FINANCIAL HEALTH ANALYSIS OF PT GARUDA INDONESIA TBK USING THE ALTMAN Z-SCORE METHOD, FINANCIAL RATIOS, AND CASH FLOW ANALYSIS
DOI:
https://doi.org/10.32477/semnas.v4i1.1307Keywords:
Altman Z-Score, Financial Ratios, Cash Flow, Financial Distress, Garuda Indonesia.Abstract
This study aims to assess the financial health of PT Garuda Indonesia Tbk for the quarterly period of 2023–2025 using three analytical approaches: the Altman Z-Score, financial ratios, and cash flow analysis. This research employs a descriptive quantitative method using secondary data derived from quarterly financial statements. The Altman Z-Score model is applied to measure the level of financial distress, while liquidity, solvency, and activity ratios are used to identify financial conditions from multiple perspectives. Cash flow analysis is conducted to observe the company’s ability to generate cash from operating activities as well as its investment and financing requirements. The results indicate that the Altman Z-Score values of PT Garuda Indonesia Tbk during the study period were mostly within the financial distress zone, although some quarters approached or entered the grey zone. Financial ratios support these findings, showing low liquidity, high solvency pressure caused by significant liabilities and negative equity, and low asset efficiency despite seasonal improvements. Meanwhile, cash flow analysis reveals a positive trend in operating cash flows beginning in mid-2023, indicating that the company’s core activities are recovering. Overall, the financial condition of PT Garuda Indonesia Tbk remains under structural pressure, but demonstrates considerable operational improvement in the medium term.
References
Altman, E. I. (1983). Corporate financial distress and bankruptcy. John Wiley & Sons.
Altman, E. I., Hartzell, J., & Peck, M. (1995). Emerging market corporate bonds: A scoring system. Salomon Brothers Inc.
Amtiran, P. Y. (2021). Analisis financial distress menggunakan metode Altman Z-Score dan Zmijewski pada sub sektor transportasi. Jurnal Ekobis, 13(1), 46–55.
Bondar, R. B., & Mudzakar, M. K. (2022). Bankruptcy prediction model: Altman Z-Score, Springate, Zmijewski dan Grove pada perusahaan LQ45. Jurnal Ekonomi, Bisnis & Entrepreneurship, 1(1).
Fitriani, M., & Huda, N. (2020). Analisis prediksi financial distress dengan metode Springate (S-Score) pada PT Garuda Indonesia Tbk. Jurnal Nominal, 9(1), 122–135.
Harahap, S. S. (2013). Analisis kritis atas laporan keuangan. PT Raja Grafindo Persada.
Hidayat, R., & Yuliasari, D. (2022). Analisa kinerja keuangan PT Garuda Indonesia Tbk. Literasi Sains Journal, 2(3), 101-112.
Idehen, A. V., & Akhator, K. I. (2022). Examining the cash flow statement relevance for measuring the business performance in Nigeria. International Journal of Business and Management Review, 10(6), 25–38.
Kasmir. (2011). Analisis laporan keuangan. PT Raja Grafindo Persada.
Kasmir. (2019). Analisis laporan keuangan (Edisi revisi). RajaGrafindo Persada.
Kusnadi, D., dkk. (2022). Analisis stabilitas keuangan menggunakan metode Altman Z-Score pada PT Unilever Indonesia Tbk. JIIM – Jurnal Ilmiah Ilmu Manajemen, 10(2), 150-160.
Oktavia, S. N., Iskandar, R., & Utomo, R. P. (2020). Analisis Altman Z-Score untuk memprediksi kebangkrutan pada perusahaan otomotif dan komponen di BEI. Jurnal Ilmu Akuntansi Mulawarman, 3(4), 100–109.
Patria, E., Handayani, Arianty, R. (2025). Digitalisasi Model Altman Z-Score untuk Prediksi Financial Distress Perusahaan Negara Non-Manufaktur Berbasis Data Mining. Jurnal Pendidikan Teknologi Informasi, 5(2), 403-415.
Prastowo, D., & Julianty, R. (2008). Analisis laporan keuangan (Edisi Kedua). Sekolah Manajemen YKPN.
Rizal, M. (2017). Analisis Kinerja Keuangan PT. Garuda Indonesia Tbk. Jurnal Serambi Ekonomi dan Bisnis, 4(1).
Saputra, D., & Nuryani, A. (2023). Analisis financial distress menggunakan metode Altman Z-Score pada PT Indofarma Tbk periode 2013–2022. Jurnal Amanah, 5(2).
Sari, M., & Diana, H. (2020). Analisis rasio keuangan untuk memprediksi kondisi financial distress perusahaan pulp dan kertas di BEI. Riau Accounting Journal, 3(2), 90–102.
Sriwati, B. K., & Garatu, T. (2023). Analisis financial distress dengan metode Altman Z-Score pada PT Garuda Indonesia Tbk. OJS Unsimar, 4(1), 70–81.
Warren, C. S., Reeve, J. M., & Duchac, J. (2002). Financial & managerial accounting. South-Western College Publishing.
