Cash flow PT Gudang Garam Tbk

Equities

GGRM

ID1000068604

Tobacco

End-of-day quote INDONESIA S.E. Other stock markets 10/03/2026			5-day change	1st Jan Change
15,400.00 ^IDR	+8.07%		-3.60%	+10.00%

01-30	Nomura Starts Gudang Garam at Reduce With IDR12,600 Price Target	MT
31/10/25	PT Gudang Garam Tbk Reports Earnings Results for the Nine Months Ended September 30, 2025	CI

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Published financial data: PT GUDANG GARAM TBK

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	114,477B	124,881B	124,683B	118,953B	98,655B
Total Revenues	114,477B	124,881B	124,683B	118,953B	98,655B
Cost of Goods Sold, Total	97,089B	110,609B	113,587B	104,357B	89,276B
Gross Profit	17,388B	14,273B	11,096B	14,596B	9,380B
Selling General & Admin Expenses, Total	7,513B	7,092B	7,253B	7,271B	7,470B
Other Operating Expenses	-209B	-164B	-75.68B	-110B	38.92B
Other Operating Expenses, Total	7,304B	6,928B	7,178B	7,162B	7,509B
Operating Income	10,085B	7,345B	3,918B	7,434B	1,871B
Interest Expense, Total	-383B	-74.92B	-262B	-579B	-503B
Net Interest Expenses	-383B	-74.92B	-262B	-579B	-503B
Currency Exchange Gains (Loss)	-38.69B	16.72B	-9.17B	5.69B	32.71B
EBT, Excl. Unusual Items	9,663B	7,287B	3,647B	6,861B	1,401B
EBT, Incl. Unusual Items	9,663B	7,287B	3,647B	6,861B	1,401B
Income Tax Expense	2,015B	1,682B	867B	1,536B	420B
Earnings From Continuing Operations	7,648B	5,605B	2,780B	5,325B	981B
Net Income to Company	7,648B	5,605B	2,780B	5,325B	981B
Minority Interest	-4M	-6M	-3M	-2M	1M
Net Income - (IS)	7,648B	5,605B	2,780B	5,325B	981B
Net Income to Common Incl Extra Items	7,648B	5,605B	2,780B	5,325B	981B
Net Income to Common Excl. Extra Items	7,648B	5,605B	2,780B	5,325B	981B
Per Share Items
Net EPS - Basic	3.97K	2.91K	1.44K	2.77K	509.75
Basic EPS - Continuing Operations	3.97K	2.91K	1.44K	2.77K	509.75
Basic Weighted Average Shares Outstanding	1.92B	1.92B	1.92B	1.92B	1.92B
Net EPS - Diluted	3.97K	2.91K	1.44K	2.77K	509.75
Diluted EPS - Continuing Operations	3.97K	2.91K	1.44K	2.77K	509.75
Diluted Weighted Average Shares Outstanding	1.92B	1.92B	1.92B	1.92B	1.92B
Normalized Basic EPS	3.14K	2.37K	1.18K	2.23K	454.94
Normalized Diluted EPS	3.14K	2.37K	1.18K	2.23K	454.94
Dividend Per Share	2.6K	2.25K	1.2K	-	500
Payout Ratio	-	89.25	155.74	43.36	-
American Depositary Receipts Ratio (ADR)	4	4	4	4	4
Supplemental Items
EBITDA	12,810B	10,242B	6,891B	10,535B	5,114B
EBITA	10,085B	7,345B	3,918B	7,434B	2,119B
EBIT	10,085B	7,345B	3,918B	7,434B	1,871B
Effective Tax Rate - (Ratio)	20.86	23.08	23.77	22.39	29.97
Current Domestic Taxes	2,009B	1,570B	1,213B	1,787B	547B
Total Current Taxes	2,009B	1,570B	1,213B	1,787B	547B
Deferred Domestic Taxes	6.52B	112B	-346B	-251B	-127B
Total Deferred Taxes	6.52B	112B	-346B	-251B	-127B
Normalized Net Income	6,039B	4,554B	2,279B	4,288B	875B
Non-Cash Pension Expense	126B	-297B	-233B	83.25B	82.24B
Supplemental Operating Expense Items
Marketing Expenses	-	-	-	-	-
Selling and Marketing Expenses	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	4,774B	4,170B	4,407B	4,256B	3,706B
Short Term Investments	40B	75B	80B	5B	5B
Total Cash And Short Term Investments	4,814B	4,245B	4,487B	4,261B	3,711B
Accounts Receivable, Total	2,556B	2,774B	2,181B	1,952B	1,841B
Total Receivables	2,556B	2,774B	2,181B	1,952B	1,841B
Inventory	40,016B	47,607B	47,740B	46,612B	40,529B
Prepaid Expenses	367B	211B	200B	239B	214B
Other Current Assets, Total	1,784B	4,476B	837B	1,051B	1,297B
Total Current Assets	49,538B	59,313B	55,445B	54,115B	47,591B
Gross Property Plant And Equipment	50,337B	55,070B	60,435B	55,579B	55,829B
Accumulated Depreciation	-22,659B	-25,246B	-27,938B	-30,939B	-33,706B
Net Property Plant And Equipment	27,678B	29,824B	32,498B	24,640B	22,122B
Other Intangibles, Total	-	-	-	13,008B	14,330B
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	142B	123B	119B	182B	414B
Other Long-Term Assets, Total	833B	705B	501B	505B	482B
Total Assets	78,191B	89,964B	88,563B	92,451B	84,939B
Liabilities
Accounts Payable, Total	1,124B	1,002B	1,309B	1,065B	1,127B
Accrued Expenses, Total	9,188B	16,234B	16,449B	12,180B	8,550B
Short-term Borrowings	6,009B	9,948B	10,048B	13,396B	9,375B
Current Portion of Long-Term Debt	20B	32B	23.08B	-	-
Current Income Taxes Payable	167B	496B	509B	288B	167B
Other Current Liabilities	503B	656B	787B	2,608B	1,604B
Total Current Liabilities	17,010B	28,369B	29,125B	29,536B	20,824B
Long-Term Debt	157B	123B	65.38B	-	-
Pension & Other Post Retirement Benefits	1,996B	1,539B	1,188B	1,323B	1,344B
Deferred Tax Liability Non Current	506B	645B	328B	138B	264B
Other Non Current Liabilities	-	-	-	590B	590B
Total Liabilities	19,669B	30,676B	30,707B	31,588B	23,023B
Common Stock, Total	962B	962B	962B	962B	962B
Additional Paid In Capital	53.7B	53.7B	53.7B	53.7B	53.7B
Retained Earnings	57,540B	58,306B	56,874B	59,880B	60,934B
Comprehensive Income and Other	-33.38B	-33.38B	-33.38B	-33.38B	-33.38B
Total Common Equity	58,522B	59,288B	57,856B	60,863B	61,917B
Minority Interest	60M	66M	69M	71M	70M
Total Equity	58,522B	59,288B	57,856B	60,863B	61,917B
Total Liabilities And Equity	78,191B	89,964B	88,563B	92,451B	84,939B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.92B	1.92B	1.92B	1.92B	1.92B
ECS Total Common Shares Outstanding	1.92B	1.92B	1.92B	1.92B	1.92B
Book Value / Share	30.42K	30.81K	30.07K	31.63K	32.18K
Tangible Book Value	58,522B	59,288B	57,856B	47,855B	47,587B
Tangible Book Value Per Share	30.42K	30.81K	30.07K	24.87K	24.73K
Total Debt	6,186B	10,103B	10,136B	13,396B	9,375B
Net Debt	1,372B	5,858B	5,649B	9,135B	5,665B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1,996B	1,539B	1,188B	1,323B	1,344B
Minority Interest, Total (Incl. Fin. Div)	60M	66M	69M	71M	70M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	24,298B	28,969B	27,413B	30,928B	26,951B
Inventories - Work In Process, Total	589B	567B	362B	407B	390B
Inventories - Finished Goods, Total	8,723B	8,733B	12,081B	7,908B	8,631B
Inventories - Others	6,285B	9,188B	7,783B	7,242B	4,454B
Land - (BS)	4,110B	4,324B	4,538B	3,934B	3,267B
Buildings, Total	7,847B	8,335B	9,070B	9,640B	9,983B
Machinery, Total	33,706B	35,706B	37,564B	40,077B	40,574B
Full Time Employees	30.94K	33.65K	31.56K	28.34K	30.31K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	7,648B	5,605B	2,780B	5,325B	981B
Depreciation & Amortization - CF	2,726B	2,897B	2,973B	3,101B	2,995B
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	248B
Depreciation & Amortization, Total	2,726B	2,897B	2,973B	3,101B	3,243B
Other Operating Activities, Total	7,104B	-3,177B	4,116B	-4,017B	2,303B
Cash from Operations	17,478B	5,325B	9,868B	4,409B	6,527B
Capital Expenditure	-5,351B	-4,935B	-5,424B	-5,698B	-3,185B
Sale of Property, Plant, and Equipment	228B	125B	79.02B	116B	111B
Investment in Marketable and Equity Securities, Total	75.42B	-35B	-5B	75B	-
Cash from Investing	-5,048B	-4,844B	-5,350B	-5,508B	-3,074B
Short Term Debt Issued, Total	9,500B	10,150B	13,500B	17,050B	13,000B
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	9,500B	10,150B	13,500B	17,050B	13,000B
Short Term Debt Repaid, Total	-20,600B	-6,600B	-13,700B	-13,650B	-16,750B
Long-Term Debt Repaid, Total	-20B	-22B	-66.2B	-88.46B	-
Total Debt Repaid	-20,620B	-6,622B	-13,766B	-13,738B	-16,750B
Common Dividends Paid	-	-5,003B	-4,329B	-2,309B	-
Common & Preferred Stock Dividends Paid	-	-5,003B	-4,329B	-2,309B	-
Other Financing Activities, Total	1M	-	-	-	-
Cash from Financing	-11,120B	-1,475B	-4,595B	1,003B	-3,750B
Foreign Exchange Rate Adjustments	151M	-13M	14.9B	-2.87B	16.73B
Net Change in Cash	1,310B	-994B	-62.38B	-98.58B	-280B
Supplemental Items
Cash Interest Paid	492B	67.7B	242B	535B	575B
Cash Income Tax Paid (Refund)	2,252B	1,224B	1,179B	2,032B	780B
Levered Free Cash Flow	10,066B	-430B	4,608B	-122B	2,195B
Unlevered Free Cash Flow	10,306B	-383B	4,772B	240B	2,509B
Change In Net Working Capital	-6,629B	2,936B	-4,775B	1,809B	-1,282B
Net Debt Issued / Repaid	-11,120B	3,528B	-266B	3,312B	-3,750B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	8.04	5.46	2.74	5.13	1.32
Return on Total Capital	9.47	6.85	3.56	6.53	1.61
Return On Equity %	13.97	9.52	4.75	8.97	1.6
Return on Common Equity	13.97	9.52	4.75	8.97	1.6
Margin Analysis
Gross Profit Margin %	15.19	11.43	8.9	12.27	9.51
SG&A Margin	6.56	5.68	5.82	6.11	7.57
EBITDA Margin %	11.19	8.2	5.53	8.86	5.18
EBITA Margin %	8.81	5.88	3.14	6.25	2.15
EBIT Margin %	8.81	5.88	3.14	6.25	1.9
Income From Continuing Operations Margin %	6.68	4.49	2.23	4.48	0.99
Net Income Margin %	6.68	4.49	2.23	4.48	0.99
Net Avail. For Common Margin %	6.68	4.49	2.23	4.48	0.99
Normalized Net Income Margin	5.28	3.65	1.83	3.6	0.89
Levered Free Cash Flow Margin	8.79	-0.34	3.7	-0.1	2.22
Unlevered Free Cash Flow Margin	9	-0.31	3.83	0.2	2.54
Asset Turnover
Asset Turnover	1.46	1.49	1.4	1.31	1.11
Fixed Assets Turnover	4.32	4.34	4	4.16	4.22
Receivables Turnover (Average Receivables)	51.66	46.86	50.32	57.56	52.02
Inventory Turnover (Average Inventory)	2.34	2.52	2.38	2.21	2.05
Short Term Liquidity
Current Ratio	2.91	2.09	1.9	1.83	2.29
Quick Ratio	0.43	0.25	0.23	0.21	0.27
Operating Cash Flow to Current Liabilities	1.03	0.19	0.34	0.15	0.31
Days Sales Outstanding (Average Receivables)	7.08	7.79	7.25	6.34	7.04
Days Outstanding Inventory (Average Inventory)	156.51	144.57	153.19	165	178.62
Average Days Payable Outstanding	4.71	3.28	3.71	4.2	4.82
Cash Conversion Cycle (Average Days)	158.89	149.08	156.74	167.15	180.84
Long Term Solvency
Total Debt/Equity	10.57	17.04	17.52	22.01	15.14
Total Debt / Total Capital	9.56	14.56	14.91	18.04	13.15
LT Debt/Equity	0.27	0.21	0.11	-	-
Long-Term Debt / Total Capital	0.24	0.18	0.1	-	-
Total Liabilities / Total Assets	25.15	34.1	34.67	34.17	27.1
EBIT / Interest Expense	26.35	98.04	14.93	12.84	3.72
EBITDA / Interest Expense	33.47	136.7	26.26	18.2	10.17
(EBITDA - Capex) / Interest Expense	19.49	70.84	5.59	8.36	3.84
Total Debt / EBITDA	0.48	0.99	1.47	1.27	1.83
Net Debt / EBITDA	0.11	0.57	0.82	0.87	1.11
Total Debt / (EBITDA - Capex)	0.83	1.9	6.91	2.77	4.86
Net Debt / (EBITDA - Capex)	0.18	1.1	3.85	1.89	2.94
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.58	9.09	-0.16	-4.6	-17.06
Gross Profit, 1 Yr. Growth %	-23.68	-17.92	-22.26	31.54	-35.74
EBITDA, 1 Yr. Growth %	-27.31	-20.05	-32.72	52.89	-51.46
EBITA, 1 Yr. Growth %	-33.19	-27.17	-46.66	89.73	-71.49
EBIT, 1 Yr. Growth %	-33.19	-27.17	-46.66	89.73	-74.83
Earnings From Cont. Operations, 1 Yr. Growth %	-29.71	-26.71	-50.41	91.55	-81.58
Net Income, 1 Yr. Growth %	-29.71	-26.71	-50.41	91.55	-81.58
Normalized Net Income, 1 Yr. Growth %	-33.3	-24.59	-49.96	88.15	-79.59
Diluted EPS Before Extra, 1 Yr. Growth %	-29.71	-26.71	-50.41	91.55	-81.58
Accounts Receivable, 1 Yr. Growth %	36.26	8.52	-21.36	-10.52	-5.69
Inventory, 1 Yr. Growth %	-6.98	18.97	0.28	-2.36	-13.05
Net Property, Plant and Equip., 1 Yr. Growth %	9.08	7.75	8.96	-24.18	-10.22
Total Assets, 1 Yr. Growth %	-0.58	15.06	-1.56	4.39	-8.12
Tangible Book Value, 1 Yr. Growth %	14.91	1.31	-2.42	-17.29	-0.56
Common Equity, 1 Yr. Growth %	14.91	1.31	-2.42	5.2	1.73
Cash From Operations, 1 Yr. Growth %	56.41	-69.53	85.31	-55.32	48.03
Capital Expenditures, 1 Yr. Growth %	7.31	-7.79	9.92	5.06	-44.1
Levered Free Cash Flow, 1 Yr. Growth %	115.69	-104.27	-1.17K	-102.64	-1.91K
Unlevered Free Cash Flow, 1 Yr. Growth %	104.76	-103.72	-1.34K	-94.97	944.52
Dividend Per Share, 1 Yr. Growth %	-	-13.46	-46.67	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.37	6.3	4.36	-2.4	-11.05
Gross Profit, 2 Yr. CAGR %	-3.43	-20.85	-20.12	1.13	-8.06
EBITDA, 2 Yr. CAGR %	-2.18	-23.77	-26.66	1.42	-13.85
EBITA, 2 Yr. CAGR %	-4.78	-30.24	-37.67	0.6	-26.46
EBIT, 2 Yr. CAGR %	-4.78	-30.24	-37.67	0.6	-30.9
Earnings From Cont. Operations, 2 Yr. CAGR %	-0.94	-28.23	-39.71	-2.54	-40.6
Net Income, 2 Yr. CAGR %	-0.93	-28.23	-39.71	-2.54	-40.6
Normalized Net Income, 2 Yr. CAGR %	-3.96	-29.08	-38.57	-2.97	-38.03
Diluted EPS Before Extra, 2 Yr. CAGR %	-0.93	-28.23	-39.71	-2.54	-40.6
Accounts Receivable, 2 Yr. CAGR %	21.7	21.6	-7.62	-16.11	-8.14
Inventory, 2 Yr. CAGR %	1.69	5.2	9.22	-1.05	-7.86
Net Property, Plant and Equip., 2 Yr. CAGR %	10.28	8.41	8.36	-9.11	-17.49
Total Assets, 2 Yr. CAGR %	6.38	6.95	6.43	1.37	-2.07
Tangible Book Value, 2 Yr. CAGR %	13.87	7.89	-0.57	-10.16	-9.31
Common Equity, 2 Yr. CAGR %	13.87	7.89	-0.57	1.32	3.45
Cash From Operations, 2 Yr. CAGR %	24.78	-30.97	-24.86	-9.01	-18.67
Capital Expenditures, 2 Yr. CAGR %	31.16	-0.53	0.67	7.46	-23.37
Levered Free Cash Flow, 2 Yr. CAGR %	22.78	-69.64	-32.34	-46.86	-30.98
Unlevered Free Cash Flow, 2 Yr. CAGR %	20.47	-72.4	-31.95	-20.84	-27.49
Dividend Per Share, 2 Yr. CAGR %	0	-	-32.06	-	-35.45
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	11.18	9.27	4.1	1.29	-7.56
Gross Profit, 3 Yr. CAGR %	-1.55	-8.52	-21.32	-5.67	-13.06
EBITDA, 3 Yr. CAGR %	-1.72	-8.54	-26.88	-6.31	-20.67
EBITA, 3 Yr. CAGR %	-3.59	-12.92	-36.21	-9.67	-33.92
EBIT, 3 Yr. CAGR %	-3.59	-12.92	-36.21	-9.67	-36.61
Earnings From Cont. Operations, 3 Yr. CAGR %	-0.46	-10.4	-36.55	-11.37	-44.07
Net Income, 3 Yr. CAGR %	-0.46	-10.4	-36.55	-11.37	-44.07
Normalized Net Income, 3 Yr. CAGR %	-2.53	-11.4	-36.86	-10.79	-42.29
Diluted EPS Before Extra, 3 Yr. CAGR %	-0.46	-10.4	-36.55	-11.37	-44.07
Accounts Receivable, 3 Yr. CAGR %	4.67	17.14	5.16	-8.6	-12.77
Inventory, 3 Yr. CAGR %	1.69	7.15	3.53	5.22	-5.22
Net Property, Plant and Equip., 3 Yr. CAGR %	8.94	9.43	8.6	-3.8	-9.48
Total Assets, 3 Yr. CAGR %	5.41	9.2	4.04	5.74	-1.9
Tangible Book Value, 3 Yr. CAGR %	11.54	9.52	4.34	-6.49	-7.07
Common Equity, 3 Yr. CAGR %	11.54	9.52	4.34	1.32	1.46
Cash From Operations, 3 Yr. CAGR %	28.67	-22.01	-4.06	-36.81	7.02
Capital Expenditures, 3 Yr. CAGR %	16.37	16.62	2.84	2.11	-13.58
Levered Free Cash Flow, 3 Yr. CAGR %	31.68	-59.91	-0.42	-77.06	72.16
Unlevered Free Cash Flow, 3 Yr. CAGR %	28.04	-62.2	-1.76	-71.43	87.06
Dividend Per Share, 3 Yr. CAGR %	0	-4.71	-	-	-39.43
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	10.22	10.36	8.4	4.44	-2.25
Gross Profit, 5 Yr. CAGR %	2.34	-3	-9.44	-4.78	-16.26
EBITDA, 5 Yr. CAGR %	1.76	-3.45	-12.58	-4.68	-21.92
EBITA, 5 Yr. CAGR %	0.18	-6.21	-19.02	-7.74	-32.47
EBIT, 5 Yr. CAGR %	0.18	-6.21	-19.02	-7.74	-34.14
Earnings From Cont. Operations, 5 Yr. CAGR %	3.46	-3.43	-18.55	-7.34	-38.2
Net Income, 5 Yr. CAGR %	3.51	-3.44	-18.55	-7.33	-38.2
Normalized Net Income, 5 Yr. CAGR %	2.34	-4	-18.96	-8.12	-37.33
Diluted EPS Before Extra, 5 Yr. CAGR %	3.51	-3.44	-18.55	-7.33	-38.2
Accounts Receivable, 5 Yr. CAGR %	10.27	5.83	-0.43	2.49	-0.38
Inventory, 5 Yr. CAGR %	1.44	4.86	4.64	3.79	-1.19
Net Property, Plant and Equip., 5 Yr. CAGR %	6.6	7.79	8.71	1.6	-2.71
Total Assets, 5 Yr. CAGR %	4.25	7.4	5.81	6	1.55
Tangible Book Value, 5 Yr. CAGR %	9.08	8.47	6.53	1.18	-1.35
Common Equity, 5 Yr. CAGR %	9.08	8.47	6.53	6.16	3.98
Cash From Operations, 5 Yr. CAGR %	40.43	-5.15	3.76	-17.05	-10.2
Capital Expenditures, 5 Yr. CAGR %	12.85	16.14	9.82	12.87	-8.58
Levered Free Cash Flow, 5 Yr. CAGR %	63.04	-33.21	0.89	-55.13	-14
Unlevered Free Cash Flow, 5 Yr. CAGR %	249.86	-37.38	-0.56	-49.2	-12.99
Dividend Per Share, 5 Yr. CAGR %	0	-2.85	-14.33	-	-