Latest Ratios: P/E Ratio 12.3x · EV/EBITDA 3.7x · 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 | $12.4B | $20.9B | $16.3B | $25.5B | $23.6B | $28.7B | $23.3B | $28.2B | $26.0B | $31.9B | $28.8B |
| Enterprise Value | $14.7B | $40.62T | $42.95T | $39.02T | $31.12T | $30.80T | $44.16T | $33.87T | $26.67T | $10.36T | $2.06T |
| P/E Ratio → | 12.32 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/S Ratio | 1.51 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/B Ratio | 1.47 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/FCF | 5.83 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/OCF | 3.48 | 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 | 3.66 | 0.57 | 0.57 | 0.51 | 0.43 | 0.39 | 0.61 | 0.48 | 0.44 | 0.16 | 0.04 |
| EV / EBIT | 7.70 | 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 | 9.5% | 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 | 8.1% | 86551.1% | 145124.6% | 96242.2% | 117157.2% | 118209.7% | 128286.6% | 97729.8% | 69450.6% | 69382.4% | 67280.5% |
| FCF Yield | 17.2% | 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 | 9.5% | 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 |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying TLK stock.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's current P/E ratio is 12.3x. 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 3.7x. 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 12.3x. 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 9.46% 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.
Key Metrics
Top Statement Risk
Mobile market saturation and price competition
Yield-Driven Valuation Amidst Growth Uncertainty
TLK's 8.2% dividend yield, as reported in current valuation metrics, is the primary return driver, significantly exceeding regional peers like Singtel and PLDT, while its P/E of 14.26 appears anchored to interest rates rather than growth expectations.
The valuation profile is dominated by the dividend yield, which positions TLK as a high-income play in a rising rate environment, potentially attracting yield-seeking investors but also making the stock sensitive to rate movements. The P/E multiple is compressed relative to regional peers like SK Telecom, reflecting the market's skepticism about growth durability given the -2.2% YoY revenue decline and competitive pressures. The EV/EBITDA of 4.14 suggests the market is discounting the company's cash flow generation, possibly due to concerns about hidden lease liabilities from the Mitratel tower arrangements.
Margin Erosion Amidst Competitive Pricing Pressure
Operating margins have contracted from 29.4% in Q1 2024 to 26.5% in Q2 2026, as reported in the ratio data, indicating that cost pressures and competitive pricing are eroding the company's ability to maintain its historical profitability levels.
The margin compression suggests that TLK is facing difficulty in fully recovering its high fixed-cost base through pricing, a critical challenge in the competitive Indonesian mobile market. The operating margin of 26.5% remains healthy in absolute terms but the downward trend indicates that unit O&M costs may be rising faster than revenue, or that promotional spending is intensifying to defend market share. Investors should monitor whether the FMC restructuring and integration of IndiHome can generate sufficient cross-selling synergies to stabilize or reverse this margin trend.
Conservative Core Leverage Masked by Lease Obligations
The reported debt-to-capital ratio of 0.37 in Q2 2026, per the ratio data, suggests a conservatively financed core utility, but this metric likely understates true leverage due to significant off-balance-sheet tower leaseback obligations from the Mitratel spin-off.
The interest coverage ratio of 9.68x and FFO/Debt of 17.96x indicate strong debt serviceability from core operations, providing a solid credit profile. However, the prior balance sheet analysis flagged that the traditional debt metric may not capture the full extent of lease liabilities, which could be material given the company's infrastructure-heavy model. The current ratio below 1.0, despite a strong cash position, suggests that management is strategically managing liquidity, but the underlying capital structure may be more complex than headline leverage ratios imply.
High Yield Supported by Cash Flow, But Payout Sustainability Uncertain
The 8.2% dividend yield, as shown in current valuation metrics, is exceptionally high for the sector and appears supported by robust operating cash flows, but the lack of consistent quarterly payout data and recent equity erosion warrant careful monitoring of payout sustainability.
The dividend yield is the standout feature of TLK's investment case, offering a significant premium over regional peers and fixed-income alternatives. However, the prior cash flow analysis noted that operating cash flow covered the payout by a factor of only 0.8 in the quarters where dividends were paid, suggesting a high payout ratio that may limit internal funding for the substantial 5G and fiber expansion capex program. The 20.1% decline in total equity over the last ten quarters, driven partly by dividends, indicates that maintaining this yield could further strain the balance sheet if earnings do not recover.
Yield Premium vs. Regional Peers, But Growth Discount Persists
TLK's 8.2% dividend yield significantly exceeds peers like PLDT (8.6%) and BCE (6.7%), but its P/E of 14.26 trades at a discount to regional incumbents like Singtel, reflecting a market perception of lower growth durability.
The peer comparison reveals a clear valuation dichotomy: TLK offers a superior income yield but is assigned a lower earnings multiple than higher-growth regional peers. This suggests the market is pricing in the risks of mobile saturation and the potential for SOE-mandated social objectives to override shareholder returns. The company's leverage profile appears conservative relative to peers like PLDT (D/E of 2.80), but this comparison may be misleading if TLK's lease obligations are not fully captured in the reported debt figures.
The Misapplied P/E Ratio in a Utility Context
The P/E ratio of 14.26 is the most commonly misapplied metric for TLK, as it obscures the company's utility-like characteristics where dividend yield and regulated cash flows, not earnings growth, are the primary valuation drivers.
Comparing TLK's P/E to high-growth tech or industrial peers is analytically flawed because the company operates as a regulated utility with stable, recurring cash flows. The P/E is heavily influenced by non-cash items like depreciation and foreign exchange gains, which create earnings volatility unrelated to core operational performance. A more appropriate framework would focus on dividend yield relative to sovereign bond yields and EV/EBITDA as a proxy for cash flow generation, while adjusting for the hidden leverage in tower lease obligations to assess true capital efficiency.