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Bukit Asam (PTBA) IDR

PT Bukit Asam (Persero) Tbk is an Indonesian coal mining company that engages in exploration, extraction, processing, and transportation of coal, as well as operating coal-fired power plants and mining coal methane gas.

At a glance: strengths & risks
✓Revenue growing (+8% y/y, H1 2026)✓Profit growing (+215% y/y, H1 2026)✓Margins improving (9%→17%, H1 2026)✓Net cash balance sheet✓61-year reserve life✓Commodity price +31% vs 1-yr · +8% vs 3-yr✓Model upside +68%

Sector: Coal mining

ID_PTBA

Price chart

3 220 IDRDay -1.83%

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
3 220 IDR · -1.83%
Market cap
37076.4 bn IDR

Growth

Δ revenue y/y
7.7%
Δ EBITDA y/y
96.6%

Multiples

P/E (LTM)
7.8x
P/B (FY)
1.6x
EV/EBITDA (LTM)
5.3x

Cash return

Dividend yield
3.6%
FCF yield (LTM)
0.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+68.4%
↓ details

Liquidity

Daily turnover (listing)
77.6 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)OK12.1
y/y 7.7%
1.9
y/y 208.7%
0.4
y/y -8.4%
2.4
y/y 96.6%
1.8
y/y 214.7%
2.6-0.248.1
y/y 12.7%
25.2
y/y 28.4%
21.7%-3.9Report (PDF)
2026-03-31Q1 2026 (3M)OK9.9
y/y -0.3%
0.9
y/y 98.3%
0.5
y/y -0.5%
1.3
y/y 47.4%
0.8
y/y 104.8%
2.1-0.943.2
y/y 2.3%
23.5
y/y 2.6%
13.9%-1.5Report (PDF)
2025-12-31Q4 2025 (3M)OK11.3
y/y -6.5%
1.6
y/y -6.9%
0.5
y/y 5.5%
2.1
y/y -4.1%
1.5
y/y -18.0%
2.1-1.043.9
y/y 5.1%
22.5
y/y -0.1%
13.6%-0.7Report (PDF)
2025-09-30Q3 2025 (3M)OK10.9
y/y 2.2%
0.7
y/y -59.3%
0.5
y/y 14.7%
1.2
y/y -41.0%
0.6
y/y -56.8%
2.0-0.942.8
y/y 6.7%
20.7
y/y 2.3%
9.2%0.3Report (PDF)
2025-06-30Q2 2025 (3M)OK10.5
y/y 4.1%
0.5
y/y -63.7%
0.5
y/y 18.1%
1.0
y/y -43.4%
0.4
y/y -58.7%
1.0-0.942.7
y/y 11.2%
19.6
y/y 1.2%
7.9%-2.8Report (PDF)
2025-03-31Q1 2025 (3M)OK10.0
y/y 5.8%
0.4
y/y -53.3%
0.5
y/y 18.3%
0.9
y/y -32.1%
0.4
y/y -50.5%
1.2-0.642.3
y/y 10.0%
22.9
y/y 2.6%
6.9%-2.9Report (PDF)
2024-12-31Q4 2024 (3M)OK12.1
y/y —
1.7
y/y —
0.5
y/y —
2.2
y/y —
1.9
y/y —
0.7-0.241.8
y/y —
22.5
y/y —
23.9%-1.9Report (PDF)
2024-09-30Q3 2024 (3M)OK11.0
y/y —
1.4
y/y —
0.5
y/y —
1.9
y/y —
1.2
y/y —
1.3-0.440.2
y/y —
20.2
y/y —
21.7%-1.6Report (PDF)
2024-06-30Q2 2024 (3M)OK10.2
y/y —
1.6
y/y —
0.4
y/y —
2.0
y/y —
1.2
y/y —
2.8-0.438.4
y/y —
19.4
y/y —
19.5%-1.0Report (PDF)
2024-03-31Q1 2024 (3M)OK9.4
y/y —
0.9
y/y —
0.4
y/y —
1.3
y/y —
0.8
y/y —
0.3-0.538.4
y/y —
22.3
y/y —
—-2.5Report (PDF)

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

Short-term debt (incl. ST leases)346
Long-term debt (incl. LT leases)2 639
− Cash & equivalents6 876
Net debt-3 891

Net debt / LTM EBITDA: -0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (Rp mln)

02 5005 0007 50010 00012 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

-1 00001 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (Rp mln)

-4 000-3 000-2 000-1 00001 0002024 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 1.56x of reported net profit; after capex, 0.68x.
year20242025
cash flow / profit0.99x2.14x
accruals, % of assets0.1%-7.6%
Last twelve months (to 2026-06-30): 1.83x of profit came back as operating cash flow.
net debt / EBITDA -0.1x
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

Coal

Proved reserves
2 883 Mt
2025
Reserve life (R/P)
61.1 yrs
reserves ÷ annual output
Annual production
47.19 Mt
2025

Production, Mt

41.90202343.30202447.192025

Proved reserves

YearReserves, Mt
20252 883
20242 980

Production

YearProduction, Mtper day, Mt
202547.19
+9.0%		0.13
202443.30
+3.3%		—
202341.90—

PTBA AR2025 (ptba.co.id, p.104): mineable reserves (KCMI) 2,883 Mt at 31.12.2025 (2024: 2,932); FY25 production 47.19 Mt (official release 01.04.2026; sales 45.43 Mt). Earlier points: PT Bukit Asam (PTBA) FY2024: record coal production 43.3 Mt, sales 42.9 Mt; proved+probable reserves ~2.98 Bt (PTBA Public Expose 2024 / ptba.co.id).

Indonesia — currency context

USD/IDR17956
1-week-0.4%
1-month+0.7%
room to 52w-weakest1.3%
DXY (dollar index)101.8
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 2026-10-23 (Yahoo)

Key-commodity price — Steam coal AU

Current 156spot vs LTM +19%

Commodity-player potential

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

Upside: +68.4%

Main driver: Steam coal AU +31% vs LTM; revenue ×1.19 vs costs ×1.04; EBITDA 5 647 600→9 965 919; at 6.0× EV/EBITDA → +68%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, IDR3y vs LTM
Steam coal AU (rev)+47%155.93119.38129.17+31%+40%+8%

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

1 · Reported baseline (LTM)
LTM revenue44 055 800
LTM EBITDA5 647 600
LTM cash costs (revenue − EBITDA)38 408 200
2 · Revenue projection
Revenue multiplier — spot×1.189 (+19%)
= Spot revenue52 403 527
Revenue multiplier — 3y price×1.076 (+8%)
= 3-year-price revenue47 417 368
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs39 944 528
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs39 944 528
4 · EBITDA projection (revenue − costs)
= Spot EBITDA12 458 999
= 3-year-price EBITDA7 472 840
Conservative EBITDA = min(spot, avg)9 965 919
5 · Valuation → target market cap
Target EV/EBITDA (EV / peak-FY EBITDA — no daily history)6.0x
Target EV = EV/EBITDA × conservative EBITDA59 571 495
Net debt-3 890 600
Target market cap = EV − net debt63 462 095
Current market cap37 678 049

Upside = target market cap ÷ current − 1 = +68.4%

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 Q19 9589 785+1.8%914735+24.3%
2025 Q210 4949 757+7.6%978456+114.5%
2025 Q310 87810 417+4.4%1 180787+50.0%
2025 Q411 32110 527+7.5%2 150756+184.2%
2026 Q19 93011 244-11.7%1 3471 653-18.5%
2026 Q212 09811 781+2.7%2 3722 308+2.8%

Peer comparison

Group: Coal mining. 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
Whitehaven CoalAustralia4.52.7x1.8x
Yancoal AustraliaAustralia5.73.6x2.4x
Indo Tambangraya MegahIndonesia1.63.0x3.0x
Adaro Andalan IndonesiaIndonesia4.94.2x4.2x
Exxaro ResourcesSouth Africa2.64.6x4.9x
Alamtri Resources IndonesiaIndonesia3.95.9x5.9x
New HopeAustralia3.69.2x6.3x
Group median4.2x4.2x
Group average4.7x4.1x
This companyIndonesia2.05.3x5.3x

Group median 4.2x as traded, 4.2x adjusted; this company 5.3x — a 27% premium.

Group average 4.7x as traded, 4.1x adjusted; against the average this company is at a 29% premium.

At the adjusted group median the market cap would be -21% 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 20.5x, Russia 3.7x, South Africa 5.0x, 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 2026-10-26; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-23114.508 IDREx-dividend: 114.508 IDR per sharePaidYahoo Finance (ex-div)
2025-06-23332.437 IDREx-dividend: 332.437 IDR per sharePaidYahoo Finance (ex-div)
2024-05-21397.712 IDREx-dividend: 397.712 IDR per sharePaidYahoo Finance (ex-div)
2023-06-261 094.05 IDREx-dividend: 1 094.05 IDR per sharePaidYahoo Finance (ex-div)
2022-06-06688.515 IDREx-dividend: 688.515 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.ptba.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 Bukit Asam (PTBA) — from primary filings.

Frequently asked questions

What is Bukit Asam (PTBA)'s P/E ratio?
Bukit Asam (PTBA) trades at a P/E of 7.8x (price to trailing 12-month earnings).
What is Bukit Asam (PTBA)'s EV/EBITDA?
Bukit Asam (PTBA) trades at 5.3x EV/EBITDA.
What is Bukit Asam (PTBA)'s P/B ratio?
Bukit Asam (PTBA) trades at a P/B of 1.6x.
What is Bukit Asam (PTBA)'s dividend yield?
Bukit Asam (PTBA)'s trailing 12-month dividend yield is 3.6%.
What is Bukit Asam (PTBA)'s return on equity (ROE)?
Bukit Asam (PTBA)'s ROE is 21.7%.
What is Bukit Asam (PTBA)'s market capitalization?
Bukit Asam (PTBA)'s market cap is 37076.4 bn IDR.

See also: Indonesian Stocks (2026): The Cheapest Big Emerging Market · The Cheapest Coal Stocks (2026): Out of Favour, Cash-Rich, High-Yield · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map