PT Merdeka Gold Resources Tbk (ISX:EMAS) Operating Income: Rp-219,236 Mil (TTM As of Mar. 2026)

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ISX:EMAS PT Merdeka Gold Resources Tbk ISX:EMAS
1 GF Score
Price Rp5,725.00
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What is PT Merdeka Gold Resources Tbk Operating Income?

PT Merdeka Gold Resources Tbk ISX:EMAS 1 Operating Income is Rp-219,236 Mil as of Mar. 2026. GuruFocus rates ISX:EMAS with a GF Score™ of 1/100. The stock has 1 warning sign investors should review.

PT Merdeka Gold Resources Tbk's Operating Income for the three months ended in Mar. 2026 was Rp-122,569 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was Rp-219,236 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. PT Merdeka Gold Resources Tbk's Operating Income for the three months ended in Mar. 2026 was Rp-122,569 Mil. PT Merdeka Gold Resources Tbk's Revenue for the three months ended in Mar. 2026 was Rp44,778 Mil. Therefore, PT Merdeka Gold Resources Tbk's Operating Margin % for the quarter that ended in Mar. 2026 was -273.72%.

PT Merdeka Gold Resources Tbk's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. PT Merdeka Gold Resources Tbk's annualized ROC % for the quarter that ended in Mar. 2026 was -3.67%. PT Merdeka Gold Resources Tbk's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -4.19%.


PT Merdeka Gold Resources Tbk  (ISX:EMAS) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

PT Merdeka Gold Resources Tbk's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=-490274.088 * ( 1 - 5.65% )/( (12050348.595 + 13181990.554)/ 2 )
=-462573.602028/12616169.5745
=-3.67 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=12373932.206 - 434168.077 - ( 756966.454 - max(0, 1133578.483 - 1022994.017+756966.454))
=12050348.595

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=13701078.4 - 364658.281 - ( 819533.088 - max(0, 1276693.359 - 1431122.924+819533.088))
=13181990.554

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

PT Merdeka Gold Resources Tbk's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-460952.444/( ( (10582427.111 + max(-692359.999, 0)) + (11437556.078 + max(-465404.865, 0)) )/ 2 )
=-460952.444/( ( 10582427.111 + 11437556.078 )/ 2 )
=-460952.444/11009991.5945
=-4.19 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(150.364 + 175675.427 + 88714.838) - (434168.077 + 0 + 522732.551)
=-692359.999

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 531310.84 + 76774.62) - (364658.281 + 0 + 708832.044)
=-465404.865

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

PT Merdeka Gold Resources Tbk's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=-122568.522/44778.141
=-273.72 %

* 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.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


PT Merdeka Gold Resources Tbk Operating Income Related Terms


PT Merdeka Gold Resources Tbk Operating Income Historical Data

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The historical data trend for PT Merdeka Gold Resources Tbk's Operating Income 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 Merdeka Gold Resources Tbk Operating Income Chart

PT Merdeka Gold Resources Tbk Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Operating Income
-30,980.15 -26,546.56 -7,216.12 -160,923.04

PT Merdeka Gold Resources Tbk Quarterly Data
Dec22 Dec23 Mar24 Dec24 Mar25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial -689.54 -42,044.62 0.00 -96,667.43 -122,568.52
ISX:EMAS
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PT Merdeka Gold Resources Tbk ISX:EMAS
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PT Merdeka Gold Resources Tbk Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was Rp-219,236 Mil.

* 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.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of Rp-219,236 Mil mean?
PT Merdeka Gold Resources Tbk (ISX:EMAS) has a Operating Income of Rp-219,236 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on PT Merdeka Gold Resources Tbk and its competitors.
Is PT Merdeka Gold Resources Tbk's Operating Income too high?
PT Merdeka Gold Resources Tbk's current Operating Income is Rp-219,236 Mil. Overall, PT Merdeka Gold Resources Tbk has a GF Score™ of 1/100, reflecting its overall financial health beyond just this single metric.
How does PT Merdeka Gold Resources Tbk's Operating Income compare to NEM and AU?
PT Merdeka Gold Resources Tbk's Operating Income of Rp-219,236 Mil can be compared against companies in the Metals & Mining industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Metals & Mining company?
A good Operating Income depends on the Metals & Mining industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on PT Merdeka Gold Resources Tbk and its competitors. PT Merdeka Gold Resources Tbk's current Operating Income is Rp-219,236 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Merdeka Gold Resources Tbk stock overvalued right now?
PT Merdeka Gold Resources Tbk (ISX:EMAS) has a current Operating Income of Rp-219,236 Mil. The current Operating Income is Rp-219,236 Mil. PT Merdeka Gold Resources Tbk's overall GF Score™ is 1/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For PT Merdeka Gold Resources Tbk (ISX:EMAS), the current Operating Income is Rp-219,236 Mil as of Mar. 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.

PT Merdeka Gold Resources Tbk Business Description

Other Exchanges 06228:Hong Kong
Address Jl. Jend. Sudirman, Kav. 52-53, Senayan, Treasury Tower, Lantai 67/67th Floor, District 8 SCBD Lot. 28, Kebayoran Baru, Jakarta Selatan, IDN, 12190
PT Merdeka Gold Resources Tbk operates as a holding company overseeing a group engaged in gold mining and associated minerals, processing operations, and other vertically integrated related activities. Its products include gold products in the form of semi-finished gold bars produced from gold mining and ore processing activities, by-products derived from the gold processing activities, including silver contained in the dore bullion, integrated mining services and activities, covering exploration, mining, processing, and initial refining activities conducted through EMAS Group, and supporting mining-related services, including mine management, mining infrastructure, and other related activities within a vertically integrated value chain. It operates in single segment.
1GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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