What moves the needle: Subscribers, revenue per user, and network capex. What decides it: net adds against churn, ARPU, and the relentless capital to keep the network competitive.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, charted

FY2015–2024

Each measure over its full record; the current point and the worst year marked.

Share count

99.1Bpeak FY2017

ROIC

22%low FY2022

Net debt ÷ owner earnings

0.1×peak FY2018

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

Rp 35.59Towner earningsvs.Rp 23.61Tnet incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2015FY2024

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business turned Rp 23.61T of profit into Rp 35.59T of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net incomeRp 23.61T

Owner earningsRp 35.59T

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	Rp 23.61T	Rp 24.43T	Rp 20.74T	Rp 24.88T	Rp 21.05T
Depreciation & amortizationnon-cash charge added back	+Rp 32.60T	+Rp 32.57T	+Rp 33.13T	+Rp 31.71T	+Rp 28.93T
Working capital & othertiming of cash in and out, other non-cash items	+Rp 5.39T	+Rp 3.58T	+Rp 19.49T	+Rp 11.76T	+Rp 15.34T
Cash from operations	Rp 61.60T	Rp 60.58T	Rp 73.35T	Rp 68.35T	Rp 65.32T
Capital expenditurecash put back in to keep running and to grow	−Rp 26.00T	−Rp 33.60T	−Rp 35.01T	−Rp 29.92T	−Rp 29.40T
Owner earnings	Rp 35.59T	Rp 26.98T	Rp 38.34T	Rp 38.43T	Rp 35.91T
Owner-earnings marginowner earnings ÷ revenue	—	—	—	—	—

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2024 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 8.2×

Comfortable

Operating income Rp 43.01T ÷ interest expense Rp 5.22T

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? Rp 1.85T · 0.0× operating profit

Modest net debt

Cash Rp 33.91T + ST investments Rp 1.28T − debt Rp 37.04T

What this means
Netting Rp 35.19T of cash and short-term investments against Rp 37.04T of debt leaves Rp 1.85T owed, about 0.0× a year's operating profit (0.9× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 23%

High through the cycle

9-yr median, range 21%–33%; 22% latest = NOPAT Rp 31.69T ÷ invested capital Rp 145.03T

Industry peers: median 7%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 22% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 151%

High

Owner earnings Rp 35.59T = operating cash Rp 61.60T − maintenance capex Rp 26.00T

Industry peers: median 10%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 151% of revenue this year.
Are earnings backed by cash? 2.61×

Cash-backed

Cash from ops Rp 61.60T ÷ net income Rp 23.61T

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 52%

Returns about half

Dividends + buybacks Rp 18.39T ÷ Owner Earnings Rp 35.59T

What this means
Of Rp 35.59T Owner Earnings, Rp 18.39T (52%) went back to shareholders, Rp 17.68T dividends, Rp 704.0B buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.80×

Harvesting

Capex Rp 26.00T ÷ depreciation Rp 32.60T

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size —

Revenue ≥ $2B (a dollar floor) · Rp 23.61T

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Miss

Current ratio ≥ 2× · 0.82×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · Rp 37.04T vs (Rp 13.63T) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Near

Earnings +33% over the record · +21%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are Rp 231.42/share (latest year Rp 238.35), the averaged base the calculator's gate runs on, and book value is Rp 1432.31/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2024

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assetsRp 63.09T

Cash & short-term investmentsRp 35.19T
ReceivablesRp 12.83T
InventoryRp 1.10T
Other current assetsRp 13.98T

Current liabilitiesRp 76.72T

Debt due within a yearRp 11.53T
Accounts payableRp 15.79T
Other current liabilitiesRp 49.41T

Current ratio0.82×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.81×stricter: inventory excluded

Cash ratio0.46×strictest: cash alone against what's due

Working capital(Rp 13.63T)the cushion left after near-term bills

Debt due this year vs. cashRp 11.53T due · Rp 35.19T cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2024 balance sheet

Deeper floors

Tangible book valueRp 141.89Tequity stripped of goodwill & intangibles

Net current asset value(Rp 74.06T)Graham's net-net: current assets less all liabilities

Debt incl. operating leasesRp 60.97TRp 23.93T of it operating leases

Deferred revenueRp 7.74Tcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2015–2024

Over the record, the business generated Rp 574.15T of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

ReinvestedRp 306.39T · 53%
DividendsRp 145.51T · 25%
BuybacksRp 1.42T · 0%
Retained (debt / cash)Rp 120.83T · 21%

Returned to ownersRp 146.92T
47% of the owner earnings the business produced over the span, Rp 145.51T as dividends and Rp 1.42T as buybacks.
Average price paid for buybacks—
Buybacks ran Rp 1.42T over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−91.4%
The diluted count fell from 98177M to 8400M, so the buybacks outran the stock issued to staff.
Dividend recordRp 178.50/sh
Paid in 10 of the years on record, the per-share dividend growing about 8% a year. It was cut at least once along the way.
Return on what it retained10%
Of the earnings it kept rather than paid out (Rp 61.55T over the span), annual owner earnings (first three years vs last three) grew Rp 6.07T, so each retained Rp 1 added about 0.10 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Peers, Telecom Operators

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
TLKPT Telekomunikasi Indonesia Tbk	Rp 23.61T	—	182.2%	23%	151%
VZVerizon Communications	$138.2B	84%	22.0%	11%	6%
TAT&T Inc.	$125.6B	52%	15.4%	6%	15%
CCZComcast Holdings ZONES	$123.7B	—	19.0%	9%	14%
TMUST-Mobile US Inc.	$88.3B	87%	12.1%	8%	1%
CHTRCharter Communications, Inc.	$54.8B	—	18.9%	7%	10%
WBDWarner Bros. Discovery, Inc.	$37.3B	63%	13.4%	5%	20%
LUMNLumen Technologies	$11.3B	52%	3.3%	2%	10%
Group median	—	—	17.1%	8%	12%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the home-market price, not the US ADR quote. PT Telekomunikasi Indonesia Tbk reports in IDR, and every figure here (owner earnings, book value, the share count) is on that IDR, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in IDR. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what PT Telekomunikasi Indonesia Tbk has delivered.

Today’s price Rp

Base Normalize · through-cycle (Rp 33.64T) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’22–’24)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings Rp 35.59T on 99062M shares outstanding (a weighted average, the only count this filer tags); net debt Rp 1.85T. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh TLK against another business →

Cite: Owner Scorecard, "PT Telekomunikasi Indonesia Tbk (TLK), the owner's record," https://ownerscorecard.com/c/TLK, data as of 2026-07-09.

Manual order: ← TK its page in the Manual TLX →

Industry order: ← TIMB the Telecom Operators chapter TMUS →