PT Indosat Tbk

Name: PT Indosat Tbk financial statements and ratios
Creator: Annalist

ISAT · IDX · Communication and media, telecommunications · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 7 February 2026. Snapshot FY2025_2b7beddc.

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Overview

Revenue, fiscal year

+1.1% year on year

Profit before tax, fiscal year

+8.2% year on year

Net income, fiscal year

+12.2% year on year

Diluted EPS, fiscal year

+12.2% year on year

Pre-tax margin, fiscal year

+0.8pp year on year

Return on equity, fiscal year

+0.5pp year on year

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 Rp56.52 trillion, 1.1% higher 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, 5 records
1. FY2025 NewRevenue for the fiscal year ended 31 December 2025 was Rp56.52 trillion, 1.1% higher than in the previous fiscal year.Recorded from FY2025_2b7beddc · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_2b7beddc · data update
3. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was Rp55.89 trillion.Reconstructed · data update
4. FY2024 RetiredThe finding changed to stated without a comparison.Reconstructed · data update
5. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was Rp51.23 trillion, 9.6% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was Rp5.51 trillion, 12.2% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 5 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was Rp5.51 trillion, 12.2% higher than in the previous fiscal year.Recorded from FY2025_2b7beddc · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_2b7beddc · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was Rp4.91 trillion.Reconstructed · data update
4. FY2024 RetiredThe finding changed to stated without a comparison.Reconstructed · data update
5. FY2023 NewNet income attributable to the company for fiscal 2023 was Rp4.51 trillion, 4.6% lower than in the previous fiscal year.Reconstructed · initial
Return on equity for fiscal 2025 was 15.8%, against 15.3% a year earlier.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual report 2025-12, Annual report 2023-12
History of this finding, 5 records
1. FY2025 NewReturn on equity for fiscal 2025 was 15.8%, against 15.3% a year earlier.Recorded from FY2025_2b7beddc · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_2b7beddc · data update
3. FY2024 NewReturn on equity for fiscal 2024 was 15.3%, against 15.3% a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to unchanged from a year earlier.Reconstructed · data update
5. FY2023 NewReturn on equity for fiscal 2023 was 15.3%, against 25.2% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was Rp9.19 trillion, and operating cash flow was 3.9 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.
Strengthenedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedFree cash flow for fiscal 2025 was Rp9.19 trillion, and operating cash flow was 3.9 times net income attributable to the company.Recorded from FY2025_2b7beddc · data update
2. FY2024 StrengthenedFree cash flow for fiscal 2024 was Rp6.58 trillion, and operating cash flow was 3.9 times net income attributable to the company.Reconstructed · data update
3. FY2023 NewFree cash flow for fiscal 2023 was Rp5.92 trillion, and operating cash flow was 3.9 times net income attributable to the company.Reconstructed · initial
Net debt was Rp49.84 trillion at 31 December 2025.
Confirmedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedNet debt was Rp49.84 trillion at 31 December 2025.Recorded from FY2025_2b7beddc · data update
2. FY2024 ConfirmedNet debt was Rp50.41 trillion at 31 December 2024.Reconstructed · data update
3. FY2023 NewNet debt was Rp48.68 trillion at 31 December 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

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

Data

Source documents4 documents, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_2b7beddc

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

Returns

By fiscal year, per cent

Free Cash Flow

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

Net Debt

Total debt less cash and short-term investments, at fiscal year end, 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.

0changes1threshold crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 1

WeakenedAltman Z'' Zone
The Altman Z'' score for fiscal 2025 was 1.02, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.

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

Credit MetricsDebt to EBITDA 2.01x, FFO to debt 39.4% · FY2025

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

Lease-adjusted debt was 2.0 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 39.4% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the intermediate band is number 3 of 6, and a higher number means more debt against earnings.
Confirmedin FY2025 · stated since FY20232.01x from 2.05x in FY2024
Rule: Debt against the S&P benchmark bands · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedLease-adjusted debt was 2.0 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 39.4% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Recorded from FY2025_2b7beddc · data update
2. FY2024 ConfirmedLease-adjusted debt was 2.0 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 38.0% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Reconstructed · data update
3. FY2023 NewLease-adjusted debt was 2.1 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 36.0% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2025

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 2.0 years of adjusted EBITDA; a year of funds from operations equals 39.4% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2.01x2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	45% to 60%	39.4%30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
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
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	modest	intermediate	intermediate	intermediate	intermediate
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	modest	intermediate	intermediate	intermediate	intermediate
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)
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
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	Rp16.89tn	Rp21.29tn	Rp14.78tn	Rp14.90tn	Rp15.38tn
Lease liabilities	Rp16.97tn	Rp34.69tn	Rp39.09tn	Rp39.97tn	Rp39.54tn
Borrowings and lease liabilities presented as one line	Rp0	Rp0	Rp0	Rp0	Rp0
Lease-adjusted debt	Rp33.86tn	Rp55.98tn	Rp53.87tn	Rp54.87tn	Rp54.92tn
EBIT	Rp10.51tn	Rp10.88tn	Rp10.66tn	Rp11.21tn	Rp11.49tn
Depreciation and amortisation, with the impairment reported with them	Rp10.20tn	Rp13.70tn	Rp14.62tn	Rp15.56tn	Rp15.83tn
Share-based payments	Rp0	Rp0	Rp0	Rp0	Rp0
Adjusted EBITDA	Rp20.71tn	Rp24.58tn	Rp25.28tn	Rp26.77tn	Rp27.32tn
Cash interest	−Rp3.00tn	−Rp4.35tn	−Rp4.72tn	−Rp4.48tn	−Rp4.20tn
Cash taxes	−Rp647bn	−Rp1.17tn	−Rp1.16tn	−Rp1.46tn	−Rp1.47tn
Funds from operations	Rp17.06tn	Rp19.07tn	Rp19.40tn	Rp20.83tn	Rp21.65tn

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 MaturitiesLiquidity cover 1.19x, Debt due within 12 months Rp10.09tn · FY2025

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

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.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Strengthenedin FY2025 · stated since FY20231.19x from 1.03x in FY2024
Rule: Liquidity cover · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedCash, 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.Recorded from FY2025_2b7beddc · data update
2. FY2024 ConfirmedCash, short-term investments and operating cash flow for fiscal 2024 equalled 1.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2023 NewCash, short-term investments and operating cash flow for fiscal 2023 equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	Rp5.08tn
Operating cash flow	Rp21.55tn
Sources	Rp26.63tn

Uses	Amount
Debt due within 12 months	Rp10.09tn
Capital expenditure	Rp12.36tn
Dividends paid	Rp0
Uses	Rp22.45tn

Liquidity cover 1.19x

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

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 −13.8% · 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 13.8% 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).
Strengthenedin FY2025 · stated since FY2023−13.8% from −12.4% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 13.8% of average total assets.Recorded from FY2025_2b7beddc · data update
2. FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 12.4% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 11.5% 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
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
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 ScoresDistress zoneAltman Z'' 1.02, Beneish −3.04 · Piotroski 9 of 9 · FY2025

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

The Altman Z'' score for fiscal 2025 was 1.02, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
Weakenedin FY2025 · stated since FY20231.02 from 0.65 in FY2024
Rule: Altman Z'' zone · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedThe Altman Z'' score for fiscal 2025 was 1.02, below the distress threshold of 1.10.Recorded from FY2025_2b7beddc · data update
2. FY2024 WeakenedThe Altman Z'' score for fiscal 2024 was 0.65, below the distress threshold of 1.10.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 0.33, below the distress threshold of 1.10.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 3.04, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Confirmedin FY2025 · stated since FY2023−3.04 from −3.03 in FY2024
Rule: Beneish M-score against its threshold · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedThe Beneish M-score for fiscal 2025 was minus 3.04, below the model threshold of minus 1.78.Recorded from FY2025_2b7beddc · data update
2. FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 3.03, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.71, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 9 of 9.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Strengthenedin FY2025 · stated since FY20249.00 from 8.00 in FY2024
Rule: Piotroski F-score · Sources Annual report 2023-12, Annual report 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedThe Piotroski F-score for fiscal 2025 was 9 of 9.Recorded from FY2025_2b7beddc · data update
2. FY2024 NewThe Piotroski F-score for fiscal 2024 was 8 of 9. The signal not met was margin higher than a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to a high score.Reconstructed · data update
4. FY2023 NewThe Piotroski F-score for fiscal 2023 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.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	distress zone	distress zone	distress zone	distress zone	distress zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a

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.

1.02Distress zone, below 1.10

Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 1.02 is in the distress zone of the model, below 1.10. The largest part is operating profit, at 0.65; working capital below zero lowers the score by 0.64.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.097	6.560	−0.636
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.147	3.260	0.479
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.097	6.720	0.651
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.499	1.050	0.524
Score			1.018

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.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−3.04Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 3.04 is below the model threshold of minus 1.78. Of the 8 measures, receivables against sales raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.090	0.920	1.003
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.000	0.528	0.528
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.932	0.404	0.377
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.011	0.892	0.902
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	0.996	0.115	0.115
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.135	4.679	−0.633
Leverage indexDebt against total assets, against a year earlier.	0.962	−0.327	−0.315
Score			−3.035

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.20 means a probability of a misstatement 0.20 times the average rate in the Dechow sample: 0.07% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.019	0.790	0.015
Change in receivables / average total assetsThe growth of receivables against average assets.	0.003	2.518	0.007
Change in inventories / average total assetsThe growth of stock against average assets.	−0.000	1.191	−0.000
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.324	1.979	0.642
Change in cash salesThe growth of sales collected in cash.	0.008	0.171	0.001
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.004	−0.932	−0.004
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−7.232
Probability of a misstatement			0.07%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

9 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Met
Current ratio higher than a year earlier	Met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Not met
Asset turnover higher than a year earlier	Met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

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	7 Feb 2026, the date on which the board approved the statements	AR:indosat-2025-12-31	445633d3fee6
Annual report for the year to 31 December 2023	6 Feb 2024, the date on which the board approved the statements	AR:indosat-2023-12-31	5bb935323371
Annual report for the year to 31 December 2022	12 Feb 2023, the date on which the board approved the statements	AR:indosat-2022-12-31	5b806ea45773
Annual report for the year to 31 December 2021	16 Feb 2022, the date on which the board approved the statements	AR:indosat-2021-12-31	6d3d0f426c4a

Checks

353353 checks, all passed

Statement arithmetic258 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.

Statements and notes8 passedWhere the statement of cash flows gives no depreciation and amortisation, the amount comes from the statement of profit or loss, a note on expenses by nature or the note on segments. Where the report gives it twice, both amounts agree; an amount that the report gives twice in disagreement is withheld. Where the report gives none of these, the amount is the sum of the charges that the notes on each class of assets state, used only where the notes on costs give the same sum and every class of assets on the balance sheet has its charge. Checked at warning 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.

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 reports62 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	210
Confirmed by other figures	38.6%, 81 values
Confirmed by a second document	29.5%, 62 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	8
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Indosat Tbk, snapshot indosat/FY2025_2b7beddc (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_2b7beddc · dataset SHA-256 2b7beddc882ed4f14fe8eefb36733de7616d8ee9e1c54d6a506afba6412922e9 · findings rules 0.4

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