Equal · Financial Report

Darya-Varia Laboratoria

DVLA/FY2021–FY2025/Educational Analysis/IDR/Data source · 2026-07-06

ROE = tax × interest × margin × turnover × leverage

	FY2021	FY2022	FY2023	FY2024	FY2025
Tax burden	0.75x	0.79x	0.77x	0.78x	0.76x
Interest burden	1.00x	1.00x	1.00x	1.00x	1.00x
Operating margin	10.3%	9.9%	10.0%	9.6%	9.7%
Asset turnover	0.91x	0.95x	0.93x	0.97x	0.95x
Leverage (equity mult.)driver	1.50x	1.43x	1.45x	1.49x	1.59x
= Return on Equity (consolidated)	10.5%	10.6%	10.4%	10.8%	11.1%
Return on Invested Capital (ROIC)	10.5%	10.7%	10.4%	10.8%	11.1%

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)	2.57x	3.00x	2.86x	2.69x	2.45x
Quick Ratio((Current Assets − Inventory) / Current Liabilities)	1.84x	1.95x	1.96x	1.99x	1.79x
Cash Ratio(Cash / Current Liabilities)	0.98x	0.74x	0.48x	0.63x	0.50x
Working Capital(Current Assets − Current Liabilities)	Rp 932 M	Rp 966 M	Rp 937 M	Rp 956 M	Rp 985 M

Leverage & Solvency

	FY2021	FY2022	FY2023	FY2024	FY2025
Debt to Equity (DER)(Total Debt / Total Equity)	0.02x	0.00x	0.00x	0.00x	0.00x
Liabilities to Equity(Total Liabilities / Total Equity)	0.50x	0.43x	0.45x	0.49x	0.59x
Debt to Assets(Total Debt / Total Assets)	0.01x	0.00x	0.00x	0.00x	0.00x
Net Debt(Total Debt − Cash)	-Rp 560 M	-Rp 355 M	-Rp 239 M	-Rp 357 M	-Rp 341 M
Interest Coverage(EBIT / Interest Expense)	1,582.68x	1,109.94x	2,772.06x	3,889.77x	6,664.82x
Equity Multiplier (Assets ÷ Equity)	1.50x	1.43x	1.45x	1.49x	1.59x

Profitability

	FY2021	FY2022	FY2023	FY2024	FY2025
Gross Margin(Gross Profit / Revenue)	52.4%	52.5%	51.6%	52.3%	54.1%
Operating Margin(EBIT / Revenue)	10.3%	9.9%	10.0%	9.6%	9.7%
Net Margin(Net Income / Revenue)	7.7%	7.8%	7.7%	7.5%	7.3%
EBITDA(EBIT + D&A)	Rp 251 M	Rp 249 M	Rp 250 M	Rp 263 M	Rp 286 M
EBITDA Margin(EBITDA / Revenue)	13.2%	13.0%	13.2%	12.6%	12.8%
Return on Assets (ROA)(Net Income / Total Assets)	7.0%	7.4%	7.2%	7.2%	7.0%
Return on Equity (ROE)(Net Income (Owners) / Equity (Owners))	10.5%	10.6%	10.4%	10.8%	11.1%
Tax Burden (Net ÷ Pretax)	0.75x	0.79x	0.77x	0.78x	0.76x
Interest Burden (Pretax ÷ EBIT)	1.00x	1.00x	1.00x	1.00x	1.00x
Return on Invested Capital (ROIC)	10.5%	10.7%	10.4%	10.8%	11.1%

Operations & Efficiency

Turnover	FY2021	FY2022	FY2023	FY2024	FY2025
Asset Turnover(Revenue / Total Assets)	0.91x	0.95x	0.93x	0.97x	0.95x
Inventory Turnover(COGS / Inventory)	2.11x	1.79x	2.02x	2.50x	2.29x
Receivables Turnover(Revenue / Receivables)	4.06x	3.45x	2.70x	2.99x	2.84x
Payables Turnover(COGS / Payables)	5.99x	8.46x	9.80x	11.38x	10.13x

Conversion Period	FY2021	FY2022	FY2023	FY2024	FY2025
Days Inventory Outstanding (DIO)(365 × Inventory / COGS)	173.4 days	203.6 days	180.4 days	146.2 days	159.6 days
Days Sales Outstanding (DSO)(365 × Receivables / Revenue)	89.9 days	105.9 days	135.1 days	122.0 days	128.7 days
Days Payable Outstanding (DPO)(365 × Payables / COGS)	61.0 days	43.1 days	37.2 days	32.1 days	36.0 days
Cash Conversion Cycle (CCC)(DIO + DSO − DPO)	202.4 days	266.4 days	278.3 days	236.1 days	252.3 days

Cash Flow

	FY2021	FY2022	FY2023	FY2024	FY2025
Free Cash Flow(Operating Cash Flow − Capex)	Rp 350 M	-Rp 74 M	Rp 11 M	Rp 229 M	Rp 94 M

Valuation

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

Price Rp 1,598 · market cap Rp 1.8 T

Multiple	DVLA	Peer median	vs median
P/E	10.92x	9.09x	+20%
P/B	1.21x	1.41x	-14%
P/S	0.80x	0.93x	-14%
EV/EBITDA	5.06x	5.35x	-5%
EV/EBIT	6.72x	6.62x	+1%
EV/Sales	0.65x	0.78x	-17%
FCF Yield	5.24%	7.21%	-27%
Dividend Yield	6.76%	6.85%	-1%

EV = mkt cap Rp 1.8 T + debt Rp 207 jt − cash Rp 342 M + minority interest Rp 1.1 jt = Rp 1.4 T

What the price implies

At today’s price, the market is paying for 10.9%/yr FCF growth (7.7% at 12.0% to 14.0% at 16.0% discount rates). Delivered over the last 4 years: -28.1% FCF · 4.1% revenue.

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, 8 Jul 2026
ERP (Rm − Rf)	6.69%	Damodaran Indonesia, Jul 2026 (Baa2, CRP 2.46%)
β	0.89 → 0.89	Drugs (Pharmaceutical) (unlevered) relevered at own D/E 0.00
Cost of equity	13.21%	Rf + β × ERP
Cost of debt	15.64%	FY2025 interest expense ÷ total debt
Tax rate	22.7%	median effective rate, FY2021–FY2025 (pretax ≈ EBIT − interest)
WACC	13.21%	100% E × CoE + 0% D × Kd × (1 − t)
Revenue growth (yr 1, fading)	4.1%	delivered 4-yr revenue CAGR 4.1%, fading linearly to terminal
EBIT margin	9.7%	mean EBIT margin, last 3 FYs
D&A / revenue	3.1%	mean D&A/revenue, last 3 FYs
Capex / revenue	5.0%	mean capex/revenue, last 3 FYs, for the explicit years; in the terminal year capex falls to replacement level (equal to depreciation, 3.1% of revenue) because holding a build-phase or pause-phase ratio in perpetuity misprices the company in whichever direction that phase points
ΔNWC / Δrevenue	-25.4%	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 yrs4.1%

EBIT margin9.7%

WACC13.2%

Terminal growth2.5%

Explicit years5

Year	+1	+2	+3	+4	+5	T∞
Growth	4.1%	3.7%	3.3%	2.9%	2.5%	2.5%
Revenue	Rp 2.3 T	Rp 2.4 T	Rp 2.5 T	Rp 2.6 T	Rp 2.6 T	Rp 2.7 T
EBIT	Rp 226 M	Rp 235 M	Rp 243 M	Rp 250 M	Rp 256 M	Rp 262 M
NOPAT	Rp 175 M	Rp 182 M	Rp 188 M	Rp 193 M	Rp 198 M	Rp 203 M
+ D&A	Rp 73 M	Rp 76 M	Rp 78 M	Rp 80 M	Rp 82 M	Rp 84 M
− Capex	Rp 115 M	Rp 120 M	Rp 124 M	Rp 127 M	Rp 130 M	Rp 84 M
− ΔNWC	-Rp 23 M	-Rp 22 M	-Rp 20 M	-Rp 18 M	-Rp 16 M	-Rp 17 M
FCFF	Rp 156 M	Rp 159 M	Rp 162 M	Rp 164 M	Rp 166 M	Rp 219 M
PV	Rp 138 M	Rp 124 M	Rp 112 M	Rp 100 M	Rp 89 M	Rp 1.1 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

EV = PV(explicit) Rp 563 M + PV(TV) Rp 1.1 T = Rp 1.7 T · TV 66% of EV · − net debt -Rp 341 M − minority Rp 1.1 jt

Model output: Rp 1,791/share (+12% vs price Rp 1,598)· exit-multiple check (5.4x): Rp 1,677

Under these assumptions the model lands 12% 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	12.2%	13.2%	14.2%
2.0%	1,858	1,711	1,589
2.5%	1,954	1,791	1,656
3.0%	2,060	1,878	1,729

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)

Rupiah weaker(H)GDP/consumption ↑(M)

Income Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	Rp 1.9 T	Rp 1.9 T	Rp 1.9 T	Rp 2.1 T	Rp 2.2 T
Cost of Goods Sold	Rp 905 M	Rp 911 M	Rp 916 M	Rp 995 M	Rp 1.0 T
Gross Profit	Rp 996 M	Rp 1.0 T	Rp 975 M	Rp 1.1 T	Rp 1.2 T
Operating Income (EBIT)	Rp 195 M	Rp 190 M	Rp 189 M	Rp 200 M	Rp 216 M
Interest Expense	Rp 123 jt	Rp 171 jt	Rp 68 jt	Rp 51 jt	Rp 32 jt
Net Income	Rp 147 M	Rp 149 M	Rp 146 M	Rp 156 M	Rp 164 M
Net Income Attributable to Owners	Rp 147 M	Rp 149 M	Rp 146 M	Rp 156 M	Rp 164 M
Depreciation & Amortization	Rp 56 M	Rp 59 M	Rp 61 M	Rp 63 M	Rp 71 M

Balance Sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	Rp 583 M	Rp 357 M	Rp 240 M	Rp 358 M	Rp 342 M
Accounts Receivable	Rp 468 M	Rp 556 M	Rp 700 M	Rp 698 M	Rp 787 M
Inventory	Rp 430 M	Rp 508 M	Rp 453 M	Rp 399 M	Rp 448 M
Current Assets	Rp 1.5 T	Rp 1.4 T	Rp 1.4 T	Rp 1.5 T	Rp 1.7 T
Total Assets	Rp 2.1 T	Rp 2.0 T	Rp 2.0 T	Rp 2.2 T	Rp 2.4 T
Accounts Payable	Rp 151 M	Rp 108 M	Rp 93 M	Rp 87 M	Rp 101 M
Current Liabilities	Rp 595 M	Rp 482 M	Rp 504 M	Rp 566 M	Rp 680 M
Total Liabilities	Rp 691 M	Rp 606 M	Rp 638 M	Rp 713 M	Rp 870 M
Total Interest-Bearing Debt	Rp 23 M	Rp 1.9 M	Rp 1.5 M	Rp 1.0 M	Rp 207 jt
Total Equity	Rp 1.4 T	Rp 1.4 T	Rp 1.4 T	Rp 1.4 T	Rp 1.5 T
Equity Attributable to Owners	Rp 1.4 T	Rp 1.4 T	Rp 1.4 T	Rp 1.4 T	Rp 1.5 T

Cash Flow Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	Rp 435 M	-Rp 16 M	Rp 109 M	Rp 332 M	Rp 201 M
Capital Expenditure	Rp 85 M	Rp 58 M	Rp 98 M	Rp 103 M	Rp 107 M

Company Deep Analysis

Reviewed: 2026-07-31

Analyst Verdict

DVLA revenue (T IDR): 1.90 (2021) → 1.92 (2022) → 1.89 (2023) → 2.09 (2024) → 2.23 (2025); flat FY2021–23, then +18% cumulative FY2023–25. Gross margin: 52.4% → 52.5% → 51.6% → 52.3% → 54.1% (five-year high in FY2025). OPM: 10.3% → 9.9% → 10.0% → 9.6% → 9.7%. Net margin: 7.7% → 7.8% → 7.7% → 7.5% → 7.4%. ROE: 10.5% → 10.6% → 10.4% → 10.8% → 11.1%. ROA: 7.0% → 7.4% → 7.2% → 7.2% → 7.0%. ROIC: 10.5% → 10.7% → 10.4% → 10.8% → 11.1% (tracks ROE almost exactly; a signature of near-zero debt). D/E: 0.02× → 0.00× → 0.00× → 0.00× → 0.00× (falling toward zero every year). Net debt (T IDR): −0.56 → −0.36 → −0.24 → −0.36 → −0.34 (net cash every year, though the cash cushion thinned FY2021–23 before partly rebuilding). Interest coverage runs into the thousands of times every year (interest expense is nominal given near-zero debt), not a meaningful ratio on its own, but it confirms debt service is a non-issue throughout. FCF (T IDR): +0.35 → −0.07 → +0.01 → +0.23 → +0.09 (two soft years, FY2022 negative, FY2023 barely positive, despite stable net income both years). Current ratio: 2.57× → 3.00× → 2.86× → 2.69× → 2.45×. Asset turnover: 0.91× → 0.95× → 0.93× → 0.97× → 0.95×. The defining pattern: DVLA’s margins are the steadiest in the pharma group, though SIDO earns a higher gross margin in every year (gross margin never leaves a roughly 52–54% band across the cycle, net margin barely moves 7.4–7.8%), yet ROE (10.4–11.1%) sits below higher-turnover peers because asset turnover (0.91–0.97×) is structurally modest relative to the company’s high-margin, low-leverage, cash-generative-but-conservative balance sheet; this is a stability, not a growth, profile.

Business Model

Pharmaceutical manufacturer (founded 1976, Jakarta-based with its plant in Bogor, IDX-listed since 1994) operating three business streams: Prescription, Consumer Health (over-the-counter) and Export & Toll Manufacturing. Its Consumer Health portfolio includes Natur-E (vitamin-E skin nutrition, one of Indonesia’s best-known wellness brands), the Enervon franchise (Enervon-C, Enervon Active, Enervon Gold, Supertin multivitamins) and respiratory/cold OTC brands Decolgen, Decolsin and Neozep. Majority-owned (92.13%) by Blue Sphere Singapore Pte Ltd.

Segments

Three streams: Prescription (doctor/hospital channel), Consumer Health/OTC (Natur-E, the Enervon franchise, Decolgen/Decolsin/Neozep; the best-known brands) and Export & Toll Manufacturing (contract manufacturing and exports, a distinct volume driver from the branded-domestic business). Exact segment revenue splits are not independently confirmed here, but the very stable gross margin (51.6–54.1%, never swinging more than ~2.5pp) suggests a consistent mix across the period, unlike TSPC’s much wider operating-margin swings.

Value Chain & Positioning

Formulation & manufacturing (Bogor plant) → Prescription channel (doctors/hospitals) and Consumer Health/OTC channel (pharmacies, modern retail) in parallel → a separate Export & Toll Manufacturing stream serving overseas markets and third-party contract volume. The near-debt-free balance sheet (D/E near 0.00× by FY2025) means the chain is funded almost entirely by internally generated cash.

Competitive Forces (Porter’s 5)

Supplier powerMedium

How much leverage input/funding providers have over pricing.

Some multivitamin/respiratory actives are imported, but the company’s toll-manufacturing and export capability implies reasonably sophisticated in-house formulation; the near-zero-debt balance sheet also means input-cost swings are absorbed without solvency pressure.

Implication → Gross margin has stayed in a tight 51.6–54.1% band across the period regardless: the most stable of the pharma comp set.

Buyer powerLow

How much leverage customers have to push prices down.

Natur-E and the Enervon franchise are trusted, long-standing OTC brands with real consumer recall; Decolgen/Decolsin/Neozep are established respiratory-OTC names too.

Implication → Supports the stable gross margin, though net margin (7.4–7.8%) is unremarkable: SG&A and below-the-line items absorb the brand strength before it reaches the bottom line.

Threat of new entryMedium

How easily new competitors can enter the market.

Brand heritage (since 1976, IDX-listed since 1994) and an established Bogor manufacturing base are real barriers, but the OTC vitamin/cold-relief categories see periodic new entrants, local and multinational, competing for shelf space.

Implication → Moat rests more on brand trust and majority-owner backing than on hard structural barriers.

Threat of substitutesMedium

Risk that alternative products/services replace demand.

Numerous multivitamin and cold/flu-relief brands compete, both multinational and local (including TSPC’s own Hemaviton and SIDO’s herbal remedies), plus pharmacy private labels.

Implication → Caps category-level pricing power; DVLA’s response is brand trust and consistency rather than category dominance.

Competitive rivalryHigh

Intensity of competition among existing players.

Competes directly with SIDO (herbal/vitamins), TSPC (Hemaviton), KLBF and multinational OTC brands in the same vitamin and cold-relief shelf space.

Implication → Explains the unremarkable net margin (7.4–7.8%) despite a strong, stable gross margin: competitive intensity shows up below the gross-margin line.

Moat / Competitive Edge

Moderate. Natur-E and the Enervon franchise are genuinely strong, trusted heritage brands: a real intangible asset reflected in the steadiest gross margin in the pharma comp set (51.6–54.1%, against SIDO at 56.1–58.7%). Reinforced by an essentially debt-free balance sheet (D/E down to near 0.00× by FY2025) that gives DVLA staying power regardless of category-level competition. But the OTC vitamin/cold-relief categories are crowded, capping pricing power below a true category-definer like SIDO’s Tolak Angin: visible in ROE (10.4–11.1%) that trails SIDO’s despite a gross margin that is steadier but lower than SIDO’s.

Key Drivers & Sensitivities

OTC brand strength (Natur-E, Enervon)
The core value driver: gross margin has never left a roughly 52–54% band across five years, the most stable in the pharma group, consistent with resilient brand-level pricing.
Export & Toll Manufacturing volume
A distinct revenue stream from the branded-domestic business; its volume/mix can move independently of local OTC demand, though it is not separately quantified in the data available here.
Prescription-channel demand
Tied to hospital/doctor-channel dynamics and BPJS-linked healthcare demand: different economics from the consumer-channel OTC business.
Majority-owner (Blue Sphere Singapore, 92.13%) capital allocation
The controlling shareholder’s strategic direction and any related-party dealings are a structural factor for minority holders to watch, given the thin free float implied by a 92.13% stake.
Working-capital swings
FCF went negative in FY2022 (−Rp0.07tn) and was only marginally positive in FY2023 (+Rp0.01tn) despite stable net income both years (Rp149bn, Rp146bn): showing FCF is sensitive to working-capital timing independent of the income statement.

Linkages

Tied to consumer health spending (multivitamins/OTC are semi-discretionary but demand-stable), BPJS-linked prescription demand, BPOM regulation, rupiah/import-cost exposure on select active ingredients, and export-market demand for its toll-manufacturing/export stream.

Recent Developments

The interesting thing here is that ROE improved while margins did not. Net margin peaked at 7.8% in FY2022 and drifted to 7.3%, and operating margin sat in a 9.6% to 10.3% band with no trend, yet ROE rose from 10.5% to 11.1%, its best of the window. Revenue is the reason: flat at Rp1.90tn, Rp1.92tn and Rp1.89tn through FY2023, then up 18.0% across the next two years to Rp2.23tn. Gross margin reached a five-year high of 54.1% in FY2025 without reaching the net line, which locates the pressure below gross profit. The balance sheet is close to unlevered, debt to equity 0.02× falling to effectively nil, and free cash flow is small in absolute terms, minus Rp0.07tn in FY2022 and only Rp0.01tn in FY2023.

Regulation

Regulated by BPOM (drug, OTC and cosmetic-adjacent registration, GMP/CPOB) and the Ministry of Health; halal certification is relevant for its consumer-health products. As a majority-controlled (92.13%) IDX-listed company, related-party-transaction rules under OJK apply.

ESG & Sustainability

Material issues: product quality/safety, majority-owner-related governance (a 92.13% controlling stake means minority-protection and related-party-transaction discipline are the material governance watch-items), and workforce at the Bogor manufacturing plant. The essentially debt-free balance sheet reduces financial-risk-related ESG concerns.

Risks

Thin free float / concentrated ownership (Blue Sphere Singapore 92.13%): a minority-governance and related-party-transaction watch-item
Crowded OTC vitamin/cold-relief category with strong local and multinational competitors
Working-capital volatility shown in FY2022–23 (FCF −Rp0.07tn, then +Rp0.01tn) despite stable reported earnings
Import/FX exposure on select active ingredients
Regulatory (BPOM) and product-safety/recall risk

Outlook & What to Watch

Base case: FY2025-level economics persist (ROE ~11%, gross margin 52–54%, essentially debt-free). Bull: the FY2024–25 revenue step-up (+18% cumulative) continues and gross margin holds near the FY2025 high, lifting ROE further. Bear: a return to the FY2021–23 flat-revenue pattern with some margin give-back; though the net-cash, near-zero-debt balance sheet means any bear case is a growth/returns problem, not a solvency one. (Interpretation, not a forecast.)

Key KPIs

Gross margin: 51.6–54.1%, the steadiest in the pharma comp set; SIDO runs higher
D/E: 0.02× → ~0.00× (FY21–25): essentially debt-free by FY2025
ROE: 10.4–11.1%, steady, improving slightly: trails higher-turnover pharma peers despite superior margins
FCF: Two soft years (FY22 negative, FY23 marginal) despite stable earnings: a working-capital watch item
Ownership concentration: Blue Sphere Singapore 92.13%: governance/minority-protection KPI

Sources

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