PT Merdeka Battery Materials Tbk (ISX:MBMA) Owner Earnings per Share (TTM): (As of Mar. 2026)

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ISX:MBMA PT Merdeka Battery Materials Tbk ISX:MBMA
53 GF Score
Price Rp530.00
GF Value Rp861.09
Valuation Significantly Undervalued
! 6 Warning Signs
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What is PT Merdeka Battery Materials Tbk Owner Earnings per Share (TTM)?

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"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 Merdeka Battery Materials Tbk does not have enough data to calculate Owner Earnings per Share (TTM), so as Price-to-Owner-Earnings ratio.


The historical rank and industry rank for PT Merdeka Battery Materials Tbk's Owner Earnings per Share (TTM) or its related term are showing as below:



ISX:MBMA's Price-to-Owner-Earnings is not ranked *
in the Metals & Mining industry.
Industry Median: 15.645
* Ranked among companies with meaningful Price-to-Owner-Earnings only.

PT Merdeka Battery Materials Tbk's Earnings per Share (Diluted) for the three months ended in Mar. 2026 was Rp4.74. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 was Rp9.68. It's PE Ratio (TTM) ratio for today is 54.73.

PT Merdeka Battery Materials Tbk's EPS without NRI for the three months ended in Mar. 2026 was Rp4.74. Its EPS without NRI for the trailing twelve months (TTM) ended in Mar. 2026 was Rp9.68. It's PE Ratio without NRI ratio for today is 54.73.


Be Aware

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 Merdeka Battery Materials Tbk Owner Earnings per Share (TTM) Related Terms


PT Merdeka Battery Materials Tbk Owner Earnings per Share (TTM) Historical Data

* Premium members only.

The historical data trend for PT Merdeka Battery Materials Tbk's Owner Earnings per Share (TTM) 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 Battery Materials Tbk Owner Earnings per Share (TTM) Chart

PT Merdeka Battery Materials Tbk Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Owner Earnings per Share (TTM)
Get a 7-Day Free Trial 0.00 0.00 -65.74 0.00 0.00

PT Merdeka Battery Materials Tbk Quarterly Data
Dec19 Dec20 Dec21 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Owner Earnings per Share (TTM) 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 0.00 0.00 0.00 0.00 0.00

ISX:MBMA vs HL: Owner Earnings per Share (TTM) Comparison

For the Other Precious Metals & Mining subindustry, PT Merdeka Battery Materials 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 Merdeka Battery Materials Tbk Price-to-Owner-Earnings vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, PT Merdeka Battery Materials Tbk's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where PT Merdeka Battery Materials Tbk's Price-to-Owner-Earnings falls into.


ISX:MBMA
53GF Score
PT Merdeka Battery Materials Tbk ISX:MBMA
Owner Earnings per Share (TTM) is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Merdeka Battery Materials Tbk Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"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)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

PT Merdeka Battery Materials Tbk does not have enough data to calculate Owner Earnings per Share (TTM). Please check Wal-Mart Stores Inc, as your reference.

Is PT Merdeka Battery Materials Tbk (ISX:MBMA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Merdeka Battery Materials Tbk stock appears to be undervalued. The current stock price of Rp530.00 is trading 38.5% below its estimated GF Value™ of Rp861.09. GuruFocus considers PT Merdeka Battery Materials Tbk to be Significantly Undervalued.

Key valuation signals for ISX:MBMA:

  • Owner Earnings per Share (TTM):
  • GF Value™: Rp861.09 vs. price of Rp530.00 (38.5% below fair value)
  • GF Score™: 53/100 with 6 warning signs

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


PT Merdeka Battery Materials Tbk Business Description

Address Jalan Jenderal Sudirman Kav. 52-53, Treasury Tower Building, 69th Floor, District 8 SCBD Lot. 28, South Jakarta, Jakarta, IDN, 12190
PT Merdeka Battery Materials Tbk is an integrated battery materials and nickel processing company focused on the electric vehicle (EV) battery value chain in Indonesia. The company engages in nickel mining, smelting, and downstream battery material processing activities. Its business operations include the SCM Mine, RKEF smelters, Nickel Matte operations, AIM Project, IKIP industrial area development, and HPAL projects. The company operates through Mining, Manufacturing, and Other segments, with the majority of revenue generated from the Manufacturing segment.
53GF Score

Get the complete analysis for ISX:MBMA

Owner Earnings per Share (TTM) is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

Rp530.00
Price
Rp861.09
GF Value