1. Indonesia Stocks

  2. •

    Industrials

  3. •

    Engineering & Construction
PT Jasa Marga (Persero) Tbk

PT Jasa Marga (Persero) Tbk

PTJSY
PT Jasa Marga (Persero) TbkUS flagOther OTC
3.63
USD
- -
- -
1.32BMarket Cap
PT Jasa Marga (Persero) Tbk
PTJSY
(Other OTC)

Recent

price

3.63

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
12,680.48
19,099.08
26,650.19
30,139.61
26,918.77
28,965.42
48,851.34
96,701.07
101,886.83
72,597.76
37,763.2
41,801.66
45,696.18
58,746.17
87,507.52
82,366.43
80,277.99
Revenue per Share
3,488.06
3,522.85
4,707.27
3,015.47
4,171.79
4,312.89
5,191.78
6,063.09
6,069.55
6,082
1,380.7
4,451.12
7,569.39
18,720.51
12,491.29
10,084.32
11,187.56
Basic EPS, GAAP
-5,834.25
-11,107.31
-7,736.76
-12,750.03
-10,443.74
-10,414.44
-17,617.16
-30,948.59
-39,884.63
-38,439.75
-58,283.86
-7,944.03
-12,353
-15,936.56
-35,041.78
-36,063.47
-31,124.51
Free Cash Flow per Basic Share
1,934.23
42.53
1,652.96
1,880.41
1,576.02
1,444.7
859.89
1,561.87
1,212.66
910.43
304.1
- -
0.41
1,529.66
757.27
3,124.58
385.97
Dividend per Share
13,752.17
11,340.69
12,087.09
10,069.04
10,319.66
10,528.99
12,407.44
12,517.9
12,524.37
17,695.93
18,518.52
22,969.64
30,539.03
47,745.66
59,479.67
66,439.41
61,518.42
Book Value per Share
-17,180.26
-21,995.35
-26,935.67
-36,551.48
-44,425.84
-48,537.26
-60,435.25
-104,199.03
-119,422.53
-153,222.35
-162,179.86
-150,329.75
-114,426.61
-214,068.87
-202,153.49
-217,147.84
-185,665.35
Tangible Book Value per Share
340
340
340
341
341
340
341
363
363
363
363
363
363
363
363
363
363
Basic Weighted Avg Shares
4,306,106
6,485,772
9,070,219
10,271,468
9,173,817
9,848,242
16,661,403
35,092,196
36,974,076
26,345,260
13,704,021
15,169,552
16,582,849
21,318,605
31,755,916
29,890,247
29,132,366
Sales/Revenue/Turnover
46.17
33.07
29.05
19.84
30.58
32.4
23.21
11.71
11.64
18.61
29.32
39.14
30.18
32.54
27.69
30.7
31.04
Operating Margin (%)
- -
66,088
22,135
32,607
49,161
61,077
81,562
86,632
84,167
97,863
154,698
115,364
118,917
117,155
107,009
112,253
102,745
Depreciation Expense
1,184,496
1,196,309
1,602,090
1,027,661
1,421,729
1,466,382
1,770,726
2,200,256
2,202,602
2,207,117
501,047
1,615,281
2,746,884
6,793,551
4,533,007
3,659,535
4,059,895
Net Income, GAAP
19.77
25.84
25.27
29.13
33.16
36.22
31.95
35.59
36.56
33.05
105.98
57.96
37.63
14.85
2.74
24.34
18.54
Effective Tax Rate (%)
27.51
18.45
17.66
10.01
15.5
14.89
10.63
6.27
5.96
8.38
3.66
10.65
16.56
31.87
14.27
12.24
13.94
Profit Margin (%)
1,365,556
-90,322
-2,130,052
-1,082,501
-755,225
-3,814,365
-5,662,005
-6,010,875
-19,451,479
-29,913,851
-4,222,692
-1,652,707
229,224
-16,527,562
-14,368,654
-6,727,185
-11,200,061
Working Capital
6,832,990
7,127,717
6,823,039
10,511,699
12,663,750
11,996,196
15,152,607
29,131,848
26,533,629
28,140,680
57,701,849
57,613,013
47,874,627
60,374,061
59,048,396
71,438,927
57,395,745
LT Debt
7,619,389
8,360,510
9,787,786
10,189,313
11,020,729
12,368,664
16,338,840
18,359,440
20,198,989
23,185,737
24,775,615
25,500,315
25,621,389
39,727,834
58,833,241
62,361,717
58,285,688
Total Equity
12.48
9.59
10.48
6.75
7.95
7.64
7.5
5.71
5.22
5.47
-0.31
2.83
3.78
6.25
7.22
5.27
6.22
Return on Invested Capital (%)
17.5
13.05
16.14
10.97
13.55
12.51
10.06
8.63
8.64
7.8
1.32
5.43
7.39
11.41
6.56
4.38
5.3
Return on Capital (%)
24.87
28.08
40.23
27.24
40.92
41.33
45.34
50.15
48.47
40.25
7.63
21.46
28.29
47.83
23.3
16.02
19.46
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
5,863,924
7,332,285
8,234,534
LT Borrowings
58,988,577
54,791,753
57,329,058
LT Finance Leases
59,819
43,733
66,687
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
7,258
7,258
7,258
Market Capitalization
33,596,920
34,716,817
33,596,920

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
7,197,565
7,555,098
8,949,904
Cash, Cash Equivalents & STI
5,146,043
5,311,330
6,388,982
Accounts Receivable, Net
- -
- -
- -
Inventories
147,978
147,174
147,689
Total Current Liabilities
21,566,219
19,872,464
20,149,965
Payables & Accruals
- -
- -
- -
ST Debt
5,863,924
7,332,285
8,234,534
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
18.87%
22.51%
6%
Free Cash Flow
35.44%
24.19%
2.92%
Net Income, GAAP
35.52%
77.44%
-19.27%
Sales/Revenue/Turnover
20.01%
18.33%
-5.88%
Total Cash Common Dividend
- -
- -
312.61%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,049,430
7,027,890
7,293,649
8,336,862
31,755,916
2025
7,019,428
6,482,427
8,806,905
- -
29,890,247
2026
6,448,145
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,709.84
- -
- -
- -
12,491.29
2025
2,556.26
- -
- -
- -
10,084.32
2026
2,134.68
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.3
- -
- -
- -
757.27
2025
- -
- -
- -
- -
3,124.58
2026
- -
- -
- -
- -
- -
Similar Companies
Aecon Group Inc. (ARE.TO)
ByggPartner Gruppen AB (publ) (BYGGP.ST)
Namkwang Engineering & Construction Co., Ltd. (001260.KS)
Vestum AB (publ) (VESTUM.ST)
Shanghai Tongji Science&Technology Industrial Co.,Ltd (600846.SS)
Lap Kei Engineering (Holdings) Limited (1690.HK)
Business
PT Jasa Marga (Persero) Tbk PT Jasa Marga (Persero) Tbk operates as Indonesia's leading toll road developer, operator, and manager, focusing on the planning, construction, operation, maintenance, and related services for toll roads and their facilities across the country. The company manages approximately 36 toll road concessions totaling around 1,736 kilometers in length, with about 1,264 kilometers currently operational, divided into two primary regional divisions: Regional Jasamarga Metropolitan Tollroad (RJMT) covering metropolitan areas and Regional Jasamarga Nusantara Tollroad (RJNT) handling broader national routes; core services include toll collection, road surface maintenance, equipment rental, land development within toll zones for rest areas and commercial facilities, and ancillary offerings such as towing and ambulance services, often conducted independently or through partnerships. It serves passenger and cargo transportation markets, holding a dominant market share of over 70% of Indonesia's toll roads through direct operations of 13 concessions and additional management of nine via subsidiaries like PT Jasamarga Transjawa Tol (JTT), PT Jasamarga Toll Road Maintenance (JMTM), Jalan Tol Lingkar Luar Jakarta, Marga Sarana Jabar, Trans Marga Jateng, and Jasamarga Bali Tol. Founded in 1978 by the Indonesian government and headquartered at Plaza Tol Taman Mini Indonesia Indah in East Jakarta, the company pioneered Indonesia's toll road sector with its first project, the Jakarta-Bogor-Ciawi (Jogorawi) Toll Road. In recent developments, PT Jasa Marga (Persero) Tbk completed a significant equity financing transaction in late 2024, divesting 35% of shares in subsidiary PT Jasamarga Transjawa Tol (JTT) to a consortium including Metro Pacific Tollways Corp (MPTC) subsidiaries and GIC for approximately Rp15.75 trillion (about USD 1 billion), providing fresh capital to support toll road expansions while retaining control. The company also acquired an additional 10% stake in PT Jasamarga Kunciran Cengkareng (JKC) from Synergy Quest International Limited in early 2025, increasing its ownership to 88.67%. Ongoing strategic initiatives include operational launches of new segments like Manado-Bitung, South Jakarta-Cikampek II, and plans for Ngawi-Kertosono-Kediri, Bogor Ring Road, Probolinggo-Banyuwangi, and Yogyakarta-Bawen through 2025; in November 2025, it introduced the JSMR MOVE work culture to accelerate service transformation and customer satisfaction, alongside scheduling an extraordinary shareholders' meeting for December 2025 to amend its articles of association in line with new state-owned enterprise regulations under UU 16/2025. These moves bolster financial health amid traffic growth and infrastructure pushes, with revenue reaching Rp21.08 trillion through September 2025 despite profit pressures.