Rayong vs Nakhon Ratchasima: Same Companies, 6x the Revenue 2026
In short
No, and Rayong and Nakhon Ratchasima prove it. Nakhon Ratchasima registers 33,958 companies as of 17 July 2026, just 875 more than Rayong's 33,083. Rayong's companies still report 3.20 trillion baht in total revenue against Nakhon Ratchasima's 534.50 billion baht, a gap of about 5.99 times. Rayong ranks fourth nationally for revenue while sitting tenth for company count. Nakhon Ratchasima ranks ninth for company count but only fourteenth for revenue. Headcount and output are two different economies.
Do matched company counts mean matched revenue?
No. Rayong and Nakhon Ratchasima are as close as two Thai provinces get on paper. Nakhon Ratchasima carries 33,958 registered companies as of 17 July 2026, while Rayong carries 33,083 (DBD, 2026). That is a difference of just 875 companies, or 2.6 percent, and it puts the two provinces back to back at ninth and tenth place in the national company count ranking. Revenue tells a completely different story. Rayong's companies reported 3.20 trillion baht in total revenue. Nakhon Ratchasima's companies reported 534.50 billion baht. Divide one into the other and Rayong out earns Nakhon Ratchasima by a factor of 5.99, essentially six times the money from a nearly identical roster of firms. The average Rayong company reported about 96.7 million baht in revenue. The average Nakhon Ratchasima company reported about 15.7 million baht. This is a province-level echo of a pattern we found at the industry code level, where two TSIC codes with the exact same company count posted revenue hundreds of times apart. Scale of registration and scale of output keep turning out to be different measurements entirely.
Total revenue versus company count, Rayong and Nakhon Ratchasima
- Rayong revenue (billion baht)3,200
- Nakhon Ratchasima revenue (billion baht)535
- Rayong companies (thousands)33
- Nakhon Ratchasima companies (thousands)34
Figures in revenue in billion baht, companies in thousands.
The two provinces sit within 3 percent of each other on company count. On revenue, Rayong pulls almost six times ahead.
Rayong and Nakhon Ratchasima side by side
| Measure | Rayong | Nakhon Ratchasima |
|---|---|---|
| Registered companies | 33,083 | 33,958 |
| Company count rank nationally | 10 | 9 |
| Total revenue | 3.20 trillion baht | 534.50 billion baht |
| Revenue rank nationally | 4 | 14 |
| Average revenue per company | 96.7 million baht | 15.7 million baht |
| Share of national revenue | 3.99% | 0.67% |
| Share of national company count | 1.66% | 1.71% |
Company count, revenue, national rank and average revenue per company, as of 17 Jul 2026.
Why one province out earns its twin six to one
The count tells you how many businesses registered. It says nothing about what those businesses do. Rayong sits inside the Eastern Economic Corridor, home to the Map Ta Phut industrial estate and a dense cluster of petrochemical, refining and export manufacturing operations. Thailand's National Economic and Social Development Council has separately reported Rayong as the province with the highest gross regional product per person in the country, a finding that lines up with what the revenue side of this registry shows (NESDC, 2024). Nakhon Ratchasima carries a similar number of registered firms but a much smaller share of them are heavy industrial or export operations, so the same headcount produces a fraction of the money. Anyone using company count alone as a proxy for a province's economic weight will misjudge Nakhon Ratchasima and Rayong by nearly six times. The registry counts doors, not the size of what happens behind them.
Definitions
- Total revenue
- The sum of reported revenue across all companies in a province that filed a financial statement in the DBD registry. Companies that never filed are excluded from the revenue figure.
- Average revenue per company
- A province's total revenue divided by its total registered company count, including companies that did not file a statement, so it understates what filers alone earn on average.
- National rank
- A province's position when all 77 provinces are sorted from highest to lowest on a given measure, either entity count or total revenue.
- Share of national revenue
- A province's total revenue divided by the sum of total revenue across all provinces in Thailand.
Assumptions
- Revenue figures only reflect companies that filed a financial statement, while company counts include every registered company regardless of filing status.
- Province is assigned from each company's registered address, which may differ from where its actual production or operations are located, a common pattern for large industrial estates.
- National ranks are computed against the 77-province table as published, excluding rows with a missing province label.
Methodology
Company counts and total reported revenue for Rayong and Nakhon Ratchasima are drawn from the DBD registry aggregate table for provinces as of 17 July 2026. Total revenue sums all reported revenue for companies with a filed financial statement and a matched province, so companies that never filed a statement are not counted in the revenue figure though they are counted in the company total. National ranks are computed by ordering all 77 provinces on entity count and on total revenue independently. Average revenue per company divides each province's total revenue by its own registered company count, not by the number of companies that filed a statement.
How we verified this
- Company count gap recomputed as 33958 minus 33083 equals 875, and 875 divided by 33083 equals 2.64 percent.
- Revenue multiple recomputed as 3200467066497.73 divided by 534495649226.25 equals 5.99.
- Average revenue per company recomputed as total revenue divided by company count for each province, giving 96.7 million baht for Rayong and 15.7 million baht for Nakhon Ratchasima, a ratio of 6.15.
- National revenue rank recomputed by sorting all provinces on total_revenue descending, placing Rayong fourth and Nakhon Ratchasima fourteenth.
- National company count rank recomputed by sorting all provinces on entity_count descending, placing Nakhon Ratchasima ninth and Rayong tenth.
- Share of national revenue recomputed as province revenue divided by total national revenue of 80146498562463.62 baht, giving 3.99 percent for Rayong and 0.67 percent for Nakhon Ratchasima.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by province. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- National Economic and Social Development Council. (2024). Gross regional and provincial product report 2024. Office of the Prime Minister, Thailand. https://www.nesdc.go.th/
Frequently asked questions
Do Rayong and Nakhon Ratchasima really have almost the same number of companies?
Yes. Nakhon Ratchasima has 33,958 registered companies and Rayong has 33,083, a difference of 875 companies or 2.6 percent, as of 17 July 2026.
How much more revenue does Rayong generate than Nakhon Ratchasima?
Rayong reported 3.20 trillion baht in total revenue against Nakhon Ratchasima's 534.50 billion baht, a multiple of 5.99 times.
Why does Rayong earn so much more with a similar number of companies?
Rayong hosts the Map Ta Phut industrial estate and a concentration of petrochemical and export manufacturing firms inside the Eastern Economic Corridor, sectors that generate far more revenue per company than the mix of firms typically registered in Nakhon Ratchasima.
Is company count a reliable measure of a province's economic size?
Not on its own. Rayong and Nakhon Ratchasima sit within 3 percent of each other on company count but nearly six times apart on revenue, so count and output need to be read together.
Cite this page
Chatpong L. (2026). Rayong vs Nakhon Ratchasima: Same Companies, 6x the Revenue 2026. Max Data Insights. https://maxdatathailand.com/insights/same-company-count-different-fortunes-thai-provinces-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.