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Aneka Tambang (ANTM) USD

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 4.7 vs avg 7.3)✗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
3.5 bn USD

Growth

Δ revenue y/y
12.4%
Δ EBITDA y/y
103.5%

Multiples

P/E (LTM)
6.1x
3y avg: 10.4x
P/B (FY)
1.6x
P/E (ann.)
4.8x
EV/EBITDA (LTM)
4.7x
3y avg: 7.3x
EV/EBITDA (ann.)
3.2x

Cash return

Dividend yield
8.0%
FCF yield (LTM)
-3.9%

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 M USD, 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-09-30Q3 2026 (3M)OK1442.3
y/y 12.4%
—
y/y —
—
y/y —
—
y/y —
137.1
y/y 35.4%
325.3—3333.3
y/y 15.6%
2299.8
y/y 9.0%
29.6%-231.0Report (PDF)
2026-06-30Q2 2026 (3M)OK1916.0
y/y 1.3%
226.1
y/y 31.1%
14.4
y/y -16.5%
240.5
y/y 26.8%
171.1
y/y 29.6%
137.8-8.43432.1
y/y 15.1%
2158.3
y/y 7.7%
32.7%-190.5Report (PDF)
2026-03-31Q1 2026 (3M)OK1739.2
y/y 8.8%
267.1
y/y 62.3%
17.0
y/y -7.4%
284.1
y/y 55.3%
202.1
y/y 55.0%
-187.1-5.03731.0
y/y 28.5%
2381.7
y/y 17.6%
35.4%-29.0Report (PDF)
2025-12-31Q4 2025 (3M)OK756.8
y/y -53.5%
30.4
y/y -57.2%
18.2
y/y -14.8%
48.6
y/y -47.4%
74.1
y/y -18.3%
49.9181.93142.5
y/y 14.3%
2189.5
y/y 10.1%
20.4%-243.0Report (PDF)
2025-09-30Q3 2025 (3M)OK795.8
y/y 60.6%
107.1
y/y 307.7%
19.5
y/y -25.8%
126.5
y/y 176.3%
78.2
y/y 161.5%
106.8-166.32882.9
y/y 6.7%
2110.6
y/y 7.3%
23.7%-334.2Report (PDF)
2025-06-30Q2 2025 (3M)OK1988.3
y/y 146.8%
208.5
y/y 1018.0%
18.9
y/y -24.7%
227.4
y/y 394.8%
155.2
y/y 201.0%
11.7-44.22980.8
y/y 24.3%
2003.6
y/y 12.1%
28.5%-624.3Report (PDF)
2025-03-31Q1 2025 (3M)OK1599.2
y/y 189.8%
164.6
y/y —
18.4
y/y -25.7%
183.0
y/y —
130.3
y/y 866.8%
127.3-13.92903.4
y/y 11.8%
2025.0
y/y 3.9%
26.0%-407.1Report (PDF)
2024-12-31Q4 2024 (3M)OK1649.7
y/y —
72.0
y/y —
21.8
y/y —
93.8
y/y —
91.8
y/y —
244.6-36.52749.8
y/y —
1988.7
y/y —
11.6%-287.4Report (PDF)
2024-09-30Q3 2024 (3M)OK1270.7
y/y —
84.5
y/y —
26.7
y/y —
111.2
y/y —
43.7
y/y —
71.3-16.72702.8
y/y —
1967.2
y/y —
9.9%-517.5Report (PDF)
2024-06-30Q2 2024 (3M)OK902.2
y/y —
63.4
y/y —
25.0
y/y —
88.4
y/y —
80.6
y/y —
8.9-14.32398.7
y/y —
1788.0
y/y —
10.2%-451.1Report (PDF)
2024-03-31Q1 2024 (3M)OK551.9
y/y —
-31.4
y/y —
24.8
y/y —
-6.7
y/y —
13.5
y/y —
-92.1-5.82596.8
y/y —
1949.3
y/y —
—-647.4Report (PDF)

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

Short-term debt (incl. ST leases)104
Long-term debt (incl. LT leases)253
− Cash & equivalents588
Net debt-231

Net debt / LTM EBITDA: -0.3x

Conversion to USD. Balance sheet: rate effective on 2026-09-30, fixing date unspecified. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-07-01 — 2026-09-30. Source: Frankfurter historical request.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

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

Cash flow

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

-400-20002004002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

-800-600-400-20002024 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 2026-09-30): 0.58x 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 3 984spot vs LTM +1%

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 6.1x (price to trailing 12-month earnings).
What is Aneka Tambang (ANTM)'s EV/EBITDA?
Aneka Tambang (ANTM) trades at 4.7x EV/EBITDA.
What is Aneka Tambang (ANTM)'s P/B ratio?
Aneka Tambang (ANTM) trades at a P/B of 1.6x.
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 3.5 bn USD.

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