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INDOIndonesia Energy Corporation Limited
$2.62$39M
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INDO logoIndonesia Energy Corporation Limited(INDO)Earnings, Financials & Key Ratios

INDO•AMEX
Price updated Jun 19, 2026
SectorEnergyIndustryOil & Gas E&PSub-IndustryInternational emerging market upstream producers
AboutIndonesia Energy Corporation Limited operates as an oil and gas exploration and production company in Indonesia. It holds interests in the Kruh Block, a producing block covering an area of 258 square kilometers with net crude oil proved reserves of 1.52 million barrels located to the northwest of Pendopo, Pali, South Sumatra; and the Citarum Block, an exploration block covering an area of 3,924.67 square kilometers located onshore in West Java. The company was incorporated in 2018 and is headquartered in Jakarta, Indonesia. Indonesia Energy Corporation Limited is a subsidiary of Maderic Holding Limited.Show more
  • Revenue$3M-24.3%
  • EBITDA-$4M-92.7%
  • Net Income-$6M-140.0%
  • EPS (Diluted)-0.62-138.5%
  • Gross Margin-28.59%-689.7%
  • EBITDA Margin-167.61%-154.6%
  • Operating Margin-222.41%-124.3%
  • Net Margin-237.81%-217.2%
  • ROE-38.59%-133.7%

INDO Key Insights

Indonesia Energy Corporation Limited (INDO) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Trading at only 1.5x book value

✗Weaknesses

  • ✗Profits declining 30.5% over 5 years
  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Sales declining 8.6% over 5 years
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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INDO Price & Volume

Indonesia Energy Corporation Limited (INDO) stock price & volume — 10-year historical chart

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INDO Growth Metrics

Indonesia Energy Corporation Limited (INDO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-8.61%
3 Years2.84%
TTM35.28%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-66.52%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-29.92%

Return on Capital

10 Years-29.24%
5 Years-36.59%
3 Years-28.23%
Last Year-32.85%

INDO Peer Comparison

Indonesia Energy Corporation Limited (INDO) competitors in International emerging market upstream producers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
CHNR logoCHNRChina Natural Resources, Inc.Direct Competitor41.53M4.30-88.11-15.72%
HUSA logoHUSAHouston American Energy Corp.Direct Competitor79.74M2.16-0.30-29.45%-28.45%-65.55%0.02
IMPP logoIMPPImperial Petroleum Inc.Direct Competitor183.82M4.893.799.17%34.99%13.38%
GURE logoGUREGulf Resources, Inc.Direct Competitor4.13M3.85-0.07-74.5%-195.77%-19.16%0.06
CIVI logoCIVICivitas Resources, Inc.Product Competitor2.34B27.383.2449.76%13.56%9.55%0.68
BATL logoBATLBattalion Oil CorporationProduct Competitor20.03M1.20-0.54-14.92%-32.13%-38.74%0.98
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.Product Competitor202.99M5.004.1036.55%-19.55%-3.39%1.33
SD logoSDSandRidge Energy, Inc.Product Competitor516.29M14.027.3824.8%46.37%15.09%

Compare INDO vs Peers

Indonesia Energy Corporation Limited (INDO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CHNR

Most directly comparable listed peer for INDO.

Scale Benchmark

vs SLB

Larger-name benchmark to compare INDO against a more recognizable public peer.

Peer Set

Compare Top 5

vs CHNR, HUSA, IMPP, GURE

INDO Income Statement

Indonesia Energy Corporation Limited (INDO) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24
Sales/Revenue
2.45M3.7M5.86M4.18M1.98M2.45M4.1M3.53M2.67M
Revenue Growth %
-51.38%58.12%-28.57%-52.65%23.82%67.07%-13.96%-24.34%
Cost of Goods Sold
4.26M4M3.7M3.35M2.72M3.3M4.09M3.65M3.43M
COGS % of Revenue
174.01%107.95%63.13%80.1%137.15%134.69%99.89%103.62%128.59%
Gross Profit
-1.81M▲ 0%
-294.4K▲ 83.7%
2.16M▲ 833.5%
832.45K▼ 61.5%
-735.93K▼ 188.4%
-850.79K▼ 15.6%
4.43K▲ 100.5%
-127.63K▼ 2983.7%
-762.64K▼ 497.5%
Gross Margin %
-74.01%-7.95%36.87%19.9%-37.15%-34.69%0.11%-3.62%-28.59%
Gross Profit Growth %
-83.74%833.53%-61.45%-188.41%-15.61%100.52%-2983.69%-497.53%
Operating Expenses
870.01K1.26M2.02M2.43M6.53M5.25M4.6M3.37M5.17M
OpEx % of Revenue
35.56%33.97%34.43%58.19%329.85%214.09%112.33%95.53%193.82%
Selling, General & Admin
870.01K1.26M2.02M2.43M6.53M5.25M4.6M3.37M5.17M
SG&A % of Revenue
35.56%33.97%34.43%58.19%329.85%214.09%112.33%95.53%193.82%
Research & Development
000000000
R&D % of Revenue
---------
Other Operating Expenses
000000000
Operating Income
-2.68M▲ 0%
-1.55M▲ 42.1%
143.38K▲ 109.2%
-1.6M▼ 1217.0%
-7.27M▼ 353.9%
-6.1M▲ 16.1%
-4.6M▲ 24.6%
-3.5M▲ 24.0%
-5.93M▼ 69.7%
Operating Margin %
-109.57%-41.92%2.45%-38.29%-367.01%-248.78%-112.22%-99.15%-222.41%
Operating Income Growth %
-42.09%109.24%-1217.04%-353.88%16.07%24.64%23.98%-69.72%
EBITDA
-1.74M-349K1.34M-667.56K-6.57M-5.29M-3.46M-2.32M-4.47M
EBITDA Margin %
-71.12%-9.42%22.9%-15.96%-331.73%-215.72%-84.41%-65.83%-167.61%
EBITDA Growth %
-79.94%484.27%-149.78%-884.29%19.48%34.63%32.9%-92.66%
D&A (Non-Cash Add-back)
940.87K1.2M1.2M934.09K698.85K810.86K1.14M1.17M1.46M
EBIT
-3.22M-1.55M189.65K-1.6M-7.27M-6.1M-4.6M-3.56M-5.99M
Net Interest Income
000000-23.84K00
Interest Income
00042K35.27K26.22K000
Interest Expense
00042K35.27K26.22K23.84K00
Other Income/Expense
-538.73K-66.57K-2.4K-72.08K317.88K18.03K1.48M852.98K-410.8K
Pretax Income
-3.22M▲ 0%
-1.62M▲ 49.7%
140.99K▲ 108.7%
-1.67M▼ 1287.1%
-6.95M▼ 315.3%
-6.08M▲ 12.5%
-3.12M▲ 48.7%
-2.64M▲ 15.4%
-6.34M▼ 140.0%
Pretax Margin %
-131.59%-43.71%2.41%-40.01%-350.96%-248.04%-76.21%-74.96%-237.81%
Income Tax
0-13.91K0000000
Effective Tax Rate %
0%0.86%0%0%0%0%0%0%0%
Net Income
-3.19M▲ 0%
-1.6M▲ 49.7%
145.72K▲ 109.1%
-1.67M▼ 1248.6%
-6.95M▼ 315.3%
-6.05M▲ 12.9%
-3.12M▲ 48.4%
-2.64M▲ 15.4%
-6.34M▼ 140.0%
Net Margin %
-130.27%-43.31%2.49%-40.01%-350.96%-246.88%-76.21%-74.96%-237.81%
Net Income Growth %
-49.67%109.08%-1248.57%-315.34%12.9%48.43%15.37%-140.04%
Net Income (Continuing)
-3.22M-1.62M140.99K-1.67M-6.95M-6.08M-3.12M-2.64M-6.34M
Discontinued Operations
000000000
Minority Interest
-166.62K-158.67K0000000
EPS (Diluted)
-0.43▲ 0%
-0.22▲ 48.8%
0.02▲ 109.0%
-0.29▼ 1564.6%
-0.94▼ 224.1%
-0.82▲ 12.8%
-0.35▲ 57.3%
-0.26▲ 25.7%
-0.62▼ 138.5%
EPS Growth %
-48.84%109%-1564.65%-224.14%12.77%57.32%25.71%-138.46%
EPS (Basic)
-0.43-0.220.02-0.29-0.94-0.82-0.35-0.26-0.62
Diluted Shares Outstanding
7.36M7.36M7.36M6.05M7.4M7.42M8.89M10.14M10.14M
Basic Shares Outstanding
7.36M7.36M7.36M6.05M7.4M7.42M8.89M10.14M10.14M
Dividend Payout Ratio
---------

INDO Balance Sheet

Indonesia Energy Corporation Limited (INDO) balance sheet — assets, liabilities & shareholders' equity

MetricDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24
Total Current Assets
4.26M4.55M4M15.07M11.24M3.53M7.87M6.08M6.06M
Cash & Short-Term Investments
2.36M182.63K898.74K12.24M6.9M595.01K5.9M2.01M4.57M
Cash Only
2.36M182.63K898.74K12.24M6.9M595.01K5.9M2.01M4.57M
Short-Term Investments
000000000
Accounts Receivable
1.2M1.94M760.27K350.67K1.13M1.01M654.99K890.03K894.34K
Days Sales Outstanding
178.53191.3647.3830.6208.59149.8258.3592.15122.37
Inventory
645.97K311.89K251.82K248.37K296.61K136.62K121.74K148.38K190.58K
Days Inventory Outstanding
55.3828.4724.8627.0539.8515.110.8614.8320.28
Other Current Assets
38.59K2M2M2.06M2.5M1M01.57M0
Total Non-Current Assets
3.85M4.12M5.88M6.08M4.33M8.56M12.71M11.64M15.86M
Property, Plant & Equipment
3.02M3.61M2.77M2.56M2.58M5.59M9.81M9.47M11.48M
Fixed Asset Turnover
0.81x1.03x2.11x1.63x0.77x0.44x0.42x0.37x0.23x
Goodwill
000000000
Intangible Assets
000000000
Long-Term Investments
160.1K173.83K1.53M1.77M01.5M1.5M970K3.2M
Other Non-Current Assets
661.5K335.24K1.57M1.75M1.75M1.46M1.4M1.2M1.18M
Total Assets
8.1M▲ 0%
8.67M▲ 7.0%
9.88M▲ 13.9%
21.16M▲ 114.2%
15.58M▼ 26.4%
12.09M▼ 22.4%
20.57M▲ 70.2%
17.72M▼ 13.9%
21.91M▲ 23.6%
Asset Turnover
0.30x0.43x0.59x0.20x0.13x0.20x0.20x0.20x0.12x
Asset Growth %
-7.01%13.92%114.18%-26.37%-22.38%70.17%-13.85%23.64%
Total Current Liabilities
1.78M3.81M2.67M2.74M1.83M2.83M1.22M1.61M1.91M
Accounts Payable
1M1.21M1.03M917.24K297.08K1.6M719.1K753.82K899.64K
Days Payables Outstanding
86110.23101.3799.9139.91177.2564.1375.3295.73
Short-Term Debt
236.8K1.85M1.11M1.11M980.45K980.45K52.14K00
Deferred Revenue (Current)
137.28K725.78K101.41K681.84K0228.47K000
Other Current Liabilities
261.07K23.09K22.95K-647.59K19.12K-207.88K17.94K17.94K17.94K
Current Ratio
2.40x1.20x1.50x5.50x6.15x1.25x6.47x3.77x3.18x
Quick Ratio
2.03x1.11x1.40x5.41x5.99x1.20x6.37x3.68x3.08x
Cash Conversion Cycle
147.91109.61-29.12-42.26208.52-12.345.0831.6546.92
Total Non-Current Liabilities
24.13M24.25M2.13M2.22M1.39M1.44M2.03M1.42M1.82M
Long-Term Debt
23.88M23.88M2M2M1M1M000
Capital Lease Obligations
00000095.6K467.84K324.88K
Deferred Tax Liabilities
000000000
Other Non-Current Liabilities
243.19K365.84K131.34K222.34K389.95K436.65K1.94M953.11K1.49M
Total Liabilities
25.9M28.06M4.8M4.96M3.22M4.27M3.25M3.03M3.72M
Total Debt
24.12M25.73M3.11M3.11M1.98M1.98M351.45K1.1M881.64K
Net Debt
21.76M25.55M2.21M-9.14M-4.92M1.39M-5.54M-912.52K-3.69M
Debt / Equity
--0.61x0.19x0.16x0.25x0.02x0.07x0.05x
Debt / EBITDA
--2.32x------
Net Debt / EBITDA
--1.65x------
Interest Coverage
----38.13x-206.11x-232.70x-192.91x--
Total Equity
-17.8M▲ 0%
-19.39M▼ 8.9%
5.07M▲ 126.2%
16.19M▲ 219.2%
12.36M▼ 23.7%
7.82M▼ 36.7%
17.32M▲ 121.5%
14.69M▼ 15.2%
18.19M▲ 23.8%
Equity Growth %
--8.91%126.17%219.19%-23.69%-36.72%121.54%-15.21%23.83%
Book Value per Share
-2.42-2.630.692.681.671.051.951.451.79
Total Shareholders' Equity
-17.63M-19.23M5.07M16.19M12.36M7.82M17.32M14.69M18.19M
Common Stock
16K16K16K19.64K19.75K19.86K27.05K27.05K36.27K
Retained Earnings
-17.65M-19.26M-19.11M-20.78M-27.73M-33.82M-36.94M-39.58M-45.93M
Treasury Stock
000000000
Accumulated OCI
16.45K25.9K46.26K46.8K030.7K89.95K98.49K103.2K
Minority Interest
-166.62K-158.67K0000000

INDO Cash Flow Statement

Indonesia Energy Corporation Limited (INDO) cash flow — operating, investing & free cash flow history

MetricDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24
Cash from Operations
-2.14M-182.74K1.92M-439.79K-5.19M-3.55M-3.21M-2.98M-3.09M
Operating CF Margin %
-87.35%-4.93%32.79%-10.51%-261.82%-144.69%-78.3%-84.5%-115.73%
Operating CF Growth %
-91.45%1150.81%-122.9%-1079.2%31.57%9.6%7.14%-3.63%
Net Income
-3.19M-1.62M140.99K-1.67M-6.95M-6.08M-3.12M-2.64M-6.34M
Depreciation & Amortization
940.87K1.19M1.16M876.68K698.85K889.85K1.49M1.17M1.46M
Stock-Based Compensation
0228.93K0247.82K3.16M1.51M737.27K01.46M
Deferred Taxes
068.92K0-876.68K-698.85K-889.85K000
Other Non-Cash Items
1.63M16.25K43.19K934.09K578.14K967.24K-1.51M-781.63K614.41K
Working Capital Changes
141.43K-65.02K579.55K52.03K-1.98M53.12K-801.77K-729.6K-276.37K
Change in Receivables
-418.07K-510.76K244.79K409.6K-1.05M134.21K529.59K-114.18K238K
Change in Inventory
0108.85K60.07K-221.06K-523.68K0000
Change in Payables
642.46K214.24K-180.78K-109.43K-473.5K0-255.15K102.92K145.81K
Cash from Investing
-1.16M-1.59M-853.58K-1.05M-357.33K-2.76M-5.42M-419.46K-2.82M
Capital Expenditures
-995.73K-1.38M-230.56K-545.58K-357.33K-311.56K-1.68K-419.46K-2.82M
CapEx % of Revenue
40.7%37.37%3.94%13.04%18.04%12.7%0.04%11.9%105.76%
Acquisitions
000000000
Investments
---------
Other Investing
-160.1K-210.57K-623.02K-500K0-2.45M-5.41M00
Cash from Financing
2.54M1.61M1.17M13.12M-1.13M012.93M08.41M
Debt Issued (Net)
01.61M1.61M174-1.13M06.61M-472.78K-796.5K
Equity Issued (Net)
00013.65M004.37M08.41M
Dividends Paid
000000000
Share Repurchases
000000000
Other Financing
2.54M0-443.31K-525.93K001.95M472.78K796.5K
Net Change in Cash
-755.54K▲ 0%
-162.93K▲ 78.4%
2.24M▲ 1473.0%
11.64M▲ 420.3%
-6.67M▼ 157.3%
-6.31M▲ 5.4%
4.3M▲ 168.2%
-3.4M▼ 179.0%
2.5M▲ 173.5%
Free Cash Flow
-3.13M▲ 0%
-1.57M▲ 50.0%
1.69M▲ 207.8%
-985.37K▼ 158.3%
-5.54M▼ 462.6%
-3.86M▲ 30.4%
-3.21M▲ 16.8%
-3.4M▼ 5.9%
-3.09M▲ 9.2%
FCF Margin %
-128.05%-42.3%28.85%-23.55%-279.86%-157.4%-78.34%-96.4%-115.73%
FCF Growth %
-49.99%207.84%-158.32%-462.57%30.36%16.85%-5.87%9.16%
FCF per Share
-0.43-0.210.23-0.16-0.75-0.52-0.36-0.34-0.30
FCF Conversion (FCF/Net Income)
0.67x0.11x13.18x0.26x0.75x0.59x1.03x1.13x0.49x
Interest Paid
000000000
Taxes Paid
000000000

INDO Key Ratios

Indonesia Energy Corporation Limited (INDO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024
Return on Equity (ROE)
--2.87%-15.74%-48.7%-60.02%-24.84%-16.51%-38.59%
Return on Invested Capital (ROIC)
--22.99%1.6%-16.76%-75.24%-55%-32.87%-20.52%-31.47%
Gross Margin
-74.01%-7.95%36.87%19.9%-37.15%-34.69%0.11%-3.62%-28.59%
Net Margin
-130.27%-43.31%2.49%-40.01%-350.96%-246.88%-76.21%-74.96%-237.81%
Debt / Equity
--0.61x0.19x0.16x0.25x0.02x0.07x0.05x
Interest Coverage
----38.13x-206.11x-232.70x-192.91x--
FCF Conversion
0.67x0.11x13.18x0.26x0.75x0.59x1.03x1.13x0.49x
Revenue Growth
-51.38%58.12%-28.57%-52.65%23.82%67.07%-13.96%-24.34%
Related:INDO Dividend History·INDO Revenue History·INDO Price History·INDO P/E History·INDO Financial Ratios·INDO Institutional Holders

INDO Frequently Asked Questions

Indonesia Energy Corporation Limited (INDO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Indonesia Energy Corporation Limited (INDO) reported $4.4M in revenue for fiscal year 2024. This represents a 81% increase from $2.4M in 2016.

Indonesia Energy Corporation Limited (INDO) saw revenue decline by 24.3% over the past year.

Indonesia Energy Corporation Limited (INDO) reported a net loss of $7.7M for fiscal year 2024.

Dividend & Returns

Indonesia Energy Corporation Limited (INDO) has a return on equity (ROE) of -38.6%. Negative ROE indicates the company is unprofitable.

Indonesia Energy Corporation Limited (INDO) had negative free cash flow of $6.5M in fiscal year 2024, likely due to heavy capital investments.

What if you invested $1,000 in INDO back in 2016?

Total return calculator · dividends reinvested · 10+ years of data

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