Thanachart Capital Public Company Limited (TCAP) - Net Assets

Latest as of December 2025: ฿86.01 Billion THB ≈ $2.68 Billion USD

Based on the latest financial reports, Thanachart Capital Public Company Limited (TCAP) has net assets worth ฿86.01 Billion THB (≈ $2.68 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿154.67 Billion ≈ $4.82 Billion USD) and total liabilities (฿68.66 Billion ≈ $2.14 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 TCAP tangible net assets ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿86.01 Billion
% of Total Assets	55.61%
Annual Growth Rate	7.0%
5-Year Change	16.01%
10-Year Change	-28.23%
Growth Volatility	17.29

Thanachart Capital Public Company Limited - Net Assets Trend (2000–2025)

This chart illustrates how Thanachart Capital Public Company Limited's net assets have evolved over time, based on quarterly financial data. See Thanachart Capital Public Company Limite (TCAP) defensive interval to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Thanachart Capital Public Company Limited (2000–2025)

The table below shows the annual net assets of Thanachart Capital Public Company Limited from 2000 to 2025. For live valuation and market cap data, see how much is Thanachart Capital Public Company Limite worth.

Year	Net Assets	Change
2025-12-31	฿86.01 Billion ≈ $2.68 Billion	+8.95%
2024-12-31	฿78.95 Billion ≈ $2.46 Billion	+3.73%
2023-12-31	฿76.11 Billion ≈ $2.37 Billion	+4.93%
2022-12-31	฿72.53 Billion ≈ $2.26 Billion	-2.17%
2021-12-31	฿74.14 Billion ≈ $2.31 Billion	+1.89%
2020-12-31	฿72.77 Billion ≈ $2.27 Billion	-1.74%
2019-12-31	฿74.06 Billion ≈ $2.31 Billion	-46.30%
2018-12-31	฿137.92 Billion ≈ $4.30 Billion	+6.03%
2017-12-31	฿130.07 Billion ≈ $4.05 Billion	+8.53%
2016-12-31	฿119.85 Billion ≈ $3.74 Billion	+7.66%
2015-12-31	฿111.32 Billion ≈ $3.47 Billion	+6.76%
2014-12-31	฿104.28 Billion ≈ $3.25 Billion	+9.26%
2013-12-31	฿95.44 Billion ≈ $2.97 Billion	+13.90%
2012-12-31	฿83.79 Billion ≈ $2.61 Billion	+10.71%
2011-12-31	฿75.68 Billion ≈ $2.36 Billion	+5.53%
2010-12-31	฿71.72 Billion ≈ $2.24 Billion	+51.28%
2009-12-31	฿47.41 Billion ≈ $1.48 Billion	+46.49%
2008-12-31	฿32.36 Billion ≈ $1.01 Billion	+0.31%
2007-12-31	฿32.26 Billion ≈ $1.01 Billion	+34.60%
2006-12-31	฿23.97 Billion ≈ $747.12 Million	+2.50%
2005-12-31	฿23.39 Billion ≈ $728.91 Million	+8.80%
2004-12-31	฿21.49 Billion ≈ $669.94 Million	+8.69%
2003-12-31	฿19.78 Billion ≈ $616.40 Million	+7.01%
2002-12-31	฿18.48 Billion ≈ $576.03 Million	+13.51%
2001-12-31	฿16.28 Billion ≈ $507.45 Million	+2.65%
2000-12-31	฿15.86 Billion ≈ $494.34 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Thanachart Capital 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 6952160200000.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	฿69.52 Billion	86.35%
Other Components	฿10.99 Billion	13.65%
Total Equity	฿80.51 Billion	100.00%

Thanachart Capital Public Company Limited Competitors by Market Cap

The table below lists competitors of Thanachart Capital Public Company Limited ranked by their market capitalization.

Company	Market Cap
GCS Holdings TWO:4991	$1.99 Billion
Ashtrom Group Ltd TA:ASHG	$1.99 Billion
Suzhou Jinhong Gas Co Ltd SHG:688106	$1.99 Billion
Jeju Semiconductor Corp KQ:080220	$1.99 Billion
Shanghai Fullhan Microelectronics Co Ltd SHE:300613	$1.99 Billion
Entra ASA OL:ENTRA	$1.99 Billion
Foran Energy Group Co Ltd SHE:002911	$1.99 Billion
Far Eastern International Bank TW:2845	$1.99 Billion

Equity Growth Attribution

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

Equity Growth Insights

From 2024 to 2025, total equity changed from 73,124,066,000 to 80,513,651,000, a change of 7,389,585,000 (10.1%).
Net income of 7,749,834,000 contributed positively to equity growth.
Dividend payments of 3,510,829,000 reduced retained earnings.
Other comprehensive income decreased equity by 1,277,830,000.
Other factors increased equity by 4,428,410,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	฿7.75 Billion	+9.63%
Dividends Paid	฿3.51 Billion	-4.36%
Other Comprehensive Income	฿-1.28 Billion	-1.59%
Other Changes	฿4.43 Billion	+5.5%
Total Change	฿-	10.11%

Book Value vs Market Value Analysis

This analysis compares Thanachart Capital 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: 0.79x
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 3.90x to 0.79x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2004-12-31	฿15.56	฿60.75	x
2005-12-31	฿16.98	฿60.75	x
2006-12-31	฿17.33	฿60.75	x
2007-12-31	฿19.66	฿60.75	x
2008-12-31	฿19.96	฿60.75	x
2009-12-31	฿26.04	฿60.75	x
2010-12-31	฿28.24	฿60.75	x
2011-12-31	฿29.94	฿60.75	x
2012-12-31	฿33.47	฿60.75	x
2013-12-31	฿38.44	฿60.75	x
2014-12-31	฿42.56	฿60.75	x
2015-12-31	฿44.66	฿60.75	x
2016-12-31	฿48.83	฿60.75	x
2017-12-31	฿53.23	฿60.75	x
2018-12-31	฿56.48	฿60.75	x
2019-12-31	฿57.46	฿60.75	x
2020-12-31	฿59.42	฿60.75	x
2021-12-31	฿62.10	฿60.75	x
2022-12-31	฿63.67	฿60.75	x
2023-12-31	฿66.94	฿60.75	x
2024-12-31	฿69.73	฿60.75	x
2025-12-31	฿76.78	฿60.75	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Thanachart Capital 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): 9.63%
The company has moderate efficiency in generating returns from equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 46.80%
• Asset Turnover: 0.11x
• Equity Multiplier: 1.92x
Recent ROE (9.63%) is below the historical average (10.98%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2001	3.09%	6.42%	0.08x	6.19x	฿-1.10 Billion
2002	9.53%	18.80%	0.07x	6.94x	฿-85.82 Million
2003	13.87%	20.41%	0.08x	8.72x	฿744.66 Million
2004	14.38%	28.41%	0.06x	8.92x	฿908.38 Million
2005	13.71%	0.00%	0.00x	10.07x	฿840.22 Million
2006	6.35%	10.17%	0.05x	12.41x	฿-842.57 Million
2007	10.75%	15.08%	0.06x	12.26x	฿196.92 Million
2008	12.57%	14.24%	0.06x	14.82x	฿683.27 Million
2009	15.33%	14.09%	0.08x	13.80x	฿1.78 Billion
2010	15.62%	18.09%	0.04x	24.44x	฿2.03 Billion
2011	13.08%	11.55%	0.05x	23.40x	฿1.18 Billion
2012	12.82%	11.12%	0.05x	23.94x	฿1.20 Billion
2013	19.49%	20.74%	0.04x	22.19x	฿4.49 Billion
2014	9.97%	11.60%	0.04x	19.97x	฿-15.10 Million
2015	10.32%	12.26%	0.04x	18.94x	฿169.20 Million
2016	10.57%	13.56%	0.05x	17.00x	฿323.64 Million
2017	11.29%	15.05%	0.05x	16.54x	฿799.13 Million
2018	11.93%	16.14%	0.05x	16.14x	฿1.27 Billion
2019	5.16%	24.72%	0.09x	2.44x	฿-3.18 Billion
2020	10.53%	40.92%	0.12x	2.22x	฿337.97 Million
2021	8.12%	35.33%	0.10x	2.19x	฿-1.22 Billion
2022	7.82%	37.03%	0.09x	2.35x	฿-1.46 Billion
2023	9.41%	58.37%	0.07x	2.31x	฿-416.19 Million
2024	9.09%	42.02%	0.10x	2.25x	฿-666.38 Million
2025	9.63%	46.80%	0.11x	1.92x	฿-301.53 Million

Industry Comparison

This section compares Thanachart Capital Public Company Limited's net assets metrics with peer companies in the Credit Services industry.

Industry Context

Industry: Credit Services
Average net assets among peers: $3,930,427,686
Average return on equity (ROE) among peers: 18.03%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Thanachart Capital Public Company Limited (TCAP)	฿86.01 Billion	3.09%	0.80x	$1.99 Billion
ASIA Capital Group Public Company Limited (ACAP)	$966.78 Million	40.66%	0.06x	$4.18 Million
AEON Thana Sinsap (Thailand) Public Company Limited (AEONTS)	$25.06 Billion	13.00%	2.69x	$738.50 Million
AIRA Factoring Public Company Limited (AF)	$351.45 Million	7.09%	6.43x	$16.46 Million
Amanah Leasing Public Company Limited (AMANAH)	$904.47 Million	7.55%	3.07x	$23.99 Million
Asia Sermkij Leasing Public Company Limited (ASK)	$872.56 Million	15.89%	8.03x	$210.59 Million
Eastern Commercial Leasing Public Company Limited (ECL)	$678.63 Million	6.76%	1.76x	$29.03 Million
G Capital Public Company Limited (GCAP)	$103.44 Million	16.09%	4.59x	$4.56 Million
IFS Capital (Thailand) Public Company Limited (IFS)	$1.51 Billion	15.32%	1.72x	$28.15 Million
JMT Network Services Public Company Limited (JMT)	$120.57 Million	34.24%	1.34x	$486.84 Million
Krungthai Card PCL (KTC)	$8.73 Billion	23.73%	5.89x	$2.43 Billion

About Thanachart Capital Public Company Limited

BK:TCAP Thailand Credit Services

Market Cap

$1.99 Billion

฿63.70 Billion THB

Market Cap Rank

#6304 Global

#39 in Thailand

Share Price

฿60.75

Change (1 day)

+0.83%

52-Week Range

฿44.50 - ฿62.50

All Time High

฿62.50