Latest Ratios: P/E Ratio -8.2x · EV/EBITDA N/A · ROE -26.9%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $43M | $44M | $28M | $27M | $41M | $21M | $55M | $44M | — | — | — |
| Enterprise Value | $38M | $39M | $25M | $27M | $36M | $22M | $51M | $35M | — | — | — |
| P/E Ratio → | -8.21 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 21.33 | 21.82 | 10.57 | 7.80 | 10.11 | 8.47 | 28.00 | 10.57 | — | — | — |
| P/B Ratio | 2.13 | 2.23 | 1.55 | 1.87 | 2.39 | 2.66 | 4.49 | 2.73 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 19.52 | 9.19 | 7.54 | 8.76 | 9.04 | 25.52 | 8.39 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -55.9% | -55.9% | -28.6% | -3.6% | 0.1% | -34.7% | -37.2% | 19.9% | 36.9% | -7.9% | -74.0% |
| Operating Margin | -268.3% | -268.3% | -222.4% | -99.2% | -112.2% | -248.8% | -367.0% | -38.3% | 2.4% | -41.9% | -109.6% |
| Net Profit Margin | -253.4% | -253.4% | -237.8% | -75.0% | -76.2% | -246.9% | -351.0% | -40.0% | 2.5% | -43.3% | -130.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -26.9% | -26.9% | -38.6% | -16.5% | -24.8% | -60.0% | -48.7% | -15.7% | 2.9% | — | — |
| ROA | -22.8% | -22.8% | -32.0% | -13.8% | -19.1% | -43.8% | -37.9% | -10.8% | 1.6% | -19.1% | -39.3% |
| ROIC | -27.4% | -27.4% | -31.5% | -20.5% | -32.9% | -55.0% | -75.2% | -16.8% | 1.6% | -23.0% | — |
| ROCE | -26.2% | -26.2% | -32.9% | -19.7% | -32.1% | -53.0% | -45.2% | -12.5% | 2.4% | -27.7% | -42.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.05 | 0.07 | 0.02 | 0.25 | 0.16 | 0.19 | 0.61 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 2.32 | — | — |
| Net Debt / Equity | — | -0.24 | -0.20 | -0.06 | -0.32 | 0.18 | -0.40 | -0.56 | 0.43 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | 1.65 | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | 1.31 | — | — |
| Interest Coverage | — | — | — | — | -192.91 | -232.70 | -206.11 | -38.13 | — | — | — |
Net cash position: cash ($5M) exceeds total debt ($833985)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.13 | 5.13 | 3.18 | 3.77 | 6.47 | 1.25 | 6.15 | 5.50 | 1.50 | 1.20 | 2.40 |
| Quick Ratio | 4.39 | 4.39 | 3.08 | 3.68 | 6.37 | 1.20 | 5.99 | 5.41 | 1.40 | 1.11 | 2.03 |
| Cash Ratio | 3.74 | 3.74 | 2.40 | 1.25 | 4.85 | 0.21 | 3.78 | 4.47 | 0.34 | 0.05 | 1.33 |
| Asset Turnover | — | 0.09 | 0.12 | 0.20 | 0.20 | 0.20 | 0.13 | 0.20 | 0.59 | 0.43 | 0.30 |
| Inventory Turnover | 2.90 | 2.90 | 18.00 | 24.62 | 33.62 | 24.18 | 9.16 | 13.49 | 14.68 | 12.82 | 6.59 |
| Days Sales Outstanding | — | 99.41 | 122.37 | 92.15 | 58.35 | 149.82 | 208.59 | 30.60 | 47.38 | 191.36 | 178.53 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $15M | $10M | $10M | $9M | $7M | $7M | $6M | $7M | $7M | $7M |
Persistent negative operating margins
According to recent financial filings, INDO trades at a price-to-book ratio of 2.08, which appears disconnected from its history of persistent net losses and suggests that market participants are pricing in significant option value for future exploration success rather than current tangible asset productivity.
The P/S multiple of 20.87 reflects a valuation premium that is difficult to justify given the company's inability to generate positive gross margins. Investors appear to be valuing the firm as a high-beta exploration play, ignoring the fundamental reality that the current asset base is not yet self-sustaining.
As reported in financial statements, INDO's ROIC has remained deeply negative, reaching -21.6% in 2024Q4, which indicates that the company is consistently destroying shareholder value by deploying capital into projects that fail to generate returns exceeding the cost of the underlying investment.
The trend of negative returns on capital over the last ten quarters suggests a structural inability to achieve efficient production at the Kruh Block. This persistent decay warrants further investigation into whether the current drilling program can ever reach the necessary scale to achieve positive economic returns.
Based on reported figures, INDO's asset turnover ratio remains extremely low at 0.06, highlighting a fundamental inefficiency in converting capital-intensive infrastructure investments into meaningful revenue, a trend that has persisted throughout the company's recent operational history as documented in quarterly filings.
The erratic nature of the cash conversion cycle, which swung from -21 days in 2024Q2 to 4 days in 2024Q4, suggests significant instability in managing supplier and customer relationships. This lack of operational rhythm complicates the company's ability to maintain a predictable liquidity profile.
While the current ratio of 3.18 might appear robust compared to sector averages, recent SEC filings indicate this liquidity is largely illusory, as the company's ongoing cash burn and lack of positive operating cash flow necessitate constant reliance on external financing to maintain basic operations.
The quick ratio of 3.08 confirms that the company's liquidity is not overly dependent on inventory, yet the absence of positive cash flow means that this buffer is rapidly depleting. Investors should monitor the cash runway closely, as the current burn rate may force dilutive capital raises.
The price-to-book ratio is frequently misapplied to INDO, as it obscures the reality that the company's book value is heavily comprised of capitalized exploration costs that may hold little to no liquidation value if the underlying drilling programs fail to yield commercially viable hydrocarbon reserves.
Instead of relying on P/B, analysts should focus on the net present value of proved reserves adjusted for the high lifting costs observed in the current financial data. Using book value as a floor for valuation is misleading when the company's primary assets are speculative exploration rights.
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Quick answers to the most common questions about buying INDO stock.
Indonesia Energy Corporation Limited's current P/E ratio is -8.2x. This places it at the 50th percentile of its historical range.
Indonesia Energy Corporation Limited's return on equity (ROE) is -26.9%. The historical average is -28.6%.
Based on historical data, Indonesia Energy Corporation Limited is trading at a P/E of -8.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Indonesia Energy Corporation Limited has -55.9% gross margin and -268.3% operating margin.