Fundamental Analysis of Financial Statements of Nickel Mining Companies Listed on the Idx for the Period 2020–2025
DOI:
https://doi.org/10.59890/ijist.v4i6.13Keywords:
Fundamental analysis, financial ratios, nickel, Indonesia Stock Exchange, financial performanceAbstract
This study aims to examine the fundamental financial performance of two nickel mining companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2025 period, namely PT Aneka Tambang Tbk (ANTM) and PT Vale Indonesia Tbk (INCO). The ratios analysed include Return on Equity (ROE), Earnings per Share (EPS), Debt to Equity Ratio (DER), Price Earnings Ratio (PER), and Price to Book Value (PBV). The approach used is quantitative descriptive with secondary data in the form of officially published annual financial reports. The sample was selected using a simple random sampling method from the population of nickel mining issuers on the IDX. The results show that ANTM achieved a strong profitability recovery in 2025 with an ROE of 20.42%, EPS of Rp299.98, and DER of 43.53%. INCO maintained a conservative capital structure (DER of 20.57%) with an EPS of Rp120.04 and ROE of 2.74% in 2025, reflecting operational cost pressures amidst the expansion of downstream projects. This finding is consistent with signalling theory and agency theory that the financial ratio profile reflects fundamental signals for investors in the commodity sector, which is highly sensitive to global price cycles.
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