Gulf Energy Development Public Company Limited (GULF) - Net Assets
Based on the latest financial reports, Gulf Energy Development Public Company Limited (GULF) has net assets worth ฿378.12 Billion THB (≈ $11.79 Billion USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿820.65 Billion ≈ $25.58 Billion USD) and total liabilities (฿442.53 Billion ≈ $13.79 Billion 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 GULF intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ฿378.12 Billion |
| % of Total Assets | 46.08% |
| Annual Growth Rate | 51.98% |
| 5-Year Change | 240.34% |
| 10-Year Change | 9573.76% |
| Growth Volatility | 264.4 |
Gulf Energy Development Public Company Limited - Net Assets Trend (2014–2025)
This chart illustrates how Gulf Energy Development Public Company Limited's net assets have evolved over time, based on quarterly financial data. See defensive interval ratio of Gulf Energy Development Public Company L to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Gulf Energy Development Public Company Limited (2014–2025)
The table below shows the annual net assets of Gulf Energy Development Public Company Limited from 2014 to 2025. For live valuation and market cap data, see GULF stock market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | ฿365.90 Billion ≈ $11.40 Billion |
+137.84% |
| 2024-12-31 | ฿153.84 Billion ≈ $4.80 Billion |
+6.76% |
| 2023-12-31 | ฿144.10 Billion ≈ $4.49 Billion |
+6.11% |
| 2022-12-31 | ฿135.80 Billion ≈ $4.23 Billion |
+26.32% |
| 2021-12-31 | ฿107.51 Billion ≈ $3.35 Billion |
+49.15% |
| 2020-12-31 | ฿72.08 Billion ≈ $2.25 Billion |
+46.98% |
| 2019-12-31 | ฿49.04 Billion ≈ $1.53 Billion |
+9.49% |
| 2018-12-31 | ฿44.79 Billion ≈ $1.40 Billion |
+13.83% |
| 2017-12-31 | ฿39.35 Billion ≈ $1.23 Billion |
+940.30% |
| 2016-12-31 | ฿3.78 Billion ≈ $117.89 Million |
+51.60% |
| 2015-12-31 | ฿2.49 Billion ≈ $77.77 Million |
-31.85% |
| 2014-12-31 | ฿3.66 Billion ≈ $114.12 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Gulf Energy Development 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 13851569721100.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ฿137.50 Billion | 40.96% |
| Other Components | ฿198.17 Billion | 59.04% |
| Total Equity | ฿335.67 Billion | 100.00% |
Gulf Energy Development Public Company Limited Competitors by Market Cap
The table below lists competitors of Gulf Energy Development Public Company Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Viking Holdings Ltd
NYSE:VIK
|
$29.93 Billion |
|
Prudential plc
F:PRU2
|
$29.96 Billion |
|
Ares Management LP
NYSE:ARES
|
$29.97 Billion |
|
Bajaj Auto Limited
NSE:BAJAJ-AUTO
|
$30.02 Billion |
|
Iron Mountain Incorporated
NYSE:IRM
|
$29.90 Billion |
|
Dover Corporation
NYSE:DOV
|
$29.76 Billion |
|
Northern Trust Corporation
NASDAQ:NTRS
|
$29.68 Billion |
|
Avenue Supermarts Limited
NSE:DMART
|
$29.63 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Gulf Energy Development Public Company Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 124,157,752,000 to 335,672,921,000, a change of 211,515,169,000 (170.4%).
- Other factors increased equity by 211,515,169,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ฿0.00 | -0.0% |
| Other Changes | ฿211.52 Billion | +63.01% |
| Total Change | ฿- | 170.36% |
Book Value vs Market Value Analysis
This analysis compares Gulf Energy Development 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: 2.86x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 249.02x to 2.86x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2014-12-31 | ฿0.26 | ฿64.25 | x |
| 2015-12-31 | ฿0.16 | ฿64.25 | x |
| 2016-12-31 | ฿0.22 | ฿64.25 | x |
| 2017-12-31 | ฿3.20 | ฿64.25 | x |
| 2018-12-31 | ฿3.43 | ฿64.25 | x |
| 2019-12-31 | ฿3.56 | ฿64.25 | x |
| 2020-12-31 | ฿5.84 | ฿64.25 | x |
| 2021-12-31 | ฿8.23 | ฿64.25 | x |
| 2022-12-31 | ฿9.44 | ฿64.25 | x |
| 2023-12-31 | ฿9.94 | ฿64.25 | x |
| 2024-12-31 | ฿10.58 | ฿64.25 | x |
| 2025-12-31 | ฿22.47 | ฿64.25 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Gulf Energy Development 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): 14.63%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 15.03%
- • Asset Turnover: 0.24x
- • Equity Multiplier: 4.00x
- Recent ROE (14.63%) is above the historical average (4.23%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2014 | -15.66% | -55.75% | 0.08x | 3.73x | ฿-706.27 Million |
| 2015 | -47.94% | -118.08% | 0.03x | 12.30x | ฿-980.64 Million |
| 2016 | 17.99% | 173.27% | 0.00x | 25.77x | ฿185.45 Million |
| 2017 | 9.99% | 79.33% | 0.04x | 2.91x | ฿-5.06 Million |
| 2018 | 8.29% | 17.62% | 0.14x | 3.38x | ฿-625.56 Million |
| 2019 | 18.65% | 23.86% | 0.22x | 3.49x | ฿3.32 Billion |
| 2020 | 9.60% | 18.72% | 0.13x | 3.84x | ฿-258.38 Million |
| 2021 | 7.94% | 16.16% | 0.13x | 3.75x | ฿-1.99 Billion |
| 2022 | 10.31% | 12.13% | 0.23x | 3.77x | ฿338.86 Million |
| 2023 | 12.74% | 13.03% | 0.25x | 3.94x | ฿3.20 Billion |
| 2024 | 14.63% | 15.03% | 0.24x | 4.00x | ฿5.75 Billion |
Industry Comparison
This section compares Gulf Energy Development Public Company Limited's net assets metrics with peer companies in the Utilities - Independent Power Producers industry.
Industry Context
- Industry: Utilities - Independent Power Producers
- Average net assets among peers: $36,447,202,296
- Average return on equity (ROE) among peers: 6.13%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Gulf Energy Development Public Company Limited (GULF) | ฿378.12 Billion | -15.66% | 1.17x | $29.92 Billion |
| B.Grimm Power Public Company Limited (BGRIM) | $40.82 Billion | 8.37% | 2.66x | $1.35 Billion |
| Banpu Power Public Company Limited (BPP) | $49.58 Billion | 6.31% | 0.51x | $1.05 Billion |
| BANPU POWER (BPP-R) | $39.82 Billion | 7.46% | 0.23x | $821.71 Million |
| CK Power Public Company Limited (CKP) | $37.94 Billion | 6.42% | 0.84x | $582.79 Million |
| CK Power Public Company Limited (CKP-R) | $40.13 Billion | 3.35% | 0.80x | $689.15 Million |
| Electricity Generating Public Company Limited (EGCO) | $100.85 Billion | 20.90% | 1.05x | $1.94 Billion |
| Gunkul Engineering Public Company Limited (GUNKUL) | $8.59 Billion | 7.98% | 1.19x | $1.06 Billion |
| Nava Nakorn Public Company Limited (NNCL) | $3.99 Billion | 7.70% | 0.25x | $103.42 Million |
| Rojana Industrial Park Public Company Limited (ROJNA) | $6.31 Billion | -13.27% | 3.11x | $349.52 Million |
About Gulf Energy Development Public Company Limited
Gulf Development Public Company Limited generates and sells electricity and steam to public and private clients in Thailand and internationally. The company operates through Power Business, Consulting Business, Infrastructure Business and Satellite and Digital Business segments. It generates electricity through gas-fired, solar, biomass hydroelectric, waste-to-energy, and wind power projects unde… Read more