<![CDATA[This study aims to analyze the potential for financial distress at PT Unilever Indonesia Tbk during the 2023–2025 period using the Altman Z-Score method and to examine the company’s financial condition following the boycott campaign against Fast Moving Consumer Goods (FMCG) products affiliated with multinational companies. The boycott campaign intensified following the issuance of Indonesian Ulema Council (Majelis Ulama Indonesia/MUI) Fatwa Number 83 of 2023 concerning the Law on Supporting the Palestinian Struggle. PT Unilever Indonesia Tbk became associated with the boycott campaign due to its ownership structure, in which the majority of its shares are held by Unilever Indonesia Holding B.V., a company within the Unilever PLC group. This study employed a quantitative descriptive research method using secondary data obtained from the annual financial statements of PT Unilever Indonesia Tbk for the 2023–2025 period, sourced from the company’s official website and the Indonesia Stock Exchange. The results show that PT Unilever Indonesia Tbk remained in the Safe Zone throughout the study period, with Z-Score values of 9.550 in 2023, 5.884 in 2024, and 6.281 in 2025. These results indicate that the company did not experience financial distress during the period under study. Nevertheless, several financial indicators, including Net Working Capital to Total Assets, Retained Earnings to Total Assets, Earnings Before Interest and Taxes to Total Assets, and Sales to Total Assets, experienced fluctuations and generally showed a decline. Net sales and net profit also decreased during the period, which may indicate financial pressure following the boycott campaign. Despite these conditions, the Market Value of Equity to Total Liabilities ratio remained relatively high and contributed substantially to the company’s overall Z-Score. The findings imply that although the company experienced a decline in several financial performance indicators, its overall financial condition remained relatively strong and was sufficient to keep the company within the Safe Zone during 2023–2025]]>
