Thai Oil Public Company Limited (TOP) - Net Assets

Latest as of December 2025: ฿193.03 Billion THB ≈ $6.02 Billion USD

Based on the latest financial reports, Thai Oil Public Company Limited (TOP) has net assets worth ฿193.03 Billion THB (≈ $6.02 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 (฿427.28 Billion ≈ $13.32 Billion USD) and total liabilities (฿234.25 Billion ≈ $7.30 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 TOP financial resilience to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿193.03 Billion
% of Total Assets	45.18%
Annual Growth Rate	7.89%
5-Year Change	56.82%
10-Year Change	72.97%
Growth Volatility	12.86

Thai Oil Public Company Limited - Net Assets Trend (2003–2025)

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

Annual Net Assets for Thai Oil Public Company Limited (2003–2025)

The table below shows the annual net assets of Thai Oil Public Company Limited from 2003 to 2025. For live valuation and market cap data, see Thai Oil Public Company Limited market cap and net worth.

Year	Net Assets	Change
2025-12-31	฿193.03 Billion ≈ $6.02 Billion	+16.15%
2024-12-31	฿166.18 Billion ≈ $5.18 Billion	-1.26%
2023-12-31	฿168.31 Billion ≈ $5.25 Billion	+6.09%
2022-12-31	฿158.66 Billion ≈ $4.95 Billion	+28.89%
2021-12-31	฿123.09 Billion ≈ $3.84 Billion	+2.48%
2020-12-31	฿120.12 Billion ≈ $3.74 Billion	-3.07%
2019-12-31	฿123.92 Billion ≈ $3.86 Billion	-2.02%
2018-12-31	฿126.47 Billion ≈ $3.94 Billion	-0.53%
2017-12-31	฿127.15 Billion ≈ $3.96 Billion	+13.93%
2016-12-31	฿111.60 Billion ≈ $3.48 Billion	+15.04%
2015-12-31	฿97.01 Billion ≈ $3.02 Billion	+11.45%
2014-12-31	฿87.04 Billion ≈ $2.71 Billion	-8.22%
2013-12-31	฿94.84 Billion ≈ $2.96 Billion	+4.54%
2012-12-31	฿90.72 Billion ≈ $2.83 Billion	+6.69%
2011-12-31	฿85.03 Billion ≈ $2.65 Billion	+10.67%
2010-12-31	฿76.84 Billion ≈ $2.39 Billion	+7.18%
2009-12-31	฿71.69 Billion ≈ $2.23 Billion	+12.75%
2008-12-31	฿63.58 Billion ≈ $1.98 Billion	-11.55%
2007-12-31	฿71.89 Billion ≈ $2.24 Billion	-1.27%
2006-12-31	฿72.81 Billion ≈ $2.27 Billion	+8.92%
2005-12-31	฿66.85 Billion ≈ $2.08 Billion	+24.78%
2004-12-31	฿53.58 Billion ≈ $1.67 Billion	+47.68%
2003-12-31	฿36.28 Billion ≈ $1.13 Billion	--

Equity Component Analysis

This analysis shows how different components contribute to Thai Oil 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 16114702948200.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	฿152.98 Billion	88.97%
Other Components	฿18.97 Billion	11.03%
Total Equity	฿171.95 Billion	100.00%

Thai Oil Public Company Limited Competitors by Market Cap

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

Company	Market Cap
Doximity Inc NYSE:DOCS	$3.34 Billion
Boyd Group Services Inc. NYSE:BGSI	$3.34 Billion
Powell Industries Inc NASDAQ:POWL	$3.34 Billion
Star Health and Allied Insurance Company Limited NSE:STARHEALTH	$3.34 Billion
Rocket Internet SE HM:RKET	$3.34 Billion
Multistrada Arah Sarana Tbk JK:MASA	$3.34 Billion
Steadfast Group Limited F:1S6	$3.34 Billion
Sinopec Shanghai Petrochemical Co Ltd Class A SHG:600688	$3.34 Billion

Equity Growth Attribution

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

Equity Growth Insights

From 2024 to 2025, total equity changed from 163,446,333,052 to 171,952,733,507, a change of 8,506,400,455 (5.2%).
Net income of 14,584,200,646 contributed positively to equity growth.
Dividend payments of 3,350,648,814 reduced retained earnings.
Other comprehensive income decreased equity by 2,559,647,873.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	฿14.58 Billion	+8.48%
Dividends Paid	฿3.35 Billion	-1.95%
Other Comprehensive Income	฿-2.56 Billion	-1.49%
Other Changes	฿-167.50 Million	-0.1%
Total Change	฿-	5.20%

Book Value vs Market Value Analysis

This analysis compares Thai Oil 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: 0.62x
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 2.86x to 0.62x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2003-12-31	฿16.77	฿48.00	x
2004-12-31	฿25.50	฿48.00	x
2005-12-31	฿30.91	฿48.00	x
2006-12-31	฿33.51	฿48.00	x
2007-12-31	฿32.95	฿48.00	x
2008-12-31	฿28.79	฿48.00	x
2009-12-31	฿32.64	฿48.00	x
2010-12-31	฿34.90	฿48.00	x
2011-12-31	฿38.83	฿48.00	x
2012-12-31	฿42.29	฿48.00	x
2013-12-31	฿44.37	฿48.00	x
2014-12-31	฿40.41	฿48.00	x
2015-12-31	฿45.14	฿48.00	x
2016-12-31	฿52.22	฿48.00	x
2017-12-31	฿59.72	฿48.00	x
2018-12-31	฿59.47	฿48.00	x
2019-12-31	฿58.62	฿48.00	x
2020-12-31	฿56.79	฿48.00	x
2021-12-31	฿59.26	฿48.00	x
2022-12-31	฿76.25	฿48.00	x
2023-12-31	฿74.11	฿48.00	x
2024-12-31	฿73.16	฿48.00	x
2025-12-31	฿76.98	฿48.00	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Thai Oil 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): 8.48%
The company has moderate efficiency in generating returns from equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 3.70%
• Asset Turnover: 0.92x
• Equity Multiplier: 2.48x
Recent ROE (8.48%) is below the historical average (14.24%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2003	21.16%	4.45%	1.49x	3.20x	฿3.56 Billion
2004	30.58%	8.09%	1.61x	2.34x	฿10.14 Billion
2005	29.64%	7.53%	2.01x	1.96x	฿12.43 Billion
2006	24.21%	5.85%	2.28x	1.82x	฿9.74 Billion
2007	28.44%	7.27%	1.92x	2.03x	฿12.43 Billion
2008	0.95%	0.14%	3.02x	2.25x	฿-5.33 Billion
2009	18.06%	4.20%	2.09x	2.06x	฿5.38 Billion
2010	12.60%	2.77%	2.21x	2.05x	฿1.86 Billion
2011	18.69%	3.33%	2.88x	1.95x	฿6.91 Billion
2012	14.24%	2.75%	2.62x	1.97x	฿3.67 Billion
2013	11.45%	2.51%	1.99x	2.30x	฿1.31 Billion
2014	-4.87%	-1.03%	2.02x	2.33x	฿-12.30 Billion
2015	13.19%	4.15%	1.53x	2.08x	฿2.94 Billion
2016	19.86%	7.72%	1.26x	2.04x	฿10.54 Billion
2017	20.34%	7.37%	1.48x	1.87x	฿12.63 Billion
2018	8.34%	2.61%	1.45x	2.21x	฿-2.02 Billion
2019	5.23%	1.73%	1.28x	2.36x	฿-5.72 Billion
2020	-2.23%	-1.07%	0.79x	2.63x	฿-14.22 Billion
2021	10.41%	3.75%	0.93x	3.00x	฿489.95 Million
2022	20.94%	6.46%	1.14x	2.85x	฿17.06 Billion
2023	11.74%	4.14%	1.12x	2.54x	฿2.89 Billion
2024	6.09%	2.18%	1.11x	2.50x	฿-6.39 Billion
2025	8.48%	3.70%	0.92x	2.48x	฿-2.61 Billion

Industry Comparison

This section compares Thai Oil Public Company Limited's net assets metrics with peer companies in the Oil & Gas Refining & Marketing industry.

Industry Context

Industry: Oil & Gas Refining & Marketing
Average net assets among peers: $25,843,489,170
Average return on equity (ROE) among peers: -0.53%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Thai Oil Public Company Limited (TOP)	฿193.03 Billion	21.16%	1.21x	$3.34 Billion
Bangchak Corporation Public Company Limited (BCP)	$18.65 Billion	1.05%	1.02x	$1.64 Billion
Esso (Thailand) Public Company Limited (BSRC)	$12.34 Billion	-83.52%	4.18x	$332.25 Million
IRPC Public Company Limited (IRPC)	$75.93 Billion	5.41%	0.74x	$1.35 Billion
IRPC Public Company Limited (IRPC-R)	$76.12 Billion	-3.84%	1.53x	$814.31 Million
Sea Oil Public Company Limited (SEAOIL)	$1.35 Billion	-0.06%	1.03x	$81.08 Million
Siamgas and Petrochemicals Public Company Limited (SGP)	$4.21 Billion	25.98%	0.90x	$486.92 Million
Siamgas and Petrochemicals Public Company Limited (SGP-R)	$909.37 Million	24.68%	5.57x	$378.08 Million
Star Petroleum Refining Co Ltd (SPRC)	$41.72 Billion	20.83%	0.44x	$993.33 Million
Susco Public Company Limited (SUSCO)	$1.36 Billion	4.70%	0.47x	$59.81 Million

About Thai Oil Public Company Limited

BK:TOP Thailand Oil & Gas Refining & Marketing

Market Cap

$3.34 Billion

฿107.22 Billion THB

Market Cap Rank

#4618 Global

#26 in Thailand

Share Price

฿48.00

Change (1 day)

-2.04%

52-Week Range

฿25.25 - ฿55.25

All Time High

฿83.44