PT Merdeka Battery Materials Tbk

Name: PT Merdeka Battery Materials Tbk financial statements and ratios
Creator: Annalist

MBMA · IDX · Materials, nickel mining and processing · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 30 March 2026. Snapshot FY2025_1b7ad7ca.

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Overview

Revenue, fiscal year

−22.2% year on year

Operating profit, fiscal year

+64.4% year on year

Net income, fiscal year

+29.8% year on year

Diluted EPS, fiscal year

+28.6% year on year

Operating margin, fiscal year

+4.8pp year on year

Return on equity, fiscal year

+0.4pp 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 US$1.4 billion, 22.2% 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 US$1.4 billion, 22.2% lower than in the previous fiscal year.Recorded from FY2025_a98d916f · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_a98d916f · data update
3. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was US$1.8 billion, 38.9% higher than in the previous fiscal year.Reconstructed · data update
4. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was US$1.3 billion, 191.5% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was US$30 million, 29.8% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY202429.8% from 229% 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 US$30 million, 29.8% higher than in the previous fiscal year.Recorded from FY2025_a98d916f · data update
2. FY2024 NewNet income attributable to the company for fiscal 2024 was US$23 million, 228.8% higher than in the previous fiscal year.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 was US$7 million, 68.0% lower than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 9.1%, 4.8 percentage points higher than a year earlier.
Strengthenedin FY2025 · stated since FY2024
Rule: Operating margin against a year earlier · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedThe operating margin for fiscal 2025 was 9.1%, 4.8 percentage points higher than a year earlier.Recorded from FY2025_a98d916f · data update
2. FY2024 NewThe operating margin for fiscal 2024 was 4.3%, 0.7 percentage points higher than a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewThe operating margin for fiscal 2023 was 3.6%, 3.1 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 1.9%, against 1.5% a year earlier.
Weakenedin FY2025 · stated since FY2024
Rule: Return on equity against a year earlier · Sources Annual report 2025-12, Annual report 2024-12
History of this finding, 4 records
1. FY2025 WeakenedReturn on equity for fiscal 2025 was 1.9%, against 1.5% a year earlier.Recorded from FY2025_a98d916f · data update
2. FY2024 NewReturn on equity for fiscal 2024 was 1.5%, against 0.6% a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was 0.6%.Reconstructed · initial
Purchases of property, plant and equipment exceeded operating cash flow by US$147 million in fiscal 2025.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
Weakenedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedPurchases of property, plant and equipment exceeded operating cash flow by US$147 million in fiscal 2025.Recorded from FY2025_a98d916f · data update
2. FY2024 WeakenedPurchases of property, plant and equipment exceeded operating cash flow by US$158 million in fiscal 2024.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 was an outflow of US$15 million, and free cash flow after purchases of property, plant and equipment an outflow of US$379 million.Reconstructed · initial
Net debt was US$752 million at 31 December 2025, 3.4 times EBITDA for fiscal 2025.
Strengthenedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedNet debt was US$752 million at 31 December 2025, 3.4 times EBITDA for fiscal 2025.Recorded from FY2025_a98d916f · data update
2. FY2024 StrengthenedNet debt was US$440 million at 31 December 2024, 2.6 times EBITDA for fiscal 2024.Reconstructed · data update
3. FY2023 NewNet debt was US$202 million at 31 December 2023, 2.0 times EBITDA for fiscal 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 documents3 documents, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2025_1b7ad7ca

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, US dollars

Operating Profit

By fiscal year, US dollars

Profit Attributable to Owners of the Parent

By fiscal year, US dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, US dollars

Net Debt

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

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.

0changes3thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 3

WeakenedFree Cash Flow
Purchases of property, plant and equipment exceeded operating cash flow by US$147 million in fiscal 2025.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
ConfirmedDebt Against the S&P Benchmark Bands
Lease-adjusted debt was 4.3 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 12.6% of that debt. Both ratios are within the aggressive 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 aggressive band is number 5 of 6, and a higher number means more debt against earnings.
StrengthenedLiquidity Cover
Cash, short-term investments and operating cash flow for fiscal 2025 equalled 0.6 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow fall short of the debt due in the next 12 months, capital expenditure and dividends. The company pays the difference with new borrowing, its undrawn credit lines, asset sales or lower spending.

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

Credit MetricsAggressive bandDebt to EBITDA 4.25x, FFO to debt 12.6% · 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 4.3 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 12.6% of that debt. Both ratios are within the aggressive 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 aggressive band is number 5 of 6, and a higher number means more debt against earnings.
Confirmedin FY2025 · stated since FY20234.25x from 4.11x 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 4.3 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 12.6% of that debt. Both ratios are within the aggressive band of the S&P standard volatility table.Recorded from FY2025_a98d916f · data update
2. FY2024 ConfirmedLease-adjusted debt was 4.1 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 13.4% of that debt. Both ratios are within the aggressive band of the S&P standard volatility table.Reconstructed · data update
3. FY2023 NewLease-adjusted debt was 4.9 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 8.3% of that debt. Debt to EBITDA is within the aggressive band of the S&P standard volatility table and FFO to debt within the highly leveraged band.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 4.3 years of adjusted EBITDA; a year of funds from operations equals 12.6% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4.25x4x to 5x	5x and above
FFO to debt	60% and above	45% to 60%	30% to 45%	20% to 30%	12.6%12% to 20%	below 12%

By Fiscal Year

Ratio	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	highly leveraged	aggressive	aggressive	aggressive
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	highly leveraged	highly leveraged	aggressive	aggressive
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
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
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	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	$610m	$486m	$680m	$941m
Lease liabilities	$5.0m	$6.2m	$3.8m	$3.8m
Borrowings and lease liabilities presented as one line	$0	$0	$0	$0
Lease-adjusted debt	$615m	$492m	$684m	$945m
EBIT	$30.5m	$47.6m	$79.8m	$131m
Depreciation and amortisation, with the impairment reported with them	$17.6m	$52.3m	$86.6m	$90.9m
Share-based payments	$0	$0	$0	$0
Adjusted EBITDA	$48.1m	$99.9m	$166m	$222m
Cash interest	−$17.6m	−$54.1m	−$58.9m	−$77.1m
Cash taxes	−$263,834	−$4.8m	−$16.2m	−$26.3m
Funds from operations	$30.3m	$41.0m	$91.4m	$119m

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 MaturitiesUses above sourcesLiquidity cover 0.55x, Debt due within 12 months $232m · 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 0.6 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow fall short of the debt due in the next 12 months, capital expenditure and dividends. The company pays the difference with new borrowing, its undrawn credit lines, asset sales or lower spending.
Strengthenedin FY2025 · stated since FY20230.55x from 0.89x 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 0.6 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_a98d916f · data update
2. FY2024 WeakenedCash, short-term investments and operating cash flow for fiscal 2024 equalled 0.9 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 0.8 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	$193m
Operating cash flow	$37.2m
Sources	$230m

Uses	Amount
Debt due within 12 months	$232m
Capital expenditure	$184m
Dividends paid	$0
Uses	$417m

Liquidity cover 0.55x

By Fiscal Year

Ratio	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 −0.2%, Operating cash flow to EBITDA 0.17x · 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 0.2% 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).
Weakenedin FY2025 · stated since FY2024−0.2% from −1.7% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 0.2% of average total assets.Recorded from FY2025_a98d916f · data update
2. FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 1.7% of average total assets.Reconstructed · data update
3. FY2024 RetiredThe finding changed to earnings backed by cash.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 exceeded operating cash flow by an amount equal to 0.8% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	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	n/a
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)	n/a
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)	n/a
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
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'' 2.69, Beneish −2.07 · Piotroski 6 of 9 · FY2025

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

The Altman Z'' score for fiscal 2025 was 2.69, 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.
Weakenedin FY2025 · stated since FY20232.69 from 3.21 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 2.69, above the safe threshold of 2.60.Recorded from FY2025_a98d916f · data update
2. FY2024 WeakenedThe Altman Z'' score for fiscal 2024 was 3.21, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 3.52, above the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.07, 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.
Newin FY2025 · first stated
Rule: Beneish M-score against its threshold · Sources Annual report 2025-12
History of this finding, 1 record
1. FY2025 NewThe Beneish M-score for fiscal 2025 was minus 2.07, below the model threshold of minus 1.78.Recorded from FY2025_a98d916f · initial
The Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Newin FY2025 · first stated
Rule: Piotroski F-score · Sources Annual report 2024-12, Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewThe Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and asset turnover higher than a year earlier.Recorded from FY2025_a98d916f · data update
2. FY2025 RetiredThe finding changed to a middle score.Recorded from FY2025_a98d916f · data update
3. FY2024 NewThe Piotroski F-score for fiscal 2024 was 8 of 9. The signal not met was current ratio higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	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
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	n/a	n/a	n/a	below threshold
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	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.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

2.69Safe zone, above 2.60

The score of 2.69 is in the safe zone of the model, above 2.60. The largest part is equity against liabilities, at 1.78.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.093	6.560	0.607
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.021	3.260	0.069
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.035	6.720	0.236
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.693	1.050	1.777
Score			2.690

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.

−2.07Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.07 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.	2.081	0.920	1.914
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.533	0.528	0.281
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.	0.935	0.404	0.378
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	0.778	0.892	0.694
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.059	0.115	0.122
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.267	−0.172	−0.218
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.	−0.002	4.679	−0.010
Leverage indexDebt against total assets, against a year earlier.	1.195	−0.327	−0.391
Score			−2.069

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.

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.

6 of the 9 tests are met, in the middle group of 4 to 6.

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	Not met	Met
Current ratio higher than a year earlier	Not met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Met
Asset turnover higher than a year earlier	Not 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	30 Mar 2026, the date on which the board approved the statements	AR:merdeka-battery-2025-12-31	502ff4928cad
Annual report for the year to 31 December 2024	28 Mar 2025, the date on which the board approved the statements	AR:merdeka-battery-2024-12-31	fd9cb53b948b
Annual report for the year to 31 December 2023	27 Mar 2024, the date on which the board approved the statements	AR:merdeka-battery-2023-12-31	6466b5facdb0

Checks

275275 checks, all passed

Statement arithmetic175 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 calendar7 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 identity4 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit4 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 share4 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement between annual reports79 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	165
Confirmed by other figures	55.2%, 91 values
Confirmed by a second document	47.9%, 79 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	2
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Merdeka Battery Materials Tbk, snapshot merdeka-battery/FY2025_1b7ad7ca (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_1b7ad7ca · dataset SHA-256 1b7ad7cac16a296b4138e74dc33f638d5bddc8deb40e55fc2ea4ff7c649ca651 · findings rules 0.5

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