Indonesia Energy Corporation Limited
INDO Energy Oil & Gas E&P
Indonesia Energy Corporation Limited’s revenue for fiscal 2025 (year ended December 2025) was $2.0 million, down 24.6% from fiscal 2024.
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Indonesia Energy Corporation Limited (INDO) Altman Z-score
Indonesia Energy Corporation Limited's Altman Z-score for fiscal 2025 is 4.93, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.93 | 3.26 |
| FY2024 | 1.67 | (0.49) |
| FY2023 | 2.16 | (2.82) |
| FY2022 | 4.98 | 7.37 |
| FY2021 | −2.39 | (9.55) |
| FY2020 | 7.16 | 2.54 |
| FY2019 | 4.62 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.27 | — | 0.32 | |
| Retained earnings / total assets | (2.24) | — | −3.14 | |
| EBIT / total assets | (0.20) | — | −0.66 | |
| Market value of equity / total liabilities | 13.87 | — | 8.32 | |
| Sales / total assets | 0.09 | — | 0.09 | |
| Altman Z-score | Safe zone | 4.93 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.26 | ||
Z and Z″ put Indonesia Energy Corporation Limited in different zones: safe zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CKX CKX Lands, Inc. compare | 16.0× |
| INDO Indonesia Energy Corporation Limited | 4.9× |
| PROP Prairie Operating Co. compare | 0.4× |
| BATL Battalion Oil Corporation compare | −0.5× |
| EONR EON Resources Inc. compare | −1.0× |
| BSIN Big Sky Industrial Inc. compare | −7.3× |
| PRT PermRock Royalty Trust compare | — |
| VOC VOC Energy Trust compare | — |
| PVL PERMIANVILLE ROYALTY TRUST compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets