PT Kereta Api Indonesia (Persero)

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

Industrials, railways · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 12 June 2026. Snapshot FY2025_e269e9c3.

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Overview

Revenue, fiscal year

−1.0% year on year

Operating profit, fiscal year

+10.4% year on year

Net income, fiscal year

+2.4% year on year

Diluted EPS, fiscal year

n/a

Operating margin, fiscal year

+2.4pp 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 Rp35.76 trillion, 1.0% lower than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 NewRevenue for the fiscal year ended 31 December 2025 was Rp35.76 trillion, 1.0% lower than in the previous fiscal year.Recorded from FY2025_e269e9c3 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_e269e9c3 · data update
3. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was Rp36.11 trillion, 2.9% higher than in the previous fiscal year.Reconstructed · data update
4. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was Rp35.11 trillion, 37.3% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was Rp2.27 trillion, 2.4% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY20232.4% from 18.0% in FY2024
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedNet income attributable to the company for fiscal 2025 was Rp2.27 trillion, 2.4% higher than in the previous fiscal year.Recorded from FY2025_e269e9c3 · data update
2. FY2024 StrengthenedNet income attributable to the company for fiscal 2024 was Rp2.21 trillion, 18.0% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewNet income attributable to the company for fiscal 2023 was Rp1.87 trillion, 5.2% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 23.5%, 2.4 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 23.5%, 2.4 percentage points higher than a year earlier.Recorded from FY2025_e269e9c3 · data update
2. FY2024 NewThe operating margin for fiscal 2024 was 21.1%, 10.1 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 11.0%, 2.2 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 6.1%, against 6.7% 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 6.1%, against 6.7% a year earlier.Recorded from FY2025_e269e9c3 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_e269e9c3 · data update
3. FY2024 NewReturn on equity for fiscal 2024 was 6.7%, against 6.3% 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 6.3%, against 6.8% a year earlier.Reconstructed · initial
Purchases of property, plant and equipment exceeded operating cash flow by Rp741.8 billion 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.
Newin FY2025 · first stated
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 NewPurchases of property, plant and equipment exceeded operating cash flow by Rp741.8 billion in fiscal 2025.Recorded from FY2025_e269e9c3 · data update
2. FY2025 RetiredThe finding changed to negative.Recorded from FY2025_e269e9c3 · data update
3. FY2024 WeakenedFree cash flow for fiscal 2024 was Rp374.7 billion, and operating cash flow was 2.4 times net income attributable to the company.Reconstructed · data update
4. FY2023 NewFree cash flow for fiscal 2023 was Rp1.87 trillion, and operating cash flow was 2.5 times net income attributable to the company.Reconstructed · initial
Net debt was Rp35.45 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 Rp35.45 trillion at 31 December 2025.Recorded from FY2025_e269e9c3 · data update
2. FY2024 StrengthenedNet debt was Rp33.14 trillion at 31 December 2024.Reconstructed · data update
3. FY2023 NewNet debt was Rp21.49 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_e269e9c3

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.

0changes1threshold crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 1

NewFree Cash Flow
Purchases of property, plant and equipment exceeded operating cash flow by Rp741.8 billion 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.

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	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
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
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	Rp23.15tn	Rp25.03tn	Rp26.52tn	Rp37.95tn	Rp42.12tn
Lease liabilities	Rp82.1bn	Rp61.2bn	Rp111bn	Rp119bn	Rp86.0bn
Borrowings and lease liabilities presented as one line	Rp0	Rp0	Rp0	Rp0	Rp0
Lease-adjusted debt	Rp23.24tn	Rp25.09tn	Rp26.63tn	Rp38.07tn	Rp42.21tn

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 1.33x, Debt due within 12 months Rp2.58tn · 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 1.3 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 FY20231.33x from 1.27x 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 1.3 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_e269e9c3 · data update
2. FY2024 WeakenedCash, short-term investments and operating cash flow for fiscal 2024 equalled 1.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2023 NewCash, short-term investments and operating cash flow for fiscal 2023 equalled 1.6 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	Rp6.76tn
Operating cash flow	Rp7.15tn
Sources	Rp13.91tn

Uses	Amount
Debt due within 12 months	Rp2.58tn
Capital expenditure	Rp7.89tn
Dividends paid	Rp0
Uses	Rp10.47tn

Liquidity cover 1.33x

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 QualityCash-flow accruals −4.8% · 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 4.8% 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).
Strengthenedin FY2025 · stated since FY2023−4.8% from −3.4% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 4.8% of average total assets.Recorded from FY2025_e269e9c3 · data update
2. FY2024 ConfirmedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 3.4% 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 3.7% 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
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)
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	n/a

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'' 1.79, Beneish −2.89 · Piotroski 7 of 9 · FY2025

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

The Altman Z'' score for fiscal 2025 was 1.79, between the distress threshold of 1.10 and the safe threshold of 2.60.
Interpretation. By this model, the company is between the 2 groups of its original study: below 1.10 the profile resembles companies that went bankrupt, above 2.60 companies that did not. Large share buybacks lower book equity and so lower the score.
Confirmedin FY2025 · stated since FY20241.79 from 1.54 in FY2024
Rule: Altman Z'' zone · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 1.79, between the distress threshold of 1.10 and the safe threshold of 2.60.Recorded from FY2025_e269e9c3 · data update
2. FY2024 NewThe Altman Z'' score for fiscal 2024 was 1.54, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
3. FY2024 RetiredThe finding changed to the grey zone.Reconstructed · data update
4. FY2023 NewThe Altman Z'' score for fiscal 2023 was 0.95, below the distress threshold of 1.10.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.89, 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.
Strengthenedin FY2025 · stated since FY2023−2.89 from −2.49 in FY2024
Rule: Beneish M-score against its threshold · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedThe Beneish M-score for fiscal 2025 was minus 2.89, below the model threshold of minus 1.78.Recorded from FY2025_e269e9c3 · data update
2. FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 2.49, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.21, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were return on assets higher than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Confirmedin FY2025 · stated since FY20247.00 from 7.00 in FY2024
Rule: Piotroski F-score · Sources Annual report 2024-12, Annual report 2025-12
History of this finding, 4 records
1. FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were return on assets higher than a year earlier and asset turnover higher than a year earlier.Recorded from FY2025_e269e9c3 · data update
2. FY2024 NewThe Piotroski F-score for fiscal 2024 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to a high score.Reconstructed · data update
4. 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, current ratio higher 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	distress zone	grey zone	distress zone	grey zone	grey 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	above threshold	below threshold	below 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

1.79Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 1.79 is in the grey zone of the model, between 1.10 and 2.60. The largest part is equity against liabilities, at 0.62.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.030	6.560	0.199
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.133	3.260	0.434
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.080	6.720	0.535
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.594	1.050	0.624
Score			1.791

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.

−2.89Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.89 is below the model threshold of minus 1.78.

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.	0.847	0.920	0.779
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.998	0.528	0.527
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.882	0.404	0.356
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	0.990	0.892	0.883
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.	1.000	−0.172	−0.172
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.	−0.046	4.679	−0.217
Leverage indexDebt against total assets, against a year earlier.	0.999	−0.327	−0.327
Score			−2.894

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 0.32 means a probability of a misstatement 0.32 times the average rate in the Dechow sample: 0.12% 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.	0.021	0.790	0.017
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.004	2.518	−0.010
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.	0.582	1.979	1.152
Change in cash salesThe growth of sales collected in cash.	0.021	0.171	0.004
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	−0.002	−0.932	0.002
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			−6.727
Probability of a misstatement			0.12%

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.

7 of the 9 tests are met, in the high group of 7 to 9.

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	Met	Met
Long-term debt to assets lower than a year earlier	Met	Not met
Current ratio higher than a year earlier	Met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Met
Asset turnover higher than a year earlier	Not 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	12 Jun 2026, the date on which the board approved the statements	AR:kereta-api-indonesia-2025-12-31	74d38d285eaa
Annual report for the year to 31 December 2024	18 Jun 2025, the date on which the board approved the statements	AR:kereta-api-indonesia-2024-12-31	4295339b0806
Annual report for the year to 31 December 2023	18 Jun 2024, the date on which the board approved the statements	AR:kereta-api-indonesia-2023-12-31	3adf5084d871
Annual report for the year to 31 December 2022	29 May 2023, the date on which the board approved the statements	AR:kereta-api-indonesia-2022-12-31	e56a63f5f0f2
Annual report for the year to 31 December 2021	18 Feb 2022, the date on which the board approved the statements	AR:kereta-api-indonesia-2021-12-31	8046842a92cc

Checks

498495 of 498 checks passed, 3 warnings

Statement arithmetic321 of 324 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; a difference that a later report explains is a warning, which does not stop publication.

A figure: 3,808,139,121 against 3,808,203,932

A figure: 6,609,260,322 against 6,609,296,498

A figure: 3,808,139,121 against 3,808,203,932

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 reports149 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	224
Confirmed by other figures	70.5%, 158 values
Confirmed by a second document	66.5%, 149 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	20
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Kereta Api Indonesia (Persero), snapshot kereta-api-indonesia/FY2025_e269e9c3 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_e269e9c3 · dataset SHA-256 e269e9c3eb3b5dc2735b18e88e0c0c4454267cef5fed58fa67a68d4d33708394 · findings rules 0.4

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