Thailand's Corporate Debt Load: 2007 to 2025
In short
Thailand's registered companies carried 64.43 trillion baht in combined liabilities in statement year 2025, as of 7 July 2026. That is up from 20.32 trillion baht in 2007, a rise of 217.1 percent in eighteen years. Total debt roughly tripled, 3.17 times the 2007 level. Shareholder equity grew even faster over the same span, up 353.1 percent, so the debt to equity ratio actually fell, from 2.40 in 2007 to 1.68 in 2025. Thai companies are borrowing far more money in absolute terms while relying less on debt to fund the balance sheet than they did eighteen years ago.
How much debt do Thai companies carry?
Add up every liability on every registered Thai company's balance sheet and the total reaches 64.43 trillion baht in statement year 2025 (DBD, 2026). In 2007 that same total stood at 20.32 trillion baht. Debt roughly tripled over eighteen years, a rise of 217.1 percent. The 2025 figure runs 3.17 times the 2007 level. A compound annual growth rate of 6.62 percent a year connects the two endpoints. Some of that rise simply tracks a larger filing population, since the number of companies with a financial statement on file grew from 315,278 in 2007 to 713,946 in 2025, a jump of 126.4 percent. Average liabilities per company still climbed, from 64.45 million baht in 2007 to 90.25 million baht in 2025, a 40.0 percent increase per firm. The site has published total assets and total equity separately before. This is the first page to name the liability side on its own.
Total corporate liabilities by statement year, 2007 to 2025
Figures in trillion baht, total liabilities.
Statement year 2018, BE2561, is left off this line. That year the registry's total assets and total liabilities jumped several times over in a single year while filing company count grew only 7.35 percent, a registry coverage change rather than a real borrowing surge, so the trend here runs on the years before and after it.
Total liabilities, assets and equity by statement year
| Statement year | Calendar year | Total assets, trillion baht | Total equity, trillion baht | Total liabilities, trillion baht | Debt to equity ratio | Filing companies |
|---|---|---|---|---|---|---|
| BE2550 | 2,007 | 29 | 8 | 20 | 2 | 315,278 |
| BE2551 | 2,008 | 31 | 9 | 22 | 2 | 324,317 |
| BE2552 | 2,009 | 31 | 10 | 21 | 2 | 329,666 |
| BE2553 | 2,010 | 36 | 11 | 24 | 2 | 352,153 |
| BE2554 | 2,011 | 40 | 13 | 28 | 2 | 376,479 |
| BE2555 | 2,012 | 46 | 15 | 31 | 2 | 403,035 |
| BE2556 | 2,013 | 50 | 16 | 34 | 2 | 433,201 |
| BE2557 | 2,014 | 55 | 19 | 36 | 2 | 457,933 |
| BE2558 | 2,015 | 58 | 20 | 38 | 2 | 479,697 |
| BE2559 | 2,016 | 71 | 26 | 45 | 2 | 500,613 |
| BE2560 | 2,017 | 66 | 24 | 42 | 2 | 531,249 |
| BE2561 | 2,018 | 248 | 102 | 146 | 1 | 570,309 |
| BE2562 | 2,019 | 81 | 29 | 52 | 2 | 594,825 |
| BE2563 | 2,020 | 83 | 29 | 54 | 2 | 617,289 |
| BE2564 | 2,021 | 91 | 31 | 60 | 2 | 648,532 |
| BE2565 | 2,022 | 96 | 34 | 62 | 2 | 675,248 |
| BE2566 | 2,023 | 99 | 35 | 64 | 2 | 704,503 |
| BE2567 | 2,024 | 104 | 39 | 65 | 2 | 730,001 |
| BE2568 | 2,025 | 103 | 38 | 64 | 2 | 713,946 |
Total liabilities computed as total assets minus total equity, by statement year, as of 7 Jul 2026. BE2561, the 2018 statement year, is a registry coverage anomaly and sits outside the trend chart and the growth math on this page.
Why this matters
The interesting part is not that debt tripled. It is what grew faster. Shareholder equity rose 353.1 percent over the same eighteen years, from 8.47 trillion baht to 38.39 trillion baht. Total assets rose 257.1 percent, from 28.79 trillion baht to 102.83 trillion baht. Liabilities rose only 217.1 percent, the slowest of the three. That shows up directly in how the balance sheet is financed. The debt to equity ratio for the whole company sector fell from 2.40 in 2007 to 1.68 in 2025. In 2007 companies carried about 2.40 baht of debt for every baht of equity. By 2025 that had fallen to 1.68 baht. The liabilities to assets ratio tells the same story, down from 70.6 percent in 2007 to 62.7 percent in 2025. Thai companies are borrowing more money than ever in plain baht terms. They are financing a smaller share of that balance sheet with borrowed money than they did eighteen years ago. Growth in the corporate sector since 2007 has leaned more on retained earnings and paid in capital than on new debt, and separate Bank of Thailand reporting on the wider corporate debt to GDP ratio points the same direction for 2025 (Bank of Thailand, 2025).
Definitions
- Total liabilities
- Everything a company owes, computed here as total assets minus total equity, since the registry aggregates do not carry a separate liabilities line.
- Statement year
- The fiscal year a filed financial statement covers, recorded in the registry on the Buddhist calendar, where BE2550 equals 2007 and BE2568 equals 2025 in the Western calendar.
- Debt to equity ratio
- Total liabilities divided by total equity for the whole group of companies in a year, a sector wide figure rather than an average of individual company ratios.
- Compound annual growth rate
- The steady yearly growth rate that would carry a starting value to an ending value over a set number of years, here calculated across the eighteen years from 2007 to 2025.
- Registry coverage anomaly
- A year where the count and value of filings jump in a way that outruns any plausible change in real economic activity, usually traced to a change in how many companies filed rather than to genuine growth.
Assumptions
- Total liabilities are derived as total assets minus total equity for each statement year, since the source aggregate does not carry a direct liabilities column, so any rounding in the underlying assets or equity figures carries through.
- Only companies with a filed financial statement for a given year are counted, so companies that registered but never filed are excluded from every year in this analysis.
- The BE2569, 2026, statement year is excluded because it holds only a small partial set of early filers and would understate the year if included.
- The BE2561, 2018, statement year is treated as a registry coverage anomaly based on its liability jump far outrunning its filer growth, and is left out of the trend chart and compound growth math, though it remains visible and flagged in the full table.
- Debt to equity and liabilities to assets ratios are aggregate sector wide figures, not an average of each company's own ratio, so they can be pulled by a small number of very large filers in any given year.
Methodology
Total liabilities are computed as total assets minus total equity, summed across every company with a filed financial statement for a given statement year, drawn from the Department of Business Development registry as of 7 July 2026. A statement year runs on the Buddhist calendar, so BE2550 covers the 2007 fiscal year and BE2568 covers 2025. Ratios such as debt to equity and liabilities to assets are aggregate sector wide figures, the sum of all liabilities divided by the sum of all equity or assets, not an average of individual company ratios. Growth and compound annual growth rate figures are computed on the 2007 and 2025 endpoints. Statement year BE2561, 2018, is flagged as a registry coverage anomaly and is shown in the full table but excluded from the trend chart and the growth math, since its jump far outruns the growth in filing company count that year.
How we verified this
- 20319779895794.91 baht subtracted from 28793006371622.99 baht total assets confirms 2007 total liabilities of 20319779895794.91 baht, since total assets minus total equity of 8473226475828.08 baht equals that figure.
- 64432959650307.36 baht divided by 20319779895794.91 baht equals 3.17, and the growth rate 44113179754512.45 baht divided by 20319779895794.91 baht equals 2.171, confirming the 217.1 percent rise and the 3.17 times multiple stated in the tldr and key stats.
- The eighteen year compound annual growth rate, 3.170947716 raised to the power of one eighteenth minus one, equals 0.0662, confirming the 6.62 percent figure.
- 20319779895794.91 baht divided by 8473226475828.08 baht equals 2.40 and 64432959650307.36 baht divided by 38394471250791.71 baht equals 1.68, confirming the debt to equity ratios for 2007 and 2025.
- 8473226475828.08 baht grown to 38394471250791.71 baht is a rise of 353.1 percent, and 28793006371622.99 baht grown to 102827430901099.07 baht is a rise of 257.1 percent, both larger than the 217.1 percent liability growth, confirming liabilities grew the slowest of the three balance sheet lines.
- 20319779895794.91 baht divided by 315278 companies equals 64.45 million baht per company in 2007, and 64432959650307.36 baht divided by 713946 companies equals 90.25 million baht per company in 2025, a rise of 40.0 percent confirmed by direct division.
- 20319779895794.91 baht divided by 28793006371622.99 baht equals 70.6 percent and 64432959650307.36 baht divided by 102827430901099.07 baht equals 62.7 percent, confirming the liabilities to assets ratios cited for 2007 and 2025.
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. (2025). Banking sector quarterly brief, Q3 2025. https://www.bot.or.th/en/news-and-media/news/news-20251118.html
Frequently asked questions
How much total debt do Thailand's registered companies carry?
Combined liabilities across Thailand's registered companies reached 64.43 trillion baht in statement year 2025, computed as total assets minus total equity from Department of Business Development filings as of 7 July 2026.
How has Thai corporate debt grown since 2007?
Total liabilities grew from 20.32 trillion baht in 2007 to 64.43 trillion baht in 2025, a rise of 217.1 percent, roughly 3.17 times the 2007 level, for a compound annual growth rate of 6.62 percent.
Do Thai companies carry more debt relative to equity now than in 2007?
No. The aggregate debt to equity ratio fell from 2.40 in 2007 to 1.68 in 2025, and the liabilities to assets ratio fell from 70.6 percent to 62.7 percent, because equity and assets both grew faster than debt over the period.
Why is statement year 2018 excluded from the debt trend chart?
BE2561, the 2018 statement year, shows a registry coverage jump where reported assets and liabilities multiplied several times over while the filing company count grew only 7.35 percent, so it is treated as a data anomaly rather than a real one year borrowing surge.
Cite this page
Chatpong L. (2026). Thailand's Corporate Debt Load: 2007 to 2025. Max Data Insights. https://maxdatathailand.com/insights/thai-corporate-debt-load-2007-2025
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.