Merdeka Gold Resources - Public Comps and Valuation Multiples

Merdeka Gold Resources Overview

About Merdeka Gold Resources

PT Merdeka Gold Resources Tbk is currently carries out business activities as a holding company for a business group engaged in gold mining and related minerals, processing and other vertically integrated business activities. The Company Group's Pani Gold Project will be a multi-decade mine with a processing capacity of up to 19 million tonnes per year. Peak gold production is expected to reach 500,000 ounces per year, positioning the Pani Gold Project as one of the largest gold mines in Indonesia and the Asia Pacific region.

Founded

2015

HQ

Employees

253

Website

merdekagoldresources.com

Sectors

Metals & Mining

Financials

LTM Revenue $119B

LTM EBITDA $27.3B

EV

$7.1B

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Merdeka Gold Resources Financials

As of January 2026, Merdeka Gold Resources reported last 12-month revenue of $119B and EBITDA of $27.3B.

In the same period, Merdeka Gold Resources achieved -$436B in LTM net income.

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Merdeka Gold Resources P&L

In the most recent fiscal year, Merdeka Gold Resources reported revenue of $0K and EBITDA of $0K.

Merdeka Gold Resources expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$119B	XXX	$0K	XXX	XXX	XXX
Gross Profit	n/a	XXX	$0K	XXX	XXX	XXX
Gross Margin	n/a	XXX	33%	XXX	XXX	XXX
EBITDA	$27.3B	XXX	$0K	XXX	XXX	XXX
EBITDA Margin	23%	XXX	328%	XXX	XXX	XXX
EBIT	-$225B	XXX	-$0K	XXX	XXX	XXX
EBIT Margin	-190%	XXX	-26%	XXX	XXX	XXX
Net Profit	-$436B	XXX	-$1K	XXX	XXX	XXX
Net Margin	-368%	XXX	-726%	XXX	XXX	XXX
Net Debt	XXX	XXX	$7K	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Merdeka Gold Resources including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $119B. EBITDA for the last twelve months was $27.3B. In the most recent fiscal year, Merdeka Gold Resources achieved $0K in revenue and $0K in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$119B	Analyst estimates available to subscribers	$0K	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$0K	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	32.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$27.3B	Analyst estimates available to subscribers	$0K	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	23.1% EBITDA margin	Analyst estimates available to subscribers	328.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$225B	Analyst estimates available to subscribers	-$0K	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-189.9% EBIT margin	Analyst estimates available to subscribers	-25.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$436B	Analyst estimates available to subscribers	-$1K	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-367.9% net profit margin	Analyst estimates available to subscribers	-725.9% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$7K	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Merdeka Gold Resources

This financial data table provides comprehensive performance metrics for Merdeka Gold Resources, a company based in Indonesia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Merdeka Gold Resources generated $119B in revenue over the last twelve months.
The company achieved $27.3B in EBITDA over the last twelve months.
Net income over the last twelve months reached -$436B.

Fiscal Year Performance

In the most recent fiscal year, Merdeka Gold Resources reported $0K in total revenue.
Fiscal year EBITDA was $0K.
The company maintained a gross profit margin of 32.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 328.0%.
Net profit margin reached -725.9% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Merdeka Gold Resources. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Merdeka Gold Resources Stock Performance

Merdeka Gold Resources has current market cap of IDR 116.38T (or $6.9B), and EV of IDR 118.84T (or $7.1B).

Market Cap Evolution

Merdeka Gold Resources Stock Data

As of February 20, 2026, Merdeka Gold Resources's stock price is IDR 7900 (or $0).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$7.1B	$6.9B	XXX	XXX	XXX	XXX	$-0.00

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Merdeka Gold Resources Valuation Multiples

Merdeka Gold Resources's trades at 1002.7x EV/Revenue multiple, and 4348.3x EV/EBITDA.

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Merdeka Gold Resources Financial Valuation Multiples

As of February 20, 2026, Merdeka Gold Resources has market cap of $6.9B and EV of $7.1B.

Equity research analysts estimate Merdeka Gold Resources's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Merdeka Gold Resources has a P/E ratio of -266.9x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$6.9B	XXX	$6.9B	XXX	XXX	XXX
EV (current)	$7.1B	XXX	$7.1B	XXX	XXX	XXX
EV/Revenue	1002.7x	XXX	1002.7x	XXX	XXX	XXX
EV/EBITDA	4348.3x	XXX	4348.3x	XXX	XXX	XXX
EV/EBIT	-527.9x	XXX	-527.9x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-266.9x	XXX	-266.9x	XXX	XXX	XXX
EV/FCF	-33.5x	XXX	-33.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Merdeka Gold Resources Margins & Growth Rates

Merdeka Gold Resources's last 12 month revenue growth is 4404%

Merdeka Gold Resources's revenue per employee in the last FY averaged $0K, while opex per employee averaged $0K for the same period.

Merdeka Gold Resources's rule of 40 is 4322% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Merdeka Gold Resources's rule of X is 11033% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Merdeka Gold Resources Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	4404%	XXX	638%	XXX	XXX	XXX
EBITDA Margin	23%	XXX	23%	XXX	XXX	XXX
EBITDA Growth	11415%	XXX	n/a	XXX	XXX	XXX
Rule of 40	4322%	XXX	4427%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	11033%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	58%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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