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INDO logoIndonesia Energy Corporation Limited(INDO)Earnings, Financials & Key Ratios

INDO•AMEX
$3.14
$47M mkt cap·Price updated May 7, 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%
  • ROIC-31.47%-53.4%
  • Debt/Equity0.05-35.1%
Technical→

INDO Key Insights

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

✓Strengths

  • ✓Company is almost debt free

✗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.

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
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
CHNR logoCHNRChina Natural Resources, Inc.Direct Competitor41.53M4.30-88.68-15.72%
HUSA logoHUSAHouston American Energy Corp.Direct Competitor79.74M2.16-0.30-29.45%-28.45%-65.55%0.02
IMPP logoIMPPImperial Petroleum Inc.Direct Competitor167.06M4.913.51-19.73%28.61%8.48%0.00
GURE logoGUREGulf Resources, Inc.Direct Competitor3.87M3.61-0.07-74.5%-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 Competitor47.07M2.86-1.28-14.92%7.2%14.53%
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.Product Competitor242.54M5.994.9136.55%-3.39%1.33
SD logoSDSandRidge Energy, Inc.Product Competitor551.64M14.987.8824.8%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
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24
Sales/Revenue2.45M3.7M5.86M4.18M1.98M2.45M4.1M3.53M2.67M
Revenue Growth %-51.38%58.12%-28.57%-52.65%23.82%67.07%-13.96%-24.34%
Cost of Goods Sold4.26M4M3.7M3.35M2.72M3.3M4.09M3.65M3.43M
COGS % of Revenue174.01%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 Expenses870.01K1.26M2.02M2.43M6.53M5.25M4.6M3.37M5.17M
OpEx % of Revenue35.56%33.97%34.43%58.19%329.85%214.09%112.33%95.53%193.82%
Selling, General & Admin870.01K1.26M2.02M2.43M6.53M5.25M4.6M3.37M5.17M
SG&A % of Revenue35.56%33.97%34.43%58.19%329.85%214.09%112.33%95.53%193.82%
Research & Development000000000
R&D % of Revenue---------
Other Operating Expenses000000000
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 Income000000-23.84K00
Interest Income00042K35.27K26.22K000
Interest Expense00042K35.27K26.22K23.84K00
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 Tax0-13.91K0000000
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 Operations000000000
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 Outstanding7.36M7.36M7.36M6.05M7.4M7.42M8.89M10.14M10.14M
Basic Shares Outstanding7.36M7.36M7.36M6.05M7.4M7.42M8.89M10.14M10.14M
Dividend Payout Ratio---------

INDO Balance Sheet

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

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24
Total Current Assets4.26M4.55M4M15.07M11.24M3.53M7.87M6.08M6.06M
Cash & Short-Term Investments2.36M182.63K898.74K12.24M6.9M595.01K5.9M2.01M4.57M
Cash Only2.36M182.63K898.74K12.24M6.9M595.01K5.9M2.01M4.57M
Short-Term Investments000000000
Accounts Receivable1.2M1.94M760.27K350.67K1.13M1.01M654.99K890.03K894.34K
Days Sales Outstanding178.53191.3647.3830.6208.59149.8258.3592.15122.37
Inventory645.97K311.89K251.82K248.37K296.61K136.62K121.74K148.38K190.58K
Days Inventory Outstanding55.3828.4724.8627.0539.8515.110.8614.8320.28
Other Current Assets38.59K2M2M2.06M2.5M1M01.57M0
Total Non-Current Assets3.85M4.12M5.88M6.08M4.33M8.56M12.71M11.64M15.86M
Property, Plant & Equipment3.02M3.61M2.77M2.56M2.58M5.59M9.81M9.47M11.48M
Fixed Asset Turnover0.81x1.03x2.11x1.63x0.77x0.44x0.42x0.37x0.23x
Goodwill000000000
Intangible Assets000000000
Long-Term Investments160.1K173.83K1.53M1.77M01.5M1.5M970K3.2M
Other Non-Current Assets661.5K335.24K1.57M1.75M1.75M1.46M1.4M1.2M1.18M
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 Turnover0.30x0.43x0.59x0.20x0.13x0.20x0.20x0.20x0.12x
Asset Growth %-7.01%13.92%114.18%-26.37%-22.38%70.17%-13.85%23.64%
Total Current Liabilities1.78M3.81M2.67M2.74M1.83M2.83M1.22M1.61M1.91M
Accounts Payable1M1.21M1.03M917.24K297.08K1.6M719.1K753.82K899.64K
Days Payables Outstanding86110.23101.3799.9139.91177.2564.1375.3295.73
Short-Term Debt236.8K1.85M1.11M1.11M980.45K980.45K52.14K00
Deferred Revenue (Current)137.28K725.78K101.41K681.84K0228.47K000
Other Current Liabilities261.07K23.09K22.95K-647.59K19.12K-207.88K17.94K17.94K17.94K
Current Ratio2.40x1.20x1.50x5.50x6.15x1.25x6.47x3.77x3.18x
Quick Ratio2.03x1.11x1.40x5.41x5.99x1.20x6.37x3.68x3.08x
Cash Conversion Cycle147.91109.61-29.12-42.26208.52-12.345.0831.6546.92
Total Non-Current Liabilities24.13M24.25M2.13M2.22M1.39M1.44M2.03M1.42M1.82M
Long-Term Debt23.88M23.88M2M2M1M1M000
Capital Lease Obligations00000095.6K467.84K324.88K
Deferred Tax Liabilities000000000
Other Non-Current Liabilities243.19K365.84K131.34K222.34K389.95K436.65K1.94M953.11K1.49M
Total Liabilities25.9M28.06M4.8M4.96M3.22M4.27M3.25M3.03M3.72M
Total Debt24.12M25.73M3.11M3.11M1.98M1.98M351.45K1.1M881.64K
Net Debt21.76M25.55M2.21M-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 Stock16K16K16K19.64K19.75K19.86K27.05K27.05K36.27K
Retained Earnings-17.65M-19.26M-19.11M-20.78M-27.73M-33.82M-36.94M-39.58M-45.93M
Treasury Stock000000000
Accumulated OCI16.45K25.9K46.26K46.8K030.7K89.95K98.49K103.2K
Minority Interest-166.62K-158.67K0000000

INDO Cash Flow Statement

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

Line itemDec'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 & Amortization940.87K1.19M1.16M876.68K698.85K889.85K1.49M1.17M1.46M
Stock-Based Compensation0228.93K0247.82K3.16M1.51M737.27K01.46M
Deferred Taxes068.92K0-876.68K-698.85K-889.85K000
Other Non-Cash Items1.63M16.25K43.19K934.09K578.14K967.24K-1.51M-781.63K614.41K
Working Capital Changes141.43K-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 Inventory0108.85K60.07K-221.06K-523.68K0000
Change in Payables642.46K214.24K-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 Revenue40.7%37.37%3.94%13.04%18.04%12.7%0.04%11.9%105.76%
Acquisitions000000000
Investments---------
Other Investing-160.1K-210.57K-623.02K-500K0-2.45M-5.41M00
Cash from Financing2.54M1.61M1.17M13.12M-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 Paid000000000
Share Repurchases000000000
Other Financing2.54M0-443.31K-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 Paid000000000
Taxes Paid000000000

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 Conversion0.67x0.11x13.18x0.26x0.75x0.59x1.03x1.13x0.49x
Revenue Growth-51.38%58.12%-28.57%-52.65%23.82%67.07%-13.96%-24.34%

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.

Explore More INDO

Indonesia Energy Corporation Limited (INDO) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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