# PT Golden Energy Mines Tbk (GEMS)

> GEMS · IDX · Energy, coal mining · Indonesia · SAK · Fiscal year ends December
>
> Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 27 February 2026. Snapshot FY2025_ca3edb1a.

Page: https://annalist.io/company/golden-energy-mines/

## Latest Figures

| Figure | Value | Exact value | Unit | Change | Period | Period end | Source documents |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue, fiscal year | $2.4bn | 2414053508 | USD | −10.8% year on year | FY2025 | 2025-12-31 | Annual report 2025-12 |
| Operating profit, fiscal year | $367m | 366682336 | USD | −42.7% year on year | FY2025 | 2025-12-31 | Annual report 2025-12 |
| Net income, fiscal year | $258m | 258234508 | USD | −45.5% year on year | FY2025 | 2025-12-31 | Annual report 2025-12 |
| Operating margin, fiscal year | 15.2% | 15.1895 | % | −8.5pp year on year | FY2025 | 2025-12-31 | Annual report 2025-12 |
| Return on equity, fiscal year | 38.1% | 38.1244 | % | −34.4pp year on year | FY2025 | 2025-12-31 | Annual report 2025-12 |

- Operating margin: Operating income / revenue.
- Return on equity: Net income attributable to the company / average shareholders' equity attributable to the company.

## Key Findings

Each finding is a sentence written by a fixed rule from the figures; the mark in brackets is how the finding moved against the report before.

- Revenue for the fiscal year ended 31 December 2025 was US$2.4 billion, 10.8% lower than in the previous fiscal year. [Strengthened in FY2025] Sources: Annual report 2025-12.
- Net income attributable to the company for fiscal 2025 was US$258 million, 45.5% lower than in the previous fiscal year. [Strengthened in FY2025] Sources: Annual report 2025-12.
- The operating margin for fiscal 2025 was 15.2%, 8.5 percentage points lower than a year earlier. [Strengthened in FY2025] Sources: Annual report 2025-12.
- Return on equity for fiscal 2025 was 38.1%, against 72.6% a year earlier. [Strengthened in FY2025] Sources: Annual report 2025-12, Annual report 2024-12.
- Free cash flow for fiscal 2025 was US$228 million, and operating cash flow was 1.0 times net income attributable to the company. [Weakened in FY2025] Sources: Annual report 2025-12.
- Net debt was US$22 million at 31 December 2025, 0.1 times EBITDA for fiscal 2025. [New in FY2025] Sources: Annual report 2025-12.
- Lease-adjusted debt was 0.3 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 190.9% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. [Confirmed in FY2025] Sources: Annual report 2025-12.
- Cash, short-term investments and operating cash flow for fiscal 2025 equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends. [Confirmed in FY2025] Sources: Annual report 2025-12.
- Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 0.9% of average total assets. [New in FY2025] Sources: Annual report 2025-12.
- The Altman Z'' score for fiscal 2025 was 5.96, above the safe threshold of 2.60. [Weakened in FY2025] Sources: Annual report 2025-12.
- The Piotroski F-score for fiscal 2025 was 4 of 9. The 5 signals not met were return on assets higher than a year earlier, operating cash flow above net income, long-term debt to assets lower than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier. [Confirmed in FY2025] Sources: Annual report 2024-12, Annual report 2025-12.

## Fiscal Years

| Fiscal year | Year end | Item | Value | Exact value | Unit | Source documents |
| --- | --- | --- | --- | --- | --- | --- |
| FY2025 | 2025-12-31 | Revenue | $2.4bn | 2414053508 | USD | Annual report 2025-12 |
| FY2025 | 2025-12-31 | Operating profit | $367m | 366682336 | USD | Annual report 2025-12 |
| FY2025 | 2025-12-31 | Profit attributable to owners of the parent | $258m | 258234508 | USD | Annual report 2025-12 |
| FY2024 | 2024-12-31 | Revenue | $2.7bn | 2705520884 | USD | Annual report 2025-12 |
| FY2024 | 2024-12-31 | Operating profit | $640m | 640490135 | USD | Annual report 2025-12 |
| FY2024 | 2024-12-31 | Profit attributable to owners of the parent | $474m | 473806214 | USD | Annual report 2025-12 |
| FY2023 | 2023-12-31 | Revenue | $2.9bn | 2901836296 | USD | Annual report 2024-12 |
| FY2023 | 2023-12-31 | Operating profit | $694m | 694059978 | USD | Annual report 2024-12 |
| FY2023 | 2023-12-31 | Profit attributable to owners of the parent | $518m | 518380664 | USD | Annual report 2024-12 |
| FY2022 | 2022-12-31 | Revenue | $2.9bn | 2919964403 | USD | Annual report 2023-12 |
| FY2022 | 2022-12-31 | Operating profit | $917m | 916813748 | USD | Annual report 2023-12 |
| FY2022 | 2022-12-31 | Profit attributable to owners of the parent | $680m | 680371735 | USD | Annual report 2023-12 |
| FY2021 | 2021-12-31 | Revenue | $1.6bn | 1585953591 | USD | Annual report 2022-12 |
| FY2021 | 2021-12-31 | Operating profit | $471m | 471224683 | USD | Annual report 2022-12 |
| FY2021 | 2021-12-31 | Profit attributable to owners of the parent | $348m | 348004331 | USD | Annual report 2022-12 |

## Source Documents

- Annual report 2025-12: Annual report for the year to 31 December 2025, 27 Feb 2026, the date on which the board approved the statements (https://www.goldenenergymines.com/download/903/)
- Annual report 2024-12: Annual report for the year to 31 December 2024, 3 Mar 2025, the date on which the board approved the statements (https://www.goldenenergymines.com/download/751/)
- Annual report 2023-12: Annual report for the year to 31 December 2023, 28 Mar 2024, the date on which the board approved the statements (https://www.goldenenergymines.com/download/681/)
- Annual report 2022-12: Annual report for the year to 31 December 2022, 8 Mar 2023, the date on which the board approved the statements (https://www.goldenenergymines.com/download/608/)

## Reliability

- 496 checks compare these figures with other official figures; 0 failed.
- 0 values are withheld because the filings do not prove them; a withheld value is absent, never estimated.
- Every earlier snapshot stays published: https://annalist.io/api/v1/companies/golden-energy-mines/snapshots.json

## Cite

Annalist, PT Golden Energy Mines Tbk, snapshot golden-energy-mines/FY2025_ca3edb1a; <item>, <period>; source <document>. Link the page https://annalist.io/company/golden-energy-mines/ and the source document of the figure.

A figure of a statement has an address of its own, which opens the page at that figure with its source documents: https://annalist.io/company/golden-energy-mines/?fig=<statement>/<period>/<item>, for example https://annalist.io/company/golden-energy-mines/?fig=pl_annual/FY2025/revenue

## Full Data

- [Every statement, ratio and document of this snapshot (JSON)](https://annalist.io/api/v1/companies/golden-energy-mines/snapshots/FY2025_ca3edb1a/info.json)
- [Latest snapshot, at an address that does not change (JSON)](https://annalist.io/api/v1/companies/golden-energy-mines/latest.json)
- [Income statement, annual (CSV)](https://annalist.io/api/v1/companies/golden-energy-mines/snapshots/FY2025_ca3edb1a/pl_annual.csv)
- [Balance sheet, year end (CSV)](https://annalist.io/api/v1/companies/golden-energy-mines/snapshots/FY2025_ca3edb1a/balance_sheet.csv)
- [Cash flow, annual (CSV)](https://annalist.io/api/v1/companies/golden-energy-mines/snapshots/FY2025_ca3edb1a/cf_annual.csv)
- [Ratios, annual (JSON)](https://annalist.io/api/v1/companies/golden-energy-mines/snapshots/FY2025_ca3edb1a/ratios/annual.json)
- [Key findings with their history (JSON)](https://annalist.io/api/v1/companies/golden-energy-mines/findings.json)
- [New reports and findings (Atom feed)](https://annalist.io/company/golden-energy-mines/feed.xml)
- [Excel workbook](https://annalist.io/company/golden-energy-mines/golden-energy-mines.xlsx)
- [Buyout model on these figures](https://annalist.io/deal-lab/buyout/golden-energy-mines/)
- [Lenders, customers, suppliers and owners (brief in Markdown)](https://annalist.io/atlas/golden-energy-mines/brief.md)
- [Lenders, customers, suppliers and owners (JSON)](https://annalist.io/api/v1/atlas/golden-energy-mines.json)

## Peers

- [PT Adaro Andalan Indonesia Tbk](https://annalist.io/company/adaro-andalan/brief.md)
- [PT Alamtri Resources Indonesia Tbk](https://annalist.io/company/alamtri-resources/brief.md)
- [PT Bayan Resources Tbk](https://annalist.io/company/bayan-resources/brief.md)
- [Side by side](https://annalist.io/compare/?c=golden-energy-mines,adaro-andalan,alamtri-resources,bayan-resources)

---

Figures come from official filings and are provided as they are, without warranty of accuracy or completeness. They are not investment advice.