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Vale Indonesia (INCO) USD

PT Vale Indonesia Tbk mines and processes nickel in Indonesia, operating under a Contract of Work with the Indonesian government.

At a glance: strengths & risks
✓Revenue growing (+32% y/y, Q2 2026)✓Profit growing (+871% y/y, Q2 2026)✓Margins improving (4%→31%, Q2 2026)✓Net cash balance sheet✓30-year reserve life✓Commodity price +7% vs 1-yr · +12% vs 3-yr✗Priced above model value

Sector: Nickel mining

ID_INCO

Price chart

4 830 IDRDay 0.21%

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
4 830 IDR · 0.21%
Market cap
2.9 bn USD

Growth

Δ revenue y/y
31.9%
Δ EBITDA y/y
944.5%

Multiples

P/E (LTM)
16.6x
3y avg: 40.9x
P/B (FY)
1.0x
P/E (ann.)
11.9x
EV/EBITDA (LTM)
9.0x
3y avg: 10.7x
EV/EBITDA (ann.)
7.7x

Cash return

Dividend yield
1.6%
FCF yield (LTM)
-16.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-61.1%
↓ details

Liquidity

Daily turnover (listing)
96.5 bln IDR

Shares: connector/market_inputs

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
2026-06-30Q2 2026 (3M)PARTIAL290.4
y/y 31.9%
74.4
y/y —
15.5
y/y 64.5%
89.9
y/y 944.5%
60.8
y/y 871.0%
—-115.93383.3
y/y 6.7%
2831.3
y/y 3.8%
8.6%-109.1Link
2026-03-31Q1 2026 (3M)PARTIAL252.7
y/y 22.3%
43.8
y/y 398.8%
—
y/y —
43.8
y/y -12.9%
43.6
y/y 100.1%
—-139.03340.1
y/y 5.0%
2818.3
y/y 2.2%
6.2%-217.2Link
2025-12-31Q4 2025 (3M)OK284.8
y/y 17.8%
-3.6
y/y -141.2%
21.3
y/y -49.2%
17.8
y/y -64.9%
23.6
y/y 255.0%
46.2-154.43345.8
y/y 5.3%
2775.1
y/y 1.5%
2.8%-372.9Report (PDF)
2025-09-30Q3 2025 (3M)OK485.2
y/y -0.4%
44.7
y/y -20.5%
114.5
y/y -1.7%
159.1
y/y -7.4%
46.2
y/y 2.6%
151.1-234.83244.9
y/y 4.2%
2753.7
y/y 1.1%
2.6%-491.6Report (PDF)
2025-06-30Q2 2025 (3M)OK220.2
y/y —
-0.8
y/y —
9.4
y/y —
8.6
y/y —
6.3
y/y —
37.5-96.63170.1
y/y —
2727.3
y/y —
0.9%-502.2Link
2025-03-31Q1 2025 (3M)OK206.5
y/y -10.2%
8.8
y/y -40.3%
41.5
y/y -1.4%
50.3
y/y -11.5%
21.8
y/y 251.9%
55.7-128.13182.4
y/y 10.0%
2756.6
y/y 7.4%
3.2%-595.4Report (PDF)
2024-12-31Q4 2024 (3M)OK241.8
y/y —
8.7
y/y —
42.0
y/y —
50.7
y/y —
6.7
y/y —
47.2-131.63176.5
y/y —
2732.8
y/y —
2.1%-666.7Report (PDF)
2024-09-30Q3 2024 (3M)OK229.8
y/y —
6.3
y/y —
42.4
y/y —
48.7
y/y —
13.8
y/y —
17.1-82.43112.9
y/y —
2724.5
y/y —
2.5%-762.9Report (PDF)
2024-06-30Q2 2024 (3M)OK248.8
y/y —
34.2
y/y —
41.6
y/y —
75.8
y/y —
31.1
y/y —
50.4-60.83066.2
y/y —
2699.3
y/y —
2.8%-823.8Report (PDF)
2024-03-31Q1 2024 (3M)OK229.9
y/y —
14.7
y/y —
42.1
y/y —
56.8
y/y —
6.2
y/y —
92.8-57.32893.1
y/y —
2567.6
y/y —
—-721.0Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)2
Long-term debt (incl. LT leases)0
− Cash & equivalents111
Net debt-109

Net debt / LTM EBITDA: -0.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-150-100-500502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-1 000-800-600-400-20002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2024–2025 operating cash flow came to 3.34x of reported net profit; after capex, -2.73x.
year20242025
cash flow / profit3.59x3.09x
accruals, % of assets-4.7%-4.7%
Last twelve months (to 2026-06-30): 1.67x of profit came back as operating cash flow.
net debt / EBITDA -1.8x · capex 2.4x 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, saprolite (matte 72.0 kt FY25 shown in source; limonite 695.6 M wmt excluded - HPAL pending)

Proved reserves
480.40 M wmt
2025
Reserve life (R/P)
30.2 yrs
reserves ÷ annual output
Annual production
15.92 M wmt
2025

Proved reserves

YearReserves, M wmt
2025480.40

Production

YearProduction, M wmtper day, M wmt
202515.920.04

PT Vale Indonesia AR2025 (KCMI/SK-1300, IDX filing PDF; also vale.com): saprolite P&P ore reserves 480.40 M wmt @1.69% Ni at 31.12.2025 (p.75); FY25 total ore production 15.92 M wmt (p.8, all-saprolite ops). Matte production FY25 72.0 kt not used for R/P (no matching contained-Ni reserves disclosure). Prior panel (ore reserves vs matte production, mixed basis) replaced.

Indonesia — currency context

USD/IDR17606
1-week-0.1%
1-month-1.4%
room to 52w-weakest3.3%
DXY (dollar index)99.1
US 10Y4.93%

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 2026-09-11 (Yahoo)

Key-commodity price — Nickel

Current 16 432spot vs LTM +7%

Commodity-player potential

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

Upside: -61.1%

Main driver: Nickel +7% vs LTM; revenue ×1.07 vs costs ×1.04; EBITDA 41→68; at 12.0× EV/EBITDA → -61%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Nickel (rev)+95%16 431.7515 373.2817 210.39+7%+12%

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

1 · Reported baseline (LTM)
LTM revenue990
LTM EBITDA41
LTM cash costs (revenue − EBITDA)949
2 · Revenue projection
Revenue multiplier — spot×1.065 (+7%)
= Spot revenue1 055
Revenue multiplier — 3y price×1.114 (+11%)
= 3-year-price revenue1 103
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs987
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs987
4 · EBITDA projection (revenue − costs)
= Spot EBITDA68
= 3-year-price EBITDA116
Conservative EBITDA = min(spot, avg)68
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA819
Net debt-373
Target market cap = EV − net debt1 192
Current market cap3 060

Upside = target market cap ÷ current − 1 = -61.1%

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.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2025 Q1207222-7.1%5038+32.0%
2025 Q2220212+3.9%932-73.3%
2025 Q3279213+30.7%7724+228.3%
2025 Q4285228+25.1%1833-45.9%
2026 Q1253279-9.5%4765-27.3%
2026 Q2290297-2.3%9071+27.5%

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-1177.9 IDREx-dividend: 77.9 IDR per sharePaidYahoo Finance (ex-div)
2025-05-2753.4 IDREx-dividend: 53.4 IDR per sharePaidYahoo Finance (ex-div)
2023-05-1688.3333 IDREx-dividend: 88.3333 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.vale.com/indonesia/EN/investors

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 Vale Indonesia (INCO) — from primary filings.

Frequently asked questions

What is Vale Indonesia (INCO)'s P/E ratio?
Vale Indonesia (INCO) trades at a P/E of 16.6x (price to trailing 12-month earnings).
What is Vale Indonesia (INCO)'s EV/EBITDA?
Vale Indonesia (INCO) trades at 9.0x EV/EBITDA.
What is Vale Indonesia (INCO)'s P/B ratio?
Vale Indonesia (INCO) trades at a P/B of 1.0x.
What is Vale Indonesia (INCO)'s dividend yield?
Vale Indonesia (INCO)'s trailing 12-month dividend yield is 1.6%.
What is Vale Indonesia (INCO)'s return on equity (ROE)?
Vale Indonesia (INCO)'s ROE is 8.6%.
What is Vale Indonesia (INCO)'s market capitalization?
Vale Indonesia (INCO)'s market cap is 2.9 bn USD.

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