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All Journal Journal of Applied Accounting
Trudy Maryona Nussy
Jurusan Akuntansi, Politeknik Negeri Ambon
Economics, Econometrics & Finance

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Analisis Kinerja Keuangan BUMN Sektor Energi Yang Terdaftar Di Bursa Efek Indonesia Trudy Maryona Nussy
Journal of Applied Accounting Vol. 5 No. 2 (2026): Desember
Publisher : ISAS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52158/jaa.v5i2.1656

Abstract

Financial ratio analysis is a key method used to evaluate a company’s financial performance based on information presented in financial statements. This study analyzes the financial performance of energy sector state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange (IDX), evaluated using Return on Equity (ROE), Current Ratio, and Cash Ratio from 2022 to 2025. This study used secondary data from the companies’ annual financial reports. The findings indicated that from 2022 to 2025, ELSA and PTBA possessed adequate liquidity to directly settle a portion of their short-term obligations using cash and cash equivalents. PGAS held cash and cash equivalents exceeding its current liabilities in 2022, 2024, and 2025; however, in 2023, its cash and cash equivalents covered only 83% of its current liabilities. Throughout 2022–2025, ELSA, PGAS, and PTBA maintained current ratios above 100%, with PTBA and PGAS exceeding 200% in 2022. Regarding profitability, PTBA’s Return on Equity (ROE) decreased from 44.19% in 2022 to 13.08% in 2025. PGAS showed a fluctuating ROE trend, while ELSA increased from 9.18% in 2022 to 14.65% in 2025. Overall, the sampled energy sector SOEs showed sound liquidity levels, though their profitability (ROE) varied across the observed period. Keywords: Financial Performance, Cash Ratio, Current Ratio, Return on Equity
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