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Aneka Tambang (ANTM) IDR

PT Antam (Persero) Tbk is a state-controlled Indonesian mining company that explores, processes, and sells nickel, gold, silver, bauxite, and alumina. It also engages in related activities such as construction, trading, and industrial area management.

At a glance: strengths & risks
✓Revenue growing (+23% y/y, 9M 2026)✓Profit growing (+48% y/y, 9M 2026)✓Net cash balance sheet✓33-year reserve life✓Cheaper than own history (EV/EBITDA 5.1 vs avg 8.2)✗Commodity price -6% vs 1-yr · -20% vs 3-yr✗Priced above model value

Sector: Metals mining

ID_ANTM

Price chart

2 670 IDRDay -4.64%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
2 670 IDR · -4.64%
Market cap
64162.2 bn IDR

Growth

Δ revenue y/y
22.8%
Δ EBITDA y/y
111.5%

Multiples

P/E (LTM)
6.4x
3y avg: 11.6x
P/B (FY)
1.8x
P/E (ann.)
5.0x
EV/EBITDA (LTM)
5.1x
3y avg: 8.2x
EV/EBITDA (ann.)
3.3x

Cash return

Dividend yield
8.0%
FCF yield (LTM)
-1.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-38.2%
↓ details

Liquidity

Daily turnover (listing)
193.8 bln IDR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in T IDR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueT IDROperating profitT IDRD&AT IDREBITDAT IDRNet profitT IDROperating CFT IDRCapex + M&AT IDRAssetsT IDREquityT IDRROE (annualized)Net debtT IDRSource
2026-09-30Q3 2026 (3M)OK25.8
y/y 22.8%
—
y/y —
—
y/y —
—
y/y —
2.4
y/y 47.9%
5.8—59.7
y/y 24.3%
41.2
y/y 17.1%
29.6%-4.1Report (PDF)
2026-06-30Q2 2026 (3M)OK33.4
y/y 6.3%
3.9
y/y 37.6%
0.3
y/y -12.4%
4.2
y/y 33.0%
3.0
y/y 36.0%
2.4-0.161.3
y/y 26.7%
38.5
y/y 18.5%
32.4%-3.4Report (PDF)
2026-03-31Q1 2026 (3M)OK29.3
y/y 12.1%
4.5
y/y 67.3%
0.3
y/y -4.5%
4.8
y/y 60.1%
3.4
y/y 59.9%
-3.2-0.163.3
y/y 31.0%
40.4
y/y 19.9%
35.4%-0.5Report (PDF)
2025-12-31Q4 2025 (3M)OK12.6
y/y -51.5%
0.5
y/y -55.3%
0.3
y/y -11.9%
0.8
y/y -45.2%
1.2
y/y -14.6%
0.83.052.5
y/y 18.0%
36.6
y/y 13.7%
20.1%-4.1Report (PDF)
2025-09-30Q3 2025 (3M)OK13.0
y/y 66.7%
1.8
y/y 323.2%
0.3
y/y -23.0%
2.1
y/y 186.8%
1.3
y/y 171.4%
1.7-2.748.1
y/y 17.3%
35.2
y/y 18.0%
23.5%-5.6Report (PDF)
2025-06-30Q2 2025 (3M)OK32.9
y/y 154.5%
3.4
y/y 1053.0%
0.3
y/y -22.4%
3.8
y/y 410.3%
2.6
y/y 210.4%
0.2-0.748.4
y/y 23.5%
32.5
y/y 11.3%
28.4%-10.1Report (PDF)
2025-03-31Q1 2025 (3M)OK26.2
y/y 203.4%
2.7
y/y —
0.3
y/y -22.2%
3.0
y/y —
2.1
y/y 912.0%
2.1-0.248.3
y/y 17.2%
33.7
y/y 8.9%
25.9%-6.8Report (PDF)
2024-12-31Q4 2024 (3M)OK26.0
y/y —
1.1
y/y —
0.3
y/y —
1.5
y/y —
1.4
y/y —
3.9-0.644.5
y/y —
32.2
y/y —
11.8%-4.7Report (PDF)
2024-09-30Q3 2024 (3M)OK20.0
y/y —
1.3
y/y —
0.4
y/y —
1.8
y/y —
0.7
y/y —
1.1-0.341.0
y/y —
29.8
y/y —
9.9%-7.8Report (PDF)
2024-06-30Q2 2024 (3M)OK14.6
y/y —
1.0
y/y —
0.4
y/y —
1.4
y/y —
1.3
y/y —
0.1-0.239.2
y/y —
29.2
y/y —
10.1%-7.4Report (PDF)
2024-03-31Q1 2024 (3M)OK8.6
y/y —
-0.5
y/y —
0.4
y/y —
-0.1
y/y —
0.2
y/y —
-1.4-0.141.2
y/y —
30.9
y/y —
—-10.3Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)1 872 662
Long-term debt (incl. LT leases)4 528 456
− Cash & equivalents10 541 502
Net debt-4 140 384

Net debt / LTM EBITDA: -0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (Rp mln)

010 000 00020 000 00030 000 00040 000 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-100%0%100%200%300%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) (Rp mln)

-4 000 000-2 000 00002 000 0004 000 0006 000 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash (Rp mln)

-12 500 000-10 000 000-7 500 000-5 000 000-2 500 00002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is broadly cash-backed
In a typical year of 2024–2025 operating cash flow came to 0.84x of reported net profit; after capex, 0.63x.
year20242025
cash flow / profit1.01x0.67x
accruals, % of assets-0.1%4.5%
Last twelve months (to 2026-06-30): 0.20x of profit came back as operating cash flow.
net debt / EBITDA -0.4x · capex 0.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Nickel ore (limonite + saprolite; gold basis rejected - sales mostly third-party metal)

Proved reserves
534.55 M wmt
2025
Reserve life (R/P)
33.2 yrs
reserves ÷ annual output
Annual production
16.11 M wmt
2025

Proved reserves

YearReserves, M wmt
2025534.55

Production

YearProduction, M wmtper day, M wmt
202516.110.04

Antam AR2025 (contents.antam.com PDF, p.401): consolidated nickel ore reserves 534.55 M wmt at 31.12.2025 (126.81 limonite + 407.74 saprolite, +8% YoY); FY25 ore production 16.11 M wmt (antam.com press release 31.03.2026). Prior gold-ounces panel replaced: own-mined gold reserves 167 koz vs sales 1,201 koz mostly third-party sourcing.

Indonesia — currency context

USD/IDR18128
1-week+0.7%
1-month+2.2%
room to 52w-weakest0.3%
DXY (dollar index)102.0
US 10Y4.98%

A weaker rupiah lowers the USD value of Indonesian equities for a foreign holder; for banks, BI's high policy rate (defending the currency) pressures margins.

as of 2026-10-29 (Yahoo)

Key-commodity price — Gold

Current 4 027spot vs LTM +2%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -38.2%

Main driver: Gold -6% vs LTM; revenue ×1.01 vs costs ×1.04; EBITDA 16 886 400→10 098 190; at 3.8× EV/EBITDA → -38%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, IDR3y vs LTM
Gold (rev)+62%3 998.654 242.243 408.64-6%+1%-20%
Nickel (rev)+30%15 472.7516 464.9717 069.24-6%+1%+4%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue125 428 600
LTM EBITDA16 886 400
LTM cash costs (revenue − EBITDA)108 542 200
2 · Revenue projection
Revenue multiplier — spot×1.011 (+1%)
= Spot revenue126 834 083
Revenue multiplier — 3y price×0.950 (-5%)
= 3-year-price revenue119 130 073
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs112 883 888
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs112 883 888
4 · EBITDA projection (revenue − costs)
= Spot EBITDA13 950 195
= 3-year-price EBITDA6 246 185
Conservative EBITDA = min(spot, avg)10 098 190
5 · Valuation → target market cap
Target EV/EBITDA (EV / peak-FY EBITDA — no daily history)3.8x
Target EV = EV/EBITDA × conservative EBITDA38 203 899
Net debt-3 400 800
Target market cap = EV − net debt41 604 699
Current market cap67 286 144

Upside = target market cap ÷ current − 1 = -38.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2025 Q126 151 70019 019 355+37.5%2 992 2002 455 840+21.8%
2025 Q232 868 00024 744 884+32.8%3 759 3004 482 668-16.1%
2025 Q313 008 40029 521 787-55.9%2 068 5005 165 312-60.0%
2025 Q412 614 30029 591 798-57.4%810 6007 111 172-88.6%
2026 Q129 323 30027 374 049+7.1%4 790 2008 152 532-41.2%
2026 Q233 391 00024 992 182+33.6%4 190 7005 418 685-22.7%
2026 Q325 766 58522 278 194+15.7%—2 679 129—

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-22209.9887 IDREx-dividend: 209.9887 IDR per sharePaidYahoo Finance (ex-div)
2025-06-23151.7727 IDREx-dividend: 151.7727 IDR per sharePaidYahoo Finance (ex-div)
2024-05-21128.0712 IDREx-dividend: 128.0712 IDR per sharePaidYahoo Finance (ex-div)
2023-06-2679.5016 IDREx-dividend: 79.5016 IDR per sharePaidYahoo Finance (ex-div)
2022-06-0638.7367 IDREx-dividend: 38.7367 IDR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.antam.com/en/investor-relations

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Aneka Tambang (ANTM) — from primary filings.

Frequently asked questions

What is Aneka Tambang (ANTM)'s P/E ratio?
Aneka Tambang (ANTM) trades at a P/E of 6.4x (price to trailing 12-month earnings).
What is Aneka Tambang (ANTM)'s EV/EBITDA?
Aneka Tambang (ANTM) trades at 5.1x EV/EBITDA.
What is Aneka Tambang (ANTM)'s P/B ratio?
Aneka Tambang (ANTM) trades at a P/B of 1.8x.
What is Aneka Tambang (ANTM)'s dividend yield?
Aneka Tambang (ANTM)'s trailing 12-month dividend yield is 8.0%.
What is Aneka Tambang (ANTM)'s return on equity (ROE)?
Aneka Tambang (ANTM)'s ROE is 29.6%.
What is Aneka Tambang (ANTM)'s market capitalization?
Aneka Tambang (ANTM)'s market cap is 64162.2 bn IDR.

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