Thailand's Corporate Asset Turnover Ratio in 2026
In short
The average Thai company turns over 0.62 baht of revenue for every baht of assets on its books, as of 7 July 2026. National revenue of 80.15 trillion baht runs against an estimated 129.0 trillion baht in company assets. Wholesale and retail trade turns its balance sheet fastest, at 1.62 baht of revenue per baht of assets. Education sits at the other extreme, at just 0.05. The fastest sector outruns the slowest by nearly thirty times.
How many baht of revenue per baht of assets does a Thai company generate?
Across the whole registered economy, Thai companies generate 0.62 baht of revenue for every baht of assets sitting on their books, as of 7 July 2026 (DBD, 2026). National revenue reached 80.15 trillion baht against an estimated 129.0 trillion baht in company assets. That means the typical baht invested in a Thai company takes about a year and a half to fully cycle through as revenue. This is a different question from margin, return on assets or return on equity. Margin asks how much profit sits in each baht of sales. Asset turnover asks how hard the balance sheet works to produce those sales in the first place, and the two multiply together to explain return on assets. A company can be thin margined and still profitable if it turns its assets over fast enough, and a company can carry a fat margin and still disappoint if its assets barely move.
Asset turnover ratio by industry section
- Wholesale and retail trade2
- Manufacturing1
- Transportation and storage1
- Construction1
- Human health and social work1
- Administrative and support0
- Information and communication0
- Accommodation and food service0
- Professional, scientific and technical0
- Mining and quarrying0
- Electricity and gas0
- Real estate0
- Financial and insurance0
- Education0
Figures in baht of revenue per baht of assets.
Trading sectors spin their balance sheets fast on thin margins. Finance, real estate and education carry heavy assets against comparatively little revenue.
Asset turnover ratio by industry section
| Industry section | Asset turnover ratio | Estimated assets, billion baht | Revenue, billion baht | Companies with filed data |
|---|---|---|---|---|
| Wholesale and retail trade | 1.62 | 23,937 | 38,739 | 424,209 |
| Manufacturing | 1.03 | 24,346 | 25,135 | 148,653 |
| Transportation and storage | 0.73 | 2,966 | 2,154 | 51,454 |
| Construction | 0.62 | 3,752 | 2,324 | 161,921 |
| Human health and social work | 0.61 | 853 | 517 | 13,170 |
| Administrative and support | 0.44 | 2,491 | 1,108 | 68,266 |
| Information and communication | 0.41 | 3,274 | 1,332 | 38,784 |
| Accommodation and food service | 0.39 | 2,384 | 941 | 59,215 |
| Professional, scientific and technical | 0.39 | 2,787 | 1,083 | 99,102 |
| Mining and quarrying | 0.37 | 1,207 | 449 | 3,574 |
| Electricity and gas | 0.34 | 2,434 | 816 | 6,204 |
| Real estate | 0.14 | 9,153 | 1,251 | 108,441 |
| Financial and insurance | 0.07 | 46,625 | 3,304 | 25,697 |
| Education | 0.05 | 1,146 | 62 | 10,004 |
Estimated revenue per baht of assets, by section, as of 7 Jul 2026. Assets estimated as average total assets per company times the count of companies with filed financial data in that section.
Why an efficiency ratio deserves its own headline
Wholesale and retail trade sits at the top of the ranking at 1.62 baht of revenue per baht of assets. That is the mechanical signature of a trading business. It holds inventory and receivables rather than factories, and it moves that working capital fast to survive on a net margin of only 1.27 percent. Manufacturing follows at 1.03, still turning its heavier plant and equipment into revenue faster than most of the economy. At the bottom, education runs at 0.05 and financial and insurance runs at 0.07. Both carry assets that revenue alone cannot explain, tuition-funded campuses and loan books and investment portfolios that sit on the balance sheet without generating a matching baht of yearly sales. Real estate lands at 0.14 for the same reason: land banks and buildings under development inflate the asset side long before a unit is sold. None of this makes education or finance poorly run. It makes the asset turnover ratio a poor solo judge of any one sector and a genuinely useful cross check against margin, because a sector that looks unprofitable on margin can still be earning an acceptable return on assets if its turnover is high, and a sector with a glowing margin can be a mediocre user of capital if its turnover is this low.
Definitions
- Asset turnover ratio
- Revenue divided by total assets. A ratio of 0.62 means 0.62 baht of revenue is generated per baht of assets on the books over the reporting period.
- Return on assets
- Net profit divided by total assets, expressed as a percentage. Equals net margin multiplied by asset turnover.
- Net margin
- Net profit as a share of revenue. Multiplying net margin by asset turnover reproduces return on assets.
- Estimated assets
- A back calculated figure, not a directly reported total, produced either from net profit divided by return on assets, or from average assets per company multiplied by the count of companies with filed data.
Assumptions
- The registry's aggregate tables do not publish one national total assets figure, so the national estimate is derived from the return on assets identity rather than measured directly.
- Section level assets are estimated from average assets per filing company multiplied by the count of filing companies in that section, not summed from every registered company.
- Only companies that filed a financial statement with asset, revenue and profit figures contribute to any ratio in this page.
- The ranking covers 14 sections chosen for their weight in corporate revenue. Public administration, households and extraterritorial bodies are excluded because fewer than 1,000 companies filed data there. Agriculture, water and waste, arts and entertainment and other services clear that floor but are excluded here too, to keep the ranking focused on the core commercial and industrial sectors.
- Asset values are book values as reported by each company, not market values, and are not adjusted for inflation or asset age.
Methodology
The national and section asset turnover ratios are calculated as total reported revenue divided by an estimated stock of company assets, drawn from the DBD registry as of 7 July 2026. The registry's aggregate tables do not publish a single national total assets figure directly, so the national estimate of 129.0 trillion baht is derived from the identity that return on assets equals net margin multiplied by asset turnover, meaning assets equal net profit divided by return on assets. Section-level assets are estimated instead as each section's average total assets per company multiplied by its count of companies with filed financial data, a method cross checked against the national estimate and against each section's published return on assets, both of which matched to within a fraction of one percent. The ranking is limited to the fourteen sections that carry the bulk of corporate revenue, each with well over 1,000 companies with filed data. Public administration, households and extraterritorial bodies fall below that 1,000 company floor and are excluded as unstable. Agriculture, water and waste, arts and entertainment and other services clear the floor comfortably but are set aside here too, to keep the ranking focused on the core commercial and industrial sectors.
How we verified this
- National turnover recomputed two independent ways: avg_roa divided by avg_net_margin gives 2.54898477 divided by 4.10268260 equals 0.6213, and total_revenue of 80,148,033,688,000.39 baht divided by estimated assets of 129,001,140,921,545.27 baht, where estimated assets equals total_net_profit of 3,288,219,434,947.74 divided by avg_roa as a decimal, also gives 0.6213. Both round to 0.62.
- Bottom up cross check: summing avg_total_asset times companies_with_data across all 21 industry sections gives an estimated 128.91 trillion baht in total assets, within 0.07 percent of the 129.00 trillion baht top down estimate.
- For every section, net_profit divided by the reconstructed assets figure, avg_total_asset times companies_with_data, was recomputed and matched the section's published roa value within about five thousandths of a percentage point, confirming the assets reconstruction is sound.
- Spread check: wholesale and retail trade's unrounded turnover of 1.6184 divided by education's unrounded turnover of 0.0541 equals 29.9, so the fastest sector outruns the slowest by nearly thirty times. Dividing the published two decimal figures, 1.62 by 0.05, instead gives an inflated 32.4, an artifact of education's ratio carrying a large relative rounding error at that precision, so the unrounded 29.9 is the figure used in the tldr and keyStats.
- Sum of revenue across all 21 industry sections, 80.08 trillion baht, was checked against the national total of 80.15 trillion baht, a gap of 0.09 percent attributable to companies without a classified section. The 14 sections published in the ranking alone sum to 79.22 trillion baht, since seven smaller or non-market sections are held out of the table.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Office of the National Economic and Social Development Council. (2025). National accounts of Thailand. https://www.nesdc.go.th/en/info/national-accounts/
Frequently asked questions
What is Thailand's corporate asset turnover ratio in 2026?
0.62 baht of revenue for every baht of company assets, as of 7 July 2026, using national revenue of 80.15 trillion baht against an estimated 129.0 trillion baht in company assets.
Which industry turns its assets over fastest?
Wholesale and retail trade, at 1.62 baht of revenue per baht of assets, ahead of manufacturing at 1.03.
Why is asset turnover different from return on assets?
Return on assets equals net margin multiplied by asset turnover. A company can reach the same return on assets through a high margin and slow turnover, like education, or a thin margin and fast turnover, like retail.
How is the estimated total assets figure calculated, since the registry does not publish it directly?
It is back calculated from the identity that assets equal net profit divided by return on assets, and cross checked by summing average assets per company times filing companies across every industry section.
Cite this page
Chatpong L. (2026). Thailand's Corporate Asset Turnover Ratio in 2026. Max Data Insights. https://maxdatathailand.com/insights/thailands-corporate-asset-turnover-ratio-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.