<![CDATA[This study aims to evaluate and compare the financial conditions of PT. Indosat Ooredoo Hutchison Tbk and PT. XL Axiata Tbk for the period of 2022 to 2025, based on indicators related to operational, profitability, liquidity, and solvency aspects. The study employs descriptive and comparative methodologies within a quantitative research framework. Secondary data were obtained from the annual financial reports of both companies, available via the Indonesia Stock Exchange. A saturated sampling method was applied to ensure the analysis encompassed all annual financial reports throughout the study period. Financial performance was evaluated based on return on total assets, return on equity, quick ratio, debt-to-assets ratio, debt-to-equity ratio, current ratio, and total asset turnover. The results indicate that PT. Indosat Ooredoo Hutchison Tbk achieved relatively superior financial performance compared to PT. XL Axiata Tbk. This superiority is reflected in higher liquidity, a better solvency structure, more stable profitability, and greater efficiency in asset utilization. However, most financial ratios for both companies remain below industry standards, highlighting the need for improvements in operational efficiency, asset optimization, and funding management. The study's novelty lies in mapping the relative positions of both companies longitudinally within the dynamics of the telecommunications industry. These findings offer implications for management regarding the formulation of strategies for efficiency, asset optimization, and funding structure management, as well as for investors evaluating the financial health of telecommunications companies.]]>
