Latvia's most valuable enterprises

TOP 2023	TOP 2022	Company name	Value 2023	Value 2022	Change	Turnover 2022	EBITDA 2022	CorpGov Score	Industry
1	1	SWEDBANK BALTICS, AS ^{(K), 1}	3397.58	3167.59	7%	41337.0	4185.0	42	Financial services
2	2	LATVENERGO, AS ^(K)	2912.41	2452.29	19%	1841.8	341.5	90	Utility services
3	3	LATVIJAS VALSTS MEŽI, AS ^(K)	2206.14	1341.52	64%	566.7	299.0	98	Extraction of natural resources
4	4	MIKROTĪKLS, SIA	1182.28	1308.28	-10%	334.3	89.3	10	Manufacturing: industrial products
5	6	MAXIMA LATVIJA, SIA	646.70	650.83	-1%	974.6	71.7	30	Trade: consumer goods
6	7	AUGSTSPRIEGUMA TĪKLS, AS ^(K)	615.93	604.56	2%	351.1	68.3	75	Transmission and storage
7	5	KRONOSPAN RIGA, SIA	613.58	841.06	-27%	300.8	69.4	11	Manufacturing: industrial products
8	11	ELKO GRUPA, AS ^(K)	576.42	427.17	35%	1427.5	70.9	12	Trade: consumer goods
9	8	LATVIJAS MOBILAIS TELEFONS, SIA ^(K)	556.14	585.57	-5%	290.9	85.5	61	IT and telecommunication services
10	9	RIMI LATVIA, SIA	496.28	546.06	-9%	1027.8	50.6	37	Trade: consumer goods
11	12	SEB BANKA, AS ^(K)	447.62	412.91	8%	5472.8	505.9	85	Financial services
12	10	TET, SIA ^(K)	429.32	452.81	-5%	326.7	63.4	58	IT and telecommunication services
13	13	TELE2, SIA	386.87	393.99	-2%	165.8	64.9	32	IT and telecommunication services
14	16	CITADELE BANKA, AS ^(K)	374.67	344.75	9%	5404.3	424.2	84	Financial services
15	14	LATVIJAS FINIERIS, AS ^(K)	359.18	388.32	-8%	350.0	56.9	42	Manufacturing: industrial products
16	20	LATVIJAS GĀZE, AS ^{(K), 2}	343.30	275.91	24%	689.8	-6.4	76	Utility services
17	17	GRINDEKS, AS ^(K)	318.04	327.75	-3%	257.9	32.6	47	Manufacturing: consumer goods
18	21	VALSTS NEKUSTAMIE ĪPAŠUMI, VAS	310.14	274.27	13%	46.3	20.5	94	Real estate operations
19	48	AIR BALTIC CORPORATION, AS ^(K)	299.82	139.17	115%	495.5	60.8	71	Transportation, transit, logistics
20	19	BITE LATVIJA, SIA	294.45	279.56	5%	149.8	51.4	23	IT and telecommunication services
21	18	RIETUMU BANKA, AS ^(K)	283.02	285.04	-1%	1395.3	345.0	47	Financial services
22	31	SMARTLYNX AIRLINES, SIA ^(K)	252.08	163.09	55%	350.5	42.3	17	Transportation, transit, logistics
23	29	KREISS, SIA	245.16	170.75	44%	211.1	24.1	6	Transportation, transit, logistics
24	15	AKZ, SIA	238.86	348.21	-31%	101.3	22.4	11	Manufacturing: industrial products
25	28	OLAINFARM, AS ^(K)	237.51	181.34	31%	120.2	37.9	33	Manufacturing: consumer goods
26	22	PATA, SIA ^(K)	230.69	265.06	-13%	314.4	30.2	21	Manufacturing: industrial products
27	46	LIGHT GUIDE OPTICS INTERNATIONAL, SIA ^(K)	218.63	141.27	55%	53.1	24.4	4	Manufacturing: industrial products
28	25	GAUJAS KOKS, SIA	206.77	231.18	-11%	127.9	29.9	6	Manufacturing: industrial products
29	36	ECO BALTIA, AS ^(K)	204.40	154.84	32%	210.0	25.1	58	Utility services
30	26	RĪGAS ŪDENS, SIA	199.62	193.11	3%	65.7	16.6	100	Utility services
31	40	M257, SIA ³	199.27	152.82	30%	21.4	16.5	13	Real estate operations
32	49	LATGRAN, SIA	186.83	134.66	39%	204.2	35.8	36	Manufacturing: energy carriers
33	42	OPTIBET, SIA	186.29	148.34	26%	41.1	21.4	8	Consumer services
34	50	CERAM OPTEC, SIA	184.48	130.97	41%	50.5	19.5	10	Manufacturing: industrial products
35	33	RĪGAS SILTUMS, AS ^(K)	180.99	161.52	12%	216.3	20.2	65	Utility services
36	41	DOBELES DZIRNAVNIEKS, AS ^(K)	180.02	150.70	19%	238.7	24.3	24	Manufacturing: consumer goods
37	34	SCHWENK LATVIJA, SIA	174.75	161.09	8%	133.2	28.0	39	Manufacturing: industrial products
38	24	LATVIJAS DZELZCEĻŠ, VAS ^(K)	171.26	232.93	-26%	254.8	8.3	85	Transportation, transit, logistics
39	37	DROGAS, AS	169.11	154.44	9%	93.9	16.8	36	Trade: consumer goods
40	55	LATVIJAS LOTO, VAS ^(K)	167.96	121.29	38%	79.0	16.0	92	Consumer services
41	35	DEPO DIY, SIA ^(K)	165.55	157.80	5%	495.6	28.0	11	Trade: consumer goods
42	53	DELTA PROPERTY, SIA ⁴	154.44	126.02	23%	19.7	13.1	15	Real estate operations
43	32	E. GULBJA LABORATORIJA, SIA	145.33	162.74	-11%	62.1	11.3	13	Health care
44	43	VIKA WOOD, SIA	140.69	147.30	-4%	105.6	21.0	25	Manufacturing: industrial products
45	-	DISCOVER CAR HIRE, AS	134.47	-	-	50.5	17.3	19	IT and telecommunication services
46	59	TOLMETS, SIA ^(K)	132.78	114.01	16%	328.5	17.9	21	Trade: industrial goods
47	44	FIRMA MADARA 89, SIA	130.29	144.96	-10%	188.9	13.6	10	Trade: consumer goods
48	52	C.T.CO, SIA	128.76	127.39	1%	60.6	12.3	15	IT and telecommunication services
49	57	PRINTFUL LATVIA, AS ^{(K), 5}	127.21	120.10	6%	78.8	10.9	10	Other commercial services
50	62	SANITEX, SIA ^(K)	126.81	108.21	17%	457.5	15.7	9	Trade: consumer goods
51	30	KUREKSS, SIA ^(K)	123.91	163.61	-24%	98.3	14.5	13	Manufacturing: industrial products
52	38	RETTENMEIER BALTIC TIMBER, SIA ^(K)	123.41	153.29	-19%	90.3	15.6	15	Manufacturing: industrial products
53	56	KNAUF, SIA	122.90	120.90	2%	103.2	18.7	29	Manufacturing: industrial products
54	58	GREN LATVIJA, SIA	121.98	116.69	5%	41.9	10.8	18	Utility services
55	-	PULSAR OPTICS, SIA	121.89	-	-	52.6	13.4	6	Manufacturing: industrial products
56	72	STIGA RM, SIA ^(K)	117.22	93.04	26%	69.7	24.5	2	Manufacturing: industrial products
57	60	NESTE LATVIJA, SIA	105.00	113.18	-7%	566.8	19.5	37	Trade: energy carriers
58	39	CIRCLE K LATVIA, SIA	103.53	153.18	-32%	622.6	15.2	18	Trade: energy carriers
59	71	SS, SIA	101.75	93.89	8%	11.0	9.5	6	IT and telecommunication services
60	86	ZABBIX, SIA ^(K)	100.56	76.80	31%	17.1	8.9	6	IT and telecommunication services
61	63	EVOLUTION LATVIA, SIA	99.48	100.82	-1%	113.3	13.7	8	Other commercial services
62	66	CLEANR GRUPA, AS ^(K)	97.30	96.54	1%	68.0	9.4	55	Utility services
63	70	SAMSUNG ELECTRONICS BALTICS, SIA	95.72	94.50	1%	493.1	11.6	28	Trade: consumer goods
64	-	SIROWA GROUP, SIA ^(K)	93.12	-	-	170.7	10.1	8	Trade: consumer goods
65	45	BSW LATVIA, SIA	88.15	142.61	-38%	20.2	-0.1	10	Manufacturing: industrial products
66	92	VALMIERAS STIKLA ŠĶIEDRA, AS ^(K)	88.10	72.65	21%	144.2	15.5	38	Manufacturing: industrial products
67	69	BALTA, AAS	88.08	94.74	-7%	208.9	59.4	79	Financial services
68	67	TIETOVERY BANKING LATVIA, SIA ⁶	86.21	95.39	-10%	64.1	7.4	15	IT and telecommunication services
69	73	VIRŠI-A, AS ^{(K), 2}	85.94	91.88	-6%	375.1	12.3	65	Trade: energy carriers
70	78	EFTEN DOMINA, SIA	85.04	87.45	-3%	12.8	5.9	10	Real estate operations
71	54	STORA ENSO LATVIJA, AS	84.88	125.99	-33%	130.3	7.1	18	Manufacturing: industrial products
72	90	DOUGLAS BALTIC, SIA ^(K)	82.79	73.49	13%	57.8	9.0	11	Trade: consumer goods
73	75	PAUL MASON PROPERTIES, SIA	82.01	91.27	-10%	108.9	12.1	10	Trade: consumer goods
74	91	ORKLA LATVIJA, SIA ^(K)	79.93	72.98	10%	111.1	9.8	40	Manufacturing: consumer goods
75	-	EMTEKO, SIA	76.65	-	-	43.1	11.4	10	Trade: consumer goods
76	-	TCK, SIA ⁷	76.57	-	-	12.9	11.9	6	Other commercial services
77	-	BALTICOVO, AS	76.21	-	-	101.8	13.3	24	Manufacturing: consumer goods
78	61	TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA	76.06	112.91	-33%	13.6	3.2	8	Real estate operations
79	83	AMBER LATVIJAS BALZAMS, AS ²	76.03	79.32	-4%	108.1	8.5	78	Manufacturing: consumer goods
80	84	LSREF3 RIGA PLAZA, SIA	75.93	78.17	-3%	12.6	5.6	8	Real estate operations
81	65	BTA BALTIC INSURANCE COMPANY, AAS	75.58	97.03	-22%	464.7	53.9	51	Financial services
82	89	KRONUS, SIA	75.47	73.53	3%	124.7	12.7	12	Manufacturing: industrial products
83	82	LATVIJAS AUTOCEĻU UZTURĒTĀJS, AS	74.38	81.97	-9%	78.5	7.5	85	Construction
84	87	BALCIA INSURANCE, SE	73.85	76.05	-3%	196.1	53.0	48	Financial services
85	-	MOLLER BALTIC IMPORT, SE	73.50	-	-	286.9	14.8	13	Trade: consumer goods
86	79	MEGO, SIA ^(K)	72.94	85.73	-15%	194.1	7.4	6	Trade: consumer goods
87	-	B-BUS, SIA ^(K)	72.61	-	-	29.2	5.4	25	Transportation, transit, logistics
88	68	RĪGAS PIENA KOMBINĀTS, AS ^(K)	71.34	95.25	-25%	127.8	4.2	23	Manufacturing: consumer goods
89	96	CĒSU ALUS, AS	71.10	67.09	6%	91.2	6.6	30	Manufacturing: consumer goods
90	-	MERKS, SIA ^(K)	70.78	-	-	113.2	10.7	0	Construction
91	-	CALJAN LSEZ, SIA	70.54	-	-	63.7	6.8	8	Manufacturing: industrial products
92	85	LATVIJAS PASTS, VAS	70.06	76.80	-9%	100.0	0.3	95	Transportation, transit, logistics
93	-	HTTPOOL LATVIA, SIA	69.66	-	-	21.6	10.7	16	IT and telecommunication services
94	51	BYKO-LAT, SIA	68.97	129.08	-47%	95.1	1.4	35	Manufacturing: industrial products
95	98	PREMIER RESTAURANTS LATVIA, SIA	68.09	66.78	2%	66.1	6.3	28	Consumer services
96	-	HAWITA BALTIC, SIA ^(K)	67.25	-	-	24.1	10.4	6	Extraction of natural resources
97	-	PEPCO LATVIA, SIA	66.97	-	-	50.5	8.8	23	Trade: consumer goods
98	-	GETLIŅI EKO, SIA	66.81	-	-	50.8	8.3	69	Other commercial services
99	-	BALTIC BLOCK, SIA	66.17	-	-	44.2	12.0	20	Manufacturing: industrial products
100	77	CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS	65.61	88.84	-26%	52.7	5.3	95	Other commercial services
101	-	BALTIC CONTAINER TERMINAL, SIA	64.08	-	-	19.5	10.6	6	Transportation, transit, logistics

(K) placed after company names indicates that consolidated annual reports were used in preparation for the TOP.

* TOP 101 presents enterprise value, except for banks, other credit institutions and insurance companies for which the respective colum presents equity value.

** For banks, other credit institutions and insurance companies, the column presents book value of total assets as at the end of 2022.

*** For banks, other credit institutions and insurance companies, the column presents book value of shareholders' equity as at the end of 2022.

¹SWEDBANK BALTICS, AS is a financial holding company for subsidiary banks in Estonia, Latvia and Lithuania. The company is not comparable to SWEDBANK, AS in previous TOPs.

²Publicly traded companies' valuation is based on the share price and balance sheet snapshot on June 30th, 2023.

³Real estate of the shopping center "Akropole Rīga".

⁴Real estate of the shopping center "Akropole Alfa".

⁵PRINTFUL LATVIA, AS and under it consolidated daughter companies' valuation represents only a part of total "Printful" company value.

⁶Company changed name during the year 2023. Formerly, in the TOP of 2022, company was listed under the previous name TIETO LATVIA, SIA.

⁷Tārgale wind park.

TOP 101 - 2023
Latvia's most valuable enterprises
Discover your company’s value

Select year:

Select filters:

Newcomer

Listed

Owner

Sector

Select industries:

Comparison between TOP101 and GDP

Distribution of the value of TOP101 companies, based on capital structure

TOP 101 value of the last company present in TOP, million EUR

Expert's opinion

TOP101 Panel Discussion: Drivers and Challenges for IPO and M&A Deals.

Three Lithuania based companies lead the Baltic TOP 30 Most Valuable Enterprises list

TOP101 2023 Latvian Company Appraisal: Between Crisis and Opportunities | By Kārlis Krastiņš

TOP 101 - 2023 Latvia's most valuable enterprises Discover your company’s value