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PT Jasa Armada Indonesia TbkISX:IPCM -0.62%96 Owner Earnings per Share (TTM) is 37.42 as of Mar. 2026, which is 108% above its 10-year median of 18.00. GuruFocus rates ISX:IPCM with a GF Score™ of 96/100 and a GF Value™ of Rp353.97 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 552 Transportation companies, PT Jasa Armada Indonesia Tbk ranks better than 65.76% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
PT Jasa Armada Indonesia Tbk's Owner Earnings per Share (TTM) ended in Mar. 2026 was Rp37.42. It's Price-to-Owner-Earnings ratio for today is 8.5.
The historical rank and industry rank for PT Jasa Armada Indonesia Tbk's Owner Earnings per Share (TTM) or its related term are showing as below:
ISX:IPCM'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 8.23 Med: 18 Max: 433.71
Current: 8.5
ISX:IPCM's Price-to-Owner-Earnings is ranked better than 65.76% of 552
companies
in the Transportation industry
Industry Median: 13.455
vs ISX:IPCM: 8.50
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
PT Jasa Armada Indonesia Tbk Owner Earnings per Share (TTM) Related Terms
PT Jasa Armada Indonesia Tbk Owner Earnings per Share (TTM) Historical Data
* 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 Jasa Armada Indonesia Tbk Owner Earnings per Share (TTM) Chart
PT Jasa Armada Indonesia Tbk Owner Earnings per Share (TTM) Competitor Comparison
For the Marine Shipping subindustry, PT Jasa Armada Indonesia Tbk's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings 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 Jasa Armada Indonesia Tbk Price-to-Owner-Earnings vs Transportation Industry
For the Transportation industry and Industrials sector, PT Jasa Armada Indonesia Tbk's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where PT Jasa Armada Indonesia Tbk's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
PT Jasa Armada Indonesia Tbk's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was Rp0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = Rp35 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
PT Jasa Armada Indonesia Tbk's 5-Year Average Maintenance Capital Expenditure = Rp35 Mil
5. "Change In Working Capital" is from cashflow statement. PT Jasa Armada Indonesia Tbk's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was Rp0 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* 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.
What does a Owner Earnings per Share (TTM) of 37.42 mean?
PT Jasa Armada Indonesia Tbk (ISX:IPCM) has a Owner Earnings per Share (TTM) of 37.42 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on PT Jasa Armada Indonesia Tbk. This is 108% above median its historical median of 18.00. Over the past decade, PT Jasa Armada Indonesia Tbk's Owner Earnings per Share (TTM) has ranged from 8.23 to 433.71. According to the industry distribution chart, PT Jasa Armada Indonesia Tbk ranks #189 out of 552 companies in the Transportation industry, placing it in the top 34.2%.
Is PT Jasa Armada Indonesia Tbk's Owner Earnings per Share (TTM) too high?
PT Jasa Armada Indonesia Tbk's current Owner Earnings per Share (TTM) of 37.42 is 108% above median its 10-year median of 18.00. Over the past 10 years, this metric has ranged from a low of 8.23 to a high of 433.71. The Transportation industry median Owner Earnings per Share (TTM) is 13.46. PT Jasa Armada Indonesia Tbk's value of 37.42 is 178.1% above this industry median. Based on the distribution chart, PT Jasa Armada Indonesia Tbk ranks #189 out of 552 companies in the Transportation industry, which is above the industry midpoint. Overall, PT Jasa Armada Indonesia Tbk has a GF Score™ of 96/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Jasa Armada Indonesia Tbk's Owner Earnings per Share (TTM) compare to competitors?
According to the Transportation industry distribution chart, PT Jasa Armada Indonesia Tbk ranks #189 out of 552 companies for Owner Earnings per Share (TTM). This puts PT Jasa Armada Indonesia Tbk in the upper half of its industry. The industry median Owner Earnings per Share (TTM) is 13.46. PT Jasa Armada Indonesia Tbk's value of 37.42 is 178.1% above this benchmark. Historically, PT Jasa Armada Indonesia Tbk's own Owner Earnings per Share (TTM) has ranged from 8.23 to 433.71 over the past decade. While the company's 10-year median is 18.00 vs. the industry median of 13.46, PT Jasa Armada Indonesia 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 Owner Earnings per Share (TTM) for a Transportation company?
The median Owner Earnings per Share (TTM) among Transportation companies is 13.46, based on 552 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. PT Jasa Armada Indonesia Tbk's current Owner Earnings per Share (TTM) of 37.42 is 178.1% 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 Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on PT Jasa Armada Indonesia Tbk. For the Transportation industry, the median Owner Earnings per Share (TTM) is 13.46 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PT Jasa Armada Indonesia Tbk's current Owner Earnings per Share (TTM) is 37.42, which is 108% above median its own 10-year median of 18.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Jasa Armada Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Jasa Armada Indonesia Tbk (ISX:IPCM) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp353.97, compared to a current price of Rp318.00 — trading 10.2% below its estimated fair value. The current Owner Earnings per Share (TTM) is 37.42, which is 108% above median its 10-year median of 18.00 and 178.1% above the Transportation industry median of 13.46. PT Jasa Armada Indonesia Tbk's overall GF Score™ is 96/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For PT Jasa Armada Indonesia Tbk (ISX:IPCM), the current Owner Earnings per Share (TTM) is 37.42 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.
Is PT Jasa Armada Indonesia Tbk (ISX:IPCM) Overvalued in 2026?
Based on GuruFocus' analysis, PT Jasa Armada Indonesia Tbk stock appears to be undervalued.
The current stock price of Rp318.00 is trading 10.2% below its estimated GF Value™ of Rp353.97.
GuruFocus considers PT Jasa Armada Indonesia Tbk to be Modestly Undervalued.
Key valuation signals for ISX:IPCM:
Owner Earnings per Share (TTM): 37.42 (108% above median its 10-year median of 18.00)
GF Value™: Rp353.97 vs. price of Rp318.00 (10.2% below fair value)
Industry Position: 178.1% above the Transportation median (#189 of 552)
No single metric tells the full story. See the ISX:IPCM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Jasa Armada Indonesia Tbk is engaged in pilotage and towage services for container vessels, dry and liquid bulk, inland waterways, and offshore STS. The company also provides fleet maintenance services. The company's operating segments are Vessel Services, and Freight Services & Other Services. The company generates maximum revenue from the Vessel services segment.
96GF Score
Get the complete analysis for ISX:IPCM
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