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Bukit Asam (PTBA) USD

At a glance: strengths & risks
✓Net cash balance sheet✓61-year reserve life✓Commodity price +10% vs 1-yr · +9% vs 3-yr✗Profit falling (-43%)✗Margins compressing (17%→12%)✗Priced above model value

Sector: Mining

ID_PTBA

Price chart

2 330 IDRDay -1.27%

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
2 330 IDR · -1.27%
Market cap
1.5 bn USD

Growth

Δ revenue y/y
-3.3%
Δ EBITDA y/y
42.9%

Multiples

P/E (LTM)
7.4x
3y avg: 7.1x
P/B (FY)
1.1x
P/E (ann.)
7.8x
EV/EBITDA (LTM)
4.1x
3y avg: 4.0x
EV/EBITDA (ann.)
4.4x

Cash return

Dividend yield
4.9%
FCF yield (LTM)
-13.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-27.5%
↓ details

Liquidity

Daily turnover (listing)
9.9 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 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.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-03-31Q1 2026 (3M)OK0.6
y/y -3.3%
0.1
y/y 92.3%
0.0
y/y -3.5%
0.1
y/y 42.9%
0.0
y/y 98.7%
0.1-915.82.5
y/y 0.3%
1.4
y/y 0.6%
13.8%-0.1Report (PDF)
2025-12-31Q4 2025 (3M)OK0.7
y/y -11.6%
0.1
y/y -16.2%
0.0
y/y -0.9%
0.1
y/y -12.6%
0.1
y/y -22.5%
0.1-1056.72.6
y/y 1.8%
1.4
y/y -3.3%
13.7%0.0Report (PDF)
2025-09-30Q3 2025 (3M)OK0.7
y/y -4.8%
0.0
y/y -51.2%
0.0
y/y 5.3%
0.1
y/y -38.5%
0.0
y/y -54.9%
0.1-918.02.6
y/y -3.0%
1.2
y/y -7.1%
3.7%0.0Link
2025-06-30Q2 2025 (3M)OK0.6
y/y 0.2%
0.0
y/y -66.2%
0.0
y/y 15.1%
0.1
y/y -47.4%
0.0
y/y -65.3%
0.1-913.92.6
y/y 11.9%
1.2
y/y 2.0%
8.2%-0.2Link
2025-03-31Q1 2025 (3M)OK0.6
y/y 1.1%
0.0
y/y -55.4%
0.0
y/y 13.0%
0.1
y/y -35.1%
0.0
y/y -52.7%
0.1-616.72.5
y/y 4.9%
1.4
y/y -2.1%
6.9%-0.3Report (PDF)
2024-12-31Q4 2024 (3M)OK0.8
y/y —
0.1
y/y —
0.0
y/y —
0.1
y/y —
0.1
y/y —
0.0-173.92.6
y/y —
1.4
y/y —
23.5%-0.3Report (PDF)
2024-09-30Q3 2024 (3M)OK0.7
y/y 20.0%
0.1
y/y 28.6%
0.0
y/y -62.3%
0.1
y/y -16.6%
0.1
y/y 15.5%
0.1-445.32.6
y/y 13.7%
1.3
y/y 6.8%
8.0%-0.3Link
2024-06-30Q2 2024 (3M)OK0.6
y/y 6.2%
0.1
y/y -20.5%
0.0
y/y 8.1%
0.1
y/y -15.4%
0.1
y/y -28.9%
0.2-426.72.4
y/y -23.4%
1.2
y/y -2.4%
23.6%-0.1Link
2024-03-31Q1 2024 (3M)OK0.6
y/y —
0.1
y/y —
0.0
y/y —
0.1
y/y —
0.1
y/y —
0.0-533.82.4
y/y —
1.4
y/y —
14.4%-0.2Report (PDF)
2023-12-31Q4 2023 (3M)OK0.7
y/y —
0.1
y/y —
0.0
y/y —
0.1
y/y —
0.1
y/y —
-0.2-139.82.5
y/y —
1.4
y/y —
45.2%—Link
2023-09-30Q3 2023 (3M)OK0.6
y/y —
0.0
y/y —
0.1
y/y —
0.2
y/y —
0.0
y/y —
0.1-215.02.3
y/y —
1.3
y/y —
7.1%—Link
2023-06-30Q2 2023 (3M)OK0.6
y/y —
0.1
y/y —
0.0
y/y —
0.1
y/y —
0.1
y/y —
0.1-61.33.1
y/y —
1.2
y/y —
——Link

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

Short-term debt (incl. ST leases)21
Long-term debt (incl. LT leases)140
− Cash & equivalents247
Net debt-87

Net debt / LTM EBITDA: -0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-50%-25%0%25%50%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-10001002002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-300-200-10002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

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
202547.19
+9.0%		129 288
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).

Key-commodity price — Steam coal AU

Current 132spot vs LTM +5%

Commodity-player potential

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

Upside: -27.5%

Main driver: Steam coal AU +10% vs LTM; revenue ×1.05 vs costs ×1.04; EBITDA 3 643 294→4 032 086; at 5.4× EV/EBITDA → -27%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Steam coal AU (rev)+47%131.95119.46130.20+10%+9%

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

1 · Reported baseline (LTM)
LTM revenue42 623 005
LTM EBITDA3 643 294
LTM cash costs (revenue − EBITDA)38 979 711
2 · Revenue projection
Revenue multiplier — spot×1.049 (+5%)
= Spot revenue44 718 254
Revenue multiplier — 3y price×1.042 (+4%)
= 3-year-price revenue44 423 717
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs40 538 899
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs40 538 899
4 · EBITDA projection (revenue − costs)
= Spot EBITDA4 179 355
= 3-year-price EBITDA3 884 818
Conservative EBITDA = min(spot, avg)4 032 086
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)5.4x
Target EV = EV/EBITDA × conservative EBITDA21 881 498
Net debt-1 335 215
Target market cap = EV − net debt23 216 713
Current market cap32 010 000

Upside = target market cap ÷ current − 1 = -27.5%

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
2024 Q210 233 2639 235 755+10.8%1 859 0121 518 277+22.4%
2024 Q311 013 0879 971 351+10.4%2 049 3131 912 364+7.2%
2024 Q412 109 03510 527 753+15.0%1 741 8132 064 249-15.6%
2025 Q19 958 4419 784 941+1.8%914 200619 450+47.6%
2025 Q210 493 9509 756 850+7.6%878 063339 919+158.3%
2025 Q310 877 90510 417 042+4.4%1 052 077680 906+54.5%
2025 Q411 321 42810 526 818+7.5%1 785 971569 760+213.5%
2026 Q19 929 72211 244 324-11.7%1 347 1311 501 467-10.3%

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.

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.

Frequently asked questions

What is Bukit Asam (PTBA)'s P/E ratio?
Bukit Asam (PTBA) trades at a P/E of 7.4x (price to trailing 12-month earnings).
What is Bukit Asam (PTBA)'s EV/EBITDA?
Bukit Asam (PTBA) trades at 4.1x EV/EBITDA.
What is Bukit Asam (PTBA)'s P/B ratio?
Bukit Asam (PTBA) trades at a P/B of 1.1x.
What is Bukit Asam (PTBA)'s dividend yield?
Bukit Asam (PTBA)'s trailing 12-month dividend yield is 4.9%.
What is Bukit Asam (PTBA)'s return on equity (ROE)?
Bukit Asam (PTBA)'s ROE is 13.8%.
What is Bukit Asam (PTBA)'s market capitalization?
Bukit Asam (PTBA)'s market cap is 1.5 bn USD.