Thai Asset Turnover: Filers vs All Registered Companies (2026)
In short
Thailand's asset turnover is 0.62 when revenue and assets both come from filing companies, as of 17 July 2026. Spread that revenue over every classified company but keep assets for filers only, and the ratio drops to 0.39. The reason is simple. Only 63.6 percent of classified companies filed a statement. The gap is a denominator mismatch, not a difference in how hard assets work.
Why does the same economy give two different turnover ratios?
Because the two ratios are not measuring the same thing. Asset turnover is revenue divided by total assets, and both pieces come only from companies that filed a financial statement (DBD, 2026). On that basis Thailand turns each baht of assets into 0.62 baht of revenue. Now spread the same revenue across every classified company, filers and non-filers alike, but leave assets as the filers' number. Revenue per company falls to 40.31 million baht. Assets stay at 102.10 million baht. The ratio collapses to 0.39. Nothing about the economy changed. Only the denominator of one half of the fraction did.
The arithmetic, step by step
Start with filers. Revenue of 80.08 trillion baht divided by 1,262,750 filers gives 63.41 million baht each. Total assets of 128.93 trillion baht over the same filers give 102.10 million baht each. Divide one by the other and you get 0.62. Now use all 1,986,489 classified companies for both. Revenue per company is 40.31 million baht and assets per company are 64.90 million baht. The ratio is again 0.62, because the headcount cancels out. The ratio only breaks when the count in the top differs from the count in the bottom. Multiply 0.62 by the filer share of 63.6 percent and you land on the broken 0.39.
One economy, five ways to compute turnover
- Filers only, both halves1
- All classified, both halves1
- Mismatched: revenue over all, assets over filers0
- 2025 statements, both halves on filers1
- 2025 mismatched against 1,989,709 registered0
Figures in revenue per baht of assets.
Only the first two bars are like for like. The mismatched bars are the number people accidentally quote.
The mismatch hits every industry, and hits some harder
| Industry section | Companies | Filers | Filer share | Turnover, consistent | Turnover, mismatched |
|---|---|---|---|---|---|
| Wholesale and retail trade | 715,976 | 424,646 | 59.3% | 2 | 1 |
| Manufacturing | 230,396 | 148,775 | 64.6% | 1 | 1 |
| Transportation and storage | 85,273 | 51,510 | 60.4% | 1 | 0 |
| Construction | 283,534 | 162,154 | 57.2% | 1 | 0 |
| Human health and social work | 17,294 | 13,183 | 76.2% | 1 | 0 |
| Agriculture | 19,259 | 12,067 | 62.7% | 1 | 0 |
| Accommodation and food service | 83,598 | 59,330 | 71.0% | 0 | 0 |
| Professional, scientific and technical | 138,962 | 99,165 | 71.4% | 0 | 0 |
| Electricity and gas | 7,833 | 6,211 | 79.3% | 0 | 0 |
| Real estate | 149,608 | 108,572 | 72.6% | 0 | 0 |
| Financial and insurance | 35,567 | 25,720 | 72.3% | 0 | 0 |
Asset turnover for eleven large industry sections on a consistent basis, against the mismatched basis, as of 17 Jul 2026.
Why this matters
Turnover is one of the few ratios that tells you how asset heavy a business model is. Retail turns 1.62 baht per baht of assets and finance turns 0.07, so the ratio sorts industries by their economics. The mismatched version scrambles that signal. It punishes sectors with low filing rates, such as mining at 43.5 percent, and flatters nobody. Pair filers' assets with all 1,989,709 registered companies and the 2025 reading falls from 0.65 to 0.24. So before you compare a turnover figure from a report, a pitch deck or a dashboard, ask one question. Does the count under revenue match the count under assets? If not, the number is a headcount artefact, not a finding.
Definitions
- Asset turnover
- Revenue divided by total assets. A value of 0.62 means 62 satang of revenue for every baht of assets.
- Filer
- A registered company with at least one filed financial statement in the registry.
- Registered company
- Any company on the DBD register, whether or not it has filed a statement. The total is 1,989,709.
- Classified company
- A registered company that carries an industry section code. The count is 1,986,489.
- Aggregate ratio
- A ratio of summed totals across companies, not an average of each company's own ratio.
- Mismatched basis
- A ratio whose top and bottom are divided by different company counts.
Assumptions
- Non-filers are assumed to hold no reported revenue or assets, since the registry holds nothing for them.
- Section totals use each company's latest filed year, so years are mixed.
- Total assets per section are rebuilt from averages, which can differ slightly from direct sums.
- The 2025 comparison uses Buddhist year 2568, and the incomplete 2569 year is excluded.
Methodology
Figures come from the Department of Business Development registry, aggregated by industry section. Section figures were computed on 17 July 2026 and statement-year figures on 14 August 2026. Asset turnover is total revenue divided by total assets. Total assets per section were rebuilt as average assets per filer multiplied by the number of filers. Sections cover 1,986,489 classified companies, of which 1,262,750 have a filed statement. The 2025 comparison uses statement year 2568 in the Buddhist calendar, with 715,339 filers. Revenue and assets are each company's latest filed year, so the section view mixes years. Treat the ratios as aggregate indicators, not forecasts.
How we verified this
- Section sums: revenue 80,075,153,974,806 baht over rebuilt assets 128,928,460,906,714 baht gives 0.6211, shown as 0.62.
- Filers 1,262,750 divided by classified companies 1,986,489 gives 63.57 percent, shown as 63.6 percent.
- Revenue per filer 63.41 million over assets per filer 102.10 million gives 0.6211.
- Revenue per classified company 40.31 million over assets per classified company 64.90 million gives 0.6211.
- Mismatched ratio 40.31 million over 102.10 million gives 0.3948, and 0.6211 times 0.6357 gives 0.3948, shown as 0.39.
- Statement year 2568: revenue 67,949,733,020,121 over assets 103,875,267,250,196 gives 0.6541.
- Statement year 2568 mismatched: revenue per registered company 34.15 million over assets per filer 145.21 million gives 0.2352, and 0.6541 times 715,339 over 1,989,709 gives 0.2352.
- Retail check: 91.23 million revenue per filer over 56.37 million assets per filer gives 1.618, and 54.11 million over 56.37 million gives 0.960.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
Frequently asked questions
What is Thailand's asset turnover ratio?
It is 0.62 baht of revenue per baht of assets when both come from filing companies, as of 17 July 2026.
Does dividing by all registered companies change the true ratio?
Not if you divide both revenue and assets by the same count. The ratio stays 0.62 because the count cancels out.
Why do some figures show about 0.39?
They spread revenue over all classified companies but use average assets of filers only. With a 63.6 percent filing rate, that cuts the true 0.62 to 0.39.
Which industry turns assets fastest?
Wholesale and retail trade, at 1.62 baht of revenue per baht of assets. Among the eleven sections in the table, finance is slowest at 0.07.
Cite this page
Chatpong L. (2026). Thai Asset Turnover: Filers vs All Registered Companies (2026). Max Data Insights. https://maxdatathailand.com/insights/why-thai-asset-turnover-differs-for-filers-only-vs-all-registered-companies-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.