PT Indofarma Tbk (ISX:INAF) Cyclically Adjusted PB Ratio: 3.94 (As of Sep. 09, 2026) — 13% Above Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

ISX:INAF PT Indofarma Tbk ISX:INAF
8 GF Score
Price Rp126.00
GF Value Rp176.99
! 6 Warning Signs
View Full Analysis

What is PT Indofarma Tbk Cyclically Adjusted PB Ratio?

PT Indofarma Tbk ISX:INAF 8 Cyclically Adjusted PB Ratio is 3.94 as of Sep. 09, 2026, which is 13% above its 10-year median of 3.49. GuruFocus rates ISX:INAF with a GF Score™ of 8/100 and a GF Value™ of Rp176.99. The stock has 6 warning signs investors should review.

As of today (2026-09-09), PT Indofarma Tbk's current share price is Rp126.00. PT Indofarma Tbk's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 was Rp31.95. PT Indofarma Tbk's Cyclically Adjusted PB Ratio for today is 3.94.

The historical rank and industry rank for PT Indofarma Tbk's Cyclically Adjusted PB Ratio or its related term are showing as below:

ISX:INAF' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.82   Med: 3.49   Max: 27.62
Current: 3.94

During the past years, PT Indofarma Tbk's highest Cyclically Adjusted PB Ratio was 27.62. The lowest was 0.82. And the median was 3.49.

ISX:INAF's Cyclically Adjusted PB Ratio is not ranked
in the Drug Manufacturers industry.
Industry Median: 1.71 vs ISX:INAF: 3.94

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

PT Indofarma Tbk's adjusted book value per share data for the three months ended in Jun. 2026 was Rp-238.790. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is Rp31.95 for the trailing ten years ended in Jun. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


PT Indofarma Tbk  (ISX:INAF) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


PT Indofarma Tbk Cyclically Adjusted PB Ratio Related Terms


PT Indofarma Tbk Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for PT Indofarma Tbk's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

PT Indofarma Tbk Cyclically Adjusted PB Ratio Chart

PT Indofarma Tbk Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 10.79 5.72 3.50 1.17 2.23

PT Indofarma Tbk Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.53 1.84 2.23 2.82 3.94

ISX:INAF vs ZTS, VTRS, NBIX: Cyclically Adjusted PB Ratio Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, PT Indofarma Tbk's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


PT Indofarma Tbk Cyclically Adjusted PB Ratio vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, PT Indofarma Tbk's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where PT Indofarma Tbk's Cyclically Adjusted PB Ratio falls into.


ISX:INAF
8GF Score
PT Indofarma Tbk ISX:INAF
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Indofarma Tbk Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

PT Indofarma Tbk's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=126.00/31.95
=3.94

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

PT Indofarma Tbk's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, PT Indofarma Tbk's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=-238.79/137.6954*137.6954
=-238.790

Current CPI (Jun. 2026) = 137.6954.

PT Indofarma Tbk Quarterly Data

Book Value per Share CPI Adj_Book
201603 184.924 102.764 247.783
201606 182.249 103.212 243.138
201609 181.429 104.142 239.882
201612 185.771 105.222 243.103
201703 174.532 106.476 225.706
201712 169.849 109.017 214.530
201803 0.000 110.097 0.000
201806 0.000 111.085 0.000
201809 158.526 111.135 196.413
201812 160.246 112.430 196.257
201903 153.221 112.829 186.990
201906 152.387 114.730 182.890
201909 149.004 114.905 178.558
201912 162.920 115.486 194.252
202003 155.893 116.252 184.648
202006 161.416 116.630 190.571
202009 156.828 116.397 185.525
202012 138.846 117.318 162.963
202103 139.433 117.840 162.927
202106 139.162 118.184 162.137
202109 139.758 118.262 162.724
202112 164.005 119.516 188.951
202203 147.491 120.948 167.913
202206 134.735 123.322 150.438
202209 104.923 125.298 115.304
202212 -2.037 126.098 -2.224
202303 7.925 126.953 8.596
202306 -10.966 127.663 -11.828
202309 -33.989 128.151 -36.520
202312 -259.459 129.395 -276.103
202403 -276.865 130.607 -291.891
202406 -292.350 130.792 -307.782
202409 -313.176 130.361 -330.796
202412 -369.126 131.432 -386.718
202503 -254.562 131.948 -265.649
202506 -260.513 133.241 -269.223
202509 -287.467 133.819 -295.794
202512 -228.100 135.271 -232.188
202603 -230.546 136.539 -232.499
202606 -238.790 137.695 -238.790

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

What does a Cyclically Adjusted PB Ratio of 3.94 mean?
PT Indofarma Tbk (ISX:INAF) has a Cyclically Adjusted PB Ratio of 3.94 as of Sep. 09, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on PT Indofarma Tbk and its competitors. This is 13% above median its historical median of 3.49. Over the past decade, PT Indofarma Tbk's Cyclically Adjusted PB Ratio has ranged from 0.82 to 27.62.
Is PT Indofarma Tbk's Cyclically Adjusted PB Ratio too high?
PT Indofarma Tbk's current Cyclically Adjusted PB Ratio of 3.94 is 13% above median its 10-year median of 3.49. Over the past 10 years, this metric has ranged from a low of 0.82 to a high of 27.62. The Drug Manufacturers industry median Cyclically Adjusted PB Ratio is 1.71. PT Indofarma Tbk's value of 3.94 is 130.4% above this industry median. Overall, PT Indofarma Tbk has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.
How does PT Indofarma Tbk's Cyclically Adjusted PB Ratio compare to ZTS and VTRS?
PT Indofarma Tbk's Cyclically Adjusted PB Ratio of 3.94 can be compared against companies in the Drug Manufacturers industry. The industry median Cyclically Adjusted PB Ratio is 1.71. PT Indofarma Tbk's value of 3.94 is 130.4% above this benchmark. Historically, PT Indofarma Tbk's own Cyclically Adjusted PB Ratio has ranged from 0.82 to 27.62 over the past decade. While the company's 10-year median is 3.49 vs. the industry median of 1.71, PT Indofarma Tbk has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Drug Manufacturers company?
The median Cyclically Adjusted PB Ratio among Drug Manufacturers companies is 1.71, based on 635 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. PT Indofarma Tbk's current Cyclically Adjusted PB Ratio of 3.94 is 130.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on PT Indofarma Tbk and its competitors. For the Drug Manufacturers industry, the median Cyclically Adjusted PB Ratio is 1.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PT Indofarma Tbk's current Cyclically Adjusted PB Ratio is 3.94, which is 13% above median its own 10-year median of 3.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Indofarma Tbk stock overvalued right now?
PT Indofarma Tbk (ISX:INAF) has a current Cyclically Adjusted PB Ratio of 3.94. The stock's GF Value™ is Rp176.99, compared to a current price of Rp126.00 — trading 28.8% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 3.94, which is 13% above median its 10-year median of 3.49 and 130.4% above the Drug Manufacturers industry median of 1.71. PT Indofarma Tbk's overall GF Score™ is 8/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For PT Indofarma Tbk (ISX:INAF), the current Cyclically Adjusted PB Ratio is 3.94 as of Sep. 09, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is PT Indofarma Tbk (ISX:INAF) Overvalued in 2026?

Based on GuruFocus' analysis, PT Indofarma Tbk stock appears to be undervalued. The current stock price of Rp126.00 is trading 28.8% below its estimated GF Value™ of Rp176.99.

Key valuation signals for ISX:INAF:

  • Cyclically Adjusted PB Ratio: 3.94 (13% above median its 10-year median of 3.49)
  • GF Value™: Rp176.99 vs. price of Rp126.00 (28.8% below fair value)
  • GF Score™: 8/100 with 6 warning signs
  • Industry Position: 130.4% above the Drug Manufacturers median

No single metric tells the full story. See the ISX:INAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


PT Indofarma Tbk Business Description

Address Jalan Indofarma No. 1, Cikarang Barat, Jawa Bara, Bekasi, IDN, 17530
PT Indofarma Tbk is a specialty and generic drug manufacturing company. The company has four business segments - Medicine, Medical Devices and others. The Medicine business segment includes drug production, marketing distribution, and sales. The Medical Device Segment includes medical devices and other products. Company generates majority revenue from the Medicine segment. The Company classifies its distribution segments based on geographic regions into six areas, namely Java, Sumatra, Kalimantan, Sulawesi, Bali dan West Nusa Tenggara (NTB),as well as the Eastern Indonesia region.
8GF Score

Get the complete analysis for ISX:INAF

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

Rp126.00
Price
Rp176.99
GF Value