PT Mineral Industri Indonesia (Persero)

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

Materials, metals and mining · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 22 April 2026. Snapshot FY2025_41450a97.

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Overview

Revenue, fiscal year

+9.8% year on year

Operating profit, fiscal year

+29.2% year on year

Net income, fiscal year

−31.2% year on year

Diluted EPS, fiscal year

−31.2% year on year

Operating margin, fiscal year

+1.3pp year on year

Return on equity, fiscal year

−11.7pp 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 Rp159.46 trillion, 9.8% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY20249.8% from 34.6% in FY2024
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 WeakenedRevenue for the fiscal year ended 31 December 2025 was Rp159.46 trillion, 9.8% higher than in the previous fiscal year.Recorded from FY2025_41450a97 · data update
2. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was Rp145.21 trillion, 34.6% 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 Rp107.87 trillion, 15.0% lower than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was Rp25.12 trillion, 31.2% 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, 4 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was Rp25.12 trillion, 31.2% lower than in the previous fiscal year.Recorded from FY2025_41450a97 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_41450a97 · data update
3. FY2024 ConfirmedNet income attributable to the company for fiscal 2024 was Rp36.53 trillion, 50.1% higher than in the previous fiscal year.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 was Rp24.34 trillion, 49.3% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 8.7%, 1.3 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, 4 records
1. FY2025 NewThe operating margin for fiscal 2025 was 8.7%, 1.3 percentage points higher than a year earlier.Recorded from FY2025_41450a97 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_41450a97 · data update
3. FY2024 WeakenedThe operating margin for fiscal 2024 was 7.4%, 0.1 percentage points lower than a year earlier.Reconstructed · data update
4. FY2023 NewThe operating margin for fiscal 2023 was 7.6%, 9.4 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 17.2%, against 29.0% 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, 4 records
1. FY2025 NewReturn on equity for fiscal 2025 was 17.2%, against 29.0% a year earlier.Recorded from FY2025_41450a97 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_41450a97 · data update
3. FY2024 StrengthenedReturn on equity for fiscal 2024 was 29.0%, against 24.1% a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was 24.1%, against 20.4% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was Rp1.89 trillion, and operating cash flow was 0.3 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 Rp1.89 trillion, and operating cash flow was 0.3 times net income attributable to the company.Recorded from FY2025_41450a97 · data update
2. FY2024 ConfirmedFree cash flow for fiscal 2024 was Rp2.01 trillion, and operating cash flow was 0.2 times net income attributable to the company.Reconstructed · data update
3. FY2023 NewFree cash flow for fiscal 2023 was Rp1.97 trillion, and operating cash flow was 0.3 times net income attributable to the company.Reconstructed · initial
Net debt was Rp64.54 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 Rp64.54 trillion at 31 December 2025.Recorded from FY2025_41450a97 · data update
2. FY2024 ConfirmedNet debt was Rp59.12 trillion at 31 December 2024.Reconstructed · data update
3. FY2023 NewNet debt was Rp59.93 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 documents4 documents, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_41450a97

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.

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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.

0changes2thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 2

ConfirmedLiquidity Cover
Cash, 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.
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.
WeakenedCash Backing of Earnings
Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 6.1% 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	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	Rp92.14tn	Rp86.87tn	Rp90.73tn	Rp87.60tn	Rp92.90tn
Lease liabilities	Rp1.29tn	Rp1.61tn	Rp1.51tn	Rp1.10tn	Rp940bn
Borrowings and lease liabilities presented as one line	Rp0	Rp0	Rp0	Rp0	Rp0
Lease-adjusted debt	Rp93.43tn	Rp88.48tn	Rp92.24tn	Rp88.70tn	Rp93.84tn

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 0.88x, Debt due within 12 months Rp36.05tn · 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 0.9 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.
Confirmedin FY2025 · stated since FY20240.88x from 0.97x in FY2024
Rule: Liquidity cover · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 ConfirmedCash, 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_41450a97 · data update
2. FY2024 NewCash, short-term investments and operating cash flow for fiscal 2024 equalled 1.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2024 RetiredThe finding changed to sources of cash that fall short of the uses.Reconstructed · data update
4. FY2023 NewCash, short-term investments and operating cash flow for fiscal 2023 equalled 1.4 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	Rp29.30tn
Operating cash flow	Rp6.79tn
Sources	Rp36.09tn

Uses	Amount
Debt due within 12 months	Rp36.05tn
Capital expenditure	Rp4.90tn
Dividends paid	Rp0
Uses	Rp40.96tn

Liquidity cover 0.88x

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 6.1% · 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 6.1% 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).
Weakenedin FY2025 · stated since FY20236.1% from 11.0% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedNet income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 6.1% of average total assets.Recorded from FY2025_41450a97 · data update
2. FY2024 StrengthenedNet income attributable to the company for fiscal 2024 exceeded operating cash flow by an amount equal to 11.0% of average total assets.Reconstructed · data update
3. FY2023 NewNet income attributable to the company for fiscal 2023 exceeded operating cash flow by an amount equal to 6.8% 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	n/a
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
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'' 2.60, Beneish −2.00 · Piotroski 5 of 9 · FY2025

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

The Altman Z'' score for fiscal 2025 was 2.60, 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 FY20232.60 from 2.49 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 2.60, between the distress threshold of 1.10 and the safe threshold of 2.60.Recorded from FY2025_41450a97 · data update
2. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 2.49, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 2.36, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2023 was minus 2.00, 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.
Newin FY2023 · first stated
Rule: Beneish M-score against its threshold · Sources Annual report 2023-12, Annual report 2024-12
History of this finding, 1 record
1. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.00, below 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, current ratio 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 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 · stated since FY20235.00 from 6.00 in FY2024
Rule: Piotroski F-score · Sources Annual report 2024-12, Annual report 2025-12
History of this finding, 3 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, current ratio higher than a year earlier and asset turnover higher than a year earlier.Recorded from FY2025_41450a97 · data update
2. FY2024 ConfirmedThe Piotroski F-score for fiscal 2024 was 6 of 9. The 3 signals not met were operating cash flow above net income, current ratio higher than a year earlier and margin higher than a year earlier.Reconstructed · data update
3. FY2023 NewThe Piotroski F-score for fiscal 2023 was 5 of 9. The 4 signals not met were operating cash flow above net income, current ratio 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	grey 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	n/a	below threshold	below threshold	n/a	n/a
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

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

2.60Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 2.60 is in the grey zone of the model, between 1.10 and 2.60. The largest part is equity against liabilities, at 1.33.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.012	6.560	0.080
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.270	3.260	0.879
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.045	6.720	0.304
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.269	1.050	1.332
Score			2.595

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 2023

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.

−2.00Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.00 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.	1.007	0.920	0.926
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.547	0.528	0.817
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.	1.054	0.404	0.426
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	0.850	0.892	0.758
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.	1.083	−0.172	−0.186
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.	0.064	4.679	0.299
Leverage indexDebt against total assets, against a year earlier.	0.949	−0.327	−0.310
Score			−1.996

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 2023

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 0.38 means a probability of a misstatement 0.38 times the average rate in the Dechow sample: 0.14% 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.	0.046	0.790	0.036
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.004	2.518	−0.011
Change in inventories / average total assetsThe growth of stock against average assets.	−0.004	1.191	−0.004
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.	0.689	1.979	1.364
Change in cash salesThe growth of sales collected in cash.	−0.141	0.171	−0.024
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.025	−0.932	−0.023
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			−6.555
Probability of a misstatement			0.14%

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	Not met
Long-term debt to assets lower than a year earlier	Met	Met
Current ratio higher than a year earlier	Not met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Not met
Asset turnover higher than a year earlier	Not 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	22 Apr 2026, the date on which the board approved the statements	AR:mind-id-2025-12-31	a82c38735687
Annual report for the year to 31 December 2024	25 Apr 2025, the date on which the board approved the statements	AR:mind-id-2024-12-31	0f54ab5976a3
Annual report for the year to 31 December 2023	29 Apr 2024, the date on which the board approved the statements	AR:mind-id-2023-12-31	e6c8ae2817d5
Annual report for the year to 31 December 2022	29 Mar 2023, the date on which the board approved the statements	AR:mind-id-2022-12-31	a2fdda555e56

Checks

384384 checks, all passed

Statement arithmetic244 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 calendar9 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 identity5 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit5 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 share5 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement between annual reports114 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	189
Confirmed by other figures	66.7%, 126 values
Confirmed by a second document	60.3%, 114 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	3
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Mineral Industri Indonesia (Persero), snapshot mind-id/FY2025_41450a97 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_41450a97 · dataset SHA-256 41450a97f83ed232081769bb67e71067e2c37db315b24a238687fae32643ee28 · findings rules 0.4

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