PT Perusahaan Listrik Negara (Persero)

Name: PT Perusahaan Listrik Negara (Persero) financial statements and ratios
Creator: Annalist

Utilities, electricity · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 19 May 2026. Snapshot FY2025_34f59513.

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Overview

Revenue, fiscal year

+6.8% year on year

Operating profit, fiscal year

−18.8% year on year

Net income, fiscal year

−66.9% year on year

Diluted EPS, fiscal year

n/a

Operating margin, fiscal year

−2.7pp year on year

Return on equity, fiscal year

−1.4pp 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 Rp582.68 trillion, 6.8% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY20236.8% from 11.9% 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 Rp582.68 trillion, 6.8% higher than in the previous fiscal year.Recorded from FY2025_34f59513 · data update
2. FY2024 StrengthenedRevenue for the fiscal year ended 31 December 2024 was Rp545.38 trillion, 11.9% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was Rp487.38 trillion, 10.5% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was Rp7.01 trillion, 66.9% 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, 3 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was Rp7.01 trillion, 66.9% lower than in the previous fiscal year.Recorded from FY2025_34f59513 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_34f59513 · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was Rp21.17 trillion.Reconstructed · initial
The operating margin for fiscal 2025 was 8.4%, 2.7 percentage points lower than a year earlier.
Newin FY2025 · first stated
Rule: Operating margin against a year earlier · Sources Annual report 2025-12
History of this finding, 5 records
1. FY2025 NewThe operating margin for fiscal 2025 was 8.4%, 2.7 percentage points lower than a year earlier.Recorded from FY2025_34f59513 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_34f59513 · data update
3. FY2024 NewThe operating margin for fiscal 2024 was 11.1%, 1.4 percentage points higher than a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. FY2023 NewThe operating margin for fiscal 2023 was 9.7%, 2.8 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 0.7%, against 2.0% a year earlier.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewReturn on equity for fiscal 2025 was 0.7%, against 2.0% a year earlier.Recorded from FY2025_34f59513 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_34f59513 · data update
3. FY2024 NewReturn on equity for fiscal 2024 was 2.0%.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_34f59513

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

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.

These ratios have no value for the figures of this company.

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.

These ratios have no value for the figures of this company.

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 −0.2% · 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 0.2% 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 FY2024−0.2% from −3.1% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 0.2% of average total assets.Recorded from FY2025_34f59513 · data update
2. FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 3.1% 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

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'' 2.08 · FY2025

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

The Altman Z'' score for fiscal 2025 was 2.08, 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 FY20232.08 from 2.19 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 2.08, between the distress threshold of 1.10 and the safe threshold of 2.60.Recorded from FY2025_34f59513 · data update
2. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 2.19, 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 2.16, between the distress threshold of 1.10 and the safe threshold of 2.60.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	grey zone	grey zone	grey zone

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

2.08Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 2.08 is in the grey zone of the model, between 1.10 and 2.60. The largest part is equity against liabilities, at 1.45.

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	0.076
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.116	3.260	0.379
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.027	6.720	0.180
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.376	1.050	1.445
Score			2.080

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.

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	19 May 2026, the date on which the board approved the statements	AR:pln-2025-12-31	090230d08b5e
Annual report for the year to 31 December 2024	23 May 2025, the date on which the board approved the statements	AR:pln-2024-12-31	799db42673cd
Annual report for the year to 31 December 2023	28 May 2024, the date on which the board approved the statements	AR:pln-2023-12-31	283b652dc5a1
Annual report for the year to 31 December 2022	2 May 2023, the date on which the board approved the statements	AR:pln-2022-12-31	e8387e6b327d
Annual report for the year to 31 December 2021	23 May 2022, the date on which the board approved the statements	AR:pln-2021-12-31	118bc0469fbb

Checks

441429 of 441 checks passed, 12 warnings

Statement arithmetic306 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.

Agreement between annual reports104 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 values12 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Income tax expense, FY2020: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Income tax expense, FY2021: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Income tax expense, FY2022: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Income tax expense, FY2023: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Profit attributable to owners of the parent, FY2020: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Profit attributable to owners of the parent, FY2021: 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	181
Confirmed by other figures	63.0%, 114 values
Confirmed by a second document	57.5%, 104 values
Derived from reported figures	0.0%, 0 values
Values withheld	12
Restated figures tracked	16
Changes compared on one basis	2
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Perusahaan Listrik Negara (Persero), snapshot pln/FY2025_34f59513 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_34f59513 · dataset SHA-256 34f5951394b11dda540c3769c01a184221cbd419cd1544cf8cdc3d28a5c29c8e · findings rules 0.4

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