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Indonesia's largest telecom operator, state-controlled, providing wireless (Telkomsel), fixed broadband and enterprise/data-center services.
Indonesia's largest telecom operator, state-controlled, providing wireless (Telkomsel), fixed broadband and enterprise/data-center services.
Telkomsel, its mobile arm, carries the group, and Singtel holds a significant minority interest in it. Fixed broadband and enterprise services add to it. The Indonesian government holds the majority of Telkom, which has also listed its tower business, Mitratel, separately.
In one line: Indonesia's state-controlled AT&T.
Moat: wide (scale, regulatory licence, state ownership). Majority state-owned incumbent with the largest network and subscriber base in Indonesia.
Headquarters: Bandung, Indonesia · Founded: 1991 · Employees: 19,082
Size PT Telkom Indonesia (Persero) Tbk Sponsored ADR (TLK) is a United States Communication Services company (Wireless Telecommunications) with a market value of $10.3B, the 761st largest of 3,117 United States companies the cockpit tracks. Shares closed at $11.12 on 6 Nov 2026.
Performance Over six months the shares fell 35.2%, against -11.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 3.3% over the last twelve months (peer median +6.5%); the operating margin is 23.8% (peer median 15.3%).
Valuation It trades at 9.5× forward earnings against a peer median of 16.0× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.2 points above its cost of capital (6.4% WACC).
Short interest Short interest is 0.3% of the free float (15 Oct 2026).
Next results Next results expected around 21 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.75B | $8.86B | $9.45B | $9.77B | $9.95B |
| Revenue growth | — | -6% | -3% | -2% | — |
| Gross profit | $2.70B | $2.73B | $3.25B | $3.62B | $3.85B |
| EBITDA | $4.36B | $4.45B | $4.81B | $5.16B | $5.49B |
| Net income | $951M | $1.08B | $1.41B | $1.61B | $1.40B |
| Free cash flow | $2.36B | $2.47B | $2.24B | $1.77B | $2.58B |
| Capital expenditure | $1.46B | $1.62B | $1.89B | $2.39B | $2.59B |
| Total debt | $4.41B | $4.49B | $4.78B | $4.42B | $4.06B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TLK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.7% | -0.2% | lowest of 21 |
| 6-month return | -35.2% | -11.3% | 2nd lowest of 21 |
| Distance from 52-week high | -52.7% | -27.4% | 2nd lowest of 21 |
| Revenue growth (TTM) | -3.3% | +6.5% | 3rd lowest of 21 |
| Operating margin | 23.8% | 15.3% | 4th highest of 21 |
| Forward P/E | 9.5× | 16.0× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -16.1% | 2.6% | least demanding of 18 |
| Growth delivered (Del g) | -1.1% | +5.4% | 3rd lowest of 17 |
| Hurdle (Req g minus delivered) | -15.0 pp | -3.2 pp | 3rd least demanding of 17 |
| ROIC minus cost of capital | +8.2 pp | +0.6 pp | 2nd highest of 21 |
| EV / EBITDA | 3.1× | 7.4× | 2nd cheapest of 18 |
| Net debt / EBITDA | 0.6× | 1.7× | 4th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR TLK | United States | $10.3B | -35% | -3% | 24% | 9.5× | -16.1% | -1.1% |
| Globalstar GSAT | United States | $10.9B | +3% | +8% | 5% | n/a | n/a | n/a |
| Bharti Hexacom BHARTIHEXA.NS | India | $8.84B | +10% | +8% | 29% | 36.6× | 33.4% | +15.2% |
| SKTelecom 017670.KS | South Korea | $12.1B | -18% | +2% | 10% | 12.3× | -9.8% | +1.2% |
| Far Eastone Telecommunications 4904.TW | Taiwan | $12.2B | +17% | +10% | 15% | 26.1× | 3.8% | +6.8% |
| TIM S.A. Sponsored ADR TIMB | United States | $8.61B | -24% | +14% | 25% | 9.4× | -12.4% | +7.3% |
| Airtel Africa AAF.L | United Kingdom | $13.5B | -33% | +27% | 34% | 14.6× | -1.2% | +10.0% |
| Telecom Italia TIT.MI | Italy | $13.6B | -20% | 0% | 11% | 31.8× | 5.3% | -2.8% |
| Millicom International Cellular TIGO | United States | $13.9B | +3% | +29% | 23% | 22.9× | 3.6% | +6.9% |
| TELUS T.TO | Canada | $14.5B | -27% | -1% | 15% | 17.5× | 2.6% | +5.8% |
| Vodafone Idea IDEA.NS | India | $14.6B | +14% | +3% | -6% | n/a | 29.6% | +1.3% |
| Elisa ELISA.HE | Finland | $6.11B | -17% | 0% | 20% | 14.3× | -2.7% | +3.6% |
| Telefonica Brasil SA Sponsored ADR VIV | United States | $18.2B | -27% | +16% | 16% | 10.7× | -3.6% | +5.0% |
| Rogers Communications RCI-B.TO | Canada | $18.3B | -6% | +8% | 23% | 10.7× | 1.1% | +9.3% |
| TPG Telecom TPG.AX | Australia | $5.58B | +1% | -5% | 8% | 34.8× | 8.1% | +3.0% |
| Orange Polska OPL.WA | Poland | $5.53B | +7% | +5% | 9% | 19.4× | 13.2% | +2.7% |
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 11.2× | -4.8% | -9.1% |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% | +8.1% |
| Sunrise Communications SUNN.SW | Switzerland | $3.92B | +2% | -1% | 3% | n/a | 21.2% | n/a |
| Telephone and Data Systems TDS | United States | $3.54B | -29% | -74% | -3% | 92.2× | n/a | n/a |
| Guangzhou Haige Communications 002465.SZ | China | $3.43B | -38% | +1% | -16% | n/a | n/a | n/a |