Despite maintaining a low debt-to-equity ratio of 0.05, the firm's financial stability is compromised by a cumulative retained earnings deficit that reached $45.9 million as of 2024Q4.
Indonesia Energy Corporation Limited (INDO) balance sheet — 10-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Total Current Assets | 8.07M | 7.5M | 6.06M | 6.08M | 7.87M | 3.53M | 11.24M | 15.07M | 4M | 4.55M | 4.26M |
| Cash & Short-Term Investments | 5.57M | 5.46M | 4.57M | 2.01M | 5.9M | 595.01K | 6.9M | 12.24M | 898.74K | 182.63K | 2.36M |
| Cash Only | 5.57M | 5.46M | 4.57M | 2.01M | 5.9M | 595.01K | 6.9M | 12.24M | 898.74K | 182.63K | 2.36M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.28M | 548.14K | 894.34K | 890.03K | 654.99K | 1.01M | 1.13M | 350.67K | 760.27K | 1.94M | 1.2M |
| Days Sales Outstanding | - | 99.41 | 122.37 | 92.15 | 58.35 | 149.82 | 208.59 | 30.6 | 47.38 | 191.36 | 178.53 |
| Inventory | 1.04M | 1.08M | 190.58K | 148.38K | 121.74K | 136.62K | 296.61K | 248.37K | 251.82K | 311.89K | 645.97K |
| Days Inventory Outstanding | 34.94 | 126.04 | 20.28 | 14.83 | 10.86 | 15.1 | 39.85 | 27.05 | 24.86 | 28.47 | 55.38 |
| Other Current Assets | 0 | 0 | 0 | 1.57M | 0 | 1M | 2.5M | 2.06M | 2M | 2M | 38.59K |
| Total Non-Current Assets | 14.61M | 15.26M | 15.86M | 11.64M | 12.71M | 8.56M | 4.33M | 6.08M | 5.88M | 4.12M | 3.85M |
| Property, Plant & Equipment | 10.44M | 11.14M | 11.48M | 9.47M | 9.81M | 5.59M | 2.58M | 2.56M | 2.77M | 3.61M | 3.02M |
| Fixed Asset Turnover | 0.00x | 0.18x | 0.23x | 0.37x | 0.42x | 0.44x | 0.77x | 1.63x | 2.11x | 1.03x | 0.81x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 7.04M | 0 | 3.2M | 970K | 1.5M | 1.5M | 0 | 1.77M | 1.53M | 173.83K | 160.1K |
| Other Non-Current Assets | 2.25M | 4.12M | 1.18M | 1.2M | 1.4M | 1.46M | 1.75M | 1.75M | 1.57M | 335.24K | 661.5K |
| Total Assets | 22.68M | 22.76M | 21.91M | 17.72M | 20.57M | 12.09M | 15.58M | 21.16M | 9.88M | 8.67M | 8.1M |
| Asset Turnover | 0.00x | 0.09x | 0.12x | 0.20x | 0.20x | 0.20x | 0.13x | 0.20x | 0.59x | 0.43x | 0.30x |
| Asset Growth % | 61.74% | 3.84% | 23.64% | -13.85% | 70.17% | -22.38% | -26.37% | 114.18% | 13.92% | 7.01% | - |
| Total Current Liabilities | 1.47M | 1.46M | 1.91M | 1.61M | 1.22M | 2.83M | 1.83M | 2.74M | 2.67M | 3.81M | 1.78M |
| Accounts Payable | 584.39K | 596.22K | 899.64K | 753.82K | 719.1K | 1.6M | 297.08K | 917.24K | 1.03M | 1.21M | 1M |
| Days Payables Outstanding | 36.53 | 69.36 | 95.73 | 75.32 | 64.13 | 177.25 | 39.91 | 99.91 | 101.37 | 110.23 | 86 |
| Short-Term Debt | 397.96K | 0 | 0 | 0 | 52.14K | 980.45K | 980.45K | 1.11M | 1.11M | 1.85M | 236.8K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 228.47K | 0 | 681.84K | 101.41K | 725.78K | 137.28K |
| Other Current Liabilities | 341.98K | 18.25K | 17.94K | 17.94K | 17.94K | -207.88K | 19.12K | -647.59K | 22.95K | 23.09K | 261.07K |
| Current Ratio | 5.49x | 5.13x | 3.18x | 3.77x | 6.47x | 1.25x | 6.15x | 5.50x | 1.50x | 1.20x | 2.40x |
| Quick Ratio | 4.79x | 4.39x | 3.08x | 3.68x | 6.37x | 1.20x | 5.99x | 5.41x | 1.40x | 1.11x | 2.03x |
| Cash Conversion Cycle | -1.6 | 156.09 | 46.92 | 31.65 | 5.08 | -12.34 | 208.52 | -42.26 | -29.12 | 109.61 | 147.91 |
| Total Non-Current Liabilities | 1.09M | 1.64M | 1.82M | 1.42M | 2.03M | 1.44M | 1.39M | 2.22M | 2.13M | 24.25M | 24.13M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 1M | 1M | 2M | 2M | 23.88M | 23.88M |
| Capital Lease Obligations | 934.68K | 279.08K | 324.88K | 467.84K | 95.6K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 976.72K | 1.36M | 1.49M | 953.11K | 1.94M | 436.65K | 389.95K | 222.34K | 131.34K | 365.84K | 243.19K |
| Total Liabilities | 2.56M | 3.1M | 3.72M | 3.03M | 3.25M | 4.27M | 3.22M | 4.96M | 4.8M | 28.06M | 25.9M |
| Total Debt | 509.2K | 833.99K | 881.64K | 1.1M | 351.45K | 1.98M | 1.98M | 3.11M | 3.11M | 25.73M | 24.12M |
| Net Debt | -5.06M | -4.63M | -3.69M | -912.52K | -5.54M | 1.39M | -4.92M | -9.14M | 2.21M | 25.55M | 21.76M |
| Debt / Equity | 0.03x | 0.04x | 0.05x | 0.07x | 0.02x | 0.25x | 0.16x | 0.19x | 0.61x | - | - |
| Debt / EBITDA | -0.06x | - | - | - | - | - | - | - | 2.32x | - | - |
| Net Debt / EBITDA | 0.58x | - | - | - | - | - | - | - | 1.65x | - | - |
| Interest Coverage | - | - | - | - | -192.91x | -232.70x | -206.11x | -38.13x | - | - | - |
| Total Equity | 20.12M | 19.66M | 18.19M | 14.69M | 17.32M | 7.82M | 12.36M | 16.19M | 5.07M | -19.39M | -17.8M |
| Equity Growth % | 91.39% | 8.07% | 23.83% | -15.21% | 121.54% | -36.72% | -23.69% | 219.19% | 126.17% | -8.91% | - |
| Book Value per Share | 1.33 | 1.31 | 1.79 | 1.45 | 1.95 | 1.05 | 1.67 | 2.68 | 0.69 | -2.63 | -2.42 |
| Total Shareholders' Equity | 20.12M | 19.66M | 18.19M | 14.69M | 17.32M | 7.82M | 12.36M | 16.19M | 5.07M | -19.23M | -17.63M |
| Common Stock | 41.03K | 39.97K | 36.27K | 27.05K | 27.05K | 19.86K | 19.75K | 19.64K | 16K | 16K | 16K |
| Retained Earnings | -52.91M | -51.03M | -45.93M | -39.58M | -36.94M | -33.82M | -27.73M | -20.78M | -19.11M | -19.26M | -17.65M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 108.1K | 106.47K | 103.2K | 98.49K | 89.95K | 30.7K | 0 | 46.8K | 46.26K | 25.9K | 16.45K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -158.67K | -166.62K |
Quick answers to the most common questions about buying INDO stock.
As of 2025, Indonesia Energy Corporation Limited (INDO) had total assets of $22.8M including $7.5M in current assets.
Indonesia Energy Corporation Limited (INDO) carries total debt of $0.8M, offset by $5.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Indonesia Energy Corporation Limited (INDO) has total shareholders' equity (book value) of $19.7M ($1.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Indonesia Energy Corporation Limited (INDO) reported a current ratio of 5.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Capital depletion and insolvency
Asset Base Erosion and Instability
According to recent financial filings, INDO's total assets have fluctuated significantly, reaching $21.9 million in 2024Q4, yet this growth is largely offset by a persistent accumulation of retained earnings deficits, which have deepened to -$45.9 million, signaling a long-term trend of value destruction for shareholders.
The expansion of the asset base appears to be driven by capital-intensive drilling rather than organic growth, as evidenced by the lack of corresponding revenue stability. Investors should monitor whether these assets can generate future returns or if they represent sunk costs in non-productive exploration projects.
Capital Intensity and Asset Quality
As reported in financial statements, the company's net property, plant, and equipment (PPE) has increased to $11.5 million in 2024Q4, representing the bulk of the balance sheet, which underscores the firm's heavy reliance on physical infrastructure to sustain its speculative exploration and production activities.
The concentration of value in PPE suggests an asset-heavy model that is highly sensitive to the success of drilling programs. Given the negative margins, the quality of these assets remains questionable, as they have yet to demonstrate the ability to produce cash flows that exceed their depreciation and maintenance costs.
Diminishing Cash Runway and Liquidity
Based on reported figures, INDO's cash position has dwindled to $4.6 million as of 2024Q4, and while the current ratio of 3.18 appears superficially healthy, it masks a precarious liquidity situation given the company's ongoing operational cash burn and lack of consistent revenue generation.
The volatility in the current ratio over the last ten quarters suggests that the company's ability to meet short-term obligations is highly dependent on periodic capital injections. Without a pivot to positive operating cash flow, the current cash buffer may prove insufficient to fund long-term exploration goals.
Equity Quality and Retained Losses
Analysis of the balance sheet reveals that equity has been consistently eroded by cumulative losses, with retained earnings reaching -$45.9 million in 2024Q4, indicating that the company's capital structure is increasingly reliant on external financing rather than internally generated value to support its ongoing operations.
The persistent negative retained earnings suggest that the company has failed to achieve a sustainable return on invested capital. This trend warrants further investigation into whether future equity raises will be required to prevent a total depletion of the company's net worth.