Sector: Mining
ID_INCO
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 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.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | Q1 2026 (3M) | OK | 252.7 y/y 22.3% | 43.8 y/y 398.8% | 34.9 y/y -15.9% | 78.7 y/y 56.5% | 43.6 y/y 100.1% | -17.6 | -139.0 | 3340.1 y/y 5.0% | 2818.3 y/y 2.2% | 6.2% | -217.2 | Link |
| 2025-12-31 | Q4 2025 (3M) | OK | 284.8 y/y 17.8% | -2.1 y/y -116.5% | 46.3 y/y 10.2% | 44.2 y/y -19.3% | 23.6 y/y 255.0% | 46.2 | -154.4 | 3345.8 y/y 5.3% | 2775.1 y/y 1.5% | 2.8% | -372.9 | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | OK | 278.6 y/y 21.2% | 33.0 y/y 445.0% | 42.5 y/y 0.3% | 74.5 y/y 54.4% | 27.2 y/y 96.8% | 95.4 | -106.7 | 3244.9 y/y 4.2% | 2753.7 y/y 1.1% | 1.3% | -491.6 | Link |
| 2025-06-30 | Q2 2025 (3M) | OK | 220.2 y/y -11.5% | -9.8 y/y -103.1% | 39.8 y/y -4.4% | 38.9 y/y -46.5% | 1.0 y/y -96.7% | 37.5 | -96.6 | 3170.1 y/y 3.4% | 2727.3 y/y 1.0% | 0.2% | -502.2 | Link |
| 2025-03-31 | Q1 2025 (3M) | OK | 206.5 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 | -128.1 | 3182.4 y/y 10.0% | 2756.6 y/y 7.4% | 3.2% | -595.4 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 241.8 y/y — | 12.8 y/y — | 42.0 y/y — | 54.8 y/y — | 6.7 y/y — | 47.2 | -131.2 | 3176.5 y/y — | 2732.8 y/y — | 2.1% | -666.7 | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | OK | 229.8 y/y -17.6% | 5.9 y/y -90.0% | 42.4 y/y -49.7% | 48.2 y/y -66.2% | 13.8 y/y -54.6% | 17.1 | -82.4 | 3112.9 y/y 8.7% | 2724.5 y/y 8.3% | 0.7% | -762.9 | Link |
| 2024-06-30 | Q2 2024 (3M) | OK | 248.8 y/y -15.9% | 31.0 y/y -59.3% | 41.7 y/y -1.6% | 72.7 y/y -38.7% | 31.1 y/y -20.4% | 50.4 | -61.0 | 3066.2 y/y 9.2% | 2699.3 y/y 9.6% | 4.7% | -823.8 | Link |
| 2024-03-31 | Q1 2024 (3M) | OK | 229.9 y/y — | 14.7 y/y — | 42.1 y/y — | 56.8 y/y — | 6.2 y/y — | 92.8 | -57.5 | 2893.1 y/y — | 2567.6 y/y — | 1.0% | -721.0 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 294.4 y/y — | 53.7 y/y — | 89.5 y/y — | 84.7 y/y — | 36.1 y/y — | -67.1 | -37.9 | 2926.0 y/y — | 2564.5 y/y — | 5.7% | — | Link |
| 2023-09-30 | Q3 2023 (3M) | OK | 278.9 y/y — | -17.6 y/y — | 41.9 y/y — | 142.8 y/y — | 30.5 y/y — | 113.7 | 0.5 | 2862.6 y/y — | 2515.7 y/y — | 1.6% | — | Link |
| 2023-06-30 | Q2 2023 (3M) | OK | 295.8 y/y — | 76.2 y/y — | 42.3 y/y — | 118.5 y/y — | 39.1 y/y — | 128.0 | -66.2 | 2808.9 y/y — | 2463.1 y/y — | — | — | Link |
| Short-term debt (incl. ST leases) | 3 |
| Long-term debt (incl. LT leases) | 0 |
| − Cash & equivalents | 220 |
| Net debt | -217 |
|---|
Net debt / LTM EBITDA: -0.9x
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, saprolite (matte 72.0 kt FY25 shown in source; limonite 695.6 M wmt excluded - HPAL pending)
| Year | Reserves, M wmt |
|---|---|
| 2025 | 480.40 |
| Year | Production, M wmt | per day |
|---|---|---|
| 2025 | 15.92 | 43 616 |
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.
Current 17 111spot vs LTM +3%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: -72.7%
Main driver: Nickel +4% vs LTM; revenue ×1.03 vs costs ×1.04; EBITDA 41→37; at 12.0× EV/EBITDA → -73%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| Nickel (rev) | +95% | 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 | 990 |
| LTM EBITDA | 41 |
| LTM cash costs (revenue − EBITDA) | 949 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×1.034 (+3%) |
| = Spot revenue | 1 024 |
| Revenue multiplier — 3y price | ×1.051 (+5%) |
| = 3-year-price revenue | 1 040 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.040 (+4%) |
| = Spot cash costs | 987 |
| Cost multiplier — 3y price | ×1.040 (+4%) |
| = 3-year-price cash costs | 987 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 37 |
| = 3-year-price EBITDA | 54 |
| Conservative EBITDA = min(spot, avg) | 37 |
| 5 · Valuation → target market cap | |
| Historical EV/EBITDA (75th pct) | 12.0x |
| Target EV = EV/EBITDA × conservative EBITDA | 448 |
| Net debt | -373 |
| Target market cap = EV − net debt | 821 |
| Current market cap | 3 003 |
Upside = target market cap ÷ current − 1 = -72.7%
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 | 249 | 265 | -6.0% | 73 | 79 | -7.5% |
| 2024 Q3 | 230 | 237 | -3.1% | 48 | 51 | -6.2% |
| 2024 Q4 | 242 | 236 | +2.3% | 46 | 50 | -7.3% |
| 2025 Q1 | 207 | 222 | -7.1% | 50 | 36 | +39.6% |
| 2025 Q2 | 220 | 212 | +3.9% | 37 | 30 | +24.1% |
| 2025 Q3 | 279 | 213 | +30.7% | 73 | 30 | +146.4% |
| 2025 Q4 | 285 | 228 | +25.1% | 43 | 38 | +13.1% |
| 2026 Q1 | 253 | 279 | -9.5% | 47 | 78 | -39.2% |
| Date | Per share | Details | Status | Source |
|---|---|---|---|---|
| 2026-06-11 | 77.9 IDR | Ex-dividend: 77.9 IDR per share | Paid | Yahoo Finance (ex-div) |
| 2025-05-27 | 53.4 IDR | Ex-dividend: 53.4 IDR per share | Paid | Yahoo Finance (ex-div) |
| 2023-05-16 | 88.3333 IDR | Ex-dividend: 88.3333 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.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.
PT Vale Indonesia Tbk mines and processes nickel in Indonesia, operating under a Contract of Work with the Indonesian government.