PT Sumber Alfaria Trijaya Tbk

Name: PT Sumber Alfaria Trijaya Tbk financial statements and ratios
Creator: Annalist

AMRT · IDX · Consumer retail, minimarkets · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 26 March 2026. Snapshot FY2025_6d8685d8.

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Overview

Revenue, fiscal year

+7.2% year on year

Operating profit, fiscal year

+11.9% year on year

Net income, fiscal year

+8.3% year on year

Diluted EPS, fiscal year

n/a

Operating margin, fiscal year

+0.2pp year on year

Return on equity, fiscal year

−0.6pp 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 Rp126.74 trillion, 7.2% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY20237.2% from 10.5% in FY2024
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedRevenue for the fiscal year ended 31 December 2025 was Rp126.74 trillion, 7.2% higher than in the previous fiscal year.Recorded from FY2025_6d8685d8 · data update
2. FY2024 ConfirmedRevenue for the fiscal year ended 31 December 2024 was Rp118.23 trillion, 10.5% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was Rp106.94 trillion, 10.3% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was Rp3.41 trillion, 8.3% 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 Rp3.41 trillion, 8.3% higher than in the previous fiscal year.Recorded from FY2025_6d8685d8 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_6d8685d8 · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was Rp3.15 trillion, 7.5% lower than in the previous fiscal year.Reconstructed · data update
4. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. FY2023 NewNet income attributable to the company for fiscal 2023 was Rp3.40 trillion, 19.2% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 3.6%, 0.2 percentage points higher 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 3.6%, 0.2 percentage points higher than a year earlier.Recorded from FY2025_6d8685d8 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_6d8685d8 · data update
3. FY2024 NewThe operating margin for fiscal 2024 was 3.4%, 0.7 percentage points lower than a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. FY2023 NewThe operating margin for fiscal 2023 was 4.1%, 0.3 percentage points higher than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 19.8%, against 20.4% a year earlier.
Weakenedin FY2025 · stated since FY2023
Rule: Return on equity against a year earlier · Sources Annual report 2025-12, Annual report 2024-12
History of this finding, 3 records
1. FY2025 WeakenedReturn on equity for fiscal 2025 was 19.8%, against 20.4% a year earlier.Recorded from FY2025_6d8685d8 · data update
2. FY2024 StrengthenedReturn on equity for fiscal 2024 was 20.4%, against 26.5% a year earlier.Reconstructed · data update
3. FY2023 NewReturn on equity for fiscal 2023 was 26.5%, against 27.9% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was Rp5.12 trillion, and operating cash flow was 2.3 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.
Weakenedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedFree cash flow for fiscal 2025 was Rp5.12 trillion, and operating cash flow was 2.3 times net income attributable to the company.Recorded from FY2025_6d8685d8 · data update
2. FY2024 StrengthenedFree cash flow for fiscal 2024 was Rp5.52 trillion, and operating cash flow was 2.6 times net income attributable to the company.Reconstructed · data update
3. FY2023 NewFree cash flow for fiscal 2023 was Rp4.57 trillion, and operating cash flow was 2.0 times net income attributable to the company.Reconstructed · initial
Cash and short-term investments exceeded total debt by Rp1.97 trillion at 31 December 2025.
Weakenedin FY2025 · stated since FY2024
Rule: Net debt or net cash · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 WeakenedCash and short-term investments exceeded total debt by Rp1.97 trillion at 31 December 2025.Recorded from FY2025_6d8685d8 · data update
2. FY2024 NewCash and short-term investments exceeded total debt by Rp2.97 trillion at 31 December 2024.Reconstructed · initial

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

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_6d8685d8

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

Financial Statements

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

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Ratios

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

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Analysis

Credit update

FY2025

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

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

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

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

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

By Fiscal Year

Ratio	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	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
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	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	Rp3.77tn	Rp1.85tn	Rp1.57tn	Rp0	Rp761bn
Lease liabilities	Rp911bn	Rp1.22tn	Rp1.49tn	Rp1.87tn	Rp1.95tn
Borrowings and lease liabilities presented as one line	Rp0	Rp0	Rp0	Rp0	Rp0
Lease-adjusted debt	Rp4.68tn	Rp3.07tn	Rp3.06tn	Rp1.87tn	Rp2.71tn

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 3.40x, Debt due within 12 months Rp1.07tn · 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 3.4 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.
Confirmedin FY2025 · stated since FY20223.40x from 3.67x in FY2024
Rule: Liquidity cover · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedCash, short-term investments and operating cash flow for fiscal 2025 equalled 3.4 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_6d8685d8 · data update
2. FY2024 StrengthenedCash, short-term investments and operating cash flow for fiscal 2024 equalled 3.7 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2022 NewCash, short-term investments and operating cash flow for fiscal 2022 equalled 2.8 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	Rp4.68tn
Operating cash flow	Rp7.67tn
Sources	Rp12.35tn

Uses	Amount
Debt due within 12 months	Rp1.07tn
Capital expenditure	Rp2.56tn
Dividends paid	Rp0
Uses	Rp3.63tn

Liquidity cover 3.40x

By Fiscal Year

Ratio	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	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 −10.5% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 10.5% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin FY2025 · stated since FY2023−10.5% from −13.5% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 10.5% of average total assets.Recorded from FY2025_6d8685d8 · data update
2. FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 13.5% 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 10.5% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024
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
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	n/a
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'' 2.96, Piotroski 6 of 9 · FY2025

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

The Altman Z'' score for fiscal 2025 was 2.96, 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.
Confirmedin FY2025 · stated since FY20232.96 from 2.84 in FY2024
Rule: Altman Z'' zone · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 2.96, above the safe threshold of 2.60.Recorded from FY2025_6d8685d8 · data update
2. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 2.84, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 2.83, above the safe threshold of 2.60.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, long-term debt to assets lower 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 return on assets higher than a year earlier, long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.Recorded from FY2025_6d8685d8 · data update
2. FY2025 RetiredThe finding changed to a middle score.Recorded from FY2025_6d8685d8 · data update
3. FY2022 NewThe Piotroski F-score for fiscal 2022 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and margin 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	grey zone	grey zone	safe zone	safe zone	safe zone
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	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

2.96Safe zone, above 2.60

The score of 2.96 is in the safe zone of the model, above 2.60. The largest part is retained earnings, at 1.16.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.032	6.560	0.210
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.355	3.260	1.157
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.107	6.720	0.720
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.836	1.050	0.877
Score			2.964

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.

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

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	26 Mar 2026, the date on which the board approved the statements	AR:sumber-alfaria-trijaya-2025-12-31	550999d45fb8
Annual report for the year to 31 December 2024	21 Mar 2025, the date on which the board approved the statements	AR:sumber-alfaria-trijaya-2024-12-31	b8fd5faa3ab7
Annual report for the year to 31 December 2023	23 Mar 2024, the date on which the board approved the statements	AR:sumber-alfaria-trijaya-2023-12-31	fad3971f9cf6
Annual report for the year to 31 December 2021	30 Mar 2022, the date on which the board approved the statements	AR:sumber-alfaria-trijaya-2021-12-31	2a9e8564d9ac
Annual report for the year to 31 December 2022		AR:sumber-alfaria-trijaya-2022-12-31	d5daac8faff1

Checks

430428 of 430 checks passed, 2 warnings

Statement arithmetic268 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

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

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

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

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

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

Agreement between annual reports129 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.

Withheld values2 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Total non-current liabilities, Q4 FY2020: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Retained earnings, Q4 FY2020: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Data Quality

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

Values published	207
Confirmed by other figures	70.5%, 146 values
Confirmed by a second document	62.3%, 129 values
Derived from reported figures	0.0%, 0 values
Values withheld	2
Restated figures tracked	29
Changes compared on one basis	3
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Sumber Alfaria Trijaya Tbk, snapshot sumber-alfaria-trijaya/FY2025_6d8685d8 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_6d8685d8 · dataset SHA-256 6d8685d8439a76ccd8f6482b69fbe3f067d1d4f1def5a4e820af41413907477d · findings rules 0.4

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