Manufacturing vs Real Estate in Thailand: Assets and Profit 2026
In short
Manufacturing companies in Thailand carry 1.94 times the average total assets of real estate companies, as of 17 Jul 2026. The average manufacturing company holds 163.7 million baht in assets, against 84.3 million baht for the average real estate company. Real estate converts revenue into profit more efficiently, posting a 7.69 percent net margin against manufacturing's 4.38 percent, nearly double the rate. Manufacturing wins on return on assets, at 4.52 percent against real estate's 1.05 percent. It turns its asset base into revenue about 7.6 times faster than real estate does. Bigger balance sheets do not guarantee bigger returns.
Which sector carries the bigger balance sheet, manufacturing or real estate?
Manufacturing is the heavier sector by assets, real estate is the lighter one. The average manufacturing company holds 163.7 million baht in total assets, compared with 84.3 million baht for the average real estate company (DBD, 2026). That is a gap of 1.94 times. Real estate does not need as much sitting on its balance sheet to keep operating, since a developer's land and units under construction convert into cash more slowly than a factory's stock and machinery need to. Profitability runs the other way. Real estate keeps 7.69 baht of net profit for every 100 baht of revenue, against 4.38 baht for manufacturing, nearly twice the rate. The two sectors sit at opposite ends of the same balance sheet, one heavy with a thin margin, the other light with a thick one.
Average total assets per company
- Manufacturing164
- Real estate84
Figures in million baht.
Manufacturing's average balance sheet per company is 1.94 times real estate's.
Net margin, return on assets and return on equity by sector
- Manufacturing net margin4
- Real estate net margin8
- Manufacturing return on assets5
- Real estate return on assets1
- Manufacturing return on equity10
- Real estate return on equity3
Figures in percent.
Real estate leads on net margin. Manufacturing leads on return on assets and return on equity, because it cycles its assets far faster.
Manufacturing versus real estate, side by side
| Metric | Manufacturing | Real estate |
|---|---|---|
| Registered companies | 230,396 | 149,608 |
| Companies with a filed statement | 148,775, 64.57 percent | 108,572, 72.57 percent |
| Average total assets per company | 163.7 million baht | 84.3 million baht |
| Average total equity per company | 75.1 million baht | 33.0 million baht |
| Average revenue per company | 174.9 million baht | 11.9 million baht |
| Average net profit per company | 7.4 million baht | 0.89 million baht |
| Net margin | 4.38 percent | 7.69 percent |
| Return on assets | 4.52 percent | 1.05 percent |
| Return on equity | 9.84 percent | 2.69 percent |
| Total sector revenue | 25.13 trillion baht | 1.25 trillion baht |
| Total sector net profit | 1.10 trillion baht | 96.29 billion baht |
| Largest company by revenue | PTT Public Company Limited | Central Pattana Public Company Limited |
Section-level aggregates for TSIC section C manufacturing and section L real estate, as of 17 Jul 2026.
Why the asset and profit gap matters
The gap explains why these two sectors draw different kinds of money. Manufacturing sinks capital into plant, machinery and inventory up front, then earns its return by running that asset base hard, turning it into revenue about 7.57 times faster than real estate does. Real estate ties up money for years in land and construction before a single unit sells, so its return on assets stays thin even though its margin on each completed sale is fat. A lender sizing up collateral looks at manufacturing's bigger asset base with interest. An investor sizing up capital efficiency looks at real estate's fatter margin instead. Neither reading makes one sector the better bet on its own. It depends on whether the capital behind it can wait out real estate's slow asset cycle or wants manufacturing's faster turnover. Thailand's Board of Investment keeps courting manufacturing FDI for exactly this turnover reason, while developers increasingly favor asset light models such as project management fees over holding land for years.
Definitions
- Net margin
- Net profit as a share of revenue. A ten percent margin means ten satang of profit for every baht of revenue.
- Return on assets
- Net profit divided by total assets. It measures how much profit a sector generates from each baht tied up in its balance sheet, whether that money sits in cash, inventory, land or equipment.
- Return on equity
- Net profit divided by shareholder equity. It measures the return earned on the owners' own stake, after accounting for whatever debt sits on the balance sheet.
- Asset turnover
- Revenue divided by total assets. It measures how many baht of sales a sector produces per baht of assets in a year, and stands in here as a proxy for how quickly a sector's assets convert into revenue.
- TSIC section
- One of the 21 lettered categories in the Thailand Standard Industrial Classification. Manufacturing is section C, real estate is section L.
Assumptions
- Only companies that filed a financial statement contribute to the average assets, revenue, profit, margin and return figures. Registered companies that never filed are excluded from those averages but included in the registered company counts.
- Averages are section-wide aggregates, computed as total sector figures divided by the count of companies with data, not the average of each company's own ratio.
- Asset turnover is used here as a practical stand in for how fast each sector's assets convert into revenue. It does not capture the full multi year build cycle of a real estate project.
Methodology
Figures are aggregate statistics from filed financial statements in the Department of Business Development registry, computed at the TSIC section level for section C manufacturing and section L real estate as of 17 July 2026. Net margin is total sector net profit divided by total sector revenue. Return on assets is total sector net profit divided by average total assets, and return on equity is total sector net profit divided by average total equity, both calculated at the section level rather than averaged from each company's own ratio. Asset turnover is average revenue per company divided by average total assets per company. Only companies with a filed financial statement contribute to each average, so a company that never filed is counted in the registered total but not in the assets, revenue or profit figures.
How we verified this
- Asset ratio recomputed as 163,685,244.84 divided by 84,315,452.45 equals 1.9414, reported as 1.94 times.
- Net margin ratio recomputed as 7.6931 percent divided by 4.3761 percent equals 1.7580, reported as nearly double.
- Return on assets ratio recomputed as 4.5176 percent divided by 1.0522 percent equals 4.2935, reported as 4.29 times.
- Return on equity ratio recomputed as 9.8407 percent divided by 2.6894 percent equals 3.6591, reported as 3.66 times.
- Asset turnover recomputed for each sector as average revenue divided by average total assets: manufacturing 174,900,886.33 divided by 163,685,244.84 equals 1.068520, real estate 11,898,342.80 divided by 84,315,452.45 equals 0.141117, and 1.068520 divided by 0.141117 equals 7.5719, reported as manufacturing turning assets over 7.57 times faster.
- Filing rates recomputed as companies with data divided by registered companies: manufacturing 148,775 divided by 230,396 equals 64.57 percent, real estate 108,572 divided by 149,608 equals 72.57 percent.
- Total revenue ratio recomputed as 25,130,983,654,714.83 divided by 1,251,634,272,239.68 equals 20.08 times.
- Total net profit ratio recomputed as 1,099,769,416,992.99 divided by 96,288,920,566.77 equals 11.42 times.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Bank of Thailand. (2026). Residential Property Price Index (RG_SR_046). https://app.bot.or.th/BTWS_STAT/statistics/BOTWEBSTAT.aspx?reportID=886&language=ENG
Frequently asked questions
Does manufacturing or real estate hold more assets on average in Thailand?
Manufacturing does. The average manufacturing company holds 163.7 million baht in total assets. The average real estate company holds 84.3 million baht. Manufacturing's average is 1.94 times larger.
Which sector is more profitable, manufacturing or real estate?
By net margin, real estate is. It keeps 7.69 baht of net profit per 100 baht of revenue, against 4.38 baht for manufacturing. By return on assets, manufacturing leads instead, at 4.52 percent against 1.05 percent.
Why does manufacturing have a lower margin but a higher return on assets than real estate?
Manufacturing turns its asset base into revenue about 7.57 times faster than real estate does, so even a thinner margin compounds into a higher return on the assets employed.
How many manufacturing and real estate companies are registered in Thailand?
230,396 manufacturing companies and 149,608 real estate companies are registered. Of those, 148,775 manufacturing companies and 108,572 real estate companies have a filed financial statement.
Cite this page
Chatpong L. (2026). Manufacturing vs Real Estate in Thailand: Assets and Profit 2026. Max Data Insights. https://maxdatathailand.com/insights/manufacturing-vs-real-estate-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.