TLK buyback activity: $105.42B repurchased in Q4 (648.13% of market cap)印尼电信（TLK）Q4 回购 $105.42B，约占市值 648.13%

Reported Share Repurchase Activity

PT Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (ticker TLK) reported $105.42 billion in common stock repurchase cash outflows in its Q4 2025 cash flow statement, covering the period ending December 31, 2025. The total repurchase size equals 648.13% of the company’s current $16.26 billion market capitalization. This data is included in the company’s 2025 Annual Report on Form 20-F, filed with the SEC on May 15, 2026, and reflects actual completed repurchase activity, not a new share buyback authorization.

Capital Allocation Signal

The source of funds for the repurchase is not disclosed in public filings, but comparative metrics show the company posted $7.55 trillion in free cash flow and $14.29 trillion in operating cash flow for the same period, and paid $0 in dividends. The repurchase size is 6.48 times the company’s current market cap, far exceeding the period’s free cash flow, indicating the company likely used accumulated cash reserves or external financing to complete the buyback, prioritizing share repurchases over dividend payments.

Shareholder Return Context

A 648% repurchase-to-market-cap ratio is unusually aggressive for a large-cap telecommunications services firm. Peer large-cap telecom companies typically limit annual repurchase programs to 5%-15% of their market capitalization, so this quarter’s activity falls far outside industry norms, and will materially reduce the number of publicly traded shares, altering the company’s capital structure.

Limitations of the Data

This actual repurchase activity does not confirm that the company will maintain the same repurchase pace going forward. It also does not serve as proof that the stock is undervalued, or that the repurchase will support future share price performance. Public filings do not include additional details like the average price per share paid or total shares retired.