Thai Airways International Public Company Limited (THAI) - Net Assets

Latest as of September 2025: ฿71.98 Billion THB ≈ $2.24 Billion USD

Based on the latest financial reports, Thai Airways International Public Company Limited (THAI) has net assets worth ฿71.98 Billion THB (≈ $2.24 Billion USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿299.73 Billion ≈ $9.34 Billion USD) and total liabilities (฿227.75 Billion ≈ $7.10 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 Thai Airways International Public Compan (THAI) liquid assets ratio to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿71.98 Billion
% of Total Assets	24.01%
Annual Growth Rate	6.71%
5-Year Change	N/A
10-Year Change	38.46%
Growth Volatility	264.39

Thai Airways International Public Company Limited - Net Assets Trend (2000–2024)

This chart illustrates how Thai Airways International Public Company Limited's net assets have evolved over time, based on quarterly financial data. Also explore Thai Airways International Public Compan (THAI) total assets for the complete picture of this company's asset base.

Annual Net Assets for Thai Airways International Public Company Limited (2000–2024)

The table below shows the annual net assets of Thai Airways International Public Company Limited from 2000 to 2024. For live valuation and market cap data, see THAI market cap.

Year	Net Assets	Change
2024-12-31	฿45.59 Billion ≈ $1.42 Billion	+205.67%
2023-12-31	฿-43.14 Billion ≈ $-1.34 Billion	+39.26%
2022-12-31	฿-71.02 Billion ≈ $-2.21 Billion	+0.32%
2021-12-31	฿-71.25 Billion ≈ $-2.22 Billion	+44.62%
2020-12-31	฿-128.66 Billion ≈ $-4.01 Billion	-1193.56%
2019-12-31	฿11.77 Billion ≈ $366.73 Million	-42.48%
2018-12-31	฿20.46 Billion ≈ $637.61 Million	-36.10%
2017-12-31	฿32.01 Billion ≈ $997.81 Million	-4.69%
2016-12-31	฿33.59 Billion ≈ $1.05 Billion	+2.01%
2015-12-31	฿32.93 Billion ≈ $1.03 Billion	-20.27%
2014-12-31	฿41.30 Billion ≈ $1.29 Billion	-27.45%
2013-12-31	฿56.92 Billion ≈ $1.77 Billion	-18.48%
2012-12-31	฿69.82 Billion ≈ $2.18 Billion	+10.06%
2011-12-31	฿63.44 Billion ≈ $1.98 Billion	-23.49%
2010-12-31	฿82.91 Billion ≈ $2.58 Billion	+55.72%
2009-12-31	฿53.24 Billion ≈ $1.66 Billion	+16.05%
2008-12-31	฿45.88 Billion ≈ $1.43 Billion	-33.72%
2007-12-31	฿69.23 Billion ≈ $2.16 Billion	+5.40%
2006-12-31	฿65.68 Billion ≈ $2.05 Billion	+10.93%
2005-12-31	฿59.21 Billion ≈ $1.85 Billion	+9.00%
2004-12-31	฿54.32 Billion ≈ $1.69 Billion	+39.10%
2003-12-31	฿39.05 Billion ≈ $1.22 Billion	+37.74%
2002-12-31	฿28.35 Billion ≈ $883.77 Million	+124.50%
2001-12-31	฿12.63 Billion ≈ $393.67 Million	+31.54%
2000-12-31	฿9.60 Billion ≈ $299.29 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Thai Airways International 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 decreased by 10413578475000.0% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2024)

Component	Amount	Percentage
Other Components	฿149.65 Billion	328.82%
Total Equity	฿45.51 Billion	100.00%

Thai Airways International Public Company Limited Competitors by Market Cap

The table below lists competitors of Thai Airways International Public Company Limited ranked by their market capitalization.

Company	Market Cap
LYFT Inc NASDAQ:LYFT	$5.30 Billion
Sk Biopharmaceuticals Co Ltd KO:326030	$5.30 Billion
Chongqing Zhifei Bio Products SHE:300122	$5.31 Billion
Rigetti Computing Inc NASDAQ:RGTI	$5.31 Billion
Black Hills Corporation NYSE:BKH	$5.29 Billion
Versant Media Group, Inc. Class A Common Stock When-Issued NASDAQ:VSNTV	$5.29 Billion
Eregli Demir ve Celik Fabrikalari TAS IS:EREGL	$5.29 Billion
Tianfeng Securities Co Ltd SHG:601162	$5.28 Billion

Equity Growth Attribution

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

Equity Growth Insights

From 2023 to 2024, total equity changed from -43,213,883,951 to 45,510,073,927, a change of 88,723,957,878.
Net loss of 26,933,664,237 reduced equity.
New share issuances of 22,987,208,707 increased equity.
Other factors increased equity by 92,670,413,408.

Equity Change Factors (2023 to 2024)

Factor	Impact	Contribution
Net Income	฿-26.93 Billion	-59.18%
Share Issuances	฿22.99 Billion	+50.51%
Other Changes	฿92.67 Billion	+203.63%
Total Change	฿-	%

Book Value vs Market Value Analysis

This analysis compares Thai Airways International 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: 3.73x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has increased from 0.41x to 3.73x over the analyzed period, suggesting growing market confidence.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2017-12-31	฿14.62	฿6.00	x
2018-12-31	฿9.31	฿6.00	x
2019-12-31	฿5.34	฿6.00	x
2020-12-31	฿-58.98	฿6.00	x
2021-12-31	฿-32.68	฿6.00	x
2022-12-31	฿-32.57	฿6.00	x
2023-12-31	฿-19.80	฿6.00	x
2024-12-31	฿1.61	฿6.00	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Thai Airways International 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): -59.18%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: -14.38%
• Asset Turnover: 0.64x
• Equity Multiplier: 6.43x
Recent ROE (-59.18%) is below the historical average (-7.68%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2000	49.40%	5.48%	0.51x	17.57x	฿3.76 Billion
2001	2.33%	0.29%	0.59x	13.80x	฿-960.80 Million
2002	36.07%	9.96%	0.57x	6.32x	฿7.36 Billion
2005	11.49%	4.17%	0.70x	3.93x	฿877.18 Million
2006	13.74%	5.03%	0.72x	3.81x	฿2.45 Billion
2007	9.20%	3.30%	0.71x	3.95x	฿-554.91 Million
2009	13.87%	4.54%	0.59x	5.13x	฿2.05 Billion
2010	18.58%	8.50%	0.61x	3.56x	฿7.09 Billion
2012	9.04%	2.98%	0.69x	4.41x	฿-663.02 Million
2013	-21.20%	-5.84%	0.67x	5.40x	฿-17.73 Billion
2014	-37.88%	-8.29%	0.61x	7.46x	฿-19.73 Billion
2015	-39.77%	-7.10%	0.61x	9.21x	฿-16.35 Billion
2016	0.05%	0.01%	0.63x	8.45x	฿-3.33 Billion
2017	-6.60%	-1.11%	0.68x	8.80x	฿-5.30 Billion
2018	-57.19%	-5.93%	0.73x	13.22x	฿-13.66 Billion
2019	-103.29%	-6.68%	0.70x	22.01x	฿-13.21 Billion
2020	0.00%	-295.85%	0.23x	0.00x	฿-128.30 Billion
2021	0.00%	255.51%	0.13x	0.00x	฿62.25 Billion
2022	0.00%	-0.26%	0.52x	0.00x	฿6.84 Billion
2023	0.00%	17.85%	0.66x	0.00x	฿32.42 Billion
2024	-59.18%	-14.38%	0.64x	6.43x	฿-31.48 Billion

Industry Comparison

This section compares Thai Airways International Public Company Limited's net assets metrics with peer companies in the Airlines industry.

Industry Context

Industry: Airlines
Average net assets among peers: $13,896,943,073
Average return on equity (ROE) among peers: -41.46%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Thai Airways International Public Company Limited (THAI)	฿71.98 Billion	49.40%	3.16x	$5.29 Billion
Asia Aviation Public Company Limited (AAV)	$7.95 Billion	-103.27%	7.13x	$424.56 Million
Asia Aviation Public Company Limited (AAV-R)	$16.83 Billion	-39.50%	3.23x	$540.71 Million
Bangkok Airways Public Company Limited (BA)	$16.91 Billion	18.39%	2.42x	$882.66 Million

About Thai Airways International Public Company Limited

BK:THAI Thailand Airlines

Market Cap

$5.29 Billion

฿169.82 Billion THB

Market Cap Rank

#3451 Global

#20 in Thailand

Share Price

฿6.00

Change (1 day)

+0.84%

52-Week Range

฿5.80 - ฿15.00

All Time High

฿15.00