Kalbe Farma Tbk PT (KLBF) fair value: what the stock is really worth
As of Sep 28, 2026: fair value of Kalbe Farma Tbk PT IDR 1,221, price IDR 720, upside +69.6%, quality 73 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range 665.00 IDR – 2,158 IDR · fair‑value band 755.31 IDR – 1,812 IDR · the 720.00 IDR price screens below the 1,221 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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PT Kalbe Farma Tbk., together with its subsidiaries, engages in the development, manufacture, and trading of pharmaceutical products in Indonesia. It operates through Prescription Pharmaceuticals; Consumer Health; Nutritionals; and Distribution and Logistic segments.
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PT Kalbe Farma Tbk., together with its subsidiaries, engages in the development, manufacture, and trading of pharmaceutical products in Indonesia. It operates through Prescription Pharmaceuticals; Consumer Health; Nutritionals; and Distribution and Logistic segments. The company provides prescription/ethical; consumer health; nutritionals; distribution and logistics; health services; medical devices; biopharma; animal health; international business, and E-health products. In addition, the company provides health screening services; operates as an agent and representative for biotechnology products; distributes consumer products, medical equipment, cosmetics, and other trading products; and trades in medical and laboratory equipment and supplies, raw materials for pharmaceutical products, and consumable products for hemodialysis therapy, as well as offers advertising services. The company was incorporated in 1966 and is headquartered in Jakarta, Indonesia.
Stock analysis
Kalbe Farma Tbk PT (KLBF) currently trades at 720.00 IDR, while our model-based Fair Value estimate is 1,221 IDR, implying the stock looks roughly 41.1% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 1,398 IDR per share, and 22 of the 26 models we run sit above the 720.00 IDR price.
Bear case: the Asset-Based group reads lowest at 345.19 IDR, and 4 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 755.31 IDR (bear) to 1,812 IDR (bull), the price of 720.00 IDR sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Kalbe Farma Tbk PT reported revenue of 35.3T IDR in FY2025 versus 26.3T IDR in FY2021, a compound +7.7%/yr. Reported net income was 3.7T IDR in FY2025, compounding +3.6%/yr from FY2021.
Key figures
Market cap 32.8T IDR (≈ $1.8B) · P/E ratio 9.0 · P/S ratio 0.94 · EPS (TTM) 79.72 IDR · Dividend yield 5.0% · Net margin 10.4% · Return on equity 14.4% · Return on assets (EBIT) 14.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −2% fair-value upside, at 70%, KLBF screens cheaper than that median.
Fair Value models
Bear 755.31 IDRFair Value 1,221 IDRBull 1,812 IDR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (59.19 IDR per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+8.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.9%
Start year 2020 (pandemic). Over 10 years: +7.0% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.3%
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What shareholders gained per year (last 5 years), in IDR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in IDR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.7%
Dividend (yield on the price)5.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6.7% vs 6.2%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.16% → 13%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about +4.5% a year for the price and +4.7% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - General · 73 stocks
Beats the industry median on 13/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside+69.6% · Top 25%
Profitability
Return on equity (TTM)14.4% · Above median
Return on assets9.0% · Above median
Net margin (TTM)10.0% · Below median
Operating margin (TTM)13.7% · Below median
Growth and dividend
Revenue growth10.1% · Above median
Dividend yield (TTM)5.0% · Top 25%
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Drug Manufacturers - General median · lower = cheaper
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Is Kalbe Farma Tbk PT (KLBF) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 1,221 IDR versus a price of 720.00 IDR, about +70% upside (undervalued).
What is the fair value of KLBF?
Our model-based fair value for Kalbe Farma Tbk PT is 1,221 IDR (as of Sep 27, 2026), built from audited fundamentals. The current price: 720.00 IDR.
What is the quality score of KLBF?
Kalbe Farma Tbk PT has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Kalbe Farma Tbk PT (KLBF)?
Our model-based price target is the fair value of 1,221 IDR (as of Sep 27, 2026) from 26 valuation models. Cautious scenario 755.31 IDR, optimistic scenario 1,812 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Kalbe Farma Tbk PT stock forecast for 2026?
Our models put fair value at 1,221 IDR, about +70% upside versus a price of 720.00 IDR (undervalued). Cautious scenario 755.31 IDR, optimistic scenario 1,812 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Kalbe Farma Tbk PT (KLBF)?
Kalbe Farma Tbk PT reported trailing-twelve-month revenue of about 36.2T IDR (latest available figure, as of Sep 27, 2026).
Does Kalbe Farma Tbk PT pay a dividend?
Kalbe Farma Tbk PT currently shows a dividend yield of about 5.02% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Kalbe Farma Tbk PT (KLBF)?
For today's price to be fair in a discounted-cash-flow model, Kalbe Farma Tbk PT would have to grow free cash flow by +7.3 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.9 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of KLBF use?
Our models discount Kalbe Farma Tbk PT at 13.5 %: a base by market capitalisation (small), country premium for Indonesia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Kalbe Farma Tbk PT that is +7.3 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Kalbe Farma Tbk PT (KLBF) delivered so far?
Over the past 5 years revenue at Kalbe Farma Tbk PT grew +8.9 % a year. The price currently implies +7.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Kalbe Farma Tbk PT (KLBF) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into Kalbe Farma Tbk PT (+7.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Kalbe Farma Tbk PT (KLBF)?
The free-cash-flow yield on the price is 7.51 %: that much free cash flow Kalbe Farma Tbk PT produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Kalbe Farma Tbk PT (KLBF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kalbe Farma Tbk PT it is 1,221 IDR per share (as of Sep 27, 2026), against a price of 720.00 IDR. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Kalbe Farma Tbk PT stock overvalued or undervalued in 2026?
As of Sep 27, 2026, KLBF trades below its calculated fair value: price 720.00 IDR, fair value 1,221 IDR, a gap of about +70% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KLBF?
No. The price is what the market pays today (720.00 IDR); the fair value is what the company's own numbers justify (1,221 IDR). For Kalbe Farma Tbk PT the two are 501.40 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Kalbe Farma Tbk PT worth?
The market values Kalbe Farma Tbk PT at about 32.8T IDR (market capitalisation, as of Sep 27, 2026). Per share that is 720.00 IDR; our models calculate a fair value of 1,221 IDR per share.
What do the bullish and bearish scenarios say about KLBF?
Our models span a range for Kalbe Farma Tbk PT: cautious scenario 755.31 IDR, base 1,221 IDR, optimistic 1,812 IDR per share (as of Sep 27, 2026, price 720.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KLBF?
Kalbe Farma Tbk PT trades at a price-to-earnings ratio of 9.0 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1,221 IDR is built from several models across several years. Other multiples: PEG 1.2, P/B 1.4, P/S 0.9, EV/EBITDA 5.4.
What is the PEG ratio of KLBF?
The PEG ratio of Kalbe Farma Tbk PT is 1.18 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Kalbe Farma Tbk PT (KLBF)?
Balance-sheet figures for Kalbe Farma Tbk PT (as of Sep 27, 2026): return on equity 14.4%, debt of 0.01 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is KLBF from its 52-week high?
Kalbe Farma Tbk PT trades at 720.00 IDR, about 44% below its 52-week high of 1,294 IDR and 8% above the low of 665.00 IDR (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of 1,221 IDR is for.
Which stocks are comparable to Kalbe Farma Tbk PT?
From the same area (Healthcare) we also value Eli Lilly and Company, Johnson & Johnson,, AbbVie Inc, Roche Holding, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Kalbe Farma Tbk PT stock attractive at the current price?
The data as of Sep 27, 2026: price 720.00 IDR, calculated fair value 1,221 IDR (+70%), Quality Score 73/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KLBF calculated?
We run Kalbe Farma Tbk PT through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 1,221 IDR, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.9 % above its aggregate fair value. Kalbe Farma Tbk PT currently trades 70 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Kalbe Farma Tbk PT (KLBF)?
The closing price on Sep 28, 2026 was 720.00 IDR. Our model-based fair value is 1,221 IDR, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kalbe Farma Tbk PT right now?
The rarer combination: high quality (73/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (755.31 IDR). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (755.31 IDR to 1,812 IDR) leaves room in how you read the outcome.
Where does the earnings growth of Kalbe Farma Tbk PT (KLBF) come from?
Earnings per share at Kalbe Farma Tbk PT grew +5.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.0 %, EBIT margin −2.6 %, tax rate +0.2 %, residual (interest, one-offs) +0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Kalbe Farma Tbk PT
How large is the market capitalisation of Kalbe Farma Tbk PT (KLBF)?
The market capitalisation of Kalbe Farma Tbk PT is 32.8T IDR (≈ $1.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Kalbe Farma Tbk PT (KLBF)?
The price-to-sales ratio of Kalbe Farma Tbk PT is 0.94 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Kalbe Farma Tbk PT (KLBF)?
Earnings per share at Kalbe Farma Tbk PT are 79.72 IDR (price ÷ EPS = P/E 9.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kalbe Farma Tbk PT (KLBF)?
The dividend yield of Kalbe Farma Tbk PT is 5.0% (payout 45.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Kalbe Farma Tbk PT (KLBF)?
The net margin of Kalbe Farma Tbk PT is 10.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Kalbe Farma Tbk PT (KLBF)?
The return on equity (ROE) of Kalbe Farma Tbk PT is 14.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Kalbe Farma Tbk PT (KLBF)?
On an EBIT basis the return on assets of Kalbe Farma Tbk PT is 14.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Kalbe Farma Tbk PT (KLBF)?
The operating margin of Kalbe Farma Tbk PT is 13.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kalbe Farma Tbk PT (KLBF)?
Revenue at Kalbe Farma Tbk PT is growing +10.1% versus a year earlier (3y avg +6.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Kalbe Farma Tbk PT (KLBF)?
Earnings per share at Kalbe Farma Tbk PT are growing −3.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Kalbe Farma Tbk PT (KLBF) hold?
Kalbe Farma Tbk PT holds more cash than debt, 4.0T IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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