Latest Ratios: P/E Ratio 13.8x · EV/EBITDA 4.0x · ROE 11.2%. (1996–2025 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 | $13.8B | $20.9B | $16.3B | $25.5B | $23.6B | $28.7B | $23.3B | $28.2B | $26.0B | $31.9B | $28.8B |
| Enterprise Value | $16.0B | $40.62T | $42.95T | $39.02T | $31.12T | $30.80T | $44.16T | $33.87T | $26.67T | $10.36T | $2.06T |
| P/E Ratio → | 13.82 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/S Ratio | 1.70 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/B Ratio | 1.65 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/FCF | 6.54 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/OCF | 3.90 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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 | — | 0.28 | 0.29 | 0.26 | 0.21 | 0.22 | 0.32 | 0.25 | 0.20 | 0.08 | 0.02 |
| EV / EBITDA | 4.03 | 0.57 | 0.57 | 0.51 | 0.43 | 0.39 | 0.61 | 0.48 | 0.44 | 0.16 | 0.04 |
| EV / EBIT | 8.49 | 1.14 | 0.97 | 0.86 | 0.77 | 0.64 | 1.01 | 0.77 | 0.67 | 0.23 | 0.05 |
| EV / FCF | — | 1.07 | 1.34 | 1.45 | 0.81 | 0.80 | 1.23 | 1.71 | 1.89 | 0.62 | 0.11 |
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 | 67.1% | 67.1% | 67.9% | 69.1% | 70.4% | 69.8% | 70.7% | 68.6% | 63.2% | 69.1% | 70.4% |
| Operating Margin | 23.3% | 23.3% | 28.7% | 29.8% | 27.0% | 33.3% | 32.2% | 32.5% | 29.5% | 34.2% | 33.7% |
| Net Profit Margin | 11.9% | 11.9% | 15.7% | 16.4% | 14.1% | 17.4% | 15.4% | 14.1% | 13.6% | 17.2% | 16.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.2% | 11.2% | 14.8% | 16.0% | 14.1% | 18.7% | 17.7% | 16.3% | 15.5% | 20.3% | 19.4% |
| ROA | 5.9% | 5.9% | 8.1% | 8.7% | 7.5% | 9.5% | 9.0% | 8.9% | 8.8% | 11.7% | 11.2% |
| ROIC | 12.9% | 12.9% | 16.1% | 17.8% | 16.7% | 21.0% | 20.9% | 22.4% | 21.7% | 28.6% | 28.3% |
| ROCE | 15.6% | 15.6% | 19.6% | 21.2% | 19.2% | 24.7% | 25.8% | 27.3% | 24.6% | 30.0% | 29.0% |
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 | 0.50 | 0.50 | 0.47 | 0.43 | 0.42 | 0.48 | 0.54 | 0.44 | 0.38 | 0.32 | 0.30 |
| Debt / EBITDA | 1.05 | 1.05 | 1.02 | 0.88 | 0.87 | 0.87 | 0.89 | 0.73 | 0.74 | 0.55 | 0.55 |
| Net Debt / Equity | — | 0.27 | 0.26 | 0.25 | 0.21 | 0.21 | 0.37 | 0.29 | 0.23 | 0.09 | 0.02 |
| Net Debt / EBITDA | 0.57 | 0.57 | 0.57 | 0.51 | 0.43 | 0.39 | 0.61 | 0.48 | 0.44 | 0.16 | 0.04 |
| Debt / FCF | — | 1.07 | 1.34 | 1.45 | 0.81 | 0.80 | 1.23 | 1.71 | 1.89 | 0.62 | 0.11 |
| Interest Coverage | 6.86 | 6.86 | 8.52 | 9.71 | 9.94 | 157855.59 | 9.51 | 146127.91 | 11.24 | 16.39 | 14.58 |
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 | 0.82 | 0.82 | 0.82 | 0.78 | 0.78 | 0.89 | 0.68 | 0.71 | 0.94 | 1.05 | 1.20 |
| Quick Ratio | 0.81 | 0.81 | 0.81 | 0.76 | 0.77 | 0.88 | 0.66 | 0.70 | 0.92 | 1.03 | 1.18 |
| Cash Ratio | 0.48 | 0.48 | 0.46 | 0.43 | 0.47 | 0.56 | 0.32 | 0.32 | 0.40 | 0.59 | 0.78 |
| Asset Turnover | — | 0.51 | 0.50 | 0.52 | 0.54 | 0.52 | 0.55 | 0.61 | 0.63 | 0.65 | 0.65 |
| Inventory Turnover | 53.43 | 53.43 | 43.87 | 46.22 | 38.13 | 55.60 | 40.67 | 72.70 | 67.19 | 62.74 | 59.04 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | 8.4% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 120.4% | 120.4% | 74.9% | 68.0% | 71.6% | 50.2% | 53.2% | 56.7% | 74.6% | 43.8% | 50.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 86551.1% | 145124.6% | 96242.2% | 117157.2% | 118209.7% | 128286.6% | 97729.8% | 69450.6% | 69382.4% | 67280.5% |
| FCF Yield | 15.3% | 182588.6% | 195983.8% | 105719.7% | 162293.4% | 133817.9% | 153467.3% | 70195.1% | 54340.2% | 52074.3% | 66425.6% |
| Buyback Yield | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $991M | $991M | $991M | $991M | $991M | $991M | $991M | $991M | $991M | $986M |
Infrastructure Capital Intensity
With a P/E ratio of 13.80 and an EV/EBITDA of 4.03, TLK appears to be priced as a mature utility rather than a growth-oriented technology firm, according to recent market data which suggests investors are discounting the company's long-term expansion potential in favor of its current dividend yield.
The valuation multiples indicate that the market is not assigning a premium for the company's digital transformation efforts, likely due to the stagnation in top-line growth. Investors should monitor whether the 8.4% dividend yield is sustainable given the heavy capital expenditure requirements needed to maintain the nationwide fiber backbone.
Based on reported financial figures, the ROIC has hovered between 1.8% and 4.2% over the last ten quarters, a trend that suggests the company is struggling to generate returns that meaningfully exceed its cost of capital while managing a massive, geographically dispersed infrastructure footprint across Indonesia.
The persistent low ROIC reflects the high capital intensity of the telecommunications sector in a fragmented archipelago. This suggests that management's strategy of aggressive infrastructure build-outs may be diluting overall capital efficiency, warranting further investigation into whether future projects can achieve higher hurdle rates.
As reported in recent financial statements, the cash conversion cycle has remained deeply negative, reaching -72 days in 2026Q1, which indicates that TLK effectively utilizes its supplier leverage to finance operations, though this metric may be distorted by the company's unique position as a dominant market incumbent.
The negative CCC is a common feature for large-scale telcos, but investors should be cautious as it may mask underlying operational inefficiencies in the mobile segment. The reliance on extended payment terms to suppliers suggests that the company is managing its liquidity through working capital rather than pure operational margin expansion.
According to the latest balance sheet data, TLK maintains a conservative debt-to-equity ratio of 0.44, a figure that appears to provide significant financial flexibility compared to regional peers and suggests the company is well-positioned to navigate potential interest rate volatility without compromising its core infrastructure investment plans.
This low leverage profile is a key defensive characteristic that distinguishes TLK from more highly geared competitors. However, the interest coverage ratio of 9.08 in 2026Q1 warrants monitoring, as any significant decline in operating income could quickly reduce the company's financial cushion during periods of economic stress.
The P/E ratio is frequently misapplied to TLK because it fails to account for the massive non-cash depreciation charges inherent in a capital-intensive infrastructure business, which significantly obscures the company's true cash-generating capacity and its ability to fund future network upgrades through internal operating cash flows.
Analysts should prioritize EV/EBITDA or P/FCF over P/E to better capture the underlying operational performance of the business. Relying on P/E ignores the reality that the company's earnings are heavily influenced by accounting choices regarding asset useful lives rather than actual cash profitability.
Includes 30+ ratios · 29 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TLK stock.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's current P/E ratio is 13.8x. The historical average is 0.0x. This places it at the 100th percentile of its historical range.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's current EV/EBITDA is 4.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.4x.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's return on equity (ROE) is 11.2%. The historical average is 22.1%.
Based on historical data, Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk is trading at a P/E of 13.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's current dividend yield is 8.44% with a payout ratio of 120.4%.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk has 67.1% gross margin and 23.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.