Analisis Financial Distress PT Sido Muncul, Tbk Tahun 2022 – 2024 Dengan Menggunakan Metode Altman Z-Score

Cininta Nareswari Pratiwi; Dalizanolo Hulu

doi:10.61132/jbep.v2i4.1954

Authors

Cininta Nareswari Pratiwi Universitas Pembangunan Jaya Tangerang Selatan
Dalizanolo Hulu Universitas Pembangunan Jaya Tangerang Selatan

DOI:

https://doi.org/10.61132/jbep.v2i4.1954

Keywords:

Altman Z-Score method, Bankruptcy Prediction, Financial Distress, Financial Performance, PT Sido Muncul Tbk

Abstract

The increasing intensity of business competition requires companies to maintain strong financial conditions to avoid financial distress that may disrupt business continuity. This study aims to assess the financial stability and predict the potential bankruptcy of PT Sido Muncul Tbk for the 2022–2024 period using the Altman Z-Score model. A descriptive quantitative approach was applied, utilizing secondary data obtained from annual reports published by the Indonesia Stock Exchange and the company’s official website. Five key ratios in the Altman model were used as indicators to evaluate the company’s financial position and resilience. The results show Z-Score values of 4.74 in 2022, decreasing slightly to 4.66 in 2023, and rising again to 4.79 in 2024. These scores are significantly above the safe threshold of 2.675, indicating that the company is in a healthy financial state with a very low risk of bankruptcy. Overall, PT Sido Muncul Tbk demonstrates stable financial performance, supported by a strong capital structure and consistent operational results. The Altman Z-Score model also proves to be an effective early-warning tool for identifying potential financial problems.

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