Thailand's Falling Asset Turnover Ratio, 2007 to 2025
In short
Thailand's corporate asset turnover ratio has fallen over eighteen years, despite several rebound years along the way. Companies generated 83.3 baht of revenue per 100 baht of assets in 2007. That figure sank to 65.4 baht by 2025. The gap amounts to a 17.9 percentage point decline. Total corporate assets grew about 3.6 times over the period. Revenue grew far more slowly, roughly 2.8 times. The ratio hit its lowest point in 2020, at 52.8. Thai firms are simply carrying more balance sheet weight for every baht of sales than they did two decades ago.
Has Thailand's asset turnover ratio improved or worsened?
It has worsened over the long run, though the path there was bumpy rather than a straight line down. Thai companies converted 83.3 baht of revenue out of every 100 baht sitting on their balance sheets in 2007 (DBD, 2026). By 2025 the same 100 baht of assets produced only 65.4 baht of revenue. That is a drop of 17.9 percentage points, or a 21.5 percent decline relative to where the ratio started. Assets on Thai corporate balance sheets grew about 3.6 times between 2007 and 2025. Revenue grew only about 2.8 times over the same period. Companies added property, equipment and financial assets faster than they added sales, and the gap has never closed.
Asset turnover ratio by statement year, 2007 to 2025
Figures in baht of revenue per 100 baht of assets.
The ratio peaked near 2008 to 2012, fell sharply through the mid 2010s, bottomed in the pandemic year 2020, and has only partly recovered since.
Revenue, assets and asset turnover by year
| Year | Revenue, trillion baht | Total assets, trillion baht | Asset turnover, baht per 100 baht assets |
|---|---|---|---|
| 2007 | 24 | 29 | 83 |
| 2008 | 28 | 31 | 90 |
| 2009 | 25 | 31 | 83 |
| 2010 | 30 | 36 | 84 |
| 2011 | 35 | 40 | 86 |
| 2012 | 40 | 46 | 88 |
| 2013 | 42 | 50 | 83 |
| 2014 | 42 | 55 | 76 |
| 2015 | 41 | 58 | 71 |
| 2016 | 43 | 64 | 66 |
| 2017 | 44 | 67 | 67 |
| 2018 | 48 | 88 | 54 |
| 2019 | 48 | 81 | 60 |
| 2020 | 44 | 83 | 53 |
| 2021 | 49 | 91 | 53 |
| 2022 | 59 | 97 | 61 |
| 2023 | 60 | 100 | 60 |
| 2024 | 65 | 105 | 62 |
| 2025 | 68 | 104 | 65 |
Aggregate reported revenue and total assets for companies with a filed financial statement, by statement year, as of 17 Jul 2026.
Why a falling asset turnover ratio should worry Thai boardrooms
A shrinking asset turnover ratio is a different story from a shrinking profit margin, and mixing the two hides the real problem. Margin measures how much profit sits in each baht of sales. Turnover measures how hard the balance sheet has to work to generate that sales figure in the first place, and the two multiply together into return on assets. Assets grew 3.6 times since 2007 while revenue grew only 2.8 times, so return on assets has drifted down even in years when margin looked fine. The OECD flagged a related pattern from a different angle, noting that Thai corporate profitability has been on a declining trend since 2016 (OECD, 2025). A company sitting on more property, more inventory and more receivables without a matching rise in sales is either investing ahead of demand that has not yet arrived, or it is simply accumulating dead weight on the books. Two decades of data suggest the second explanation deserves more attention than it gets.
Definitions
- Asset turnover ratio
- Revenue divided by total assets for a given period. This page expresses it as baht of revenue generated per 100 baht of assets on the books, so a ratio of 83.3 means 83.3 baht of revenue for every 100 baht of assets.
- Statement year
- The fiscal year covered by a company's filed financial statement. The source registry records it in the Buddhist calendar, which this page converts to the Gregorian year for readability.
- Aggregate ratio
- A ratio built from total sector or economy figures, revenue divided by assets summed across every reporting company, rather than the average of each company's individual ratio.
- Total assets
- The book value of everything a company owns, including cash, receivables, inventory, property and equipment, as reported on its filed balance sheet.
Assumptions
- Only companies that filed a financial statement with revenue and total assets figures for a given year contribute to that year's aggregate.
- The ratio is a whole economy aggregate weighted toward the largest and most asset heavy companies, not an average of individual company ratios.
- The 2018 statement year shows an unusually large jump in reported total assets tied to expanded registry coverage, so single year moves around 2018 are read with more caution than the endpoint to endpoint trend.
- Asset values are book values as reported by each company, not adjusted for inflation or revalued to current market prices.
- The 2026 statement year is excluded because filings for it are still incomplete.
Methodology
Asset turnover ratio is calculated as aggregate reported revenue divided by aggregate reported total assets for all companies with a filed financial statement in a given statement year, drawn from the Department of Business Development registry as of 17 July 2026. Statement years follow the Buddhist calendar in the source system, for example 2550 equals 2007 and 2568 equals 2025, and have been converted to the Gregorian year shown throughout. The 2026 statement year is excluded because only a small early batch of companies had filed for it at the time of query. The ratio is a whole economy aggregate, total revenue divided by total assets, not an average of each company's own ratio, so it is weighted toward the largest companies and the most asset heavy sectors. The 2018 statement year shows an unusually large jump in reported total assets alongside expanded registry coverage, so the eighteen year trend here is read from its 2007 and 2025 endpoints rather than from any single year in the middle of the series.
How we verified this
- 2007 asset turnover recomputed directly as 23,991,488,433,646.85 baht of revenue divided by 28,796,712,119,722.68 baht of assets equals 0.833133, or 83.3 baht per 100 baht of assets, matching market_year_insight statement year 2550.
- 2025 asset turnover recomputed directly as 67,949,733,020,120.65 baht of revenue divided by 103,875,267,250,195.93 baht of assets equals 0.654147, or 65.4 baht per 100 baht of assets, matching statement year 2568.
- Percentage point decline recomputed as 83.3 minus 65.4 equals 17.9 points, and 17.9 divided by 83.3 equals a 21.5 percent relative decline from the 2007 base.
- Growth multiples recomputed as assets 103,875,267,250,195.93 divided by 28,796,712,119,722.68 equals 3.6 times, versus revenue 67,949,733,020,120.65 divided by 23,991,488,433,646.85 equals 2.8 times, confirming assets outgrew revenue over the period.
- All nineteen statement years from 2550 through 2568 were pulled and scanned for the minimum ratio, confirming statement year 2563, 2020, as the low point at 43,993,407,367,025.73 divided by 83,284,769,792,115.19 equals 0.528229, or 52.8 baht per 100 baht of assets.
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 Thailand's asset turnover ratio improved or worsened since 2007?
It has worsened. The ratio fell from 83.3 baht of revenue per 100 baht of assets in 2007 to 65.4 baht in 2025, a drop of 17.9 percentage points, or 21.5 percent relative to its 2007 level.
When was the lowest point in the eighteen year span?
Statement year 2020, at 52.8 baht of revenue per 100 baht of assets, the low point of the entire 2007 to 2025 series before a partial recovery.
Why did the ratio fall so much?
Corporate assets grew about 3.6 times between 2007 and 2025 while revenue grew only about 2.8 times, so each baht of assets on the books had to work harder to produce the same revenue and largely failed to keep pace.
Is the 2018 dip part of the real trend or a data artifact?
Some of it reflects a genuine jump in reported total assets as registry coverage expanded that year, which is why this page anchors its headline on the 2007 and 2025 endpoints rather than any single mid period year.
Cite this page
Chatpong L. (2026). Thailand's Falling Asset Turnover Ratio, 2007 to 2025. Max Data Insights. https://maxdatathailand.com/insights/thailands-asset-turnover-ratio-trend-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.
Related insights
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.