Thailand's Corporate Assets-to-Equity Ratio: 2007 to 2025
In short
3.40. That is where Thailand's aggregate corporate assets-to-equity ratio, total assets divided by total equity, stood in 2007. By 2025 it had fallen to 2.68. Total assets across filing companies grew 3.57 times over those 18 years. Total equity grew faster still, 4.53 times. The ratio dipped to 2.44 in 2018, a year when a wave of newly filed statements briefly distorted the count. Outside that anomaly, the broader decline is real. Thai companies now fund more of their balance sheet with equity than they did in 2007.
How has Thailand's corporate assets-to-equity ratio changed since 2007?
Start with the number itself. In 2007, Thai companies that filed a financial statement carried 3.40 baht of assets for every baht of shareholder equity. By 2025, that multiple had fallen to 2.68. The decline of 21.19 percent over 18 years is not a straight line. The ratio rose through 2008 as the balance sheet base expanded, then fell after the 2009 global financial crisis to 3.18. It kept sliding through the middle of the decade, reaching 2.71 by 2016. It dropped further to 2.44 in 2018, a figure explained below. After that it climbed back above 2.8 for three straight years during the pandemic period, then resumed its decline to 2.66 in 2024 and 2.68 in 2025. Total assets across all filing companies grew from 28.79 trillion baht to 102.83 trillion baht, a multiple of 3.57. Total equity grew from 8.47 trillion baht to 38.39 trillion baht, a multiple of 4.53. Equity simply grew faster than assets, and that arithmetic alone explains the falling ratio.
Assets to equity assets-to-equity ratio, Thailand, 2007 to 2025
Figures in assets to equity multiple.
The 2018 reading is pulled down by a wave of newly filed statements that entered the registry that year, not by real debt reduction.
Total assets, total equity and assets-to-equity ratio by year
| Year | Total assets, trillion baht | Total equity, trillion baht | Assets-to-equity ratio |
|---|---|---|---|
| 2007 | 29 | 8 | 3 |
| 2008 | 31 | 9 | 3 |
| 2009 | 31 | 10 | 3 |
| 2010 | 36 | 11 | 3 |
| 2011 | 40 | 13 | 3 |
| 2012 | 46 | 15 | 3 |
| 2013 | 50 | 16 | 3 |
| 2014 | 55 | 19 | 3 |
| 2015 | 58 | 20 | 3 |
| 2016 | 71 | 26 | 3 |
| 2017 | 66 | 24 | 3 |
| 2018 | 248 | 102 | 2 |
| 2019 | 81 | 29 | 3 |
| 2020 | 83 | 29 | 3 |
| 2021 | 91 | 31 | 3 |
| 2022 | 96 | 34 | 3 |
| 2023 | 99 | 35 | 3 |
| 2024 | 104 | 39 | 3 |
| 2025 | 103 | 38 | 3 |
Aggregated across every company with a filed financial statement for that statement year, DBD registry as of 7 Jul 2026.
The 2018 dip is a coverage artifact, not a debt paydown
Statement year 2561 in the Buddhist calendar, 2018 in the Western calendar, does not fit the surrounding trend. Total assets jump from 66.46 trillion baht in 2017 to 247.93 trillion baht in 2018, then fall back to 80.60 trillion baht in 2019. Total equity follows the same shape, rising from 24.04 trillion baht to 101.60 trillion baht and then back down to 28.54 trillion baht. The number of filing companies also jumps that year. A large batch of new or previously unfiled statements entered the registry in 2018, and many of them carried unusually large equity balances, which pulled the aggregate ratio down to 2.44. Treat 2018 as a registry coverage event, not a signal that Thai companies suddenly cut their debt. The surrounding years, 2.76 in 2017 and 2.82 in 2019, tell the more honest story of a gradual, ongoing decline.
Why a falling assets-to-equity ratio matters
A lower assets to equity multiple means the average Thai company relies less on borrowed money and more on retained earnings or paid in capital to fund its balance sheet. That matters for financial stability. An economy where companies hold more equity per baht of assets can absorb a revenue shock, a rate rise or a bad debt without as many defaults spreading through suppliers and banks. It also matters for growth patterns. Equity heavy balance sheets tend to expand more slowly than debt heavy ones, so an 18 year decline in the ratio is consistent with a corporate sector that grew its asset base largely by keeping profit rather than by borrowing more. The OECD's 2025 review of Thailand's capital market found nonfinancial companies still carry meaningful debt loads by regional standards, so this registry wide decline in the ratio should be read as a slow structural shift, not proof that Thai companies have become debt free.
Definitions
- Assets-to-equity ratio
- Total assets divided by total equity. A ratio of 3.0 means a company or sector holds 3 baht of assets for every baht that shareholders have put in or retained, with the rest funded by debt and other liabilities.
- Total equity
- The shareholder funded portion of a company's balance sheet, made up of paid in capital plus retained earnings, as reported in its filed financial statement.
- Statement year
- The fiscal year a company's financial statement covers, recorded in the DBD registry using the Buddhist calendar and converted here to the Western calendar.
- Aggregate ratio
- A ratio computed from the sum of all companies' assets and the sum of all companies' equity in a given year, not the average of each company's individual ratio.
Assumptions
- Only companies that filed a financial statement for a given statement year contribute to that year's totals, so the ratio reflects the filing population, not every registered company.
- The 2018 statement year is treated as a registry coverage anomaly based on the sharp jump and reversal in both total assets and total equity that year, not confirmed company by company.
- Implied debt is assets minus equity and is not drawn from a separate liabilities field, since the source table reports only assets and equity directly.
Methodology
Assets-to-equity ratio is calculated as aggregate total assets divided by aggregate total equity for every company that filed a financial statement in that statement year, pooled from the DBD registry as of 7 July 2026. Statement years are recorded in the Buddhist calendar in the source table and have been converted to the Western calendar throughout, so 2550 becomes 2007 and 2568 becomes 2025. The year 2569, 2026 in the Western calendar, is excluded because filings for it remain incomplete. Figures are aggregate sums across all filing companies each year, not an average of individual company ratios, and a single year total such as 2018 can be skewed when the number of companies filing changes sharply from one year to the next.
How we verified this
- Recomputed the 2007 assets-to-equity ratio as 28,793,006,371,622.99 divided by 8,473,226,475,828.08, which equals 3.398, rounded to 3.40.
- Recomputed the 2025 assets-to-equity ratio as 102,827,430,901,099.07 divided by 38,394,471,250,791.71, which equals 2.678, rounded to 2.68.
- Recomputed the percent change from 2007 to 2025 as, 2.678 minus 3.398, divided by 3.398, which equals negative 21.19 percent.
- Recomputed the 2007 to 2025 asset growth multiple as 102,827,430,901,099.07 divided by 28,793,006,371,622.99, which equals 3.57, confirming the balance sheet more than tripled.
- Recomputed the 2007 to 2025 equity growth multiple as 38,394,471,250,791.71 divided by 8,473,226,475,828.08, which equals 4.53, confirming equity grew faster than assets.
- Recomputed the 2018 ratio as 247,926,504,902,167.28 divided by 101,597,319,503,980.69, which equals 2.44, and confirmed both the asset and equity figures for that year sit three to four times above the neighboring years, consistent with a registry coverage anomaly rather than real deleveraging.
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
What is Thailand's corporate assets-to-equity ratio in 2025?
2.68. Thai filing companies held 2.68 baht of assets for every baht of shareholder equity in 2025, down from 3.40 in 2007.
Why did the assets-to-equity ratio drop to 2.44 in 2018?
Statement year 2018 saw a large jump in the number of companies filing financial statements with the DBD registry, and the newly added filers carried unusually large equity balances, which pulled the aggregate ratio down for that one year. It reversed the next year, when the ratio rose back to 2.82.
Is a falling assets-to-equity ratio good or bad for Thailand?
A lower ratio generally signals a more resilient corporate sector because more of the balance sheet is funded by equity rather than debt, though the OECD notes Thai nonfinancial companies still carry meaningful debt by regional standards.
How is the assets-to-equity ratio calculated?
Total assets divided by total equity, aggregated across every company in the DBD registry that filed a financial statement for that statement year.
Cite this page
Chatpong L. (2026). Thailand's Corporate Assets-to-Equity Ratio: 2007 to 2025. Max Data Insights. https://maxdatathailand.com/insights/thailands-corporate-assets-to-equity-ratio-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.