Thai Corporate Profit vs Revenue Growth, 2007 to 2025
In short
Thai corporate net profit grew at a compound annual rate of 6.12 percent between 2007 and 2025, narrowly ahead of revenue's 5.95 percent pace. Total reported revenue rose from 23.99 trillion baht to 67.95 trillion, up 183 percent. Total reported net profit rose from 1.01 trillion baht to 2.95 trillion, up 191 percent. The aggregate net margin drifted from 4.22 percent to 4.34 percent, after swinging as low as 2.58 percent in 2019. Profit kept pace with a growing economy and then a little more.
Has profit outgrown revenue since 2007?
Yes, by a narrow but persistent margin. Thai companies' aggregate net profit grew at a compound annual rate of 6.12 percent between statement year 2007 and 2025, compared with 5.95 percent for aggregate revenue (DBD, 2026). That is a gap of 0.17 percentage points a year, small in any single year but compounding over 18 years into a visible split. Total reported revenue rose from 23.99 trillion baht to 67.95 trillion, a gain of 183 percent. Total reported net profit rose from 1.01 trillion baht to 2.95 trillion, a gain of 191 percent. The aggregate net margin, profit as a share of revenue, moved from 4.22 percent in 2007 to 4.34 percent in 2025. Margin resilience is the more precise description than margin expansion. Along the way the margin swung from a peak of 6.62 percent in 2016 to a trough of 2.58 percent in 2019, a wider single swing than the net 0.12 point gain across the full 18 years.
Aggregate net margin by year, 2007 to 2025
Figures in percent net margin.
The 2019 trough sits below the 2020 pandemic year. By 2025 the margin has recovered close to its 2007 starting point and a touch beyond it.
Revenue and profit growth, start vs end
| Metric | 2007 | 2025 | 18-year change |
|---|---|---|---|
| Total revenue (trillion baht) | 23.99 | 67.95 | 5.95% CAGR |
| Total net profit (trillion baht) | 1.01 | 2.95 | 6.12% CAGR |
| Net margin | 4.22% | 4.34% | +0.12 percentage points |
| Filing companies | 315,581 | 715,339 | +126.7% |
Statement year 2007, BE 2550, versus 2025, BE 2568, as of 14 Aug 2026. Statement year 2026, BE 2569, is excluded as incomplete.
Why this matters
The registry counts every company that filed a statement in a given year, and the filer count itself more than doubled, from 315,581 in 2007 to 715,339 in 2025, up 126.7 percent (DBD, 2026). Part of the aggregate growth is simply more businesses filing, not the same firms getting bigger. Dividing by the filer count still favors profit. Average revenue per filer rose from about 76.02 million baht to 94.99 million, a CAGR of 1.25 percent. Average profit per filer rose from 3.21 million baht to 4.12 million, a CAGR of 1.40 percent. Margin resilience survives the correction for a bigger, more crowded registry. That finding sits in some tension with the OECD's 2025 review of Thailand's capital market, which found return on equity and return on assets for listed companies on a declining trend since 2016, concentrated among lower-profitability firms (OECD, 2025). The DBD registry spans a far wider population than the stock exchange, including the smaller companies the OECD's percentile analysis suggests held up better. Two decades that included a global financial crisis, a historic flood, a pandemic and renewed trade tensions did not erode the average baht of profit relative to the average baht of revenue. That is a quieter story than a boom or a bust, and it is the one the full 18 years of data actually tells.
Definitions
- CAGR
- Compound annual growth rate, the constant yearly rate that would take a starting value to an ending value over a given number of years if it grew smoothly.
- Net margin
- Net profit as a share of revenue. An aggregate net margin of 4.34 percent means 4.34 satang of profit for every baht of revenue, summed across all filing companies.
- Statement year
- The fiscal year a filed financial statement covers. The registry records it on the Buddhist calendar, so BE 2550 equals calendar 2007 and BE 2568 equals calendar 2025.
- Filer
- A company that submitted a financial statement to the Department of Business Development for a given statement year. Not every registered company files every year.
- Aggregate
- A sum across all filing companies for a year, such as total revenue or total profit, rather than an average of individual company figures.
Assumptions
- Figures are nominal baht values and are not adjusted for inflation.
- Statement year 2026, BE 2569, is excluded because only 4,534 companies had filed at the time of the data pull.
- The number of filing companies more than doubled between 2007 and 2025, so part of the growth in both totals reflects wider registry coverage rather than the same companies each growing.
- Net margin is an aggregate ratio of total profit to total revenue, not the average of each company's own margin, so a small number of very large or very profitable filers can move it.
Methodology
Total revenue and total net profit are aggregate sums across every company that filed a financial statement for a given statement year with Thailand's Department of Business Development, drawn from the market_year_insight registry table as of 14 August 2026. The registry records statement_year on the Buddhist calendar, so BE 2550 equals calendar 2007 and BE 2568 equals calendar 2025. Compound annual growth rate is computed as the 2025 total divided by the 2007 total, raised to the power of one over 18 years, minus one. Statement year 2026, BE 2569, is excluded because only 4,534 companies had filed at the time of the data pull, too few to represent a full year. Net margin is aggregate net profit divided by aggregate revenue for the same year, not the average of individual company margins.
How we verified this
- Revenue CAGR recomputed as (67,949,733,020,120.65 divided by 23,991,488,433,646.85), raised to the power of 1 over 18, minus 1, equals 5.95 percent.
- Net profit CAGR recomputed as (2,948,062,688,131.74 divided by 1,012,086,675,198.24), raised to the power of 1 over 18, minus 1, equals 6.12 percent.
- CAGR gap recomputed as 6.12 minus 5.95 equals 0.17 percentage points in profit's favor.
- Net margin recomputed directly from raw totals: 1,012,086,675,198.24 over 23,991,488,433,646.85 equals 4.22 percent in 2007, and 2,948,062,688,131.74 over 67,949,733,020,120.65 equals 4.34 percent in 2025, both matching the net_margin field in market_year_insight.
- Filer count growth recomputed as 715,339 divided by 315,581, minus 1, equals 126.7 percent.
- Per filer revenue and profit were recomputed by dividing each year's totals by its filer count. Revenue per filer grew from 76.02 million baht to 94.99 million, a 1.25 percent CAGR. Profit per filer grew from 3.21 million baht to 4.12 million, a 1.40 percent CAGR, confirming the profit-over-revenue gap survives the filer count correction.
- Margin peak and trough were found by sorting all 19 statement years by net_margin: the peak is 6.62 percent in 2016 (BE 2559) and the trough is 2.58 percent in 2019 (BE 2562).
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- OECD. (2025). The corporate sector. In OECD Capital Market Review of Thailand 2025. OECD Publishing. https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/the-corporate-sector_008c96e5.html
Frequently asked questions
Has Thai corporate profit grown faster than revenue since 2007?
Yes. Net profit grew at a compound annual rate of 6.12 percent from 2007 to 2025, versus 5.95 percent for revenue, a gap of 0.17 percentage points a year.
Did Thai company net margins improve since 2007?
Only slightly. The aggregate net margin moved from 4.22 percent in 2007 to 4.34 percent in 2025, a gain of 0.12 percentage points, after swinging between a low of 2.58 percent in 2019 and a high of 6.62 percent in 2016.
Is the growth in totals just from more companies filing statements?
Partly, but not entirely. The number of filing companies rose 126.7 percent over the period, yet profit per filer still grew faster than revenue per filer, 1.40 percent a year versus 1.25 percent.
Which year had the worst net margin since 2007?
2019, BE 2562, at 2.58 percent, a deeper trough than the 2020 pandemic year, which recorded 3.61 percent.
Cite this page
Chatpong L. (2026). Thai Corporate Profit vs Revenue Growth, 2007 to 2025. Max Data Insights. https://maxdatathailand.com/insights/thai-corporate-profit-growth-vs-revenue-growth-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.