# PT Merdeka Battery Materials Tbk (MBMA)

> 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.

Page: https://annalist.io/company/merdeka-battery/

## Latest Figures

| Figure | Value | Exact value | Unit | Change | Period | Period end | Source documents |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue, fiscal year | $1.4bn | 1434519209 | USD | −22.2% year on year | FY2025 | 2025-12-31 | Annual report 2025-12 |
| Operating profit, fiscal year | $131m | 131250307 | USD | +64.4% year on year | FY2025 | 2025-12-31 | Annual report 2025-12 |
| Net income, fiscal year | $29.6m | 29564258 | USD | +29.8% year on year | FY2025 | 2025-12-31 | Annual report 2025-12 |
| Diluted EPS, fiscal year | $0.00 | 0.0003 | USD/shares | +28.6% year on year | FY2025 | 2025-12-31 | Annual report 2025-12 |
| Operating margin, fiscal year | 9.1% | 9.1494 | % | +4.8pp year on year | FY2025 | 2025-12-31 | Annual report 2025-12 |
| Return on equity, fiscal year | 1.9% | 1.8842 | % | +0.4pp 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$1.4 billion, 22.2% lower than in the previous fiscal year. [New in FY2025] Sources: Annual report 2025-12.
- Net income attributable to the company for fiscal 2025 was US$30 million, 29.8% higher than in the previous fiscal year. [Weakened in FY2025] Sources: Annual report 2025-12.
- The operating margin for fiscal 2025 was 9.1%, 4.8 percentage points higher than a year earlier. [Strengthened in FY2025] Sources: Annual report 2025-12.
- Return on equity for fiscal 2025 was 1.9%, against 1.5% a year earlier. [Weakened in FY2025] Sources: Annual report 2025-12, Annual report 2024-12.
- Purchases of property, plant and equipment exceeded operating cash flow by US$147 million in fiscal 2025. [Weakened in FY2025] Sources: Annual report 2025-12.
- Net debt was US$752 million at 31 December 2025, 3.4 times EBITDA for fiscal 2025. [Strengthened in FY2025] Sources: Annual report 2025-12.
- 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. [Confirmed in FY2025] Sources: Annual report 2025-12.
- 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. [Strengthened in FY2025] Sources: Annual report 2025-12.
- Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 0.2% of average total assets. [Weakened in FY2025] Sources: Annual report 2025-12.
- The Altman Z'' score for fiscal 2025 was 2.69, above the safe threshold of 2.60. [Weakened in FY2025] Sources: Annual report 2025-12.
- The Beneish M-score for fiscal 2025 was minus 2.07, below the model threshold of minus 1.78. [New in FY2025] Sources: Annual report 2025-12.
- 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. [New 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 | $1.4bn | 1434519209 | USD | Annual report 2025-12 |
| FY2025 | 2025-12-31 | Operating profit | $131m | 131250307 | USD | Annual report 2025-12 |
| FY2025 | 2025-12-31 | Profit attributable to owners of the parent | $29.6m | 29564258 | USD | Annual report 2025-12 |
| FY2024 | 2024-12-31 | Revenue | $1.8bn | 1844695967 | USD | Annual report 2025-12 |
| FY2024 | 2024-12-31 | Operating profit | $79.8m | 79821099 | USD | Annual report 2025-12 |
| FY2024 | 2024-12-31 | Profit attributable to owners of the parent | $22.8m | 22781830 | USD | Annual report 2025-12 |
| FY2023 | 2023-12-31 | Revenue | $1.3bn | 1328326436 | USD | Annual report 2024-12 |
| FY2023 | 2023-12-31 | Operating profit | $47.6m | 47555038 | USD | Annual report 2024-12 |
| FY2023 | 2023-12-31 | Profit attributable to owners of the parent | $6.9m | 6928852 | USD | Annual report 2024-12 |
| FY2022 | 2022-12-31 | Revenue | $456m | 455737485 | USD | Annual report 2023-12 |
| FY2022 | 2022-12-31 | Operating profit | $30.5m | 30494247 | USD | Annual report 2023-12 |
| FY2022 | 2022-12-31 | Profit attributable to owners of the parent | $21.7m | 21664301 | USD | Annual report 2023-12 |

## Source Documents

- Annual report 2025-12: Annual report for the year to 31 December 2025, 30 Mar 2026, the date on which the board approved the statements (https://assets.merdekabattery.com/dist/documents/FS%20MBMA%2031%20December%202025.pdf)
- Annual report 2024-12: Annual report for the year to 31 December 2024, 28 Mar 2025, the date on which the board approved the statements (https://assets.merdekabattery.com/dist/documents/FS%20MBM%201224.pdf)
- Annual report 2023-12: Annual report for the year to 31 December 2023, 27 Mar 2024, the date on which the board approved the statements (https://assets.merdekabattery.com/dist/documents/Consolidated-Financial-Statements-MBMA-31-December-2023.pdf)

## Reliability

- 275 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/merdeka-battery/snapshots.json

## Cite

Annalist, PT Merdeka Battery Materials Tbk, snapshot merdeka-battery/FY2025_1b7ad7ca; <item>, <period>; source <document>. Link the page https://annalist.io/company/merdeka-battery/ 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/merdeka-battery/?fig=<statement>/<period>/<item>, for example https://annalist.io/company/merdeka-battery/?fig=pl_annual/FY2025/revenue

## Full Data

- [Every statement, ratio and document of this snapshot (JSON)](https://annalist.io/api/v1/companies/merdeka-battery/snapshots/FY2025_1b7ad7ca/info.json)
- [Latest snapshot, at an address that does not change (JSON)](https://annalist.io/api/v1/companies/merdeka-battery/latest.json)
- [Income statement, annual (CSV)](https://annalist.io/api/v1/companies/merdeka-battery/snapshots/FY2025_1b7ad7ca/pl_annual.csv)
- [Balance sheet, year end (CSV)](https://annalist.io/api/v1/companies/merdeka-battery/snapshots/FY2025_1b7ad7ca/balance_sheet.csv)
- [Cash flow, annual (CSV)](https://annalist.io/api/v1/companies/merdeka-battery/snapshots/FY2025_1b7ad7ca/cf_annual.csv)
- [Ratios, annual (JSON)](https://annalist.io/api/v1/companies/merdeka-battery/snapshots/FY2025_1b7ad7ca/ratios/annual.json)
- [Key findings with their history (JSON)](https://annalist.io/api/v1/companies/merdeka-battery/findings.json)
- [New reports and findings (Atom feed)](https://annalist.io/company/merdeka-battery/feed.xml)
- [Excel workbook](https://annalist.io/company/merdeka-battery/merdeka-battery.xlsx)
- [Buyout model on these figures](https://annalist.io/deal-lab/buyout/merdeka-battery/)
- [Lenders, customers, suppliers and owners (brief in Markdown)](https://annalist.io/atlas/merdeka-battery/brief.md)
- [Lenders, customers, suppliers and owners (JSON)](https://annalist.io/api/v1/atlas/merdeka-battery.json)

## Peers

- [PT Trimegah Bangun Persada Tbk](https://annalist.io/company/trimegah-bangun-persada/brief.md)
- [PT Alamtri Minerals Indonesia Tbk](https://annalist.io/company/alamtri-minerals/brief.md)
- [PT Amman Mineral Internasional Tbk](https://annalist.io/company/amman-mineral/brief.md)
- [Side by side](https://annalist.io/compare/?c=merdeka-battery,trimegah-bangun-persada,alamtri-minerals,amman-mineral)

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