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Kalbe Farma (KLBF) IDR

Kalbe Farma develops, manufactures, and sells pharmaceutical products, including prescription drugs, consumer health items, and nutritional products, and also operates distribution and logistics services in Indonesia.

At a glance: strengths & risks
✓Revenue growing (+14% y/y, H1 2026)✓Net cash balance sheet✗Margins compressing (17%→15%, H1 2026)

Sector: Pharmaceuticals

ID_KLBF

Price chart

710 IDRDay -2.07%

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
710 IDR · -2.07%
Market cap
32126.7 bn IDR

Growth

Δ revenue y/y
14.0%
Δ EBITDA y/y
-2.5%

Multiples

P/E (LTM)
8.9x
P/B (FY)
1.3x
EV/EBITDA (LTM)
6.1x

Cash return

Dividend yield
2.8%
FCF yield (LTM)
0.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
+8.4%
↓ details

Liquidity

Daily turnover (listing)
29.7 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 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.

DatePeriodStatusRevenueB IDROperating profitB IDRD&AB IDREBITDAB IDRNet profitB IDROperating CFB IDRCapex + M&AB IDRAssetsB IDREquityB IDRROE (annualized)Net debtB IDRSource
2026-06-30Q2 2026 (3M)OK9.8
y/y 14.0%
1.1
y/y -3.0%
0.2
y/y 0.8%
1.3
y/y -2.5%
0.9
y/y -2.8%
1.0-0.233.1
y/y 12.1%
25.8
y/y 6.5%
14.9%-4.0Report (PDF)
2026-03-31Q1 2026 (3M)OK9.7
y/y 9.4%
1.3
y/y -5.0%
0.2
y/y 0.6%
1.5
y/y -4.3%
1.0
y/y -4.4%
0.3-0.132.0
y/y 4.6%
25.7
y/y 1.5%
16.3%-4.1Report (PDF)
2025-12-31Q4 2025 (3M)OK9.3
y/y 11.3%
1.3
y/y 2.3%
0.2
y/y -5.5%
1.5
y/y 1.0%
1.0
y/y 19.9%
1.1-0.530.7
y/y 4.3%
24.7
y/y 0.6%
14.8%-4.0Report (PDF)
2025-09-30Q3 2025 (3M)OK8.9
y/y 7.2%
0.8
y/y 11.2%
0.1
y/y 2.5%
1.0
y/y 9.9%
0.7
y/y 10.6%
0.9-0.330.1
y/y 4.7%
24.8
y/y 11.8%
14.3%-3.5Report (PDF)
2025-06-30Q2 2025 (3M)OK8.2
y/y 4.6%
1.1
y/y 8.3%
0.2
y/y 13.3%
1.3
y/y 9.0%
0.9
y/y 9.4%
1.00.129.5
y/y 3.3%
24.2
y/y 10.9%
15.9%-3.0Report (PDF)
2025-03-31Q1 2025 (3M)OK8.8
y/y 5.8%
1.4
y/y 11.6%
0.2
y/y 12.1%
1.6
y/y 11.7%
1.1
y/y 12.5%
0.3-0.130.6
y/y 5.6%
25.4
y/y 13.3%
17.2%-4.0Report (PDF)
2024-12-31Q4 2024 (3M)OK8.4
y/y —
1.2
y/y —
0.2
y/y —
1.5
y/y —
0.9
y/y —
1.30.129.4
y/y —
24.6
y/y —
13.9%-4.2Report (PDF)
2024-09-30Q3 2024 (3M)OK7.9
y/y —
0.7
y/y —
0.2
y/y —
0.9
y/y —
0.6
y/y —
1.2-0.228.8
y/y —
22.2
y/y —
14.4%-3.4Report (PDF)
2024-06-30Q2 2024 (3M)OK8.0
y/y —
1.1
y/y —
0.2
y/y —
1.3
y/y —
0.8
y/y —
1.2-0.528.6
y/y —
21.8
y/y —
16.3%-3.7Report (PDF)
2024-03-31Q1 2024 (3M)OK8.4
y/y —
1.2
y/y —
0.2
y/y —
1.4
y/y —
1.0
y/y —
1.2-0.329.0
y/y —
22.4
y/y —
—-3.4Report (PDF)

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

Short-term debt (incl. ST leases)650
Long-term debt (incl. LT leases)176
− Cash & equivalents4 832
Net debt-4 005

Net debt / LTM EBITDA: -0.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (Rp mln)

02 0004 0006 0008 00010 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-10%0%10%20%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

02505007501 0001 2502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (Rp mln)

-5 000-4 000-3 000-2 000-1 00002024 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 1.19x of reported net profit; after capex, 1.20x.
year20242025
cash flow / profit1.48x0.89x
accruals, % of assets-5.2%1.3%
Last twelve months (to 2026-06-30): 0.89x of profit came back as operating cash flow.
net debt / EBITDA -0.8x
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 →

Indonesia — currency context

USD/IDR18025
1-week-0.1%
1-month+0.4%
room to 52w-weakest0.9%
DXY (dollar index)102.2
US 10Y4.99%

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 2026-10-27 (Yahoo)

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +8.4%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
-73
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (32 127 + -4 005) ÷ 5 292
5.3x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (5.3 + 9) ÷ 2
7.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 984 + 0 + 0 − 0
3 224
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-73 × 7.2 + 3 224) ÷ 32 127
+8.4%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • LTM EBITDA = FY2025 + H12026 - H12025 (cumulative-YTD reporter); ΔEBITDA vs prior full year

Peer comparison

Group: Pharmaceuticals. Each peer is shown as it trades and re-priced onto this company's market (Indonesia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
LupinIndia9.410.1x3.1x
Aurobindo PharmaIndia9.612.7x4.0x
CiplaIndia11.520.3x6.3x
Dr. Reddy's LaboratoriesIndia11.522.0x6.8x
Sun Pharmaceutical IndustriesIndia43.924.6x7.7x
Group median20.3x6.3x
Group average17.9x5.6x
This companyIndonesia1.86.1x6.1x

Group median 20.3x as traded, 6.3x adjusted; this company 6.1x — a 4% discount.

Group average 17.9x as traded, 5.6x adjusted; against the average this company is at a 9% premium.

At the adjusted group median the market cap would be +5% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.1x, Russia 3.7x, South Africa 5.1x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-27; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-0420 IDREx-dividend: 20 IDR per sharePaidYahoo Finance (ex-div)
2025-06-0436 IDREx-dividend: 36 IDR per sharePaidYahoo Finance (ex-div)
2024-05-2931 IDREx-dividend: 31 IDR per sharePaidYahoo Finance (ex-div)
2023-05-1238 IDREx-dividend: 38 IDR per sharePaidYahoo Finance (ex-div)
2022-05-3135 IDREx-dividend: 35 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.kalbe.co.id/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 Kalbe Farma (KLBF) — from primary filings.

Frequently asked questions

What is Kalbe Farma (KLBF)'s P/E ratio?
Kalbe Farma (KLBF) trades at a P/E of 8.9x (price to trailing 12-month earnings).
What is Kalbe Farma (KLBF)'s EV/EBITDA?
Kalbe Farma (KLBF) trades at 6.1x EV/EBITDA.
What is Kalbe Farma (KLBF)'s P/B ratio?
Kalbe Farma (KLBF) trades at a P/B of 1.3x.
What is Kalbe Farma (KLBF)'s dividend yield?
Kalbe Farma (KLBF)'s trailing 12-month dividend yield is 2.8%.
What is Kalbe Farma (KLBF)'s return on equity (ROE)?
Kalbe Farma (KLBF)'s ROE is 14.9%.
What is Kalbe Farma (KLBF)'s market capitalization?
Kalbe Farma (KLBF)'s market cap is 32126.7 bn IDR.

See also: Indonesian Stocks (2026): The Cheapest Big Emerging Market · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map