PT Bank Mandiri (Persero) Tbk (PPERY) AI Stock Analysis

• Market Cap: $29.79B
• Dividend Yield: 9.11%
• Average Volume (3M): 7.95K
• Price to Earnings (P/E): 8.6
• Beta (1Y): 0.32
• Revenue Growth: 6.16%
• EPS Growth: -14.21%
• Country: US
• Employees: 38,731
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.47
• Shares Outstanding: 2,333,333,300
• 10 Day Avg. Volume: 6,724
• 30 Day Avg. Volume: 7,946
• PEG Ratio: 4.67
• Price to Book (P/B): 1.63
• Price to Sales (P/S): 2.33
• P/FCF Ratio: 4.99
• Enterprise Value/Market Cap: 26.20K
• Enterprise Value/Revenue: 4.24
• Enterprise Value/Gross Profit: 7.16
• Enterprise Value/Ebitda: 12.65
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: $13.50 ▲(19.05% Upside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

The score is driven primarily by solid fundamentals (strong 2025 growth and profitability) but tempered by higher leverage and a historically inconsistent cash-flow profile. Valuation is a major positive (low P/E and high dividend yield). Technically, the trend is supportive, though the very elevated Stoch suggests the rally may be stretched.

Positive Factors

Revenue rebound and 2025 growth

A sharp revenue rebound concentrated in 2025 indicates renewed franchise momentum across retail, SME and corporate segments. Durable top-line growth improves loan and fee bases, supports scale economies in operations and strengthens the bank's ability to invest in digital channels and product distribution.

High return on equity

Sustained high ROE shows efficient capital deployment and profitable lending/fee mix. Over months this supports internal capital generation, dividend capacity and competitive reinvestment, indicating structural earnings strength versus peers if asset quality and margins are maintained.

Material improvement in cash generation

The 2025 cash-flow turnaround suggests improved cash conversion of earnings and reduced reliance on external funding. If sustained, stronger operating cash enables balance-sheet strengthening, provisioning capacity and funding for lending growth without immediate capital raises.

Negative Factors

Rising leverage in 2025

A notable step-up in leverage materially increases balance-sheet sensitivity to funding stress and interest-rate moves. Over the medium term higher debt levels reduce financial flexibility, increase capital strain under shocks, and can amplify earnings volatility if asset quality weakens.

Multi-year cash-flow volatility

A history of prolonged negative operating cash flow through 2024 implies inconsistent cash conversion and higher funding risk. Even with 2025 improvement, this track record raises questions about sustainability of cash generation and planning reliability for provisioning and capital allocation.

Volatile margins and operating profitability

Large year-to-year swings in operating margins undermine predictability of core earnings and complicate credit provisioning and pricing. Structural margin volatility makes forecasting capital needs and dividend capacity harder, and may reflect reliance on one-off items or cyclical income drivers.

PT Bank Mandiri (Persero) Tbk Business Overview & Revenue Model

Company Description

PT Bank Mandiri (Persero) Tbk provides various banking products and services to individuals and businesses in Indonesia, Singapore, Hong Kong, Timor Leste, Shanghai, Malaysia, the United Kingdom, and the Cayman Islands. It offers savings and current accounts, time deposits, demand deposits, and foreign currency savings and current accounts; motorcycle loans, mortgage loan, and housing loans, as well as loans for various purposes, such as education, home renovation, marriage, health, and other needs for individuals; and working capital loans, investment loans, people's business loans, syndicated loans, and micro business loans for businesses. The company also provides investment products comprising mutual funds, stocks, and bond trading; life, health, and general insurance products; credit, debit, and corporate cards; e-banking services; digital lending; cash management services; trade finance services, value chain, supply chain management, global and domestic trade, export and import, standby letter of credit, and bank guarantee, as well as spot and forex services; custodial services; treasury services, including cash transaction/liquidity, hedging, and investment products; trust services comprising trustee, paying agent, security agent, escrow agent, monitoring agent, and receiving bank services; and money transfer, remittance services, and venture capital financing. As of 31 December 2021, it operated 2,609 branches, including 137 branch offices, 2,465 sub-branch offices, and 7 overseas branch offices; and 13,087 ATM facilities. The company was founded in 1998 and is headquartered in Jakarta, Indonesia.

How the Company Makes Money

Bank Mandiri generates revenue primarily through interest income from its lending activities, which include personal loans, mortgages, and corporate loans. Additionally, the bank earns from non-interest income sources such as fees and commissions from services like wealth management, insurance brokerage, and transaction processing. The bank's treasury operations also contribute to its earnings through trading and investment activities. Key partnerships with financial technology companies and collaborations with other financial institutions enhance its service offerings and expand its customer base, further boosting its revenue streams.

PT Bank Mandiri (Persero) Tbk Financial Statement Overview

Summary

Strong revenue rebound culminating in sharp 2025 growth and solid profitability (net margin ~26.6%) with attractive ROE (~19.3% in 2025). Offsets include increased 2025 leverage (debt-to-equity ~0.95 vs ~0.61 in 2024) and a volatile cash-flow history (negative operating cash flow in 2020–2024 despite a strong 2025 turn).

Income Statement

Across annual periods (2020–2025), revenue rebounded strongly after the 2020 decline, culminating in a sharp acceleration in 2025 (+28.7%). Profitability is consistently solid, with net profit margin improving to ~26.6% in 2025 and net income rising versus 2021–2022 levels. Offsetting this, margins are volatile across years (including an unusual negative EBIT margin reading in 2024 and a very high 2025 EBIT margin), which reduces confidence in stability and comparability of operating profitability year-to-year.

Balance Sheet

The balance sheet shows solid capital levels with equity growing over time (2020–2025) and healthy returns on equity (~13.7% to ~21.1% historically; ~19.3% in 2025). However, leverage has stepped up materially in 2025, with debt-to-equity rising to ~0.95 from ~0.61 in 2024, which increases balance-sheet risk and reduces flexibility if operating conditions weaken.

Cash Flow

Cash generation is the main swing factor: operating cash flow was negative in every year from 2020–2024 but turned strongly positive in 2025 (with free cash flow also flipping to a sizable positive and showing very strong growth). That improvement is a clear strength, but the multi-year history of negative operating and free cash flow points to higher volatility and less consistent cash conversion, making the cash-flow profile less dependable than earnings.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.00T>	10.00T>	10.00T>	10.00T>	99.50T
Gross Profit	10.00T>	10.00T>	10.00T>	10.00T>	99.50T
EBITDA	81.67T	0.00	79.25T	60.89T	41.92T
Net Income	56.78T	55.78T	55.06T	41.17T	28.03T
Balance Sheet
Total Assets	10.00T>	10.00T>	10.00T>	10.00T>	10.00T>
Cash, Cash Equivalents and Short-Term Investments	0.00	10.00T>	10.00T>	10.00T>	10.00T>
Total Debt	10.00T>	10.00T>	10.00T>	10.00T>	94.43T
Total Liabilities	10.00T>	10.00T>	10.00T>	10.00T>	10.00T>
Stockholders Equity	10.00T>	10.00T>	10.00T>	10.00T>	10.00T>
Cash Flow
Free Cash Flow	96.01T	-88.10T	-10.00T>	-10.00T>	-20.07T
Operating Cash Flow	10.00T>	-79.56T	-10.00T>	-10.00T>	-17.79T
Investing Cash Flow	-10.00T>	17.73T	16.01T	-41.89T	-10.00T>
Financing Cash Flow	10.00T>	57.85T	10.00T>	10.00T>	10.00T>

PT Bank Mandiri (Persero) Tbk Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 11.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PPERY, the sentiment is Positive. The current price of 11.34 is below the 20-day moving average (MA) of 11.85, below the 50-day MA of 11.81, and below the 200-day MA of 11.53, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 63.12 is Neutral, neither overbought nor oversold. The STOCH value of 54.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PPERY.

PT Bank Mandiri (Persero) Tbk Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PPERY	74 Outperform	$29.79B	8.63	20.95%	9.11%	6.16%	-14.21%
KB	69 Neutral	$41.19B	10.61	10.33%	2.79%	-4.64%	24.98%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SHG	65 Neutral	$33.24B	9.70	―	2.86%	-4.88%	4.84%
BBD	64 Neutral	$40.96B	10.16	14.19%	2.48%	5.89%	34.68%
BSBR	64 Neutral	$26.03B	24.03	9.34%	4.98%	1.13%	-11.93%
WF	62 Neutral	$19.82B	9.08	―	3.71%	-2.90%	16.10%