PT Indoritel Makmur Internasional Tbk

Name: PT Indoritel Makmur Internasional Tbk financial statements and ratios
Creator: Annalist

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

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 30 March 2026. Snapshot FY2025_fd491b04.

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Overview

Revenue, fiscal year

+18.9% year on year

Operating profit, fiscal year

+20.5% year on year

Net income, fiscal year

+17.1% year on year

Diluted EPS, fiscal year

n/a

Operating margin, fiscal year

+1.1pp 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 Rp1.70 trillion, 18.9% higher than in the previous fiscal year.
Strengthenedin FY2025 · stated since FY202318.9% from 2.7% in FY2024
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedRevenue for the fiscal year ended 31 December 2025 was Rp1.70 trillion, 18.9% higher than in the previous fiscal year.Recorded from FY2025_fd491b04 · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was Rp1.43 trillion, 2.7% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was Rp1.39 trillion, 22.1% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was Rp1.26 trillion, 17.1% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY202417.1% from 48.7% 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 Rp1.26 trillion, 17.1% higher than in the previous fiscal year.Recorded from FY2025_fd491b04 · data update
2. FY2024 NewNet income attributable to the company for fiscal 2024 was Rp1.07 trillion, 48.7% 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 Rp721.0 billion, 44.1% lower than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 82.8%, 1.1 percentage points higher than a year earlier.
Weakenedin FY2025 · stated since FY2024
Rule: Operating margin against a year earlier · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 WeakenedThe operating margin for fiscal 2025 was 82.8%, 1.1 percentage points higher than a year earlier.Recorded from FY2025_fd491b04 · data update
2. FY2024 NewThe operating margin for fiscal 2024 was 81.7%, 14.4 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 67.3%, 54.6 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 8.6%, against 8.0% 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 8.6%, against 8.0% a year earlier.Recorded from FY2025_fd491b04 · data update
2. FY2024 NewReturn on equity for fiscal 2024 was 8.0%, against 5.8% 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 5.8%, against 11.2% a year earlier.Reconstructed · initial
Net debt was Rp6.34 trillion at 31 December 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 Rp6.34 trillion at 31 December 2025.Recorded from FY2025_fd491b04 · data update
2. FY2024 ConfirmedNet debt was Rp5.29 trillion at 31 December 2024.Reconstructed · data update
3. FY2023 NewNet debt was Rp5.46 trillion at 31 December 2023.Reconstructed · initial

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

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

Data

Source documents5 documents, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_fd491b04

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

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.

0changes1threshold crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 1

ConfirmedCash Backing of Earnings
Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 4.1% 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 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	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
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	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	Rp6.31tn	Rp6.32tn	Rp7.05tn
Lease liabilities	Rp56.8bn	Rp44.9bn	Rp37.5bn
Borrowings and lease liabilities presented as one line	Rp0	Rp0	Rp0
Lease-adjusted debt	Rp6.37tn	Rp6.36tn	Rp7.08tn

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

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

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
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 4.1% · 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 4.1% 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).
Confirmedin FY2025 · stated since FY20244.1% from 4.0% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 ConfirmedNet income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 4.1% of average total assets.Recorded from FY2025_fd491b04 · data update
2. FY2024 NewNet income attributable to the company for fiscal 2024 exceeded operating cash flow by an amount equal to 4.0% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	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
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)

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'' 3.66, Beneish −1.98 · Piotroski 6 of 9 · FY2025

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

The Altman Z'' score for fiscal 2025 was 3.66, 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 FY20233.66 from 3.97 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 3.66, above the safe threshold of 2.60.Recorded from FY2025_fd491b04 · data update
2. FY2024 StrengthenedThe Altman Z'' score for fiscal 2024 was 3.97, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 3.54, above the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 1.98, 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.
Weakenedin FY2025 · stated since FY2024−1.98 from −2.25 in FY2024
Rule: Beneish M-score against its threshold · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 1.98, below the model threshold of minus 1.78.Recorded from FY2025_fd491b04 · data update
2. FY2024 NewThe Beneish M-score for fiscal 2024 was minus 2.25, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were operating cash flow above net income, long-term debt to assets lower than a year earlier and current ratio 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 operating cash flow above net income, long-term debt to assets lower than a year earlier and current ratio higher than a year earlier.Recorded from FY2025_fd491b04 · data update
2. FY2025 RetiredThe finding changed to a middle score.Recorded from FY2025_fd491b04 · data update
3. FY2024 NewThe Piotroski F-score for fiscal 2024 was 7 of 9. The 2 signals not met were operating cash flow above net income 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	n/a	n/a	n/a	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	n/a	n/a	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	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

3.66Safe zone, above 2.60

The score of 3.66 is in the safe zone of the model, above 2.60. The largest part is equity against liabilities, at 1.98.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.029	6.560	0.192
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.334	3.260	1.089
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.059	6.720	0.398
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.886	1.050	1.981
Score			3.660

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.

−1.98Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 1.98 is below the model threshold of minus 1.78. Of the 8 measures, profit not backed by cash raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.162	0.920	1.069
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.000	0.528	0.528
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	1.028	0.404	0.415
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.189	0.892	1.060
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.000	0.115	0.115
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.006	−0.172	−0.173
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.	0.039	4.679	0.184
Leverage indexDebt against total assets, against a year earlier.	1.039	−0.327	−0.340
Score			−1.980

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 0.55 means a probability of a misstatement 0.55 times the average rate in the Dechow sample: 0.20% 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.	0.070	0.790	0.055
Change in receivables / average total assetsThe growth of receivables against average assets.	0.009	2.518	0.023
Change in inventories / average total assetsThe growth of stock against average assets.	0.000	1.191	0.000
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.811	1.979	1.604
Change in cash salesThe growth of sales collected in cash.	0.065	0.171	0.011
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.005	−0.932	−0.004
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−6.204
Probability of a misstatement			0.20%

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.

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	Not met	Not met
Long-term debt to assets lower than a year earlier	Not met	Met
Current ratio higher than a year earlier	Not met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Met
Asset turnover higher than a year earlier	Met	Not 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:indoritel-makmur-2025-12-31	6ed9fa7eb198
Annual report for the year to 31 December 2024	26 Mar 2025, the date on which the board approved the statements	AR:indoritel-makmur-2024-12-31	c179f5775255
Annual report for the year to 31 December 2023	27 Mar 2024, the date on which the board approved the statements	AR:indoritel-makmur-2023-12-31	0e7c5c04726d
Annual report for the year to 31 December 2022	30 Mar 2023, the date on which the board approved the statements	AR:indoritel-makmur-2022-12-31	671712df8349
Annual report for the year to 31 December 2021	28 Apr 2022, the date on which the board approved the statements	AR:indoritel-makmur-2021-12-31	f0c1097f924a

Checks

436432 of 436 checks passed, 4 warnings

Statement arithmetic298 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.

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 reports109 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 values4 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Net cash from operating activities, FY2020: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Net cash from operating activities, FY2021: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Net cash from operating activities, FY2022: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Net cash from operating activities, FY2023: 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	179
Confirmed by other figures	64.8%, 116 values
Confirmed by a second document	60.9%, 109 values
Derived from reported figures	0.0%, 0 values
Values withheld	4
Restated figures tracked	22
Changes compared on one basis	3
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Indoritel Makmur Internasional Tbk, snapshot indoritel-makmur/FY2025_fd491b04 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_fd491b04 · dataset SHA-256 fd491b04ee78088b3c755829ae94ba8c648ce67f9ac2516fb014864ece93afd9 · findings rules 0.4

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