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Indonesia Energy Corp Ltd (INDO) stock

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NYSE: INDO NYSE Oil & Gas Exploration & Production

E Fundamentals grade

Indonesia Energy Corp Ltd is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$1.3

Book value (net assets)

Base case. Range ~$1.3–$1.3. Net assets per share: the value if returns just equal the cost of equity.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Indonesia Energy Corp Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds4 adding, 5 cuttingOf 2 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Indonesia Energy files

Where Indonesia Energy stands after its latest Filing

Indonesia Energy has little or no product revenue yet; it used $5m of cash in the twelve months. That puts it 51 of 57 for growth among the oil & gas exploration & production companies we cover. The diluted share count is up 27.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 2 financial-health checks. Our book value value is $1.31 a share, against a share price of $2.69.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Indonesia Energy Corp Ltd's trailing-twelve-month revenue fell 24.6% year on year, with a free-cash-flow margin of -272.3%. Where it lags: operating margin of -227.5% ranks 42 of 42 oil & gas exploration & production companies we cover.

Current signal Net income rising while operating cash flow falls: TTM net income grew 19.6% while operating cash flow fell 76.1% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Indonesia Energy Corp Ltd's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 24.6% over the last 12 months.
  • Loss-making. Operating margin is -227.5%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 5.1 points on a year ago.
  • Burning cash. Free cash flow was -272.3% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 46.0% of revenue: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 27.5% in a year.

Price chart

  • 1 day-3.3%
  • 1 week-1.5%
  • 1 month-2.6%
  • This year-11.3%
  • 1 year-9.7%
  • 5 years-35.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2M
Operating margin
-227.5%
Net margin
-253.2%
EPS (TTM, diluted)
$-0.35

Growth

Revenue growth
−24.6%
Change in growth rate
−0.2 pts
Share count change
+27.5%

Cash

Free cash flow (TTM)
-$5.5M
FCF margin
-272.3%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for INDO from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Indonesia Energy Corp Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Indonesia Energy Corp Ltd as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.48 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. — Does not apply: no standardised measure of proved reserves in the company's tagged filings
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Book value (net assets) Net assets per share: the value if returns just equal the cost of equity. ~$1.3 Primary model, counts double
Combined value Weighted average of the models that apply: the primary model (book value (net assets)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$1.3 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Indonesia Energy Corp Ltd with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025
Share price$7.31$7.50$2.80$4.66$2.71$2.78$2.93
Market value$44m$55m$21m$41m$27m$32m$43m
+ Net debt (− = net cash)−$10m−$6m$1m$0$0$0$0
Enterprise value$34m$50m$22m$41m$27m$32m$43m
Multiples
Price / sales 10.6x28.0x8.5x10.1x7.8x12.0x21.3x
Price / earnings ———————
Price / free cash flow ———————
EV / EBITDA ———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Indonesia Energy Corp Ltd: too few analysts cover it.

Positioning

Short interest
3.4%
of tradable shares
Days to cover
2.26
at average volume
Short interest, 1 month
−23%
to October 15, 2026
Held by institutions
1%
of shares
Held by insiders
35.8%
of shares
Employees
39
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
INDO−63%+66%−42%+3%+5%−11%
Industry peers (median)+88%+54%−8%+1%−15%+18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
INDO25%42%33%25%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
INDO−69%−93%−61%−65%−50%−63%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since December 19, 2019: 97% from March 7, 2022 to March 14, 2024. Getting back needed a 2815% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.49 – $6.74
From 52-week high
−61.4%
vs 50-day average
−7.4%
vs 200-day average
−21.0%
Volatility (1 year)
85%
Beta vs S&P 500
-1.35

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Indonesia Energy Corp Ltd in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Indonesia Energy Corp Ltd
$0 $2M $4M $6M FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY17 Q4: $3.7M Revenue (TTM), FY18 Q4: $5.9M Revenue (TTM), FY19 Q4: $4.2M Revenue (TTM), FY20 Q4: $2M Revenue (TTM), FY21 Q4: $2.5M Revenue (TTM), FY22 Q4: $4.1M Revenue (TTM), FY23 Q4: $3.5M Revenue (TTM), FY24 Q4: $2.7M Revenue (TTM), FY25 Q4: $2M $2M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY17 Q4 $3.7M
FY18 Q4 $5.9M
FY19 Q4 $4.2M
FY20 Q4 $2M
FY21 Q4 $2.5M
FY22 Q4 $4.1M
FY23 Q4 $3.5M
FY24 Q4 $2.7M
FY25 Q4 $2M
Revenue growth, TTM YoY Indonesia Energy Corp Ltd
-100% -50% 0% 50% 100% FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue growth, TTM YoY, FY18 Q4: 58.1% Revenue growth, TTM YoY, FY19 Q4: -28.6% Revenue growth, TTM YoY, FY20 Q4: -52.7% Revenue growth, TTM YoY, FY21 Q4: 23.8% Revenue growth, TTM YoY, FY22 Q4: 67.1% Revenue growth, TTM YoY, FY23 Q4: -14.0% Revenue growth, TTM YoY, FY24 Q4: -24.3% Revenue growth, TTM YoY, FY25 Q4: -24.6% -24.6%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY18 Q4 58.1%
FY19 Q4 -28.6%
FY20 Q4 -52.7%
FY21 Q4 23.8%
FY22 Q4 67.1%
FY23 Q4 -14.0%
FY24 Q4 -24.3%
FY25 Q4 -24.6%
Operating margin (TTM) Indonesia Energy Corp Ltd
-400% -300% -200% -100% 0% 100% FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY17 Q4: -41.9% Operating margin (TTM), FY18 Q4: 2.4% Operating margin (TTM), FY19 Q4: -38.3% Operating margin (TTM), FY20 Q4: -367.0% Operating margin (TTM), FY21 Q4: -248.8% Operating margin (TTM), FY22 Q4: -112.2% Operating margin (TTM), FY23 Q4: -99.2% Operating margin (TTM), FY24 Q4: -222.4% Operating margin (TTM), FY25 Q4: -227.5% -227.5%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY17 Q4 -41.9%
FY18 Q4 2.4%
FY19 Q4 -38.3%
FY20 Q4 -367.0%
FY21 Q4 -248.8%
FY22 Q4 -112.2%
FY23 Q4 -99.2%
FY24 Q4 -222.4%
FY25 Q4 -227.5%
FCF margin (TTM) Indonesia Energy Corp Ltd
-300% -200% -100% 0% 100% FY17 Q4 FY18 Q4 FY19 Q4 FY21 Q4 FY22 Q4 FY25 Q4 FCF margin (TTM), FY17 Q4: -9.9% FCF margin (TTM), FY18 Q4: 32.8% FCF margin (TTM), FY19 Q4: -10.5% FCF margin (TTM), FY21 Q4: -157.4% FCF margin (TTM), FY22 Q4: -78.3% FCF margin (TTM), FY25 Q4: -272.3% -272.3%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY17 Q4 -9.9%
FY18 Q4 32.8%
FY19 Q4 -10.5%
FY21 Q4 -157.4%
FY22 Q4 -78.3%
FY25 Q4 -272.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 4 6 4 2 2 4 4 3 2
EBITDA −0 1 −1 −7 −5 −3 −3 −5 −4
Operating income −2 0 −2 −7 −6 −5 −3 −6 −5
Net income −2 0 −2 −7 −6 −3 −3 −6 −5
Diluted EPS −$0.27 $0.02 −$0.28 −$0.94 −$0.82 −$0.35 −$0.26 −$0.55 −$0.35
Growth (year on year)
Revenue — +58.1% −28.6% −52.7% +23.8% +67.1% −14.0% −24.3% −24.6%
EBITDA — — −155.8% — — — — — —
Operating income — — <−999% — — — — — —
Net income — — <−999% — — — — — —
Diluted EPS — — <−999% — — — — — —
Margins
EBITDA margin −9.9% 22.2% −17.3% −331.7% −215.7% −84.4% −79.2% −197.5% −199.7%
Operating margin −41.9% 2.4% −38.3% −367.0% −248.8% −112.2% −99.2% −222.4% −227.5%
Net margin −43.3% 2.5% −40.0% −351.0% −248.0% −74.8% −75.0% −237.6% −253.2%
Free-cash-flow margin −9.9% 32.8% −10.5% — −157.4% −78.3% — — −272.3%
Cash flow
Cash from operations −0 2 −0 −5 −4 −3 −3 −3 −5
Capital spending 0 0 0 — 0 0 — — 0
Free cash flow −0 2 −0 — −4 −3 — — −5
Stock-based pay 0 0 0 3 1 1 — 1 —
Free cash flow after stock pay −0 2 −1 — −5 −4 — — —
Balance sheet
Cash 0 1 12 7 0 0 0 0 0
Total debt 0 2 2 1 1 — 0 0 0
Net debt (negative = net cash) −0 1 −10 −6 1 0 0 0 0
Diluted shares 6m 6m 6m 7m 7m 9m 10m 11m 15m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · December 31, 2025
What it owns · $23m
Short-term assets $7mLonger-term assets $15m
What it owes, and who funded it · $23m
Short-term liabilities $1mLonger-term liabilities $2mShareholders' equity $20m
  • Short-term assets cover short-term liabilities $7m of assets due within a year against $1m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7m short-term assets against $2m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Indonesia Energy Corp Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+27.5%
year over year
Days sales outstanding
62 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated INDO MXC BSIN GBR EP KGEI Median
Revenue, last 12 months $2m $7m $7m $157000 $31m $57m $1.4bn
Revenue growth, last 12 months −24.6% −6.1% −48.7% 4.0% −20.8% −2.1% 10.6%
Revenue growth, 3-year average — −8.7% −43.7% −7.8% −11.3% — 1.4%
Revenue growth, latest quarter — 12.9% 5.2% 2.5% 8.6% — 31.5%
Operating margin −227.5% 22.4% −153.7% −187.3% −224.1% — 21.1%
Operating margin, 3-year average −172.7% 23.4% −162.7% −176.9% −99.0% — 16.5%
Net margin −253.2% 23.3% −155.3% −56.1% −229.6% 27.0% 10.1%
Cash from operations / revenue −270.0% 57.5% −62.1% −33.1% −19.8% 72.3% 42.4%
Free-cash-flow margin −272.3% −10.3% −63.4% −33.1% −20.2% −36.8% 19.3%
Free-cash-flow margin, 3-year average — 5.4% −28.9% −21.0% −36.5% — 19.1%
Stock pay / revenue 46.0% 2.4% 28.4% — 2.6% 3.0% 1.5%
Change in share count 27.5% −0.5% 33.7% 0.0% 24.7% 0.4% 0.4%

Median of all 57 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 oil & gas exploration & production companies
Measure Company Peer median Rank
Revenue growth Growth -24.6% 10.6% 51 of 57
Change in growth rate Growth -0.2pp +4.9pp 40 of 57
Operating margin Profitability -227.5% 19.9% 42 of 42
Net margin Profitability -253.2% 10.1% 57 of 57
Free-cash-flow margin Cash generation -272.3% 23.2% 51 of 51
Change in share count Balance sheet 27.5% 0.4% 43 of 48
Days sales outstanding Balance sheet 62 days 41 days 36 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$560,522
Institutions reporting
7
Shares held vs prior quarter
▲ 60.1%
Positions opened / closed
2 / 3

Top buyers and sellers, Q2 2026: 4 institutions bought and 5 sold ; the biggest buyer was UBS Group AG (+40K shares) and the biggest seller Thompson Davis & Co., Inc (−15K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
UBS Group AG $293,917 107K 52.4% ▲ 60.2%
Raymond James Financial Inc $102,514 37K 18.3% New
HRT Financial LP $55,000 20K 9.8% New
R Squared Ltd $43,936 16K 7.8% ▼ 6.3%
Two Sigma Investments, LP $32,776 12K 5.8% ▲ 9.3%
Two Sigma Securities, LLC $30,351 11K 5.4% ▼ 30.5%
Morgan Stanley $2,028 1K 0.4% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Indonesia Energy Corp Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Indonesia Energy Corp Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Indonesia Energy Corp Ltd in brief

What does Indonesia Energy Corp Ltd do?
Indonesia Energy Corp Ltd is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
What is Indonesia Energy Corp Ltd's stock ticker?
Indonesia Energy Corp Ltd trades under the ticker INDO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Indonesia Energy Corp Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Indonesia Energy Corp Ltd reported revenue of $2M, 24.6% lower than a year earlier, according to its SEC filings.
What is Indonesia Energy Corp Ltd's free cash flow?
Indonesia Energy Corp Ltd's free-cash-flow margin is -272.3% of revenue over the trailing twelve months, ranking 51 of the 51 oil & gas exploration & production companies we cover.
Who are Indonesia Energy Corp Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are UBS Group AG, Raymond James Financial Inc and HRT Financial LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Indonesia Energy Corp Ltd's market cap?
On December 31, 2025, Indonesia Energy Corp Ltd's market capitalisation was about $43M and net debt of $0. Market figures come from third-party market data and may be delayed.
Who are Indonesia Energy Corp Ltd's competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to Indonesia Energy Corp Ltd are Mexco Energy Corp, BIG SKY Industrial Inc., New Concept Energy, Inc., Empire Petroleum Corp and Kolibri Global Energy Inc. The side-by-side comparison below sets their revenue, margins and growth against Indonesia Energy Corp Ltd's.