<![CDATA[PT Wijaya Karya (Persero) Tbk (WIKA) is currently experiencing severe financial distress, reflected in repeated bond payment defaults and the suspension of its shares from trading on the Indonesia Stock Exchange since February 2025. This study aims to evaluate the company's financial performance during the 2023–2025 period using financial ratio analysis. A descriptive quantitative research approach was employed, utilizing secondary data obtained from the company's audited financial statements published by the Indonesia Stock Exchange. The analysis covers four categories of financial ratios, namely liquidity, activity, solvency, and profitability. The findings reveal that WIKA's liquidity remains critically weak, as indicated by a consistently low cash ratio of 0.06, demonstrating limited ability to meet short-term obligations. Activity ratios also show declining operational efficiency, with the Total Asset Turnover (TATO) ratio decreasing from 0.34 in 2023 to 0.27 in 2025. Solvency indicators highlight an excessive dependence on debt financing, with the Debt to Asset Ratio (DAR) reaching 0.97 and an average Debt to Equity Ratio (DER) of 3.37 times. Furthermore, all profitability ratios remained negative throughout the observation period, with the Net Profit Margin (NPM) declining to -0.76 in 2025. These findings indicate that WIKA's financial condition is critical and requires immediate, comprehensive financial restructuring to restore operational sustainability and stakeholder confidence]]>
