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All Journal JURNAL EKONOMI BISNIS DAN MANAJEMEN (EKO-BISMA)
Wajar Setiyani
Politeknik Pajajaran ICB Bandung
Economics, Econometrics & Finance

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FINANCIAL PERFORMANCE OF PT TELKOM INDONESIA (PERSERO) TBK IN THE FIRST HALF OF 2026: RATIO ANALYSIS AND DUPONT DECOMPOSITION Gunardi Gunardi; Priatna Kesumah; Wajar Setiyani; Indi Masruroh
JURNAL EKONOMI BISNIS DAN MANAJEMEN (EKO-BISMA) Vol 5 No 2 (2026): JURNAL EKONOMI BISNIS DAN MANAJEMEN (EKO-BISMA)
Publisher : PUBLISHER ABISATYA DINAMIKA ISWARA PUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58268/eb.v5i2.339

Abstract

Rising leverage ratios can be misread as increased financial risk when they stem from changes in the composition of liabilities. This study evaluates the financial performance of PT Telkom Indonesia (Persero) Tbk in the first half of 2026 compared with year-end 2025 and traces the sources of changes in return on equity (ROE) and the debt to equity ratio (DER). A descriptive-comparative quantitative design was applied to consolidated financial statements, using liquidity, activity, solvency, profitability, and market ratios, a sequential DuPont decomposition, and a decomposition of the change in DER. Consolidated ROE rose from 16.25% to 21.07%, of which 65.3% was attributable to a higher equity multiplier and 41.5% to net profit margin, while asset turnover contributed slightly negatively. DER increased from 0.91 to 1.25 times, mainly because of other payables that include dividends payable, whereas net interest-bearing debt fell by 35.3%. The increase in leverage is therefore largely accounting-driven rather than debt-financed. Future studies should extend the observation period and include peer companies.
Co-Authors Gunardi Indi Masruroh priatna kesumah