Equal · Financial Report

Ciputra Development

CTRA/FY2021–FY2025/Educational Analysis/IDR/Data source · 2026-06-20

ROE = tax × interest × margin × turnover × leverage

	FY2021	FY2022	FY2023	FY2024	FY2025
Tax burden	0.84x	0.94x	1.07x	0.75x	0.82x
Interest burdendriver	0.62x	0.65x	0.59x	0.83x	0.85x
Operating margin	34.2%	33.5%	31.7%	30.8%	30.4%
Asset turnover	0.24x	0.22x	0.21x	0.24x	0.26x
Leverage (equity mult.)	2.10x	2.00x	1.95x	1.91x	1.78x
= Return on Equity (consolidated)	8.9%	8.9%	8.2%	8.6%	9.9%
Return on Invested Capital (ROIC)	12.8%	13.6%	13.0%	10.5%	11.6%

Consolidated (pre-minority-interest) basis; the headline ROE in the ratio grid is owners’ basis.

Liquidity

	FY2021	FY2022	FY2023	FY2024	FY2025
Current Ratio(Current Assets / Current Liabilities)	2.00x	2.20x	2.42x	1.99x	1.92x
Quick Ratio((Current Assets − Inventory) / Current Liabilities)	0.94x	1.12x	1.28x	1.04x	1.01x
Cash Ratio(Cash / Current Liabilities)	0.65x	0.84x	1.00x	0.77x	0.73x
Working Capital(Current Assets − Current Liabilities)	Rp 11 T	Rp 13 T	Rp 15 T	Rp 13 T	Rp 13 T

Leverage & Solvency

	FY2021	FY2022	FY2023	FY2024	FY2025
Debt to Equity (DER)(Total Debt / Total Equity)	0.49x	0.42x	0.36x	0.32x	0.37x
Liabilities to Equity(Total Liabilities / Total Equity)	1.10x	1.00x	0.95x	0.91x	0.78x
Debt to Assets(Total Debt / Total Assets)	0.24x	0.21x	0.18x	0.17x	0.20x
Net Debt(Total Debt − Cash)	Rp 2.4 T	-Rp 133 M	-Rp 2.5 T	-Rp 2.2 T	-Rp 528 M
Interest Coverage(EBIT / Interest Expense)	2.66x	2.86x	2.43x	5.73x	6.81x
Equity Multiplier (Assets ÷ Equity)	2.10x	2.00x	1.95x	1.91x	1.78x

Profitability

	FY2021	FY2022	FY2023	FY2024	FY2025
Gross Margin(Gross Profit / Revenue)	49.5%	49.7%	49.0%	46.7%	47.1%
Operating Margin(EBIT / Revenue)	34.2%	33.5%	31.7%	30.8%	30.4%
Net Margin(Net Income / Revenue)	17.8%	20.4%	20.0%	19.0%	21.1%
EBITDA(EBIT + D&A)	Rp 3.6 T	Rp 3.4 T	Rp 3.3 T	Rp 3.8 T	Rp 4.2 T
EBITDA Margin(EBITDA / Revenue)	37.4%	37.2%	35.6%	34.2%	33.6%
Return on Assets (ROA)(Net Income / Total Assets)	4.3%	4.4%	4.2%	4.5%	5.5%
Return on Equity (ROE)(Net Income (Owners) / Equity (Owners))	10.2%	10.0%	9.2%	9.7%	11.1%
Tax Burden (Net ÷ Pretax)	0.84x	0.94x	1.07x	0.75x	0.82x
Interest Burden (Pretax ÷ EBIT)	0.62x	0.65x	0.59x	0.83x	0.85x
Return on Invested Capital (ROIC)	12.8%	13.6%	13.0%	10.5%	11.6%

Operations & Efficiency

Turnover	FY2021	FY2022	FY2023	FY2024	FY2025
Asset Turnover(Revenue / Total Assets)	0.24x	0.22x	0.21x	0.24x	0.26x
Inventory Turnover(COGS / Inventory)	0.42x	0.39x	0.39x	0.48x	0.51x
Receivables Turnover(Revenue / Receivables)	11.22x	11.69x	12.60x	14.40x	19.12x
Payables Turnover(COGS / Payables)	5.24x	5.29x	5.63x	4.29x	5.31x

Conversion Period	FY2021	FY2022	FY2023	FY2024	FY2025
Days Inventory Outstanding (DIO)(365 × Inventory / COGS)	859.2 days	925.7 days	938.6 days	767.3 days	714.4 days
Days Sales Outstanding (DSO)(365 × Receivables / Revenue)	32.5 days	31.2 days	29.0 days	25.3 days	19.1 days
Days Payable Outstanding (DPO)(365 × Payables / COGS)	69.7 days	69.0 days	64.8 days	85.1 days	68.7 days
Cash Conversion Cycle (CCC)(DIO + DSO − DPO)	822.1 days	887.9 days	902.7 days	707.5 days	664.8 days

Cash Flow

	FY2021	FY2022	FY2023	FY2024	FY2025
Free Cash Flow(Operating Cash Flow − Capex)	Rp 3.5 T	Rp 3.6 T	Rp 3.3 T	Rp 2.6 T	-Rp 226 M

Valuation

price as-of 2026-07-31fundamentals: FY2025

Price Rp 575 · market cap Rp 11 T

Multiple	CTRA	Peer median	vs median
P/E	4.00x	6.24x	-36%
P/B	0.44x	0.45x	-2%
P/S	0.84x	0.89x	-5%
EV/EBITDA	3.06x	6.25x	-51%
EV/EBIT	3.39x	7.32x	-54%
EV/Sales	1.03x	2.34x	-56%
FCF Yield	-2.12%	-1.14%	+85%
Dividend Yield	4.17%	3.47%(4/6)	+20%

EV = mkt cap Rp 11 T + debt Rp 9.8 T − cash Rp 10 T + minority interest Rp 2.8 T = Rp 13 T

What the price implies

not computable: negative or zero base-year FCF. Shown as-is rather than estimated.

Reverse DCF: single-stage FCF, terminal growth 2.5%, discount band 12.0–16.0% (β=1; build cited in Methodology). Not a forecast.

Forward DCF (glass-box)

This model projects the operating cash the whole business generates, discounts it back at the blended cost of capital, and subtracts net debt. What remains is the equity value, stated per share. Every input below comes from the company's own audited record or from cited market data, and you can adjust each one yourself.

Assumption	Value	Basis
Rf (risk-free)	7.26%	Indonesia 10Y government bond, re-verified 31 Jul 2026
ERP (Rm − Rf)	6.69%	Damodaran Indonesia, Jul 2026 (Baa2, CRP 2.46%)
β	0.48 → 0.85	Real Estate (Development) (unlevered) relevered at own D/E 0.92
Cost of equity	12.92%	Rf + β × ERP
Cost of debt	8.37%	median interest coverage 2.9x (EBIT ÷ interest, FY2021–FY2025) implies a Baa2/BBB synthetic rating and a 1.11% default spread, over a 7.26% base (Indonesia 10Y 7.26%, already the sovereign rate). Its BOOK rate is 5.7%, which is what past debt actually costs; the gap is legacy or subsidised borrowing, not the rate on new debt. Spread table: A. Damodaran, Ratings, Interest Coverage Ratios and Default Spread, January 2026 data update (large non-financial service firms)
Tax rate	17.5%	median effective rate, FY2021–FY2025 (pretax ≈ EBIT − interest)
WACC	10.03%	52% E × CoE + 48% D × Kd × (1 − t)
Revenue growth (yr 1, fading)	6.7%	delivered 4-yr revenue CAGR 6.7%, fading linearly to terminal
EBIT margin	31.0%	mean EBIT margin, last 3 FYs
D&A / revenue	3.5%	mean D&A/revenue, last 3 FYs
Capex / revenue	4.0%	mean capex/revenue, last 3 FYs, for the explicit years. The terminal year instead FUNDS ITS OWN GROWTH: in stable growth g = reinvestment rate x return on capital, and returns are assumed to converge to the 10.0% cost of capital, so the perpetuity reinvests 24.9% of NOPAT and terminal capex is 9.5% of revenue against depreciation of 3.5%. Both simpler rules are wrong in opposite directions: holding the historical ratio charges a build phase in perpetuity, while setting capex equal to depreciation hands the company 2.5% growth forever for no new capital. Because returns converge to the cost of capital, terminal growth here is value-neutral
ΔNWC / Δrevenue	16.5%	median ΔNWC/Δrevenue across the seeded years (NWC = AR + inventory − AP)
Terminal growth	2.5%	BI inflation-target midpoint (2.5% ± 1%)

Growth path

year 1 → fading to terminal over 5 yrs6.7%

EBIT margin31.0%

WACC10.0%

Terminal growth2.5%

Explicit years5

FCFF drivers

FCFF = NOPAT + D&A − capex − ΔNWC

Each default is the company's own historical average, which describes the phase it happened to be in. Switch a driver to Per-year when that phase is ending: a company mid-build does not spend at its peak rate forever, and one in a capex pause does not stay there. The terminal year keeps its own ratios, so a taper you enter here changes the explicit window and leaves the perpetuity coherent.

Capex

% of revenue4.0%

D&A

% of revenue3.5%

ΔNWC

% of the CHANGE in revenue16.5%

Year	+1	+2	+3	+4	+5	T∞
Growth	6.7%	5.7%	4.6%	3.6%	2.5%	2.5%
Revenue	Rp 13 T	Rp 14 T	Rp 15 T	Rp 15 T	Rp 16 T	Rp 16 T
EBIT	Rp 4.2 T	Rp 4.4 T	Rp 4.6 T	Rp 4.8 T	Rp 4.9 T	Rp 5.0 T
NOPAT	Rp 3.4 T	Rp 3.6 T	Rp 3.8 T	Rp 3.9 T	Rp 4.0 T	Rp 4.1 T
+ D&A	Rp 470 M	Rp 496 M	Rp 519 M	Rp 538 M	Rp 551 M	Rp 565 M
− Capex	Rp 541 M	Rp 572 M	Rp 598 M	Rp 619 M	Rp 635 M	Rp 1.5 T
− ΔNWC	Rp 140 M	Rp 126 M	Rp 108 M	Rp 87 M	Rp 64 M	Rp 65 M
FCFF	Rp 3.2 T	Rp 3.4 T	Rp 3.6 T	Rp 3.8 T	Rp 3.9 T	Rp 3.1 T
PV	Rp 2.9 T	Rp 2.8 T	Rp 2.7 T	Rp 2.6 T	Rp 2.4 T	Rp 26 T

Check it yourself: revenue × margin = EBIT · NOPAT = EBIT × (1 − tax) · FCFF = NOPAT + D&A − Capex − ΔNWC · PV = FCFF ÷ (1+WACC)^yr · TV = FCFF(T∞) ÷ (WACC − g), discounted from year 5 · equity = EV − net debt − minority · per share = equity ÷ shares outstanding

EV = PV(explicit) Rp 13 T + PV(TV) Rp 26 T = Rp 39 T · TV 65% of EV · − net debt -Rp 528 M − minority Rp 2.8 T = equity Rp 37 T ÷ shares outstanding

Model output: Rp 1,980/share (+244% vs price Rp 575)· exit-multiple check (6.3x): Rp 1,739

Under these assumptions the model lands 244% above today's price. The market, in other words, is paying for slower growth, a thinner margin, or a higher discount rate than the inputs here assume.

Sensitivity (per share, Rp)

g \ WACC	9.0%	10.0%	11.0%
2.0%	2,144	1,875	1,665
2.5%	2,285	1,980	1,746
3.0%	2,448	2,099	1,836

Model output under the stated assumptions. Every input above comes from the company's own audited record or from cited market data, and every one can be adjusted. This is not a price target and not advice.

Educational analysis. Multiples pair today’s price with the latest audited fiscal year (trailing-FY convention); peer figures are the covered peer sample, not the whole market. Never a price target.

Macro backdropfull backdrop + sensitivity map →

BI Rate 5.75%IDR/USD 18,05810Y government bond yield 7.26%Inflation 3.34%(as-of 2026-07-31)

BI rate ↑(H)GDP/consumption ↑(M)

Income Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	Rp 9.7 T	Rp 9.1 T	Rp 9.2 T	Rp 11 T	Rp 13 T
Cost of Goods Sold	Rp 4.9 T	Rp 4.6 T	Rp 4.7 T	Rp 6.0 T	Rp 6.7 T
Gross Profit	Rp 4.8 T	Rp 4.5 T	Rp 4.5 T	Rp 5.2 T	Rp 5.9 T
Operating Income (EBIT)	Rp 3.3 T	Rp 3.1 T	Rp 2.9 T	Rp 3.4 T	Rp 3.8 T
Interest Expense	Rp 1.3 T	Rp 1.1 T	Rp 1.2 T	Rp 602 M	Rp 563 M
Net Income	Rp 1.7 T	Rp 1.9 T	Rp 1.8 T	Rp 2.1 T	Rp 2.7 T
Net Income Attributable to Owners	Rp 1.7 T	Rp 1.9 T	Rp 1.8 T	Rp 2.1 T	Rp 2.7 T
Depreciation & Amortization	Rp 309 M	Rp 341 M	Rp 355 M	Rp 376 M	Rp 412 M

Balance Sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	Rp 7.2 T	Rp 9.1 T	Rp 11 T	Rp 10 T	Rp 10 T
Accounts Receivable	Rp 867 M	Rp 781 M	Rp 734 M	Rp 777 M	Rp 660 M
Inventory	Rp 12 T	Rp 12 T	Rp 12 T	Rp 13 T	Rp 13 T
Current Assets	Rp 22 T	Rp 24 T	Rp 26 T	Rp 26 T	Rp 27 T
Total Assets	Rp 41 T	Rp 42 T	Rp 44 T	Rp 47 T	Rp 48 T
Accounts Payable	Rp 939 M	Rp 868 M	Rp 837 M	Rp 1.4 T	Rp 1.3 T
Current Liabilities	Rp 11 T	Rp 11 T	Rp 11 T	Rp 13 T	Rp 14 T
Total Liabilities	Rp 21 T	Rp 21 T	Rp 21 T	Rp 22 T	Rp 21 T
Total Interest-Bearing Debt	Rp 9.6 T	Rp 8.9 T	Rp 8.1 T	Rp 8.0 T	Rp 9.8 T
Total Equity	Rp 19 T	Rp 21 T	Rp 23 T	Rp 25 T	Rp 27 T
Equity Attributable to Owners	Rp 17 T	Rp 19 T	Rp 20 T	Rp 22 T	Rp 24 T

Cash Flow Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	Rp 3.6 T	Rp 3.8 T	Rp 3.9 T	Rp 3.0 T	Rp 79 M
Capital Expenditure	Rp 113 M	Rp 156 M	Rp 543 M	Rp 421 M	Rp 305 M

Company Deep Analysis

Reviewed: 2026-06-27

Analyst Verdict

Ciputra Development is Indonesia's most geographically diverse property developer, with its flagship CitraLand and CitraGarden townships spread across Jakarta, Surabaya, Semarang, Makassar and 25 other cities. The Ciputra group model generates stable gross margins (~47–50%) and consistent ROE (9–11%) across cycles, on low leverage (D/E declining 0.49→0.37) and a large project pipeline. Interest coverage improved dramatically from 2.4× (2023) to 6.8× (2025) as the company deleveraged. FCF turned slightly negative in FY25 (–Rp0.2tn), the first time in the series, reflecting accelerated land-bank spending. This is a diversified, well-managed developer with durable brand equity in middle-to-upper residential, and what moves it is national housing demand, KPR mortgage rates, and the timing of land-bank replenishment.

Business Model

Ciputra Development develops residential townships, commercial properties and hospitality assets under the Citra brand across 28 cities in Indonesia. Revenue comes from: (1) landed houses (CitraGarden, CitraLand; the volume driver); (2) apartment units; (3) commercial lots and shophouses; (4) hospitality; Ciputra hotel and serviced residences. The group was founded by the late Ir. Ciputra and operates under professional management post-founder. Geographic diversification is the strategic edge over single-city peers.

Segments

Residential (landed housing and apartments: ~70–80% of revenue) and commercial + hospitality (~20–30%). Gross margin ~47–50% blends diversified land costs across 28 cities: slightly lower than single-township peers with prime historic landbanks, but reflecting geographic breadth. Asset turnover (0.21–0.26×) is higher than BSDE (0.12–0.18×) because the project portfolio has more rapid turnover across multiple cities.

Value Chain & Positioning

Land acquisition (across 28 cities: ongoing) → master planning and permitting → phased residential/commercial development → marketing and pre-sales → construction completion → revenue recognition (POC for apartments, completion for landed) → property management. The value is created at the brand-premium stage: Citra brand commands a location premium in regional cities where CTRA often leads or co-leads market development.

Competitive Forces (Porter’s 5)

Supplier powerLow

How much leverage input/funding providers have over pricing.

Construction contractors across 28 cities are fragmented; land is acquired at market rates but CTRA's pipeline scale provides negotiating leverage.

Implication → Stable cost structure; no single supplier dominates. Geographic diversification reduces regional supply-chain concentration risk.

Buyer powerMedium

How much leverage customers have to push prices down.

Home buyers in regional cities may have fewer alternatives than Jakarta: Citra brand is often a local market leader. But buyers compare across developers and are KPR-rate sensitive.

Implication → CTRA's regional brand leadership partially offsets buyer power; geographic diversification means no single market downturn is fatal.

Threat of new entryMedium

How easily new competitors can enter the market.

Local regional developers and national peers (Sinarmas, Lippo) can enter any single city; but CTRA's simultaneous presence in 28 cities and brand equity creates an aggregate entry barrier.

Implication → Moderate threat in any single city; collectively low across the full portfolio. Brand and pipeline scale are the key defences.

Threat of substitutesMedium

Risk that alternative products/services replace demand.

Affordable alternatives (lower-tier developers, secondary market homes, rental) compete in each city; apartments substitute landed houses in higher-density markets.

Implication → CTRA's middle-to-upper residential positioning limits direct substitution by affordable housing, but faces some pressure in premium segments.

Competitive rivalryMedium

Intensity of competition among existing players.

National peers (BSDE, PWON, Agung Podomoro, Lippo) and regional developers compete across each city. No single rival matches CTRA's 28-city footprint.

Implication → Rivalry is meaningful in each city individually, but CTRA's breadth creates a diversification buffer: no single competitor disrupts the whole portfolio.

Moat / Competitive Edge

Narrow-to-medium. The Ciputra brand is one of the most trusted in Indonesian residential property: decades of execution, consistent quality and geographic breadth create brand equity that commands a pricing premium in regional cities. The geographic diversification (28 cities) is itself a moat: downturns in any single market don't derail earnings, and the company has experience replicating the Citra township formula across diverse Indonesian urban markets. D/E declining to 0.37 and IC improving to 6.8× signal financial flexibility. The constraint: no single home-run asset like BSD City; returns depend on executing 40+ simultaneous projects.

Key Drivers & Sensitivities

National marketing sales / presales
Presales bookings across 28 cities drive revenue ~1–3 years out. A 10% presales growth translates to proportional revenue growth 2 years later. FY24 recovery in national housing demand showed in recovering presales.
KPR mortgage rates / BI rate
BI rate is the primary macro demand driver: each 50bps cut materially boosts landed-house affordability and buyer confidence across CTRA's middle-upper segment in 28 cities.
Interest coverage / deleveraging
IC improved from 2.4× (FY23) to 6.8× (FY25) as D/E fell from 0.36 to 0.37: debt service now consumes a small share of EBIT, providing financial flexibility for land investment or dividends.
Regional city expansion / new project launches
New city entries and project launches in secondary cities (beyond Jakarta/Surabaya) expand the addressable market; CTRA's formula has proven replicable across diverse Indonesian urban markets.
Land-bank spending / FCF timing
FCF turned –Rp0.2tn in FY25 (first negative in the series) on accelerated land acquisition for future phases; high-capex land years temporarily suppress FCF but build the multi-year development pipeline.

Linkages

Linked to national GDP and household income (28-city breadth tracks the Indonesian economy broadly), BI rate and KPR mortgage conditions, government housing policy (property tax incentives, FLPP affordable-housing program, PPN incentives). Geographic diversification means regional economic disparities create both risk (individual city downturns) and opportunity (catching emerging secondary cities).

Recent Developments

FY21–25: GM stable ~49–50%; OPM drifting down 34.2%→30.4%; NM stable 17.8–21.1%; ROE 9–11%. D/E declined from 0.49 to 0.37; IC improved sharply from 2.4× to 6.8× (debt reduction + rising operating income). FCF positive throughout FY21–24 (+Rp2.6–3.6tn) then turned –Rp0.2tn in FY25 on land-bank spending. ROIC stable 12.8–13.6% (FY21–23), compressed to 10.5–11.6% (FY24–25).

Regulation

Subject to Indonesian property law: HGU/HGB land-right permits, AMDAL environmental approvals, LTV regulations (Bank Indonesia), property tax (BPHTB, PBB), PPN (VAT) incentives for housing. Ciputra operates in 28 cities and must comply with spatial planning regulations (RTRW/RDTR) across all relevant local governments. Foreign-ownership restrictions apply. Listed on the IDX.

ESG & Sustainability

Material issues: responsible land acquisition (community engagement across 28 cities), green building (Ciputra has adopted green certifications in key projects), affordable housing component (MBR/FLPP units in some projects). Governance: post-founder professional management; founding family retains significant stake. The breadth of 28 cities creates community-impact obligations at each site.

Risks

National property cycle downturn / KPR rate hikes depressing demand across all 28 cities
Land-bank acquisition cost inflation: new land at market rates vs historical peers
Execution complexity of simultaneous 40+ active projects
FCF turning structurally negative if land-bank spending exceeds operating cash flow
Regulatory changes (LTV tightening, VAT changes, spatial-planning delays)

Outlook & What to Watch

A well-managed, diversified developer with durable brand equity and declining leverage. The 28-city model is a structural advantage: no single market disrupts the portfolio. Near-term FCF is negative (land investment phase). ROE of 9–11% is stable but not exceptional; upside comes from national housing demand acceleration (BI rate cuts) or continued deleveraging. IC at 6.8× provides ample financial flexibility. (Interpretation, not a forecast.)

Key KPIs

Marketing Sales: Presales bookings across 28 cities: leading revenue indicator
Gross Margin: ~47–50%: stable across cycles
ROE: 9–11%: consistent capital returns
D/E: Declining 0.49→0.37: active deleveraging
Interest Coverage: 2.4×→6.8× (FY23→FY25): dramatically improved

Sources

Curated narrative (educational interpretation), backed by the linked sources. The figures above are deterministic. Not investment advice.