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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Mar. 2026, PT Essa Industries Indonesia Tbk has a Sloan Ratio of -8.70%, indicating the company is in the safe zone and there is no funny business with accruals.
PT Essa Industries Indonesia Tbk (ISX:ESSA) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, PT Essa Industries Indonesia Tbk has a Sloan Ratio of -8.70%, indicating the company is in the safe zone and there is no funny business with accruals.
PT Essa Industries Indonesia Tbk Sloan Ratio % Related Terms
PT Essa Industries Indonesia Tbk Sloan Ratio % 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 Essa Industries Indonesia Tbk Sloan Ratio % Chart
For the Chemicals subindustry, PT Essa Industries Indonesia Tbk's Sloan Ratio %, along with its competitors' market caps and Sloan 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 Essa Industries Indonesia Tbk Sloan Ratio % vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, PT Essa Industries Indonesia Tbk's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where PT Essa Industries Indonesia Tbk's Sloan Ratio % falls into.
PT Essa Industries Indonesia Tbk Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
PT Essa Industries Indonesia Tbk's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was 109532.205 (Jun. 2025 ) + 106642.895 (Sep. 2025 ) + 317218.197 (Dec. 2025 ) + 317526.96 (Mar. 2026 ) = Rp850,920 Mil.
PT Essa Industries Indonesia Tbk's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was 428229.17 (Jun. 2025 ) + 255761.358 (Sep. 2025 ) + 733793.67 (Dec. 2025 ) + 770776.549 (Mar. 2026 ) = Rp2,188,561 Mil.
PT Essa Industries Indonesia Tbk's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was -162585.847 (Jun. 2025 ) + -45859.746 (Sep. 2025 ) + -9907.326 (Dec. 2025 ) + -113375.882 (Mar. 2026 ) = Rp-331,729 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.
PT Essa Industries Indonesia Tbk (ISX:ESSA) has a Sloan Ratio % of -8.70% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on PT Essa Industries Indonesia Tbk and its competitors.
Is PT Essa Industries Indonesia Tbk's Sloan Ratio % too high?
PT Essa Industries Indonesia Tbk's current Sloan Ratio % is -8.70%. Overall, PT Essa Industries Indonesia Tbk has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT Essa Industries Indonesia Tbk's Sloan Ratio % compare to DOW?
PT Essa Industries Indonesia Tbk's Sloan Ratio % of -8.70% can be compared against companies in the Chemicals industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Chemicals company?
A good Sloan Ratio % depends on the Chemicals industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on PT Essa Industries Indonesia Tbk and its competitors. PT Essa Industries Indonesia Tbk's current Sloan Ratio % is -8.70%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Essa Industries Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Essa Industries Indonesia Tbk (ISX:ESSA) is currently considered Fairly Valued. The stock's GF Value™ is Rp675.91, compared to a current price of Rp710.00 — trading 5% above its estimated fair value. The current Sloan Ratio % is -8.70%. PT Essa Industries Indonesia Tbk's overall GF Score™ is 75/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For PT Essa Industries Indonesia Tbk (ISX:ESSA), the current Sloan Ratio % is -8.70% 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 Essa Industries Indonesia Tbk (ISX:ESSA) Overvalued in 2026?
Based on GuruFocus' analysis, PT Essa Industries Indonesia Tbk stock appears to be overvalued.
The current stock price of Rp710.00 is trading 5% above its estimated GF Value™ of Rp675.91.
GuruFocus considers PT Essa Industries Indonesia Tbk to be Fairly Valued.
Key valuation signals for ISX:ESSA:
Sloan Ratio %: -8.70%
GF Value™: Rp675.91 vs. price of Rp710.00 (5% above fair value)
No single metric tells the full story. See the ISX:ESSA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Essa Industries Indonesia Tbk owns and operates privately owned domestic liquefied petroleum gas (LPG) refinery in Indonesia. Its main business is the refining and processing of natural gas to produce LPG (mixture of Propane and Butane), condensate, methanol, carbonation and gasification of coal, or other hydrocarbon materials. The principal products of the company include LPG, Condensate and Ammonia. It is also engaged in other activities such as crude oil mining, Wholesale trade in gas, liquid and solid fuels and similar products, Gas distribution and supporting service activities related to oil and gas mining carried out on a fee or contract basis. The company's segments are; LPG refinery, Ammonia which generates key revenue, and others.
75GF Score
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