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Perusahaan Gas Negara (PGAS) USD

At a glance: strengths & risks
✓Low leverage (0.5x EBITDA)✓Cheaper than own history (EV/EBITDA 1.8 vs avg 2.4)✗Profit falling (-37%)✗Margins compressing (25%→22%)

Sector: Utilities

ID_PGAS

Price chart

1 490 IDRDay -0.33%

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
1 490 IDR · -0.33%
Market cap
2.0 bn USD

Growth

Δ revenue y/y
-3.8%
Δ EBITDA y/y
-40.2%

Multiples

P/E (LTM)
8.2x
3y avg: 9.7x
P/B (FY)
0.7x
P/E (ann.)
5.5x
EV/EBITDA (LTM)
1.8x
3y avg: 2.4x
EV/EBITDA (ann.)
2.8x

Cash return

Dividend yield
8.4%
FCF yield (LTM)
18.8%

Value creation

fundamental value/yr, % of market cap
Value created / year
+46.3%
↓ details

Liquidity

Daily turnover (listing)
24.2 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
2026-03-31Q1 2026 (3M)OK929.6
y/y -3.8%
120.8
y/y 14.1%
2.1
y/y -97.9%
122.8
y/y -40.2%
90.4
y/y 45.8%
86.9-37.66202.3
y/y -5.2%
2829.5
y/y -2.2%
13.0%-629.8Link
2025-12-31Q4 2025 (3M)OK1053.0
y/y 8.3%
141.8
y/y 32.6%
55.8
y/y -39.5%
197.6
y/y -0.8%
-22.5
y/y -129.6%
217.7-71.86232.4
y/y -2.9%
2740.4
y/y -25.4%
6.8%-403.3Report (PDF)
2025-09-30Q3 2025 (3M)OK985.1
y/y 0.8%
142.1
y/y 16.0%
93.8
y/y -1.1%
235.9
y/y 8.5%
93.5
y/y 21.7%
104.7-68.36140.6
y/y -3.0%
3610.3
y/y 1.1%
3.5%41.2Link
2025-06-30Q2 2025 (3M)OK971.2
y/y 9.2%
129.9
y/y 4.6%
88.7
y/y -10.5%
218.6
y/y -2.1%
82.4
y/y 25.9%
90.2-20.36416.9
y/y 4.4%
3465.3
y/y 0.7%
10.4%-689.7Link
2025-03-31Q1 2025 (3M)OK966.6
y/y 1.8%
105.9
y/y -37.3%
99.4
y/y -12.4%
205.3
y/y -27.3%
62.0
y/y -48.8%
244.4-33.76544.9
y/y -2.7%
2894.2
y/y -21.1%
7.6%-253.8Report (PDF)
2024-12-31Q4 2024 (3M)OK972.1
y/y 1.7%
107.0
y/y -29.9%
92.2
y/y -1.0%
199.1
y/y -18.9%
76.0
y/y -26.2%
209.7-42.96415.9
y/y -2.8%
3671.5
y/y 3.7%
9.4%-111.8Report (PDF)
2024-09-30Q3 2024 (3M)OK977.6
y/y 7.7%
122.5
y/y 15.2%
94.8
y/y -20.5%
217.4
y/y -3.7%
76.8
y/y 3.2%
165.4-35.86333.4
y/y -5.3%
3570.1
y/y 4.0%
2.9%-289.5Link
2024-06-30Q2 2024 (3M)OK889.7
y/y 4.7%
124.2
y/y 8.6%
99.1
y/y -9.7%
223.3
y/y -0.4%
65.5
y/y -19.2%
170.4-31.86146.1
y/y -11.4%
3441.1
y/y 2.5%
7.4%218.3Link
2024-03-31Q1 2024 (3M)OK949.3
y/y 1.7%
169.0
y/y 21.3%
113.5
y/y —
282.5
y/y 102.8%
121.1
y/y 2.5%
239.7-13.36727.6
y/y -8.6%
3670.3
y/y 2.9%
13.4%-286.6Report (PDF)
2023-12-31Q4 2023 (3M)PARTIAL955.6
y/y —
152.5
y/y —
93.1
y/y —
245.6
y/y —
103.1
y/y —
221.5-19.76599.2
y/y —
3540.4
y/y —
10.8%—Link
2023-09-30Q3 2023 (3M)OK907.4
y/y —
106.3
y/y —
119.3
y/y —
225.6
y/y —
74.4
y/y —
151.6-35.66687.8
y/y —
3432.8
y/y —
2.9%—Link
2023-06-30Q2 2023 (3M)OK849.6
y/y —
114.4
y/y —
—
y/y —
224.1
y/y —
81.0
y/y —
—-42.46934.7
y/y —
3357.1
y/y —
9.4%—Link
2023-03-31Q1 2023 (3M)PARTIAL933.7
y/y —
139.3
y/y —
—
y/y —
139.3
y/y —
118.1
y/y —
—-24.67357.4
y/y —
3568.4
y/y —
——Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)180
Long-term debt (incl. LT leases)550
− Cash & equivalents1 360
Net debt-630

Net debt / LTM EBITDA: -0.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02505007501 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-50%0%50%100%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

0501001502002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-800-600-400-20002002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Fundamental value creation

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

Value created per year: +48.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (123 − 205) × 6.31
-54
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 995 + -630) ÷ 775
1.8x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (1.8 + 9) ÷ 2
5.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 250 + 0 + 0 − 0
1 250
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-54 × 5.4 + 1 250) ÷ 1 995
+48.2%

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

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +5% vs +4% the year before — a +1.0 pp move. 3-year CAGR —.
revenue growth by year: 2024 +4% · 2025 +5%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-05125.6074 IDREx-dividend: 125.6074 IDR per sharePaidYahoo Finance (ex-div)
2025-06-12182.081 IDREx-dividend: 182.081 IDR per sharePaidYahoo Finance (ex-div)
2024-06-10148.3061 IDREx-dividend: 148.3061 IDR per sharePaidYahoo Finance (ex-div)
2023-06-12141.0536 IDREx-dividend: 141.0536 IDR per sharePaidYahoo Finance (ex-div)
2022-06-08124.42 IDREx-dividend: 124.42 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.pgn.co.id/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 Perusahaan Gas Negara (PGAS) — from primary filings.

PT Perusahaan Gas Negara (Persero) Tbk transmits and distributes natural gas in Indonesia, and also engages in exploration and production of oil and gas, as well as LNG processing and trading.

Frequently asked questions

What is Perusahaan Gas Negara (PGAS)'s P/E ratio?
Perusahaan Gas Negara (PGAS) trades at a P/E of 8.2x (price to trailing 12-month earnings).
What is Perusahaan Gas Negara (PGAS)'s EV/EBITDA?
Perusahaan Gas Negara (PGAS) trades at 1.8x EV/EBITDA.
What is Perusahaan Gas Negara (PGAS)'s P/B ratio?
Perusahaan Gas Negara (PGAS) trades at a P/B of 0.7x.
What is Perusahaan Gas Negara (PGAS)'s dividend yield?
Perusahaan Gas Negara (PGAS)'s trailing 12-month dividend yield is 8.4%.
What is Perusahaan Gas Negara (PGAS)'s return on equity (ROE)?
Perusahaan Gas Negara (PGAS)'s ROE is 11.2%.
What is Perusahaan Gas Negara (PGAS)'s market capitalization?
Perusahaan Gas Negara (PGAS)'s market cap is 2.0 bn USD.