2S Metal Public Company Limited (2S) - Net Assets

Latest as of December 2025: ฿2.04 Billion THB ≈ $63.48 Million USD

Based on the latest financial reports, 2S Metal Public Company Limited (2S) has net assets worth ฿2.04 Billion THB (≈ $63.48 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿2.38 Billion ≈ $74.17 Million USD) and total liabilities (฿342.86 Million ≈ $10.69 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check 2S asset resilience ratio to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿2.04 Billion
% of Total Assets	85.59%
Annual Growth Rate	10.19%
5-Year Change	-10.58%
10-Year Change	94.05%
Growth Volatility	14.62

2S Metal Public Company Limited - Net Assets Trend (2008–2025)

This chart illustrates how 2S Metal Public Company Limited's net assets have evolved over time, based on quarterly financial data. Also explore 2S total assets for the complete picture of this company's asset base.

Annual Net Assets for 2S Metal Public Company Limited (2008–2025)

The table below shows the annual net assets of 2S Metal Public Company Limited from 2008 to 2025. For live valuation and market cap data, see 2S stock market capitalisation.

Year	Net Assets	Change
2025-12-31	฿2.04 Billion ≈ $63.48 Million	+5.47%
2024-12-31	฿1.93 Billion ≈ $60.19 Million	-4.02%
2023-12-31	฿2.01 Billion ≈ $62.72 Million	-0.17%
2022-12-31	฿2.02 Billion ≈ $62.82 Million	-11.52%
2021-12-31	฿2.28 Billion ≈ $71.00 Million	+29.75%
2020-12-31	฿1.76 Billion ≈ $54.72 Million	+27.43%
2019-12-31	฿1.38 Billion ≈ $42.94 Million	+4.83%
2018-12-31	฿1.31 Billion ≈ $40.96 Million	+2.65%
2017-12-31	฿1.28 Billion ≈ $39.91 Million	+21.98%
2016-12-31	฿1.05 Billion ≈ $32.72 Million	+37.91%
2015-12-31	฿761.09 Million ≈ $23.72 Million	+8.71%
2014-12-31	฿700.13 Million ≈ $21.82 Million	+1.37%
2013-12-31	฿690.69 Million ≈ $21.53 Million	+10.27%
2012-12-31	฿626.36 Million ≈ $19.52 Million	+3.75%
2011-12-31	฿603.72 Million ≈ $18.82 Million	+4.89%
2010-12-31	฿575.58 Million ≈ $17.94 Million	+3.87%
2009-12-31	฿554.15 Million ≈ $17.27 Million	+41.54%
2008-12-31	฿391.53 Million ≈ $12.20 Million	--

Equity Component Analysis

This analysis shows how different components contribute to 2S Metal Public Company Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 517.7% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	฿1.26 Billion	61.64%
Other Components	฿782.56 Million	38.36%
Total Equity	฿2.04 Billion	100.00%

2S Metal Public Company Limited Competitors by Market Cap

The table below lists competitors of 2S Metal Public Company Limited ranked by their market capitalization.

Company	Market Cap
Davolink Inc. KQ:340360	$46.29 Million
Yuasa Battery (Thailand) Public Company Limited BK:YUASA	$46.29 Million
Sequana Medical NV BR:SEQUA	$46.31 Million
Zim Laboratories Limited NSE:ZIMLAB	$46.35 Million
Panagene Inc KQ:046210	$46.28 Million
Shalimar Paints Limited NSE:SHALPAINTS	$46.28 Million
Tirathai Public Company Limited BK:TRT	$46.27 Million
Duksung KO:004830	$46.27 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in 2S Metal Public Company Limited's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 1,934,119,000 to 2,039,825,000, a change of 105,706,000 (5.5%).
Net income of 144,533,000 contributed positively to equity growth.
Dividend payments of 65,999,000 reduced retained earnings.
Other comprehensive income decreased equity by 104,915,000.
Other factors increased equity by 132,087,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	฿144.53 Million	+7.09%
Dividends Paid	฿66.00 Million	-3.24%
Other Comprehensive Income	฿-104.92 Million	-5.14%
Other Changes	฿132.09 Million	+6.48%
Total Change	฿-	5.47%

Book Value vs Market Value Analysis

This analysis compares 2S Metal Public Company Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 0.73x
The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
The price-to-book ratio has decreased from 2.21x to 0.73x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2008-12-31	฿1.22	฿2.70	x
2009-12-31	฿1.50	฿2.70	x
2010-12-31	฿1.26	฿2.70	x
2011-12-31	฿1.32	฿2.70	x
2012-12-31	฿1.14	฿2.70	x
2013-12-31	฿1.26	฿2.70	x
2014-12-31	฿1.27	฿2.70	x
2015-12-31	฿1.39	฿2.70	x
2016-12-31	฿1.91	฿2.70	x
2017-12-31	฿2.33	฿2.70	x
2018-12-31	฿2.39	฿2.70	x
2019-12-31	฿2.51	฿2.70	x
2020-12-31	฿3.20	฿2.70	x
2021-12-31	฿4.14	฿2.70	x
2022-12-31	฿3.67	฿2.70	x
2023-12-31	฿3.66	฿2.70	x
2024-12-31	฿3.52	฿2.70	x
2025-12-31	฿3.71	฿2.70	x

Capital Efficiency Dashboard

This dashboard shows how efficiently 2S Metal Public Company Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 7.09%
The company has moderate efficiency in generating returns from equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 1.92%
• Asset Turnover: 3.17x
• Equity Multiplier: 1.17x
Recent ROE (7.09%) is below the historical average (13.09%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2008	28.82%	4.04%	5.00x	1.43x	฿73.69 Million
2009	16.58%	3.59%	2.80x	1.65x	฿36.45 Million
2010	12.41%	2.54%	2.74x	1.78x	฿13.87 Million
2011	10.76%	1.76%	3.49x	1.76x	฿4.61 Million
2012	8.40%	1.30%	3.24x	2.00x	฿-9.99 Million
2013	9.85%	1.66%	3.35x	1.77x	฿-1.04 Million
2014	5.98%	0.99%	3.51x	1.72x	฿-28.12 Million
2015	4.42%	0.91%	3.05x	1.59x	฿-42.60 Million
2016	32.58%	8.72%	2.24x	1.67x	฿237.77 Million
2017	22.21%	6.29%	2.34x	1.51x	฿156.52 Million
2018	8.02%	1.94%	2.93x	1.41x	฿-26.04 Million
2019	9.67%	2.47%	3.05x	1.28x	฿-4.57 Million
2020	23.34%	7.32%	2.54x	1.25x	฿234.42 Million
2021	32.36%	11.31%	2.65x	1.08x	฿509.59 Million
2022	-6.10%	-1.83%	2.93x	1.13x	฿-324.85 Million
2023	7.95%	2.36%	3.11x	1.08x	฿-41.39 Million
2024	1.22%	0.32%	3.57x	1.08x	฿-169.83 Million
2025	7.09%	1.92%	3.17x	1.17x	฿-59.45 Million

Industry Comparison

This section compares 2S Metal Public Company Limited's net assets metrics with peer companies in the Steel industry.

Industry Context

Industry: Steel
Average net assets among peers: $3,764,379,507
Average return on equity (ROE) among peers: 3.47%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
2S Metal Public Company Limited (2S)	฿2.04 Billion	28.82%	0.17x	$46.29 Million
Asia Metal Public Company Limited (AMC)	$1.51 Billion	5.63%	1.31x	$35.61 Million
Bangsaphan Barmill Public Company Limited (BSBM)	$2.07 Billion	12.53%	0.22x	$20.27 Million
Capital Engineering Network Public Company Limited (CEN)	$-1.32 Billion	0.00%	0.00x	$14.86 Million
Chow Steel Industries Public Company Limited (CHOW)	$1.31 Billion	-8.41%	5.17x	$33.91 Million
CSP Steel Center Public Company Limited (CSP)	$769.64 Million	-12.34%	1.68x	$7.58 Million
G J Steel Public Company Limited (GJS)	$15.84 Billion	20.07%	0.05x	$103.27 Million
POSCO-Thainox Public Company Limited (INOX)	$9.29 Billion	3.78%	0.29x	$104.48 Million
Lohakit Metal Public Company Limited (LHK)	$652.47 Million	-8.11%	0.84x	$40.11 Million
M.C.S. Steel Public Company Limited (MCS)	$3.76 Billion	18.05%	0.61x	$120.43 Million

About 2S Metal Public Company Limited

BK:2S Thailand Steel

Market Cap

$46.29 Million

฿1.48 Billion THB

Market Cap Rank

#22171 Global

#374 in Thailand

Share Price

฿2.70

Change (1 day)

-0.74%

52-Week Range

฿2.18 - ฿2.92

All Time High

฿5.21