Thailand's Number One vs Number Ten Company by Revenue 2026
In short
Thailand's largest company by reported revenue, Hua Seng Heng Commodities, books 2,657.6 billion baht, 5.62 times the tenth firm, CP ALL, at 473.0 billion. It leads the runner-up, PTT, by only 1.44 times. The top ten together hold 13.53 percent of all reported revenue, as of 17 July 2026. The top is a steep ladder, not a lone giant.
How far ahead is Thailand's number one?
Hua Seng Heng Commodities reports 2,657.6 billion baht in revenue, the highest of any Thai company (DBD, 2026). That is 5.62 times the 473.0 billion baht of CP ALL at rank 10. It is only 1.44 times the 1,848.4 billion baht of PTT at rank 2. So the leader is far ahead of the bottom of the top ten but barely a length clear of the runner-up. Rank 1 alone accounts for 3.32 percent of all reported revenue in the registry. So read the ladder as a staircase with a tall first step, not a cliff.
Revenue of the ten largest Thai companies
- 1. Hua Seng Heng Commodities2,658
- 2. PTT1,848
- 3. MTS Gold1,432
- 4. YLG Corporation1,201
- 5. YLG Bullion International928
- 6. PTT Oil and Retail Business683
- 7. Intergold Gold Trade610
- 8. Thai Oil508
- 9. PTT Global Chemical499
- 10. CP ALL473
Figures in billion baht.
The drop from rank 1 to rank 5 is steep. From rank 6 to rank 10 the firms sit in a tight pack between 473 and 683 billion baht.
The rank 1 to rank 10 revenue ladder
| Rank | Company | Revenue in billion baht | Multiple of rank 10 | Share of national revenue |
|---|---|---|---|---|
| 1 | Hua Seng Heng Commodities | 2,658 | 5.62x | 3.32% |
| 2 | PTT | 1,848 | 3.91x | 2.31% |
| 3 | MTS Gold | 1,432 | 3.03x | 1.79% |
| 4 | YLG Corporation | 1,201 | 2.54x | 1.50% |
| 5 | YLG Bullion International | 928 | 1.96x | 1.16% |
| 6 | PTT Oil and Retail Business | 683 | 1.44x | 0.85% |
| 7 | Intergold Gold Trade | 610 | 1.29x | 0.76% |
| 8 | Thai Oil | 508 | 1.07x | 0.63% |
| 9 | PTT Global Chemical | 499 | 1.05x | 0.62% |
| 10 | CP ALL | 473 | 1.00x | 0.59% |
Reported revenue, multiple of the tenth firm, and share of national reported revenue, as of 17 Jul 2026.
A steep top, then a tight pack
The steepness sits at the very top. The first three firms hold 5,938.3 billion baht between them. That is 54.78 percent of the top ten total. Ranks 6 to 10 tell a different story. Rank 6 earns only 1.44 times rank 10. Several names on the list are gold and bullion dealers by name and four are energy or petrochemical firms, so the ladder mostly ranks businesses that move high-value commodities. Turnover of that kind is large but thinly margined, and it says little about profit.
Why this matters
A headline like the largest company in Thailand suggests one dominant giant. The registry says otherwise. The leader is 1.44 times the runner-up, so a single strong year for a rival could reshuffle the top of the list. The whole top ten holds 13.53 percent of reported revenue. The other 1.26 million filers share the remaining 86.47 percent. Anyone benchmarking a supplier, a customer or a rival should ask which rank they mean, because commodity turnover inflates the ladder well beyond what operating scale alone would give.
Definitions
- Revenue
- Total income from sales and services in a company's latest filed financial statement, before costs.
- Multiple of rank 10
- A company's revenue divided by the revenue of the tenth-ranked company.
- Share of national revenue
- A company's revenue divided by total reported revenue of all filing companies.
- Aggregate
- A total or ratio computed across many companies rather than a single firm.
Assumptions
- Only companies that filed a financial statement can be ranked, so firms that have not filed are absent.
- Revenue is self-reported and is not audited by this site.
- The ranking table and the national total were computed on different dates, 24 June and 17 July 2026, so shares are approximate to a small margin.
- Commodity traders report gross turnover, which inflates revenue rank relative to profit or employment.
Methodology
Revenue ranks come from the top-ten revenue ranking in the Department of Business Development registry aggregates, computed 24 June 2026. National reported revenue of 80,146.5 billion baht comes from the national totals table computed 17 July 2026, and shares divide the former by the latter. Revenue is the latest filed figure per company. Only companies that filed a financial statement are ranked. Multiples and shares were recomputed by hand from the raw baht values.
How we verified this
- Rank 1 revenue 2,657,573,529,787.71 baht divided by rank 10 revenue 473,009,380,740 baht gives 5.62.
- Rank 1 divided by rank 2 revenue of 1,848,428,895,849 baht gives 1.44.
- The ten revenues sum to 10,840,486,258,090 baht, which divided by national revenue of 80,146,498,562,464 baht gives 13.53 percent.
- Rank 1 divided by national revenue gives 3.32 percent.
- Ranks 1 to 3 sum to 5,938.3 billion baht, and divided by the top ten total gives 54.78 percent.
- Rank 6 revenue of 683.1 billion baht divided by rank 10 gives 1.44.
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
Which Thai company has the highest revenue?
Hua Seng Heng Commodities, with 2,657.6 billion baht in reported revenue, as of 17 July 2026.
How many times bigger is the number one company than the number ten?
5.62 times. Rank 1 books 2,657.6 billion baht against 473.0 billion baht for CP ALL at rank 10.
What share of Thai revenue do the top ten companies hold?
13.53 percent of the 80,146.5 billion baht of reported revenue in the registry.
Does high revenue mean high profit?
No. Gold trading and fuel sales carry very large turnover at thin margins, so revenue rank does not track profit rank.
Cite this page
Chatpong L. (2026). Thailand's Number One vs Number Ten Company by Revenue 2026. Max Data Insights. https://maxdatathailand.com/insights/how-steep-is-the-gap-between-thailands-number-one-and-number-ten-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.