MeritValue

Indonesia Energy Corp Ltd

INDOdata completeness 88%9 fiscal years on file
The thesis, from the filings

Indonesia Energy Corp Ltd earns about -26% on invested capital, but has diluted owners by 98% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.45M1$4.1M2$3.53M3$2.67M3$2.01M3
Net income−$6.08M4−$3.06M5−$2.64M6−$6.34M6−$5.1M6
Operating cash flow−$3.55M7−$3.21M8−$2.98M9−$3.09M9−$5.43M9
Capital expenditure$311,55910$1,68411——$44,69112
Free cash flow (derived)−$3.86M7−$3.21M8——−$5.48M9
Total debt$1M13————
Cash & equivalents$014$015$016$016$016
Diluted shares7.4M8.9M10.1M11.5M14.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$13.41
your share of equity
Profit it earned you last year
−$3.48
Free cash flow it threw off
−$3.74
Debt you’d be carrying
—

10 shares is a claim on $13.41 of net worth that earned you −$3.48 and generated −$3.74 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-26% avg · 5y
FY21 -54%FY22 -14%FY23 -14%FY24 -28%FY25 -20%

It earned an average -26% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+98% shares · 5y

Share count is up 98% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001493152-24-016612 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-006716 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-019641 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-016612 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-006716 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-019641 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-016612 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-006716 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-019641 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001493152-24-016612 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-006716 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2025-12-31 · accession 0001493152-26-019641 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001493152-23-015007 (LongTermDebt)
  14. 20-F · period ending 2021-12-31 · accession 0001493152-23-015007 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001641172-25-006716 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001493152-26-019641 (CashAndCashEquivalentsAtCarryingValue)