PT Hanjaya Mandala Sampoerna Tbk

Name: PT Hanjaya Mandala Sampoerna Tbk financial statements and ratios
Creator: Annalist

HMSP · IDX · Consumer staples, tobacco · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 11 March 2026. Snapshot FY2025_07a6de21.

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Overview

Revenue, fiscal year

−4.8% year on year

Profit before tax, fiscal year

+8.5% year on year

Net income, fiscal year

−0.5% year on year

Diluted EPS, fiscal year

0.0% year on year

Pre-tax margin, fiscal year

+1.0pp year on year

Return on invested capital, fiscal year

n/a

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was Rp112.17 trillion, 4.8% lower than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 NewRevenue for the fiscal year ended 31 December 2025 was Rp112.17 trillion, 4.8% lower than in the previous fiscal year.Recorded from FY2025_7130661e · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_7130661e · data update
3. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was Rp117.88 trillion, 1.6% higher than in the previous fiscal year.Reconstructed · data update
4. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was Rp115.98 trillion, 4.3% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was Rp6.61 trillion, 0.5% lower than in the previous fiscal year.
Weakenedin FY2025 · stated since FY2024−0.5% from −17.9% in FY2024
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 WeakenedNet income attributable to the company for fiscal 2025 was Rp6.61 trillion, 0.5% lower than in the previous fiscal year.Recorded from FY2025_7130661e · data update
2. FY2024 NewNet income attributable to the company for fiscal 2024 was Rp6.65 trillion, 17.9% lower than in the previous fiscal year.Reconstructed · data update
3. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 was Rp8.10 trillion, 28.0% higher than in the previous fiscal year.Reconstructed · initial
Free cash flow for fiscal 2025 was Rp6.71 trillion, and operating cash flow was 1.1 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Confirmedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 ConfirmedFree cash flow for fiscal 2025 was Rp6.71 trillion, and operating cash flow was 1.1 times net income attributable to the company.Recorded from FY2025_07a6de21 · wording
2. FY2025 StrengthenedFree cash flow for fiscal 2025 was Rp6.71 trillion, and operating cash flow was 1.1 times net income attributable to the company.Recorded from FY2025_169af025 · correction
3. FY2024 WeakenedFree cash flow for fiscal 2024 was Rp3.64 trillion, and operating cash flow was 0.8 times net income attributable to the company.Reconstructed · data update
4. FY2023 NewFree cash flow for fiscal 2023 was Rp5.21 trillion, and operating cash flow was 0.8 times net income attributable to the company.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 28 October 2026: Annalist did not capture the depreciation and the capital expenditure of Sampoerna, or its current lease liabilities of 2020 to 2022. Records 13 to 15 state the findings that the corrected figures give, among them free cash flow of Rp6.71 trillion for fiscal 2025; records 13 and 14 are reconstructed from the corrected snapshot. Correction of 29 October 2026: Annalist did not capture the finance costs of Sampoerna, which its statements of profit or loss print as "Biaya keuangan", Rp38.7 billion for fiscal 2025. Its statements present no operating profit, so its EBIT, profit before tax plus finance costs, and with it its adjusted EBITDA and funds from operations were missing. No earlier finding cites the figures concerned. Records 16 to 18 state the findings that the corrected figures give, among them an Altman Z'' score of 4.94 for fiscal 2025, above the safe threshold of 2.60.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_07a6de21

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, rupiah

Profit Before Tax

By fiscal year, rupiah

Profit Attributable to Owners of the Parent

By fiscal year, rupiah

Margins

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, rupiah

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
EBIT	Rp9.21tn	Rp8.32tn	Rp10.35tn	Rp8.73tn	Rp9.46tn
Depreciation and amortisation, with the impairment reported with them	Rp1.18tn	Rp1.13tn	Rp1.13tn	Rp1.20tn	Rp1.36tn
Share-based payments	Rp0	Rp0	Rp0	Rp0	Rp0
Adjusted EBITDA	Rp10.39tn	Rp9.45tn	Rp11.48tn	Rp9.93tn	Rp10.82tn
Cash interest	−Rp56.5bn	−Rp50.0bn	−Rp41.7bn	−Rp39.6bn	−Rp38.7bn
Cash taxes	−Rp6.33tn	−Rp1.91tn	−Rp2.21tn	−Rp2.04tn	−Rp2.82tn
Funds from operations	Rp4.01tn	Rp7.49tn	Rp9.23tn	Rp7.85tn	Rp7.97tn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

These ratios have no value for the figures of this company.

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −1.5% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 1.5% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Newin FY2025 · first stated
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 NewOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 1.5% of average total assets.Recorded from FY2025_7130661e · data update
2. FY2025 RetiredThe finding changed to earnings backed by cash.Recorded from FY2025_7130661e · data update
3. FY2024 WeakenedNet income attributable to the company for fiscal 2024 exceeded operating cash flow by an amount equal to 2.7% of average total assets.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 exceeded operating cash flow by an amount equal to 3.3% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 4.94 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 4.94, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Strengthenedin FY2025 · stated since FY20234.94 from 4.42 in FY2024
Rule: Altman Z'' zone · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedThe Altman Z'' score for fiscal 2025 was 4.94, above the safe threshold of 2.60.Recorded from FY2025_07a6de21 · correction
2. FY2024 WeakenedThe Altman Z'' score for fiscal 2024 was 4.42, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 4.96, above the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	safe zone	safe zone	safe zone	safe zone	safe zone

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

4.94Safe zone, above 2.60

The score of 4.94 is in the safe zone of the model, above 2.60. The largest part is working capital, at 2.00.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.305	6.560	2.002
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.129	3.260	0.420
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.184	6.720	1.234
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.221	1.050	1.282
Score			4.938

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2025	11 Mar 2026, the date on which the board approved the statements	AR:hm-sampoerna-2025-12-31	34a871c0baf6
Annual report for the year to 31 December 2024	25 Mar 2025, the date on which the board approved the statements	AR:hm-sampoerna-2024-12-31	d41a7b9f3236
Annual report for the year to 31 December 2023	15 Mar 2024, the date on which the board approved the statements	AR:hm-sampoerna-2023-12-31	f27aa21481aa
Annual report for the year to 31 December 2022	30 Mar 2023, the date on which the board approved the statements	AR:hm-sampoerna-2022-12-31	b6f29cb6c763
Annual report for the year to 31 December 2021	23 Mar 2022, the date on which the board approved the statements	AR:hm-sampoerna-2021-12-31	d0ab704be040

Checks

475475 checks, all passed

Statement arithmetic310 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit6 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement between annual reports134 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	207
Confirmed by other figures	71.5%, 148 values
Confirmed by a second document	64.7%, 134 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	5
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Hanjaya Mandala Sampoerna Tbk, snapshot hm-sampoerna/FY2025_07a6de21 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_07a6de21 · dataset SHA-256 07a6de21e7d3a5c667716764e8d2f14dc4997786df6b618962c2c6db569339b9 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json