PT Kalbe Farma Tbk (PTKFY) AI Stock Analysis

• Market Cap: $2.87B
• Dividend Yield: 3.33%
• Average Volume (3M): 154.00
• Price to Earnings (P/E): 20.5
• Beta (1Y): 0.52
• Revenue Growth: 3.32%
• EPS Growth: 11.04%
• Country: US
• Employees: 12,841
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - General
• EPS (TTM): 0.18
• Shares Outstanding: 234,066,960
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 154
• PEG Ratio: 1.37
• Price to Book (P/B): 3.38
• Price to Sales (P/S): 2.36
• P/FCF Ratio: 21.81
• Enterprise Value/Market Cap: 15.20K
• Enterprise Value/Revenue: 1.27
• Enterprise Value/Gross Profit: 3.14
• Enterprise Value/Ebitda: 8.48
• 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: 66 Neutral
• Price Target: $16.00 ▲(9.14% Upside)
• Action: Downgraded Date: 12/19/25
• Date: Action: Downgraded 12/19/25

PT Kalbe Farma Tbk's overall score reflects strong profitability and a solid balance sheet, offset by declining revenue and free cash flow growth. The technical indicators show mixed signals, and the valuation is reasonable with an attractive dividend yield.

Positive Factors

Strong Balance Sheet

A strong balance sheet with minimal leverage enhances financial stability and flexibility, allowing the company to invest in growth opportunities without significant financial risk.

Profitability Margins

High profitability margins indicate effective cost management and operational efficiency, which can sustain earnings and provide a buffer against market fluctuations.

Cash Generation Ability

Strong cash generation relative to profits ensures liquidity and the ability to fund operations and investments, supporting long-term growth and stability.

Negative Factors

Declining Revenue Growth

A significant decline in revenue growth can indicate challenges in market expansion or product demand, potentially impacting future earnings and market position.

Declining Free Cash Flow

A decline in free cash flow growth can strain the company's ability to invest in new projects or return capital to shareholders, affecting long-term growth prospects.

Revenue Growth Challenges

Addressing revenue growth challenges is crucial for maintaining competitive advantage and ensuring sustainable long-term business expansion.

PT Kalbe Farma Tbk Business Overview & Revenue Model

Company Description

PT Kalbe Farma Tbk., together with its subsidiaries, develops, manufactures, and trades in pharmaceutical products in Indonesia. The company operates through four divisions: Prescription Pharmaceuticals, Consumer Health, Nutritionals, and Distribution and Logistic. It offers generic, branded, and licensed drugs, including Brainact, Cefspan, Mycoral, Cernevit, Cravit, Neuralgin, Broadced, Neurotam, Hemapo, and CPG that are distributed to hospitals, pharmacies, and drug stores. The company also provides over-the-counter drugs; energy drinks, ready-to-drink products, supplements, and other preventive products; and nutritional products for infants, toddlers, children, teenagers, adults, pregnant and lactating women, and elders, as well as for consumers with special medical needs. In addition, it offers contract services, including clinical study management, bioavailability/bioequivalence studies, and contract analysis to pharmaceutical companies; and animal health products, as well as operates Mitrasana Clinics, a health care service. Further, the company provides health screening services; operates as an agent and representative for biotechnology products; distributes consumer products, medical equipment, cosmetics, and other trading products; and trades in medical and laboratory equipment and supplies, raw materials for pharmaceutical products, and consumable products for hemodialysis therapy, as well as offers advertising services. PT Kalbe Farma Tbk. was incorporated in 1966 and is headquartered in Jakarta, Indonesia.

How the Company Makes Money

PT Kalbe Farma generates revenue through multiple key streams, including the sale of prescription pharmaceuticals, over-the-counter medications, and nutritional products. The company's prescription drug segment is particularly important, contributing significantly to its overall sales, as it caters to healthcare providers and hospitals. Additionally, Kalbe has a robust nutritional and consumer health division that leverages the growing demand for health supplements and wellness products. The company also benefits from strategic partnerships and collaborations with other healthcare organizations, enhancing its research capabilities and expanding its product offerings. Factors such as an increasing population, rising healthcare awareness, and the expansion of healthcare infrastructure in Indonesia contribute to the growth of Kalbe Farma's earnings.

PT Kalbe Farma Tbk Financial Statement Overview

Summary

PT Kalbe Farma Tbk shows strong profitability and a solid balance sheet with low leverage. However, the decline in revenue growth by 23.7% and free cash flow growth by 30.8% are concerning and need addressing to ensure long-term growth.

Income Statement

PT Kalbe Farma Tbk's income statement shows a mixed performance. The TTM (Trailing-Twelve-Months) data reveals a decline in revenue growth by 23.7%, indicating potential challenges in maintaining sales momentum. However, the company maintains healthy profitability margins with a gross profit margin of 40.3% and a net profit margin of 10.2%, suggesting effective cost management. The EBIT and EBITDA margins are also solid at 13.5% and 14.9%, respectively, reflecting operational efficiency.

Balance Sheet

The balance sheet of PT Kalbe Farma Tbk is strong, with a low debt-to-equity ratio of 0.0227, indicating minimal leverage and financial risk. The return on equity (ROE) stands at 15.2%, showcasing effective utilization of shareholder funds to generate profits. The equity ratio is robust, reflecting a solid capital structure and financial stability.

Cash Flow

The cash flow statement presents some concerns, with a significant decline in free cash flow growth by 30.8% in the TTM period. However, the company maintains a healthy free cash flow to net income ratio of 78.4%, indicating good cash generation relative to profits. The operating cash flow to net income ratio is 73.9%, suggesting adequate cash flow from operations to support earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Mar 2023	Dec 2021	Dec 2020
Income Statement
Total Revenue	34.42T	32.63T	30.45T	28.93T	26.26T	23.11T
Gross Profit	13.88T	12.96T	11.82T	11.70T	11.28T	10.25T
EBITDA	5.14T	4.61T	4.02T	5.25T	4.87T	4.35T
Net Income	3.50T	3.24T	2.77T	3.38T	3.18T	2.73T
Balance Sheet
Total Assets	29.95T	29.43T	27.06T	27.24T	25.67T	22.56T
Cash, Cash Equivalents and Short-Term Investments	4.18T	4.87T	3.40T	4.10T	6.48T	5.40T
Total Debt	518.68B	559.22B	618.54B	1.17T	626.16B	1.16T
Total Liabilities	5.27T	4.84T	3.94T	5.14T	4.40T	4.29T
Stockholders Equity	22.86T	22.79T	21.42T	20.39T	19.58T	17.41T
Cash Flow
Free Cash Flow	2.67T	3.53T	1.73T	2.90T	1.83T	3.10T
Operating Cash Flow	3.47T	4.79T	2.91T	3.77T	2.83T	4.21T
Investing Cash Flow	-560.71B	-1.25T	-1.14T	-1.37T	-1.06T	-951.22B
Financing Cash Flow	-3.12T	-2.09T	-2.44T	-2.41T	-745.18B	-1.10T

PT Kalbe Farma Tbk Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 14.66
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PTKFY, the sentiment is Negative. The current price of 14.66 is above the 20-day moving average (MA) of 12.90, above the 50-day MA of 13.68, and below the 200-day MA of 15.52, indicating a bearish trend. The MACD of -0.35 indicates Positive momentum. The RSI at 34.88 is Neutral, neither overbought nor oversold. The STOCH value of 0.05 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PTKFY.

PT Kalbe Farma Tbk Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PTKFY	66 Neutral	$2.87B	20.48	15.61%	3.33%	3.32%	11.04%
GRFS	56 Neutral	$7.09B	14.03	6.93%	1.56%	9.45%	167.00%
OGN	52 Neutral	$1.80B	9.95	30.56%	4.80%	-1.69%	-61.89%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CTOR	46 Neutral	$96.22M	-3.95	-47.41%	―	―	―
SRXH	40 Underperform	$36.77M	-0.22	―	―	-8.12%	―