Thai Industries Converging on or Drifting From Average Revenue 2025
In short
Electricity and gas converged the most, falling from 5.75 times the national revenue per company in 2007 to 2.07 times in 2025. Financial and insurance also came down, from 2.58 to 1.74. Wholesale and retail went the other way, rising from 0.86 to 1.50. Mining climbed from 1.76 to 2.26. Human health slid from 1.04 to 0.54. Figures are as of 14 August 2026.
Which sections moved toward the typical company, and which pulled away?
Electricity and gas moved furthest toward the national average. Its revenue per filing company was 5.75 times the national figure in 2007 and 2.07 times in 2025 (DBD, 2026). Financial and insurance came down from 2.58 to 1.74. Manufacturing barely budged, easing from 2.87 to 2.70. Wholesale and retail crossed the line in the other direction. It started at 0.86, below the typical company, and ended at 1.50, well above. Mining went from 1.76 to 2.26. Human health, which sat almost exactly on the national figure at 1.04 in 2007, fell to 0.54. Information and communication slid from 0.85 to 0.47, and agriculture from 0.75 to 0.51.
Change in each section's ratio to the national revenue per company, 2007 to 2025
- Wholesale and retail trade1
- Mining and quarrying1
- Water supply and waste0
- Administrative and support0
- Education0
- Accommodation and food service-0
- Construction-0
- Arts and entertainment-0
- Other services-0
- Real estate-0
- Transportation and storage-0
- Professional, scientific and technical-0
- Manufacturing-0
- Agriculture, forestry and fishing-0
- Information and communication-0
- Human health and social work-0
- Financial and insurance-1
- Electricity and gas-4
Figures in change in ratio, 2025 minus 2007.
A ratio of 1.00 means the section matches the national revenue per filing company. Electricity and gas lost 3.68 points of ratio, though it still sits above 1.00, so that is convergence from above.
Ratio to the national average revenue per company, by section
| Industry section | Ratio 2007 | Ratio 2025 | Gap 2007 | Gap 2025 | Revenue per company 2025, million baht |
|---|---|---|---|---|---|
| Electricity and gas | 5.75 | 2.07 | 4.75 | 1.07 | 196.3 |
| Financial and insurance | 2.58 | 1.74 | 1.58 | 0.74 | 165.3 |
| Manufacturing | 2.87 | 2.70 | 1.87 | 1.70 | 256.2 |
| Mining and quarrying | 1.76 | 2.26 | 0.76 | 1.26 | 215.1 |
| Wholesale and retail trade | 0.86 | 1.50 | 0.14 | 0.50 | 142.3 |
| Water supply and waste | 0.50 | 0.60 | 0.50 | 0.40 | 56.7 |
| Human health and social work | 1.04 | 0.54 | 0.04 | 0.46 | 51.4 |
| Information and communication | 0.85 | 0.47 | 0.15 | 0.53 | 45.1 |
| Agriculture, forestry and fishing | 0.75 | 0.51 | 0.25 | 0.49 | 48.7 |
| Transportation and storage | 0.74 | 0.65 | 0.26 | 0.35 | 61.8 |
| Construction | 0.27 | 0.25 | 0.73 | 0.75 | 23.6 |
| Accommodation and food service | 0.26 | 0.25 | 0.74 | 0.75 | 23.4 |
| Administrative and support | 0.26 | 0.26 | 0.74 | 0.74 | 24.4 |
| Professional, scientific and technical | 0.26 | 0.15 | 0.74 | 0.85 | 14.7 |
| Real estate | 0.21 | 0.15 | 0.79 | 0.85 | 14.3 |
| Arts and entertainment | 0.24 | 0.20 | 0.76 | 0.80 | 18.8 |
| Other services | 0.12 | 0.08 | 0.88 | 0.92 | 8.1 |
| Education | 0.10 | 0.10 | 0.90 | 0.90 | 9.2 |
Section revenue per filing company divided by national revenue per filing company, 2007 and 2025. Gap is the distance from 1.00. Data as of 14 Aug 2026.
Why the 2018 spike does not drive this result
Single-year revenue is a trap in this registry, because coverage expanded around 2018 and lifted totals. A ratio avoids most of that. When every section is inflated by the same wider net, dividing by the national figure cancels the common part. The page also uses only the 2007 and 2025 endpoints, so no spike year enters the comparison. The national figure itself moved from 76,023,235 baht per filing company in 2007 to 94,989,555 baht in 2025. That is a ratio of 1.25 over eighteen years, so the typical company grew slowly while the number of filers more than doubled, from 315,581 to 715,339.
Why this matters
The average Thai company is not one company. In 2007 a utility filer carried the revenue of nearly six typical firms, and a health or trade filer sat close to the middle. By 2025 the utility premium had been cut by more than half, while trade filers had pulled clear. That is a sign that wholesale and retail now holds a different mix of firms than it did, with larger traders at the top and a long tail beneath. Anyone benchmarking a customer, a supplier or an acquisition target against the national average should check which side of 1.00 that sector sits on today, and which side it sat on when the benchmark was written. A sector that looked average in 2007 may not be average now.
Definitions
- Revenue per company
- Total reported revenue divided by the number of companies that filed a financial statement.
- Ratio to national average
- A section's revenue per company divided by the national revenue per company. A value of 1.00 matches the national figure.
- Convergence
- A ratio moving closer to 1.00 between two dates. Drift is the opposite, a ratio moving further from 1.00.
- TSIC section
- One of the lettered top-level groups of the Thai Standard Industrial Classification, such as C for manufacturing.
- Filer
- A registered company with a financial statement in a given year.
Assumptions
- Only companies that filed a statement count, and the filing population grew from 315,581 to 715,339, so the mix of firms changed over time.
- Two endpoints hide movement in between. The sections may have taken different paths.
- Small sections such as education and other services rest on a few thousand filers, so their ratios are less stable.
- Statement years follow the Buddhist calendar and were converted to Gregorian years.
- Section O public administration, T households and U extraterritorial are omitted for lack of a usable filer base.
Methodology
Revenue per company is total reported revenue divided by the number of companies with a filed financial statement, taken from the Department of Business Development registry. Section figures sum the 5-digit TSIC codes mapped to each lettered section. The national figure comes from the statement-year totals for all filers. Statement years are stored in the Buddhist calendar and were converted, so 2550 is 2007 and 2568 is 2025. The incomplete 2026 year is excluded. Only the two endpoints are compared. The 2018 coverage spike is therefore not used. Rows were computed on 14 August 2026. Sections O, T and U are omitted because they have no meaningful filer base in both years. Section sums are slightly below the national total because some companies have no classified section.
How we verified this
- National revenue per filer 2007: 23,991,488,433,647 baht divided by 315,581 companies gives 76,023,235 baht.
- National revenue per filer 2025: 67,949,733,020,121 baht divided by 715,339 companies gives 94,989,555 baht.
- Electricity and gas 2007: 211,279,984,160 baht over 483 companies is 437.4 million baht, divided by 76.02 million gives 5.75. In 2025: 667,088,268,106 over 3,398 is 196.3 million, divided by 94.99 million gives 2.07.
- Wholesale and retail 2007: 7,154,457,565,963 over 109,955 is 65.1 million baht, ratio 0.86. In 2025: 33,500,071,738,864 over 235,485 is 142.3 million, ratio 1.50.
- Human health 2007: 96,239,484,019 over 1,218 is 79.0 million baht, ratio 1.04. In 2025: 475,301,566,787 over 9,243 is 51.4 million, ratio 0.54.
- Financial and insurance 2025: 2,700,392,016,056 over 16,332 is 165.3 million baht, ratio 1.74. Mining 2025: 419,948,844,523 over 1,952 is 215.1 million, ratio 2.26.
- Chart values recomputed as 2025 ratio minus 2007 ratio, for example 2.07 minus 5.75 equals minus 3.68 and 1.50 minus 0.86 equals 0.64.
- Sum of section filer counts is 714,157 in 2025 against 715,339 nationally, a gap of 1,182 unclassified filers, which is 0.17 percent.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by TSIC section and statement year. Ministry of Commerce, Thailand. https://www.dbd.go.th/
Frequently asked questions
Which Thai industry converged most on the national average revenue per company?
Electricity and gas, whose ratio fell from 5.75 in 2007 to 2.07 in 2025, as of 14 August 2026.
Which sector gained the most against the national average?
Wholesale and retail rose from 0.86 to 1.50, a gain of 0.64 in ratio. Mining rose from 1.76 to 2.26, a gain of 0.50.
Why compare ratios instead of revenue totals?
Registry coverage widened around 2018 and inflated revenue in every sector. A ratio to the national figure cancels most of that common effect.
Does a falling ratio mean a sector shrank?
No. Electricity and gas total revenue rose from 211 billion baht to 667 billion baht. Its filers multiplied faster than its revenue, so revenue per company fell.
Cite this page
Chatpong L. (2026). Thai Industries Converging on or Drifting From Average Revenue 2025. Max Data Insights. https://maxdatathailand.com/insights/which-thai-industry-sections-converged-on-or-drifted-from-average-revenue-per-company-2007-2025
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.