PT Indofarma Tbk (ISX:INAF) Cyclically Adjusted PB Ratio: 2.82 (As of Jul. 26, 2026) — 14% Below Median

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ISX:INAF PT Indofarma Tbk ISX:INAF
8 GF Score
Price Rp126.00
GF Value Rp176.99
! 5 Warning Signs
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What is PT Indofarma Tbk Cyclically Adjusted PB Ratio?

PT Indofarma Tbk ISX:INAF 8 Cyclically Adjusted PB Ratio is 2.82 as of Jul. 26, 2026, which is 14% below its 10-year median of 3.29. GuruFocus rates ISX:INAF with a GF Score™ of 8/100 and a GF Value™ of Rp176.99. The stock has 5 warning signs investors should review.

As of today (2026-07-26), 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 Mar. 2026 was Rp44.64. PT Indofarma Tbk's Cyclically Adjusted PB Ratio for today is 2.82.

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: 3.29   Max: 27.62
Current: 2.82

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 3.29.

ISX:INAF's Cyclically Adjusted PB Ratio is not ranked
in the Drug Manufacturers industry.
Industry Median: 1.84 vs ISX:INAF: 2.82

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 Mar. 2026 was Rp-230.546. 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 Rp44.64 for the trailing ten years ended in Mar. 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
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 1.33 1.53 1.84 2.23 2.82

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
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PT Indofarma Tbk ISX:INAF
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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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
=126.00/44.64
=2.82

* 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 Mar. 2026 is calculated as:

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

Adj_Book=Book Value per Share/CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=-230.546/136.5387*136.5387
=-230.546

Current CPI (Mar. 2026) = 136.5387.

PT Indofarma Tbk Quarterly Data

Book Value per Share CPI Adj_Book
201512 191.240 102.133 255.664
201603 184.924 102.764 245.702
201606 182.249 103.212 241.096
201609 181.429 104.142 237.867
201612 185.771 105.222 241.061
201703 174.532 106.476 223.810
201712 169.849 109.017 212.728
201803 0.000 110.097 0.000
201806 0.000 111.085 0.000
201809 158.526 111.135 194.763
201812 160.246 112.430 194.608
201903 153.221 112.829 185.419
201906 152.387 114.730 181.353
201909 149.004 114.905 177.058
201912 162.920 115.486 192.620
202003 155.893 116.252 183.097
202006 161.416 116.630 188.970
202009 156.828 116.397 183.967
202012 138.846 117.318 161.594
202103 139.433 117.840 161.558
202106 139.162 118.184 160.775
202109 139.758 118.262 161.357
202112 164.005 119.516 187.364
202203 147.491 120.948 166.503
202206 134.735 123.322 149.174
202209 104.923 125.298 114.335
202212 -2.037 126.098 -2.206
202303 7.925 126.953 8.523
202306 -10.966 127.663 -11.728
202309 -33.989 128.151 -36.214
202312 -259.459 129.395 -273.784
202403 -276.865 130.607 -289.439
202406 -292.350 130.792 -305.196
202409 -313.176 130.361 -328.017
202412 -369.126 131.432 -383.470
202503 -254.562 131.948 -263.418
202506 -260.513 133.241 -266.961
202509 -287.467 133.819 -293.309
202512 -228.100 135.271 -230.237
202603 -230.546 136.539 -230.546

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 2.82 mean?
PT Indofarma Tbk (ISX:INAF) has a Cyclically Adjusted PB Ratio of 2.82 as of Jul. 26, 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 14% below median its historical median of 3.29. 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 2.82 is 14% below median its 10-year median of 3.29. 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 1.84. PT Indofarma Tbk's value of 2.82 is 53.3% 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 2.82 can be compared against companies in the Drug Manufacturers industry. The industry median Cyclically Adjusted PB Ratio is 1.84. PT Indofarma Tbk's value of 2.82 is 53.3% 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 3.29 vs. the industry median of 1.84, 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 1.84, based on 756 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 2.82 is 53.3% 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 1.84 — 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 2.82, which is 14% below median its own 10-year median of 3.29. 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 2.82. 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 2.82, which is 14% below median its 10-year median of 3.29 and 53.3% above the Drug Manufacturers industry median of 1.84. PT Indofarma Tbk's overall GF Score™ is 8/100 with 5 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 2.82 as of Jul. 26, 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: 2.82 (14% below median its 10-year median of 3.29)
  • GF Value™: Rp176.99 vs. price of Rp126.00 (28.8% below fair value)
  • GF Score™: 8/100 with 5 warning signs
  • Industry Position: 53.3% 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.
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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