Sector: Mining
ID_ANTM
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.
Shares: connector/market_inputs
Monetary columns are in B 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.
| Date | Period | Status | RevenueB IDR | Operating profitB IDR | D&AB IDR | EBITDAB IDR | Net profitB IDR | Operating CFB IDR | Capex + M&AB IDR | AssetsB IDR | EquityB IDR | ROE (annualized) | Net debtB IDR | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | Q1 2026 (3M) | OK | 29.3 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 | -83.5 | 63.3 y/y 31.0% | 40.4 y/y 19.9% | 35.4% | -0.5 | Report (PDF) |
| 2025-12-31 | Q4 2025 (3M) | OK | 12.6 y/y -51.5% | 2.1 y/y 10.4% | 0.3 y/y -11.9% | 2.4 y/y 7.0% | 1.2 y/y -14.6% | 0.8 | -267.0 | 52.5 y/y 18.0% | 36.6 y/y 16.3% | 20.1% | -4.1 | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | OK | 13.0 y/y -35.0% | 1.8 y/y 57.1% | 0.3 y/y -24.3% | 2.1 y/y 34.9% | 1.3 y/y 96.4% | 1.7 | -111.6 | 48.1 y/y 17.3% | 35.2 y/y 15.9% | 4.9% | -5.6 | Link |
| 2025-06-30 | Q2 2025 (3M) | OK | 32.9 y/y 125.6% | 3.4 y/y 215.8% | 0.3 y/y -22.5% | 3.8 y/y 151.3% | 2.6 y/y 95.5% | 0.2 | -16.1 | 48.4 y/y 23.5% | 33.7 y/y 13.5% | 30.4% | -10.1 | Link |
| 2025-03-31 | Q1 2025 (3M) | OK | 26.2 y/y 203.4% | 2.7 y/y — | 0.3 y/y -22.2% | 3.0 y/y — | 2.1 y/y 794.1% | 2.1 | -228.1 | 48.3 y/y 17.2% | 33.7 y/y 8.9% | 26.2% | -6.8 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 26.0 y/y — | 1.9 y/y — | 0.3 y/y — | 2.3 y/y — | 1.4 y/y — | 3.9 | -500.2 | 44.5 y/y — | 31.5 y/y — | 11.8% | -4.7 | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | OK | 20.0 y/y 116.6% | 1.1 y/y 11.5% | 0.4 y/y -5.6% | 1.5 y/y 6.2% | 0.7 y/y -32.1% | 1.1 | -310.6 | 41.0 y/y 15.4% | 30.4 y/y 23.4% | 2.9% | -7.8 | Link |
| 2024-06-30 | Q2 2024 (3M) | OK | 14.6 y/y 44.7% | 1.1 y/y 172.1% | 0.4 y/y -26.3% | 1.5 y/y 57.4% | 1.3 y/y 479.0% | 0.1 | -259.8 | 39.2 y/y 7.7% | 29.7 y/y 25.4% | 17.3% | -7.4 | Link |
| 2024-03-31 | Q1 2024 (3M) | OK | 8.6 y/y — | -0.5 y/y — | 0.4 y/y — | -0.1 y/y — | 0.2 y/y — | -1.4 | -90.6 | 41.2 y/y — | 30.9 y/y — | 3.1% | -10.3 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 10.1 y/y — | -1.1 y/y — | 0.5 y/y — | -1.1 y/y — | -0.7 y/y — | -1.9 | -123.7 | 42.9 y/y — | 31.2 y/y — | 3.3% | -7.0 | Link |
| 2023-09-30 | Q3 2023 (3M) | OK | 9.2 y/y — | 0.6 y/y — | 0.4 y/y — | 0.5 y/y — | 0.7 y/y — | 1.0 | -498.6 | 35.5 y/y — | 24.6 y/y — | 5.3% | -4.8 | Link |
| 2023-06-30 | Q2 2023 (3M) | OK | 10.1 y/y — | 0.4 y/y — | 0.5 y/y — | 0.9 y/y — | 0.2 y/y — | 1.3 | -2.1 | 36.4 y/y — | 23.7 y/y — | — | -4.0 | Link |
| Short-term debt (incl. ST leases) | 5 550 |
| Long-term debt (incl. LT leases) | 2 997 |
| − Cash & equivalents | 9 039 |
| Net debt | -492 |
|---|
Net debt / LTM EBITDA: -0.0x
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Physical operating metrics — supplementary, not part of the financial statements
Nickel ore (limonite + saprolite; gold basis rejected - sales mostly third-party metal)
| Year | Reserves, M wmt |
|---|---|
| 2025 | 534.55 |
| Year | Production, M wmt | per day |
|---|---|---|
| 2025 | 16.11 | 44 137 |
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.
Current 4 035spot vs LTM -2%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: -99.1%
Main driver: Gold -5% vs LTM; revenue ×0.98 vs costs ×1.04; EBITDA 10 206 689→244 358; at 6.9× EV/EBITDA → -99%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| Gold (rev) | +62% | 4 037.62 | 4 246.02 | 3 201.08 | -5% | -25% |
| Nickel (rev) | +30% | 17 093.63 | 16 499.52 | 17 378.94 | +4% | +5% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 87 814 077 |
| LTM EBITDA | 10 206 689 |
| LTM cash costs (revenue − EBITDA) | 77 607 388 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×0.980 (-2%) |
| = Spot revenue | 86 090 430 |
| Revenue multiplier — 3y price | ×0.863 (-14%) |
| = 3-year-price revenue | 75 821 654 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.040 (+4%) |
| = Spot cash costs | 80 711 684 |
| Cost multiplier — 3y price | ×1.040 (+4%) |
| = 3-year-price cash costs | 80 711 684 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 5 378 747 |
| = 3-year-price EBITDA | -4 890 030 |
| Conservative EBITDA = min(spot, avg) | 244 358 |
| 5 · Valuation → target market cap | |
| Historical EV/EBITDA (75th pct) | 6.9x |
| Target EV = EV/EBITDA × conservative EBITDA | 1 694 475 |
| Net debt | 1 067 097 |
| Target market cap = EV − net debt | 627 378 |
| Current market cap | 69 710 000 |
Upside = target market cap ÷ current − 1 = -99.1%
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.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2024 Q2 | 14 568 622 | 10 427 192 | +39.7% | 1 493 918 | 1 320 345 | +13.1% |
| 2024 Q3 | 20 011 632 | 11 579 738 | +72.8% | 1 540 993 | 1 459 099 | +5.6% |
| 2024 Q4 | 25 991 315 | 14 741 975 | +76.3% | 2 159 837 | 1 883 449 | +14.7% |
| 2025 Q1 | 26 151 700 | 19 019 355 | +37.5% | 2 992 200 | 2 593 387 | +15.4% |
| 2025 Q2 | 32 868 024 | 24 744 884 | +32.8% | 3 730 628 | 4 620 221 | -19.3% |
| 2025 Q3 | 13 008 399 | 29 521 796 | -55.9% | 2 055 502 | 5 278 531 | -61.1% |
| 2025 Q4 | 12 614 315 | 29 591 798 | -57.4% | 274 240 | 7 275 135 | -96.2% |
| 2026 Q1 | 29 323 338 | 27 374 061 | +7.1% | 4 790 300 | 8 004 416 | -40.2% |
| Date | Per share | Details | Status | Source |
|---|---|---|---|---|
| 2026-06-22 | 209.9887 IDR | Ex-dividend: 209.9887 IDR per share | Paid | Yahoo Finance (ex-div) |
| 2025-06-23 | 151.7727 IDR | Ex-dividend: 151.7727 IDR per share | Paid | Yahoo Finance (ex-div) |
| 2024-05-21 | 128.0712 IDR | Ex-dividend: 128.0712 IDR per share | Paid | Yahoo Finance (ex-div) |
| 2023-06-26 | 79.5016 IDR | Ex-dividend: 79.5016 IDR per share | Paid | Yahoo Finance (ex-div) |
| 2022-06-06 | 38.7367 IDR | Ex-dividend: 38.7367 IDR per share | Paid | Yahoo 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.
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.