PT United Tractors Tbk

Name: PT United Tractors Tbk financial statements and ratios
Creator: Annalist

UNTR · IDX · Industrials, heavy equipment 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 26 February 2026. Snapshot FY2025_298913a6.

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Overview

Revenue, fiscal year

−2.3% year on year

Profit before tax, fiscal year

−22.1% year on year

Net income, fiscal year

−24.2% year on year

Diluted EPS, fiscal year

−24.1% year on year

Pre-tax margin, fiscal year

−3.9pp year on year

Return on equity, fiscal year

−7.2pp 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 Rp131.30 trillion, 2.3% 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 Rp131.30 trillion, 2.3% lower than in the previous fiscal year.Recorded from FY2025_298913a6 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_298913a6 · data update
3. FY2024 ConfirmedRevenue for the fiscal year ended 31 December 2024 was Rp134.43 trillion, 4.5% higher than in the previous fiscal year.Reconstructed · data update
4. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was Rp128.58 trillion, 4.0% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was Rp14.81 trillion, 24.2% lower than in the previous fiscal year.
Strengthenedin FY2025 · stated since FY2023−24.2% from −5.2% in FY2024
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedNet income attributable to the company for fiscal 2025 was Rp14.81 trillion, 24.2% lower than in the previous fiscal year.Recorded from FY2025_298913a6 · data update
2. FY2024 StrengthenedNet income attributable to the company for fiscal 2024 was Rp19.53 trillion, 5.2% lower than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewNet income attributable to the company for fiscal 2023 was Rp20.61 trillion, 1.9% lower than in the previous fiscal year.Reconstructed · initial
Return on equity for fiscal 2025 was 15.5%, against 22.7% a year earlier.
Strengthenedin FY2025 · stated since FY2023
Rule: Return on equity against a year earlier · Sources Annual report 2025-12, Annual report 2024-12
History of this finding, 3 records
1. FY2025 StrengthenedReturn on equity for fiscal 2025 was 15.5%, against 22.7% a year earlier.Recorded from FY2025_298913a6 · data update
2. FY2024 ConfirmedReturn on equity for fiscal 2024 was 22.7%, against 25.1% a year earlier.Reconstructed · data update
3. FY2023 NewReturn on equity for fiscal 2023 was 25.1%, against 27.4% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was Rp14.17 trillion, and operating cash flow was 1.8 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 Rp14.17 trillion, and operating cash flow was 1.8 times net income attributable to the company.Recorded from FY2025_298913a6 · data update
2. FY2024 StrengthenedFree cash flow for fiscal 2024 was Rp17.83 trillion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
3. FY2023 NewFree cash flow for fiscal 2023 was Rp8.33 trillion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · initial
Cash and short-term investments exceeded total debt by Rp8.50 trillion at 31 December 2025.
Strengthenedin FY2025 · stated since FY2024
Rule: Net debt or net cash · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedCash and short-term investments exceeded total debt by Rp8.50 trillion at 31 December 2025.Recorded from FY2025_298913a6 · data update
2. FY2024 NewCash and short-term investments exceeded total debt by Rp5.87 trillion at 31 December 2024.Reconstructed · data update
3. FY2024 RetiredThe finding changed to net cash.Reconstructed · data update
4. FY2023 NewNet debt was Rp109.9 billion 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_298913a6

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

Profit Before Tax

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.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

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

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

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

By Fiscal Year

Ratio	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
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	Rp8.02tn	Rp1.03tn	Rp16.88tn	Rp17.56tn	Rp16.30tn
Lease liabilities	Rp1.11tn	Rp1.84tn	Rp1.83tn	Rp1.66tn	Rp1.78tn
Borrowings and lease liabilities presented as one line	Rp0	Rp0	Rp0	Rp0	Rp0
Lease-adjusted debt	Rp9.14tn	Rp2.87tn	Rp18.71tn	Rp19.22tn	Rp18.08tn

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 MaturitiesLiquidity cover 2.24x, Debt due within 12 months Rp11.04tn · 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 2.2 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.
Weakenedin FY2025 · stated since FY20232.24x from 3.49x in FY2024
Rule: Liquidity cover · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedCash, short-term investments and operating cash flow for fiscal 2025 equalled 2.2 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_298913a6 · data update
2. FY2024 StrengthenedCash, short-term investments and operating cash flow for fiscal 2024 equalled 3.5 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 2.3 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	Rp26.57tn
Operating cash flow	Rp27.14tn
Sources	Rp53.71tn

Uses	Amount
Debt due within 12 months	Rp11.04tn
Capital expenditure	Rp12.98tn
Dividends paid	Rp0
Uses	Rp24.02tn

Liquidity cover 2.24x

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 −7.1% · 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 7.1% 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 FY2023−7.1% from −6.5% 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 7.1% of average total assets.Recorded from FY2025_298913a6 · data update
2. FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 6.5% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 3.9% 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

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 ScoresBeneish −2.77 · Piotroski 5 of 9

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

The Beneish M-score for fiscal 2025 was minus 2.77, 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.
Confirmedin FY2025 · stated since FY2023−2.77 from −2.72 in FY2024
Rule: Beneish M-score against its threshold · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedThe Beneish M-score for fiscal 2025 was minus 2.77, below the model threshold of minus 1.78.Recorded from FY2025_298913a6 · data update
2. FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 2.72, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.48, 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, current ratio higher than a year earlier, margin 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, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Recorded from FY2025_298913a6 · data update
2. FY2024 ConfirmedThe Piotroski F-score for fiscal 2024 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
3. FY2023 NewThe Piotroski F-score for fiscal 2023 was 4 of 9. The 5 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, 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
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	below 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

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.

−2.77Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.77 is below the model threshold of minus 1.78. Of the 8 measures, the fall in gross margin 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.	1.020	0.920	0.939
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.112	0.528	0.587
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.	0.981	0.404	0.396
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	0.977	0.892	0.871
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.	1.176	−0.172	−0.202
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.	−0.069	4.679	−0.325
Leverage indexDebt against total assets, against a year earlier.	0.943	−0.327	−0.309
Score			−2.767

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 0.34 means a probability of a misstatement 0.34 times the average rate in the Dechow sample: 0.13% 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.	0.020	0.790	0.016
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.000	2.518	−0.001
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.	0.595	1.979	1.178
Change in cash salesThe growth of sales collected in cash.	−0.025	0.171	−0.004
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	−0.036	−0.932	0.033
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			−6.673
Probability of a misstatement			0.13%

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	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Met
Current ratio higher than a year earlier	Not met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Not met	Not 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	26 Feb 2026, the date on which the board approved the statements	AR:united-tractors-2025-12-31	81e08da2f687
Annual report for the year to 31 December 2024	26 Feb 2025, the date on which the board approved the statements	AR:united-tractors-2024-12-31	f276fc5f83c6
Annual report for the year to 31 December 2023	23 Feb 2024, the date on which the board approved the statements	AR:united-tractors-2023-12-31	86f78825bcc9
Annual report for the year to 31 December 2022	23 Feb 2023, the date on which the board approved the statements	AR:united-tractors-2022-12-31	a8d423bf50bc
Annual report for the year to 31 December 2021	21 Feb 2022, the date on which the board approved the statements	AR:united-tractors-2021-12-31	42d4056f8681

Checks

520517 of 520 checks passed, 3 warnings

Statement arithmetic345 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

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

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

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

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

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

Agreement between annual reports141 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 values3 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

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

Goodwill, Q4 FY2021: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Goodwill, Q4 FY2022: 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	225
Confirmed by other figures	69.3%, 156 values
Confirmed by a second document	62.7%, 141 values
Derived from reported figures	0.0%, 0 values
Values withheld	3
Restated figures tracked	9
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT United Tractors Tbk, snapshot united-tractors/FY2025_298913a6 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_298913a6 · dataset SHA-256 298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409 · findings rules 0.4

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