WHA Utilities and Power Public Company Limited (WHAUP) - Net Assets

Latest as of December 2025: ฿13.49 Billion THB ≈ $420.54 Million USD

Based on the latest financial reports, WHA Utilities and Power Public Company Limited (WHAUP) has net assets worth ฿13.49 Billion THB (≈ $420.54 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 (฿31.65 Billion ≈ $986.45 Million USD) and total liabilities (฿18.16 Billion ≈ $565.91 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 WHAUP financial resilience to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿13.49 Billion
% of Total Assets	42.63%
Annual Growth Rate	26.8%
5-Year Change	8.95%
10-Year Change	81.85%
Growth Volatility	316.71

WHA Utilities and Power Public Company Limited - Net Assets Trend (2013–2025)

This chart illustrates how WHA Utilities and Power Public Company Limited's net assets have evolved over time, based on quarterly financial data. Also explore WHAUP total asset value for the complete picture of this company's asset base.

Annual Net Assets for WHA Utilities and Power Public Company Limited (2013–2025)

The table below shows the annual net assets of WHA Utilities and Power Public Company Limited from 2013 to 2025. For live valuation and market cap data, see WHAUP market cap overview.

Year	Net Assets	Change
2025-12-31	฿13.49 Billion ≈ $420.54 Million	-0.52%
2024-12-31	฿13.56 Billion ≈ $422.72 Million	-0.03%
2023-12-31	฿13.57 Billion ≈ $422.86 Million	+7.49%
2022-12-31	฿12.62 Billion ≈ $393.40 Million	+1.92%
2021-12-31	฿12.38 Billion ≈ $386.00 Million	+1.87%
2020-12-31	฿12.16 Billion ≈ $378.93 Million	-10.34%
2019-12-31	฿13.56 Billion ≈ $422.63 Million	-3.49%
2018-12-31	฿14.05 Billion ≈ $437.90 Million	+11.71%
2017-12-31	฿12.58 Billion ≈ $392.01 Million	+69.51%
2016-12-31	฿7.42 Billion ≈ $231.26 Million	-26.54%
2015-12-31	฿10.10 Billion ≈ $314.81 Million	+1148.27%
2014-12-31	฿809.14 Million ≈ $25.22 Million	+3.63%
2013-12-31	฿780.82 Million ≈ $24.34 Million	--

Equity Component Analysis

This analysis shows how different components contribute to WHA Utilities and Power 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 3334.5% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	฿3.79 Billion	28.05%
Other Components	฿9.71 Billion	71.95%
Total Equity	฿13.49 Billion	100.00%

WHA Utilities and Power Public Company Limited Competitors by Market Cap

The table below lists competitors of WHA Utilities and Power Public Company Limited ranked by their market capitalization.

Company	Market Cap
SeaBird Exploration Plc OL:SBX	$574.77 Million
Mama's Creations Inc. NASDAQ:MAMA	$575.24 Million
GemVax&KAEL Co.Ltd KQ:082270	$575.35 Million
Fitipower Integrated Technology Inc TW:4961	$575.37 Million
Black Cat Syndicate Ltd AU:BC8	$574.36 Million
Ethos Technologies Inc. Class A Common Stock NASDAQ:LIFE	$574.24 Million
Tivoli A/S CO:TIV	$574.21 Million
Network18 Media & Investments Limited NSE:NETWORK18	$574.16 Million

Equity Growth Attribution

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

Equity Growth Insights

From 2024 to 2025, total equity changed from 13,562,019,755 to 13,492,044,626, a change of -69,975,129 (-0.5%).
Net income of 1,016,324,549 contributed positively to equity growth.
Dividend payments of 965,726,412 reduced retained earnings.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	฿1.02 Billion	+7.53%
Dividends Paid	฿965.73 Million	-7.16%
Other Changes	฿-120.57 Million	-0.89%
Total Change	฿-	-0.52%

Book Value vs Market Value Analysis

This analysis compares WHA Utilities and Power 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: 1.37x
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 3.98x to 1.37x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2013-12-31	฿1.21	฿4.82	x
2014-12-31	฿0.21	฿4.82	x
2015-12-31	฿0.24	฿4.82	x
2016-12-31	฿3.18	฿4.82	x
2017-12-31	฿3.43	฿4.82	x
2018-12-31	฿3.67	฿4.82	x
2019-12-31	฿3.54	฿4.82	x
2020-12-31	฿3.18	฿4.82	x
2021-12-31	฿3.24	฿4.82	x
2022-12-31	฿3.30	฿4.82	x
2023-12-31	฿3.55	฿4.82	x
2024-12-31	฿3.55	฿4.82	x
2025-12-31	฿3.53	฿4.82	x

Capital Efficiency Dashboard

This dashboard shows how efficiently WHA Utilities and Power 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): 7.53%
The company has moderate efficiency in generating returns from equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 31.82%
• Asset Turnover: 0.10x
• Equity Multiplier: 2.35x
Recent ROE (7.53%) is below the historical average (34.13%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2013	15.31%	16.16%	0.45x	2.11x	฿41.43 Million
2014	193.08%	107.83%	0.76x	2.35x	฿1.48 Billion
2015	130.69%	78.64%	0.13x	12.41x	฿1.13 Billion
2016	13.05%	60.48%	0.09x	2.51x	฿225.96 Million
2017	15.75%	121.25%	0.08x	1.70x	฿723.22 Million
2018	16.03%	131.82%	0.07x	1.69x	฿846.97 Million
2019	15.76%	115.07%	0.07x	1.95x	฿781.28 Million
2020	6.69%	47.86%	0.06x	2.15x	฿-402.98 Million
2021	5.94%	33.73%	0.08x	2.09x	฿-502.88 Million
2022	3.60%	18.59%	0.09x	2.19x	฿-808.00 Million
2023	12.02%	58.64%	0.09x	2.20x	฿274.58 Million
2024	8.25%	38.24%	0.09x	2.30x	฿-237.34 Million
2025	7.53%	31.82%	0.10x	2.35x	฿-332.88 Million

Industry Comparison

This section compares WHA Utilities and Power Public Company Limited's net assets metrics with peer companies in the Utilities - Regulated Water industry.

Industry Context

Industry: Utilities - Regulated Water
Average net assets among peers: $8,835,873,371
Average return on equity (ROE) among peers: 17.09%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
WHA Utilities and Power Public Company Limited (WHAUP)	฿13.49 Billion	15.31%	1.35x	$574.65 Million
Eastern Water Resources Development and Management Public Company Limited (EASTW)	$7.93 Billion	16.60%	0.70x	$158.68 Million
TTW Public Company Limited (TTW)	$15.28 Billion	19.19%	0.33x	$1.15 Billion
TTW Public Company Limited (TTW-R)	$4.71 Billion	19.51%	2.96x	$1.15 Billion
WHA UTILITIES AND PO (WHAUP-R)	$7.42 Billion	13.05%	1.51x	$469.73 Million

About WHA Utilities and Power Public Company Limited

BK:WHAUP Thailand Utilities - Regulated Water

Market Cap

$574.65 Million

฿18.44 Billion THB

Market Cap Rank

#11821 Global

#117 in Thailand

Share Price

฿4.82

Change (1 day)

+2.55%

52-Week Range

฿2.90 - ฿5.20

All Time High

฿6.01