PT Pupuk Indonesia (Persero)

Name: PT Pupuk Indonesia (Persero) financial statements and ratios
Creator: Annalist

Materials, fertilisers · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 8 May 2026. Snapshot FY2025_be0bfcef.

Compare with peers Buyout model Excel JSON

Overview

Revenue, fiscal year

+10.8% year on year

Operating profit, fiscal year

−33.3% year on year

Net income, fiscal year

−36.1% year on year

Diluted EPS, fiscal year

−36.1% year on year

Operating margin, fiscal year

−6.2pp year on year

Return on equity, fiscal year

−3.6pp 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 Rp90.40 trillion, 10.8% higher than in the previous fiscal year.
Strengthenedin FY2025 · stated since FY202410.8% from 3.0% in FY2024
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedRevenue for the fiscal year ended 31 December 2025 was Rp90.40 trillion, 10.8% higher than in the previous fiscal year.Recorded from FY2025_ab5c9c67 · data update
2. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was Rp81.62 trillion, 3.0% 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 NewRevenue for the fiscal year ended 31 December 2023 was Rp79.21 trillion, 23.7% lower than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was Rp5.54 trillion, 36.1% lower 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 Rp5.54 trillion, 36.1% lower than in the previous fiscal year.Recorded from FY2025_ab5c9c67 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_ab5c9c67 · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was Rp8.67 trillion, 39.8% higher than in the previous fiscal year.Reconstructed · data update
4. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. FY2023 NewNet income attributable to the company for fiscal 2023 was Rp6.20 trillion, 66.4% lower than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 9.4%, 6.2 percentage points lower than a year earlier.
Newin FY2025 · first stated
Rule: Operating margin against a year earlier · Sources Annual report 2025-12
History of this finding, 5 records
1. FY2025 NewThe operating margin for fiscal 2025 was 9.4%, 6.2 percentage points lower than a year earlier.Recorded from FY2025_ab5c9c67 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_ab5c9c67 · data update
3. FY2024 NewThe operating margin for fiscal 2024 was 15.6%, 3.2 percentage points higher than a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. FY2023 NewThe operating margin for fiscal 2023 was 12.3%, 13.8 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 5.5%, against 9.1% a year earlier.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual report 2025-12, Annual report 2024-12
History of this finding, 5 records
1. FY2025 NewReturn on equity for fiscal 2025 was 5.5%, against 9.1% a year earlier.Recorded from FY2025_ab5c9c67 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_ab5c9c67 · data update
3. FY2024 NewReturn on equity for fiscal 2024 was 9.1%, against 6.8% a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. FY2023 NewReturn on equity for fiscal 2023 was 6.8%, against 22.6% a year earlier.Reconstructed · initial
Purchases of property, plant and equipment exceeded operating cash flow by Rp6.45 trillion 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.
Confirmedin FY2025 · first stated
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 5 records
1. FY2025 ConfirmedPurchases of property, plant and equipment exceeded operating cash flow by Rp6.45 trillion in fiscal 2025.Recorded from FY2025_be0bfcef · wording
2. FY2025 NewPurchases of property, plant and equipment exceeded operating cash flow by Rp6.45 trillion in fiscal 2025.Recorded from FY2025_ab5c9c67 · data update
3. FY2025 RetiredThe finding changed to negative.Recorded from FY2025_ab5c9c67 · data update
4. FY2024 StrengthenedFree cash flow for fiscal 2024 was Rp13.93 trillion, and operating cash flow was 2.6 times net income attributable to the company.Reconstructed · data update
5. FY2023 NewFree cash flow for fiscal 2023 was Rp22.6 billion, and operating cash flow was 1.0 times net income attributable to the company.Reconstructed · initial
Net debt was Rp10.15 trillion at 31 December 2025, 0.7 times EBITDA for fiscal 2025.
Confirmedin FY2025 · first stated
Rule: Net debt or net cash · Sources Annual report 2025-12
History of this finding, 6 records
1. FY2025 ConfirmedNet debt was Rp10.15 trillion at 31 December 2025, 0.7 times EBITDA for fiscal 2025.Recorded from FY2025_2d868ab6 · correction
2. FY2025 NewNet debt was Rp10.15 trillion at 31 December 2025.Recorded from FY2025_84e4916b · correction
3. FY2025 RetiredThe finding changed to net debt.Recorded from FY2025_84e4916b · correction
4. FY2025 WeakenedCash and short-term investments exceeded total debt by Rp6.10 trillion at 31 December 2025.Recorded from FY2025_ab5c9c67 · data update
5. FY2024 StrengthenedCash and short-term investments exceeded total debt by Rp9.13 trillion at 31 December 2024.Reconstructed · data update
6. FY2023 NewCash and short-term investments exceeded total debt by Rp2.84 trillion at 31 December 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 28 October 2026: Annalist left out the bank loans that the statements of Pupuk Indonesia print below the headings of the portions of long-term debt. Long-term debt at 31 December 2025 was Rp1,224.7 billion against Rp15,469.6 billion, and current debt Rp4,129.6 billion against Rp6,132.8 billion, so the pages stated net cash. Records 6, 7, 10, 21, 22, 26, 38, 40, 44 and 46 cite figures that the correction changed. Record 47 retires the net cash position, and records 48 to 51 state the corrected findings, among them net debt of Rp10.15 trillion at 31 December 2025. Correction of 28 October 2026: Annalist did not capture the depreciation of Pupuk Indonesia for 2020 to 2025, which the note on its fixed assets allocates and its notes on costs give again; the depreciation of its investment properties, which no note gives, is not included. Record 50 states a Beneish M-score that the correction changed below the rounding of its text. Records 52 to 58 state the findings that the corrected figures give, among them lease-adjusted debt of 1.5 times adjusted EBITDA for fiscal 2025; records 52 to 54 are reconstructed from the corrected snapshot. Correction of 29 October 2026: Annalist did not capture the finance costs of Pupuk Indonesia, which its statements of profit or loss print as "Biaya keuangan", Rp1,372.5 billion for fiscal 2025, so its interest cover and funds from operations were missing. Record 59 restates the finding of record 57 with funds from operations of 47.5% of lease-adjusted debt for fiscal 2025, within the modest band of the S&P standard volatility table.

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_be0bfcef

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

Operating Profit

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.

The statements are loading. They are also available as JSON and CSV.

Ratios

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

The ratios are loading.

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

ConfirmedFree Cash Flow
Purchases of property, plant and equipment exceeded operating cash flow by Rp6.45 trillion 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.
StrengthenedLiquidity Cover
Cash, short-term investments and operating cash flow for fiscal 2025 equalled 0.8 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.
NewCash Backing of Earnings
Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.0% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).

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

Credit MetricsDebt to EBITDA 1.54x, FFO to debt 47.5% · 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 1.5 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 47.5% of that debt. Both ratios are within the modest 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 modest band is number 2 of 6, and a higher number means more debt against earnings.
Confirmedin FY2025 · first stated1.54x from 0.97x in FY2024
Rule: Debt against the S&P benchmark bands · Sources Annual report 2025-12
History of this finding, 6 records
1. FY2025 ConfirmedLease-adjusted debt was 1.5 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 47.5% of that debt. Both ratios are within the modest band of the S&P standard volatility table.Recorded from FY2025_be0bfcef · correction
2. FY2025 NewLease-adjusted debt was 1.5 times adjusted EBITDA for fiscal 2025, within the modest band of the S&P standard volatility table.Recorded from FY2025_2d868ab6 · correction
3. FY2025 RetiredThe finding changed to the modest band.Recorded from FY2025_2d868ab6 · correction
4. FY2024 NewLease-adjusted debt was 1.0 times adjusted EBITDA for fiscal 2024, within the minimal band of the S&P standard volatility table.Reconstructed · data update
5. FY2024 RetiredThe finding changed to the minimal band.Reconstructed · data update
6. FY2023 NewLease-adjusted debt was 2.0 times adjusted EBITDA for fiscal 2023, within the modest 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 1.5 years of adjusted EBITDA; a year of funds from operations equals 47.5% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.54x1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	47.5%45% to 60%	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	intermediate	minimal	modest	minimal	modest
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	intermediate	minimal	aggressive	minimal	modest
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)		n/a
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	Rp31.32tn	Rp31.14tn	Rp28.44tn	Rp17.25tn	Rp21.60tn
Lease liabilities	Rp144bn	Rp139bn	Rp286bn	Rp254bn	Rp373bn
Borrowings and lease liabilities presented as one line	Rp0	Rp0	Rp0	Rp0	Rp0
Lease-adjusted debt	Rp31.46tn	Rp31.28tn	Rp28.73tn	Rp17.51tn	Rp21.98tn
EBIT	Rp9.98tn	Rp27.12tn	Rp9.75tn	Rp12.69tn	Rp8.47tn
Depreciation and amortisation, with the impairment reported with them	Rp4.35tn	Rp4.35tn	Rp4.83tn	Rp5.33tn	Rp5.83tn
Share-based payments	Rp0	Rp0	Rp0	Rp0	Rp0
Adjusted EBITDA	Rp14.33tn	Rp31.47tn	Rp14.58tn	Rp18.03tn	Rp14.30tn
Cash interest	−Rp2.05tn	−Rp2.24tn	−Rp2.52tn	−Rp1.92tn	−Rp1.37tn
Cash taxes	−Rp1.24tn	−Rp4.61tn	−Rp6.59tn	−Rp2.25tn	−Rp2.49tn
Funds from operations	Rp11.05tn	Rp24.62tn	Rp5.47tn	Rp13.86tn	Rp10.44tn

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 0.80x, Debt due within 12 months Rp6.33tn · 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 0.8 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 · first stated0.80x from 2.66x in FY2024
Rule: Liquidity cover · Sources Annual report 2025-12
History of this finding, 5 records
1. FY2025 StrengthenedCash, short-term investments and operating cash flow for fiscal 2025 equalled 0.8 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_84e4916b · correction
2. FY2025 NewCash, short-term investments and operating cash flow for fiscal 2025 equalled 0.9 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_ab5c9c67 · data update
3. FY2025 RetiredThe finding changed to sources of cash that fall short of the uses.Recorded from FY2025_ab5c9c67 · data update
4. FY2024 StrengthenedCash, short-term investments and operating cash flow for fiscal 2024 equalled 2.7 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
5. 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	Rp11.82tn
Operating cash flow	Rp4.10tn
Sources	Rp15.92tn

Uses	Amount
Debt due within 12 months	Rp6.33tn
Capital expenditure	Rp10.55tn
Dividends paid	Rp2.95tn
Uses	Rp19.83tn

Liquidity cover 0.80x

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 QualityEarnings above cash flowCash-flow accruals 1.0%, Operating cash flow to EBITDA 0.29x · FY2025

Accruals and the cash backing of reported earnings.

Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.0% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).
Newin FY2025 · first stated
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.0% of average total assets.Recorded from FY2025_ab5c9c67 · data update
2. FY2025 RetiredThe finding changed to earnings led by accruals.Recorded from FY2025_ab5c9c67 · data update
3. FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 9.8% of average total assets.Reconstructed · data update
4. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 0.2% 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)
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'' 4.91, Beneish −2.31 · Piotroski 5 of 9 · FY2025

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

The Altman Z'' score for fiscal 2025 was 4.91, 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 FY20234.91 from 5.44 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 4.91, above the safe threshold of 2.60.Recorded from FY2025_ab5c9c67 · data update
2. FY2024 StrengthenedThe Altman Z'' score for fiscal 2024 was 5.44, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 4.49, above the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.31, 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 FY2024−2.31 from −3.04 in FY2024
Rule: Beneish M-score against its threshold · Sources Annual report 2025-12
History of this finding, 6 records
1. FY2025 ConfirmedThe Beneish M-score for fiscal 2025 was minus 2.31, below the model threshold of minus 1.78.Recorded from FY2025_2d868ab6 · correction
2. FY2025 ConfirmedThe Beneish M-score for fiscal 2025 was minus 2.31, below the model threshold of minus 1.78.Recorded from FY2025_84e4916b · correction
3. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 2.26, below the model threshold of minus 1.78.Recorded from FY2025_ab5c9c67 · data update
4. FY2024 NewThe Beneish M-score for fiscal 2024 was minus 3.04, below the model threshold of minus 1.78.Reconstructed · data update
5. FY2024 RetiredThe finding changed to a score below the threshold.Reconstructed · data update
6. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 1.65, above the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 5 of 9. The 4 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 and margin 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.
Confirmedin FY2025 · first stated5.00 from 8.00 in FY2024
Rule: Piotroski F-score · Sources Annual report 2024-12, Annual report 2025-12
History of this finding, 6 records
1. FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 5 of 9. The 4 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 and margin higher than a year earlier.Recorded from FY2025_84e4916b · correction
2. FY2025 NewThe Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, operating cash flow above net income and margin higher than a year earlier.Recorded from FY2025_ab5c9c67 · data update
3. FY2025 RetiredThe finding changed to a middle score.Recorded from FY2025_ab5c9c67 · data update
4. 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
5. FY2024 RetiredThe finding changed to a high score.Reconstructed · data update
6. FY2023 NewThe Piotroski F-score for fiscal 2023 was 6 of 9. The 3 signals not met were return on assets 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	safe zone	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	below threshold	below threshold	above 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.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

4.91Safe zone, above 2.60

The score of 4.91 is in the safe zone of the model, above 2.60. The largest part is equity against liabilities, at 2.32.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.180	6.560	1.182
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.313	3.260	1.021
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.056	6.720	0.379
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	2.214	1.050	2.325
Score			4.907

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.

−2.31Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.31 is below the model threshold of minus 1.78. Of the 8 measures, sales growth 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.	0.852	0.920	0.784
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.154	0.528	0.609
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.	1.204	0.404	0.486
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.108	0.892	0.988
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	0.973	0.115	0.112
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.833	−0.172	−0.143
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.	0.010	4.679	0.045
Leverage indexDebt against total assets, against a year earlier.	1.080	−0.327	−0.353
Score			−2.312

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 0.22 means a probability of a misstatement 0.22 times the average rate in the Dechow sample: 0.08% 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.	0.066	0.790	0.052
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.001	2.518	−0.002
Change in inventories / average total assetsThe growth of stock against average assets.	0.002	1.191	0.002
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.	0.358	1.979	0.709
Change in cash salesThe growth of sales collected in cash.	0.102	0.171	0.017
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	−0.023	−0.932	0.022
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			−7.093
Probability of a misstatement			0.08%

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.

5 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	Not met	Met
Operating cash flow above net income	Not met	Met
Long-term debt to assets lower than a year earlier	Not met	Met
Current ratio higher than a year earlier	Met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Not 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	8 May 2026, the date on which the board approved the statements	AR:pupuk-indonesia-2025-12-31	8b7686095ad2
Annual report for the year to 31 December 2024	8 May 2025, the date on which the board approved the statements	AR:pupuk-indonesia-2024-12-31	bd837e3af548
Annual report for the year to 31 December 2023	31 Mar 2024, the date on which the board approved the statements	AR:pupuk-indonesia-2023-12-31	8c58a06bd874
Annual report for the year to 31 December 2022	16 Mar 2023, the date on which the board approved the statements	AR:pupuk-indonesia-2022-12-31	ab9c9bc68e2c
Annual report for the year to 31 December 2021	21 Apr 2022, the date on which the board approved the statements	AR:pupuk-indonesia-2021-12-31	b0ce62a3965e

Checks

512512 checks, all passed

Statement arithmetic307 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 notes10 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.

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 reports164 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	246
Confirmed by other figures	72.4%, 178 values
Confirmed by a second document	66.7%, 164 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	0
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Pupuk Indonesia (Persero), snapshot pupuk-indonesia/FY2025_be0bfcef (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_be0bfcef · dataset SHA-256 be0bfcef8ff14c9490d9cbdc8909f0b6de5c1b4bcebe31c0d0455cd0bda59a48 · findings rules 0.4

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