PT Garuda Indonesia (Persero) Tbk (ISX:GIAA) Cyclically Adjusted PS Ratio: 0.05 (As of Aug. 18, 2026) — 50% Below 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:GIAA PT Garuda Indonesia (Persero) Tbk ISX:GIAA
34 GF Score
Price Rp76.00
GF Value Rp25.56
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is PT Garuda Indonesia (Persero) Tbk Cyclically Adjusted PS Ratio?

PT Garuda Indonesia (Persero) Tbk ISX:GIAA +5.56% 34 Cyclically Adjusted PS Ratio is 0.05 as of Aug. 18, 2026, which is 50% below its 10-year median of 0.10. GuruFocus rates ISX:GIAA with a GF Score™ of 34/100 and a GF Value™ of Rp25.56 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 764 Transportation companies, PT Garuda Indonesia (Persero) Tbk ranks better than 97.77% on this metric.

As of today (2026-08-18), PT Garuda Indonesia (Persero) Tbk's current share price is Rp76.00. PT Garuda Indonesia (Persero) Tbk's Cyclically Adjusted Revenue per Share for the quarter that ended in Mar. 2026 was Rp1,506.62. PT Garuda Indonesia (Persero) Tbk's Cyclically Adjusted PS Ratio for today is 0.05.

The historical rank and industry rank for PT Garuda Indonesia (Persero) Tbk's Cyclically Adjusted PS Ratio or its related term are showing as below:

ISX:GIAA' s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 0.02   Med: 0.1   Max: 0.3
Current: 0.05

During the past years, PT Garuda Indonesia (Persero) Tbk's highest Cyclically Adjusted PS Ratio was 0.30. The lowest was 0.02. And the median was 0.10.

ISX:GIAA's Cyclically Adjusted PS Ratio is ranked better than
97.77% of 764 companies
in the Transportation industry
Industry Median: 0.9 vs ISX:GIAA: 0.05

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 PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

PT Garuda Indonesia (Persero) Tbk's adjusted revenue per share data for the three months ended in Mar. 2026 was Rp31.703. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is Rp1,506.62 for the trailing ten years ended in Mar. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


PT Garuda Indonesia (Persero) Tbk  (ISX:GIAA) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue 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 PS Ratio should give similar results to regular PS Ratio.


PT Garuda Indonesia (Persero) Tbk Cyclically Adjusted PS Ratio Related Terms


PT Garuda Indonesia (Persero) Tbk Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for PT Garuda Indonesia (Persero) Tbk's Cyclically Adjusted PS 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 Garuda Indonesia (Persero) Tbk Cyclically Adjusted PS Ratio Chart

PT Garuda Indonesia (Persero) Tbk Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.11 0.11 0.04 0.03 0.06

PT Garuda Indonesia (Persero) 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 PS 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 0.02 0.05 0.05 0.06 0.05

ISX:GIAA vs DAL, UAL, LUV: Cyclically Adjusted PS Ratio Comparison

For the Airlines subindustry, PT Garuda Indonesia (Persero) Tbk's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS 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 Garuda Indonesia (Persero) Tbk Cyclically Adjusted PS Ratio vs Transportation Industry

For the Transportation industry and Industrials sector, PT Garuda Indonesia (Persero) Tbk's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where PT Garuda Indonesia (Persero) Tbk's Cyclically Adjusted PS Ratio falls into.


ISX:GIAA
34GF Score
PT Garuda Indonesia (Persero) Tbk ISX:GIAA
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Garuda Indonesia (Persero) Tbk Cyclically Adjusted PS Ratio Calculation

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

PT Garuda Indonesia (Persero) Tbk's Cyclically Adjusted PS Ratio for today is calculated as

Cyclically Adjusted PS Ratio=Share Price/ Cyclically Adjusted Revenue per Share
=76.00/1506.62
=0.05

* 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 Garuda Indonesia (Persero) Tbk's Cyclically Adjusted Revenue per Share for the quarter that ended in Mar. 2026 is calculated as:

For example, PT Garuda Indonesia (Persero) Tbk's adjusted Revenue per Share data for the three months ended in Mar. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=31.703/136.5387*136.5387
=31.703

Current CPI (Mar. 2026) = 136.5387.

PT Garuda Indonesia (Persero) Tbk Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201606 429.820 103.212 568.605
201609 511.935 104.142 671.186
201612 475.008 105.222 616.383
201703 430.802 106.476 552.436
201706 459.661 107.722 582.628
201709 577.115 108.020 729.478
201712 511.656 109.017 640.826
201803 479.038 110.097 594.090
201806 503.445 111.085 618.805
201809 643.111 111.135 790.120
201812 570.150 112.430 692.410
201903 553.317 112.829 669.593
201906 552.744 114.730 657.812
201909 673.281 114.905 800.046
201912 512.341 115.486 605.740
202003 414.998 116.252 487.416
202006 75.129 116.630 87.954
202009 116.487 116.397 136.645
202012 177.492 117.318 206.571
202103 180.302 117.840 208.912
202106 174.570 118.184 201.682
202109 122.321 118.262 141.225
202112 201.821 119.516 230.566
202203 177.961 120.948 200.901
202206 274.863 123.322 304.320
202209 332.513 125.298 362.342
202212 441.832 126.098 478.416
202303 349.279 126.953 375.653
202306 125.393 127.663 134.111
202309 144.874 128.151 154.356
202312 119.294 129.395 125.880
202403 423.150 130.607 442.368
202406 162.170 130.792 169.296
202409 157.892 130.361 165.374
202412 149.788 131.432 155.609
202503 130.258 131.948 134.789
202506 147.017 133.241 150.656
202509 151.972 133.819 155.061
202512 33.909 135.271 34.227
202603 31.703 136.539 31.703

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue 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 PS Ratio of 0.05 mean?
PT Garuda Indonesia (Persero) Tbk (ISX:GIAA) has a Cyclically Adjusted PS Ratio of 0.05 as of Aug. 18, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on PT Garuda Indonesia (Persero) Tbk and its competitors. This is 50% below median its historical median of 0.10. Over the past decade, PT Garuda Indonesia (Persero) Tbk's Cyclically Adjusted PS Ratio has ranged from 0.02 to 0.30. According to the industry distribution chart, PT Garuda Indonesia (Persero) Tbk ranks #17 out of 764 companies in the Transportation industry, placing it in the top 2.2%.
Is PT Garuda Indonesia (Persero) Tbk's Cyclically Adjusted PS Ratio too high?
PT Garuda Indonesia (Persero) Tbk's current Cyclically Adjusted PS Ratio of 0.05 is 50% below median its 10-year median of 0.10. Over the past 10 years, this metric has ranged from a low of 0.02 to a high of 0.30. The Transportation industry median Cyclically Adjusted PS Ratio is 0.90. PT Garuda Indonesia (Persero) Tbk's value of 0.05 is 94.4% below this industry median. Based on the distribution chart, PT Garuda Indonesia (Persero) Tbk ranks #17 out of 764 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, PT Garuda Indonesia (Persero) Tbk has a GF Score™ of 34/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Garuda Indonesia (Persero) Tbk's Cyclically Adjusted PS Ratio compare to DAL and UAL?
According to the Transportation industry distribution chart, PT Garuda Indonesia (Persero) Tbk ranks #17 out of 764 companies for Cyclically Adjusted PS Ratio. This places PT Garuda Indonesia (Persero) Tbk in the top 2% of its industry — outperforming the majority of peers. The industry median Cyclically Adjusted PS Ratio is 0.90. PT Garuda Indonesia (Persero) Tbk's value of 0.05 is 94.4% below this benchmark. Historically, PT Garuda Indonesia (Persero) Tbk's own Cyclically Adjusted PS Ratio has ranged from 0.02 to 0.30 over the past decade. While the company's 10-year median is 0.10 vs. the industry median of 0.90, PT Garuda Indonesia (Persero) Tbk has consistently been below 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 PS Ratio for a Transportation company?
The median Cyclically Adjusted PS Ratio among Transportation companies is 0.90, based on 764 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. PT Garuda Indonesia (Persero) Tbk's current Cyclically Adjusted PS Ratio of 0.05 is 94.4% below 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 PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on PT Garuda Indonesia (Persero) Tbk and its competitors. For the Transportation industry, the median Cyclically Adjusted PS Ratio is 0.90 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PT Garuda Indonesia (Persero) Tbk's current Cyclically Adjusted PS Ratio is 0.05, which is 50% below median its own 10-year median of 0.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Garuda Indonesia (Persero) Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Garuda Indonesia (Persero) Tbk (ISX:GIAA) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp25.56, compared to a current price of Rp76.00 — trading 197.3% above its estimated fair value. The current Cyclically Adjusted PS Ratio is 0.05, which is 50% below median its 10-year median of 0.10 and 94.4% below the Transportation industry median of 0.90. PT Garuda Indonesia (Persero) Tbk's overall GF Score™ is 34/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For PT Garuda Indonesia (Persero) Tbk (ISX:GIAA), the current Cyclically Adjusted PS Ratio is 0.05 as of Aug. 18, 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 Garuda Indonesia (Persero) Tbk (ISX:GIAA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Garuda Indonesia (Persero) Tbk stock appears to be overvalued. The current stock price of Rp76.00 is trading 197.3% above its estimated GF Value™ of Rp25.56. GuruFocus considers PT Garuda Indonesia (Persero) Tbk to be Significantly Overvalued.

Key valuation signals for ISX:GIAA:

  • Cyclically Adjusted PS Ratio: 0.05 (50% below median its 10-year median of 0.10)
  • GF Value™: Rp25.56 vs. price of Rp76.00 (197.3% above fair value)
  • GF Score™: 34/100 with 8 warning signs
  • Industry Position: 94.4% below the Transportation median (#17 of 764)

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


PT Garuda Indonesia (Persero) Tbk Business Description

Other Exchanges YGD:Germany
Address Jalan Kebon Sirih No. 46A, Garuda Indonesia Building, Jakarta, IDN, 10110
PT Garuda Indonesia (Persero) Tbk provides airline services in Indonesia and internationally. It operates through Flight Operations, Aircraft Maintenance Services, and Other segments. It provides scheduled and non-scheduled airline services for domestic and international markets, and aircraft repair, maintenance, and overhaul services. The company also offers computerized reservation system (CRS); training facilities for the employees of travel agencies; technical assistance in the CRS for travel agents, as well as rents computer equipment for travel agents.
34GF Score

Get the complete analysis for ISX:GIAA

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

Rp76.00
Price
Rp25.56
GF Value