflated reported assets and revenue for 2018. Read that year as a coverage break, not a single year of real capital growth. The small dip in 2025 likely reflects filings still arriving rather than a real drop in capital.
Equity, assets and return on equity by statement year
| Year | Total equity (trillion baht) | Equity share of assets | Return on equity |
|---|---|---|---|
| 2012 | 15 | 31.79% | 13.17% |
| 2013 | 16 | 32.69% | 13.34% |
| 2014 | 19 | 35.05% | 11.03% |
| 2015 | 20 | 34.99% | 9.72% |
| 2016 | 24 | 37.32% | 11.69% |
| 2017 | 24 | 36.18% | 10.09% |
| 2018 | 37 | 41.36% | 6.69% |
| 2019 | 29 | 35.41% | 4.34% |
| 2020 | 29 | 34.82% | 5.47% |
| 2021 | 31 | 34.47% | 8.46% |
| 2022 | 34 | 35.06% | 8.56% |
| 2023 | 35 | 35.25% | 6.68% |
| 2024 | 39 | 37.25% | 7.14% |
| 2025 | 38 | 36.98% | 7.68% |
Total equity, equity share of assets and return on equity by statement year, as of 14 Aug 2026.
Equity is growing faster than the balance sheet
Total equity has grown faster than total assets over the long run. Equity rose 4.53 times between 2007 and 2025, from 8.48 trillion baht to 38.41 trillion baht. Total assets rose 3.61 times over the same span, from 28.8 trillion baht to 103.9 trillion baht. The gap shows up in the equity share of assets, which climbed from 29.43 percent in 2007 to 36.98 percent in 2025. Return on equity tells a different story. It fell from 11.94 percent in 2007 to 7.68 percent in 2025 as more capital chased a slower growing pool of profit. A thicker equity cushion did not translate into a higher return for the owners who put that capital in. That combination, more capital and thinner returns, is the real story behind the headline number, not a simple picture of a richer corporate sector.
Definitions
- Total equity
- The portion of a company's assets funded by its owners rather than borrowed, made up of paid-in capital plus retained earnings, as reported on the filed balance sheet.
- Statement year
- The fiscal year a filed financial statement covers. The DBD registry records this in the Buddhist calendar, so statement year 2568 is calendar year 2025.
- Equity share of assets
- Total equity divided by total assets, showing what portion of a company's asset base is funded by owners rather than lenders.
- Return on equity
- Net profit divided by total equity, a measure of how much profit a company earns on the capital its owners have put in.
- Compound annual rate
- The steady yearly growth rate that would turn a starting value into an ending value over a given number of years if growth were constant every year.
Assumptions
- Only companies that filed a complete financial statement for a given year are counted, so totals exclude any company that registered but never filed.
- The most recent statement year, 2025, likely understates the eventual final total slightly because some filings for that year had not yet reached the registry as of this refresh, which may also explain why the 2025 total sits just below the 2024 total.
- Total equity is an aggregate sum across all filing companies, so it is driven heavily by the largest balance sheets in the country, not by a typical company's capital.
- Statement year 2018 shows an unusual jump tied to expanded filing coverage that year rather than a genuine one year surge in company capital.
- The gross domestic product comparison uses full year 2024 figures, the latest complete year available from NESDC, against 2025 company filings, so the two periods do not line up exactly.
Methodology
Total equity is the sum of reported shareholders equity across every company that filed a complete financial statement for a given statement year in the DBD registry, as of 14 August 2026. Equity share of assets is total equity divided by total assets for the same year. Return on equity is total net profit divided by total equity for the same year. The Buddhist calendar statement year used by the registry is converted to the Gregorian calendar year throughout this page, and statement year 2026, which is still incomplete, is excluded.
How we verified this
- Equity plus implied liabilities reconciles to total assets: 38,410,637,897,509.66 plus 65,464,629,352,686.27 equals 103,875,267,250,195.93 baht.
- Equity share of assets recomputed as 38,410,637,897,509.66 divided by 103,875,267,250,195.93 equals 36.98 percent, and the liabilities share is 100 minus that, 63.02 percent.
- Return on equity recomputed as net profit 2,948,062,688,131.74 divided by total equity 38,410,637,897,509.66 equals 7.68 percent, matching the stored roe field for statement year 2025.
- Ten year growth recomputed as total equity in statement year 2025 divided by total equity in statement year 2015, 38,410,637,897,509.66 over 20,348,268,181,717.92, equals an 88.77 percent increase, and that ratio raised to the power of one tenth equals a 6.56 percent compound annual rate.
- Eighteen year growth recomputed as total equity in 2025 divided by total equity in 2007, 38,410,637,897,509.66 over 8,475,155,744,341.98, equals 4.53 times, a 353.21 percent increase, an 8.76 percent compound annual rate.
- Average equity per filing company recomputed as 38,410,637,897,509.66 divided by 715,339 companies equals about 53.7 million baht for 2025.
- Total equity compared with 2024 gross domestic product of 18.58 trillion baht from NESDC gives a ratio of 2.07, so corporate equity alone is now worth more than double one year of national economic output.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- National Economic and Social Development Council. (2025). Thai economic performance in Q4 of 2024 and the outlook for 2025. Office of the Prime Minister, Thailand. https://www.nesdc.go.th/
Frequently asked questions
How much total equity do Thailand's registered companies hold?
38.41 trillion baht for statement year 2025, based on 715,339 filed financial statements as of 14 August 2026.
What share of company assets is funded by equity?
36.98 percent. The remaining 63.02 percent, about 65.46 trillion baht, is funded by liabilities such as loans and trade payables.
How fast has total equity grown?
It grew 4.53 times between 2007 and 2025, a compound annual rate of 8.76 percent, faster than the 3.61 times growth in total assets over the same period.
Why did total equity dip slightly in 2025 compared with 2024?
Fewer companies, 715,339 against 730,322, had filed a statement for 2025 by the time of this data refresh, so the 2025 figure is likely to rise once later filings are added to the registry.
Cite this page
Chatpong L. (2026). Thai Companies Hold Nearly 38.4 Trillion Baht in Equity. Max Data Insights. https://maxdatathailand.com/insights/how-much-total-equity-do-thai-companies-hold-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.